How do American Water Works and MPLX LP compare by revenue?

American Water Works reported revenue of $1.3B in Q4 FY2025, while MPLX LP reported $2.5B in Q4 FY2025. MPLX LP is 1.9× larger by last-quarter revenue.

Which is growing revenue faster, American Water Works or MPLX LP?

American Water Works's latest revenue grew 5.8% year-over-year, versus 1.4% for MPLX LP. American Water Works is growing faster on a YoY basis.

Which has a higher net margin, American Water Works or MPLX LP?

American Water Works's net margin is 18.7% vs MPLX LP's 49.1%. MPLX LP has the higher bottom-line margin.

Which generates more free cash flow, American Water Works or MPLX LP?

American Water Works generated $-385.0M of free cash flow last quarter, versus $782.0M for MPLX LP. Free cash flow is operating cash flow minus capital expenditure — what's actually left for dividends, buybacks and debt repayment.

What is the 2-year revenue CAGR for American Water Works vs MPLX LP?

Over the trailing 8 quarters, American Water Works compounded revenue at roughly 12.6% per year, versus 6.2% for MPLX LP. American Water Works has the faster medium-term growth trajectory.

Where does this AWK vs MPLX data come from?

All figures are parsed directly from SEC EDGAR 10-Q / 10-K / 20-F / 6-K filings (for US-listed issuers) or EDINET filings (for Japanese issuers), then normalised into a common schema. Numbers update automatically as new filings are released.

vs

Side-by-side financial comparison of American Water Works (AWK) and MPLX LP (MPLX). Click either name above to swap in a different company.

MPLX LP is the larger business by last-quarter revenue ($2.5B vs $1.3B, roughly 1.9× American Water Works). MPLX LP runs the higher net margin — 49.1% vs 18.7%, a 30.4% gap on every dollar of revenue. On growth, American Water Works posted the faster year-over-year revenue change (5.8% vs 1.4%). MPLX LP produced more free cash flow last quarter ($782.0M vs $-385.0M). Over the past eight quarters, American Water Works's revenue compounded faster (12.6% CAGR vs 6.2%).

American Water WorksAWKEarnings & Financial Report

NYSE · Utilities · Regulated Water

American Water Works Company, Inc., through its subsidiaries, provides water and wastewater services in the United States. It offers water and wastewater services to approximately 1,700 communities in 14 states serving approximately 3.4 million active customers. The company serves residential customers; commercial customers, including food and beverage providers, commercial property developers and proprietors, and energy suppliers; fire service and private fire customers; industrial customers...

MPLX LPMPLXEarnings & Financial Report

NYSE · Industrials · Pipe Lines (No Natural Gas)

MarkWest Energy Partners, L.P., a subsidiary of MPLX LP, is a natural gas gathering, processing and transportation company master limited partnership of the United States. In 1988, the company was founded in Denver, Colorado and grew to be Colorado's 13th largest company. In 2015 it was acquired by MPLX, itself a subsidiary of Marathon Petroleum.

AWK vs MPLX — Head-to-Head

Bigger by revenue

MPLX

1.9× larger

$2.5B

$1.3B

Growing faster (revenue YoY)

AWK

+4.4% gap

5.8%

1.4%

Higher net margin

MPLX

30.4% more per $

49.1%

18.7%

More free cash flow

MPLX

$1.2B more FCF

$782.0M

$-385.0M

Faster 2-yr revenue CAGR

AWK

Annualised

12.6%

6.2%

Income Statement — Q4 FY2025 vs Q4 FY2025

Metric	AWK	MPLX
Revenue	$1.3B	$2.5B
Net Profit	$238.0M	$1.2B
Gross Margin	—	—
Operating Margin	31.9%	60.5%
Net Margin	18.7%	49.1%
Revenue YoY	5.8%	1.4%
Net Profit YoY	-0.4%	8.5%
EPS (diluted)	$1.22	—

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue

AWK

MPLX

Q4 25	$1.3B	$2.5B
Q3 25	$1.5B	$2.5B
Q2 25	$1.3B	$2.4B
Q1 25	$1.1B	$2.5B
Q4 24	$1.2B	$2.4B
Q3 24	$1.3B	$2.3B
Q2 24	$1.1B	$2.3B
Q1 24	$1.0B	$2.2B

Net Profit

AWK

MPLX

Q4 25	$238.0M	$1.2B
Q3 25	$379.0M	$1.6B
Q2 25	$289.0M	$1.1B
Q1 25	$205.0M	$1.1B
Q4 24	$239.0M	$1.1B
Q3 24	$350.0M	$1.0B
Q2 24	$277.0M	$1.2B
Q1 24	$185.0M	$1.0B

Operating Margin

AWK

MPLX

Q4 25	31.9%	60.5%
Q3 25	42.2%	73.2%
Q2 25	38.4%	54.9%
Q1 25	32.7%	55.5%
Q4 24	33.3%	55.6%
Q3 24	40.9%	54.4%
Q2 24	39.4%	62.9%
Q1 24	32.5%	57.6%

Net Margin

AWK

MPLX

Q4 25	18.7%	49.1%
Q3 25	26.1%	63.2%
Q2 25	22.7%	44.9%
Q1 25	18.1%	46.2%
Q4 24	19.9%	45.9%
Q3 24	26.4%	44.6%
Q2 24	24.3%	52.6%
Q1 24	18.4%	46.7%

