MPLX LPMPLX

MPLX LP Earnings Per Share Disclosure

10-KFiled Feb 26, 20262 min read
Net Income Per Limited Partner Unit
Net income per unit applicable to common limited partner units is computed by dividing net income attributable to MPLX LP less income allocated to participating securities by the weighted average number of common units outstanding.
During the years ended December 31, 2025, 2024 and 2023, MPLX had participating securities consisting of common units, certain equity-based compensation awards, Series A preferred units, and Series B preferred units as well as dilutive potential common units related to certain equity-based compensation awards. Potential common units that were anti-dilutive, and therefore omitted from the diluted earnings per unit calculation for the years ended December 31, 2025, 2024 and 2023, were less than 1 million.
(In millions, except per unit data)202520242023
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:
Basic1,019 1,016 1,001 
Diluted1,019 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 
(1)    Allocation of net income attributable to MPLX LP assumes all earnings for the period have been distributed based on the distribution priorities applicable to the period.

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.

Other Available Disclosures

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