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Side-by-side financial comparison of MPLX LP (MPLX) and PLAINS ALL AMERICAN PIPELINE LP (PAA). Click either name above to swap in a different company.
PLAINS ALL AMERICAN PIPELINE LP is the larger business by last-quarter revenue ($10.0B vs $2.5B, roughly 4.1× MPLX LP). MPLX LP runs the higher net margin — 49.1% vs 3.4%, a 45.7% gap on every dollar of revenue. On growth, MPLX LP posted the faster year-over-year revenue change (1.4% vs -19.1%). MPLX LP produced more free cash flow last quarter ($782.0M vs $638.0M). Over the past eight quarters, MPLX LP's revenue compounded faster (6.2% CAGR vs -8.6%).
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.
Plains is a master limited partnership engaged in pipeline transport, marketing, and storage of liquefied petroleum gas and petroleum in the United States and Canada. Plains owns interests in 18,370 miles (29,560 km) of pipelines, storage capacity for about 75 million barrels of crude oil, 28 million barrels of NGLs, 68 billion cubic feet of natural gas, and 5 natural gas processing plants. The company is headquartered in the Allen Center in Downtown Houston, Texas. Plains is a publicly trade...
MPLX vs PAA — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $2.5B | $10.0B |
| Net Profit | $1.2B | $341.0M |
| Gross Margin | — | 7.0% |
| Operating Margin | 60.5% | 1.8% |
| Net Margin | 49.1% | 3.4% |
| Revenue YoY | 1.4% | -19.1% |
| Net Profit YoY | 8.5% | 847.2% |
| EPS (diluted) | — | — |
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.
| Q4 25 | $2.5B | $10.0B | ||
| Q3 25 | $2.5B | $11.6B | ||
| Q2 25 | $2.4B | $10.6B | ||
| Q1 25 | $2.5B | $12.0B | ||
| Q4 24 | $2.4B | $12.4B | ||
| Q3 24 | $2.3B | $12.7B | ||
| Q2 24 | $2.3B | $12.9B | ||
| Q1 24 | $2.2B | $12.0B |
| Q4 25 | $1.2B | $341.0M | ||
| Q3 25 | $1.6B | $441.0M | ||
| Q2 25 | $1.1B | $210.0M | ||
| Q1 25 | $1.1B | $443.0M | ||
| Q4 24 | $1.1B | $36.0M | ||
| Q3 24 | $1.0B | $220.0M | ||
| Q2 24 | $1.2B | $250.0M | ||
| Q1 24 | $1.0B | $266.0M |
| Q4 25 | — | 7.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | — | 9.0% |
| Q4 25 | 60.5% | 1.8% | ||
| Q3 25 | 73.2% | 4.2% | ||
| Q2 25 | 54.9% | 2.2% | ||
| Q1 25 | 55.5% | 4.4% | ||
| Q4 24 | 55.6% | 0.7% | ||
| Q3 24 | 54.4% | 2.7% | ||
| Q2 24 | 62.9% | 2.9% | ||
| Q1 24 | 57.6% | 3.1% |
| Q4 25 | 49.1% | 3.4% | ||
| Q3 25 | 63.2% | 3.8% | ||
| Q2 25 | 44.9% | 2.0% | ||
| Q1 25 | 46.2% | 3.7% | ||
| Q4 24 | 45.9% | 0.3% | ||
| Q3 24 | 44.6% | 1.7% | ||
| Q2 24 | 52.6% | 1.9% | ||
| Q1 24 | 46.7% | 2.2% |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.1B | $328.0M |