EPS (diluted)

AWK

MPLX

Q4 25	$1.22	—
Q3 25	$1.94	—
Q2 25	$1.48	—
Q1 25	$1.05	—
Q4 24	$1.22	—
Q3 24	$1.80	—
Q2 24	$1.42	—
Q1 24	$0.95	—

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric	AWK	MPLX
Cash + ST InvestmentsLiquidity on hand	$98.0M	$2.1B
Total DebtLower is stronger	$12.8B	$24.2B
Stockholders' EquityBook value	$10.8B	—
Total Assets	$35.4B	$43.0B
Debt / EquityLower = less leverage	1.18×	—

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments

AWK

MPLX

Q4 25	$98.0M	$2.1B
Q3 25	$166.0M	$1.8B
Q2 25	$94.0M	$1.4B
Q1 25	$114.0M	$2.5B
Q4 24	$96.0M	$1.5B
Q3 24	$127.0M	$2.4B
Q2 24	$48.0M	$2.5B
Q1 24	$584.0M	$385.0M

Total Debt

AWK

MPLX

Q4 25	$12.8B	$24.2B
Q3 25	$13.0B	$24.1B
Q2 25	$12.3B	$19.7B
Q1 25	$13.3B	$19.7B
Q4 24	$12.5B	$19.3B
Q3 24	$12.6B	$19.3B
Q2 24	$12.6B	$19.2B
Q1 24	$12.6B	$18.8B

Stockholders' Equity

AWK

MPLX

Q4 25	$10.8B	—
Q3 25	$10.9B	—
Q2 25	$10.7B	—
Q1 25	$10.5B	—
Q4 24	$10.3B	—
Q3 24	$10.4B	—
Q2 24	$10.2B	—
Q1 24	$10.0B	—

Total Assets

AWK

MPLX

Q4 25	$35.4B	$43.0B
Q3 25	$34.7B	$43.2B
Q2 25	$33.9B	$37.8B
Q1 25	$33.2B	$39.0B
Q4 24	$32.8B	$37.5B
Q3 24	$31.8B	$38.5B
Q2 24	$31.2B	$38.4B
Q1 24	$31.1B	$36.5B

Debt / Equity

AWK

MPLX

Q4 25	1.18×	—
Q3 25	1.19×	—
Q2 25	1.15×	—
Q1 25	1.26×	—
Q4 24	1.21×	—
Q3 24	1.21×	—
Q2 24	1.24×	—
Q1 24	1.26×	—

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric	AWK	MPLX
Operating Cash FlowLast quarter	$663.0M	$1.5B
Free Cash FlowOCF − Capex	$-385.0M	$782.0M
FCF MarginFCF / Revenue	-30.3%	31.9%
Capex IntensityCapex / Revenue	82.5%	29.1%
Cash ConversionOCF / Net Profit	2.79×	1.24×
TTM Free Cash FlowTrailing 4 quarters	$-1.1B	$4.1B

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow

AWK

MPLX

Q4 25	$663.0M	$1.5B
Q3 25	$764.0M	$1.4B
Q2 25	$301.0M	$1.7B
Q1 25	$331.0M	$1.2B
Q4 24	$639.0M	$1.7B
Q3 24	$679.0M	$1.4B
Q2 24	$345.0M	$1.6B
Q1 24	$382.0M	$1.3B

Free Cash Flow

AWK

MPLX

Q4 25	$-385.0M	$782.0M
Q3 25	$-33.0M	$905.0M
Q2 25	$-432.0M	$1.4B
Q1 25	$-217.0M	$979.0M
Q4 24	$-255.0M	$1.4B
Q3 24	$-4.0M	$1.1B
Q2 24	$-325.0M	$1.4B
Q1 24	$-227.0M	$1.0B

FCF Margin

AWK

MPLX

Q4 25	-30.3%	31.9%
Q3 25	-2.3%	36.8%
Q2 25	-34.0%	60.9%
Q1 25	-19.1%	39.8%
Q4 24	-21.2%	56.6%
Q3 24	-0.3%	48.4%
Q2 24	-28.5%	60.0%
Q1 24	-22.6%	47.7%

Capex Intensity

AWK

MPLX

Q4 25	82.5%	29.1%
Q3 25	54.8%	21.4%
Q2 25	57.6%	12.8%
Q1 25	48.3%	10.9%
Q4 24	74.4%	12.7%
Q3 24	51.4%	11.9%
Q2 24	58.8%	9.4%
Q1 24	60.7%	11.7%

Cash Conversion

AWK

MPLX

Q4 25	2.79×	1.24×
Q3 25	2.02×	0.92×
Q2 25	1.04×	1.64×
Q1 25	1.61×	1.10×
Q4 24	2.67×	1.51×
Q3 24	1.94×	1.35×
Q2 24	1.25×	1.32×
Q1 24	2.06×	1.27×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

Revenue Breakdown by Segment

AWK

Water Services	$1.0B	81%
Other	$127.0M	10%
Wastewater Services	$101.0M	8%
Miscellaneous Utility Charge	$11.0M	1%

MPLX

Services	$746.0M	30%
Other	$675.0M	28%
Products	$492.0M	20%
Nonrelated Party	$186.0M	8%
Related Party	$151.0M	6%
Crude Oil And Products Logistics	$104.0M	4%
Service Other	$56.0M	2%
Natural Gas And NGL Services	$41.0M	2%