MPLX LP Earnings Per Share Disclosure
| (In millions, except per unit data) | 2025 | 2024 | 2023 | ||||||||||||||
Net income attributable to MPLX LP(1): | $ | 4,912 | $ | 4,317 | $ | 3,928 | |||||||||||
| Less: Distributions declared on Series A preferred units | — | 27 | 94 | ||||||||||||||
| Distributions declared on Series B preferred units | — | — | 5 | ||||||||||||||
Distributed and undistributed earnings allocated to other participating securities | 3 | 9 | 16 | ||||||||||||||
| Impact of redemption of Series B preferred units | — | — | 5 | ||||||||||||||
| Net Income available to common unitholders | $ | 4,909 | $ | 4,281 | $ | 3,808 | |||||||||||
| Weighted average units outstanding: | |||||||||||||||||
| Basic | 1,019 | 1,016 | 1,001 | ||||||||||||||
| Diluted | 1,019 | 1,017 | 1,002 | ||||||||||||||
| Net income attributable to MPLX LP per limited partner unit: | |||||||||||||||||
| Basic | $ | 4.82 | $ | 4.21 | $ | 3.80 | |||||||||||
| Diluted | $ | 4.82 | $ | 4.21 | $ | 3.80 | |||||||||||
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.