| Total DebtLower is stronger | $24.2B | $10.7B |
| Stockholders' EquityBook value | — | — |
| Total Assets | $43.0B | $30.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1B | $328.0M | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.4B | $459.0M | ||
| Q1 25 | $2.5B | $427.0M | ||
| Q4 24 | $1.5B | $348.0M | ||
| Q3 24 | $2.4B | $640.0M | ||
| Q2 24 | $2.5B | $553.0M | ||
| Q1 24 | $385.0M | $331.0M |
| Q4 25 | $24.2B | $10.7B | ||
| Q3 25 | $24.1B | $8.4B | ||
| Q2 25 | $19.7B | $8.2B | ||
| Q1 25 | $19.7B | $8.2B | ||
| Q4 24 | $19.3B | $7.2B | ||
| Q3 24 | $19.3B | $7.2B | ||
| Q2 24 | $19.2B | $7.2B | ||
| Q1 24 | $18.8B | $7.3B |
| Q4 25 | $43.0B | $30.2B | ||
| Q3 25 | $43.2B | $28.1B | ||
| Q2 25 | $37.8B | $27.2B | ||
| Q1 25 | $39.0B | $27.1B | ||
| Q4 24 | $37.5B | $26.6B | ||
| Q3 24 | $38.5B | $27.2B | ||
| Q2 24 | $38.4B | $27.5B | ||
| Q1 24 | $36.5B | $27.4B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.5B | $786.0M |
| Free Cash FlowOCF − Capex | $782.0M | $638.0M |
| FCF MarginFCF / Revenue | 31.9% | 6.4% |
| Capex IntensityCapex / Revenue | 29.1% | 1.5% |
| Cash ConversionOCF / Net Profit | 1.24× | 2.30× |
| TTM Free Cash FlowTrailing 4 quarters | $4.1B | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $786.0M | ||
| Q3 25 | $1.4B | $817.0M | ||
| Q2 25 | $1.7B | $694.0M | ||
| Q1 25 | $1.2B | $639.0M | ||
| Q4 24 | $1.7B | $727.0M | ||
| Q3 24 | $1.4B | $691.0M | ||
| Q2 24 | $1.6B | $653.0M | ||
| Q1 24 | $1.3B | $419.0M |
| Q4 25 | $782.0M | $638.0M | ||
| Q3 25 | $905.0M | $632.0M | ||
| Q2 25 | $1.4B | $575.0M | ||
| Q1 25 | $979.0M | $448.0M | ||
| Q4 24 | $1.4B | $561.0M | ||
| Q3 24 | $1.1B | $534.0M | ||
| Q2 24 | $1.4B | $514.0M | ||
| Q1 24 | $1.0B | $262.0M |
| Q4 25 | 31.9% | 6.4% | ||
| Q3 25 | 36.8% | 5.5% | ||
| Q2 25 | 60.9% | 5.4% | ||
| Q1 25 | 39.8% | 3.7% | ||
| Q4 24 | 56.6% | 4.5% | ||
| Q3 24 | 48.4% | 4.2% | ||
| Q2 24 | 60.0% | 4.0% | ||
| Q1 24 | 47.7% | 2.2% |
| Q4 25 | 29.1% | 1.5% | ||
| Q3 25 | 21.4% | 1.6% | ||
| Q2 25 | 12.8% | 1.1% | ||
| Q1 25 | 10.9% | 1.6% | ||
| Q4 24 | 12.7% | 1.3% | ||
| Q3 24 | 11.9% | 1.2% | ||
| Q2 24 | 9.4% | 1.1% | ||
| Q1 24 | 11.7% | 1.3% |
| Q4 25 | 1.24× | 2.30× | ||
| Q3 25 | 0.92× | 1.85× | ||
| Q2 25 | 1.64× | 3.30× | ||
| Q1 25 | 1.10× | 1.44× | ||
| Q4 24 | 1.51× | 20.19× | ||
| Q3 24 | 1.35× | 3.14× | ||
| Q2 24 | 1.32× | 2.61× | ||
| Q1 24 | 1.27× | 1.58× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
PAA
| Products | $9.6B | 96% |
| Transportation | $341.0M | 3% |
| Terminalling Storage And Other | $90.0M | 1% |
| Affiliated Entity | $14.0M | 0% |
