NYSE : MPC
Marathon Petroleum Corporation — Financial statements
Energy · Oil & Gas Refining & Marketing · United States
Last price 444.73 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 124.89B
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Financial statements
Marathon Petroleum Corporation (MPC) reported revenue of 154.15B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 153.58B | 132.70B | 138.86B | 148.38B | 177.45B | 119.98B |
| Other Revenue | 569.00M | 475.00M | 472.00M | 969.00M | 783.00M | 468.00M |
| Revenue | 154.15B | 133.17B | 139.34B | 149.35B | 178.24B | 120.45B |
| Cost of Revenue | 134.39B | 119.45B | 126.24B | 128.57B | 151.67B | 110.01B |
| Gross Profit | 19.76B | 13.73B | 13.10B | 20.78B | 26.57B | 10.44B |
| Selling, General & Admin | 3.48B | 3.37B | 3.18B | 2.95B | 2.77B | 2.60B |
| Other Operating Expenses | 881.00M | 885.00M | 818.00M | 881.00M | 825.00M | 721.00M |
| Operating Expenses | 7.68B | 7.51B | 7.34B | 7.14B | 6.82B | 6.69B |
| Operating Income | 12.08B | 6.22B | 5.76B | 13.64B | 19.75B | 3.76B |
| Interest Expense | -1.50B | -1.39B | -1.31B | -1.26B | -1.20B | -1.27B |
| Interest & Investment Income | 176.00M | 159.00M | 376.00M | 530.00M | 191.00M | 14.00M |
| Earnings From Equity Investments | 1.61B | 1.62B | 1.05B | 742.00M | 655.00M | 458.00M |
| Other Non Operating Income (Expenses) | -19.00M | -23.00M | -36.00M | -21.00M | -21.00M | -34.00M |
| EBT Excluding Unusual Items | 12.35B | 6.59B | 5.84B | 13.63B | 19.38B | 2.93B |
| Gain (Loss) on Sale of Investments | 91.00M | 142.00M | 30.00M | 1.00M | ||
| Gain (Loss) on Sale of Assets | 165.00M | 173.00M | 28.00M | 217.00M | 1.06B | 21.00M |
| Legal Settlements | 253.00M | 253.00M | ||||
| Other Unusual Items | -2.00M | -133.00M | ||||
| Pretax Income | 12.77B | 7.01B | 5.96B | 13.99B | 20.47B | 2.82B |
| Income Tax Expense | 2.46B | 1.14B | 890.00M | 2.82B | 4.49B | 264.00M |
| Earnings From Continuing Operations | 10.31B | 5.88B | 5.07B | 11.17B | 15.98B | 2.55B |
| Earnings From Discontinued Operations | 72.00M | 8.45B | ||||
| Net Income to Company | 10.31B | 5.88B | 5.07B | 11.17B | 16.05B | 11.00B |
| Minority Interest in Earnings | -1.76B | -1.83B | -1.62B | -1.49B | -1.53B | -1.26B |
| Net Income | 8.55B | 4.05B | 3.44B | 9.68B | 14.52B | 9.74B |
| Preferred Dividends & Other Adjustments | 8.00M | 4.00M | 3.00M | 9.00M | 8.00M | 2.00M |
| Net Income to Common | 8.55B | 4.04B | 3.44B | 9.67B | 14.51B | 9.74B |
| Shares Outstanding (Basic) | 296.00M | 305.00M | 340.00M | 407.00M | 512.00M | 634.00M |
| Shares Outstanding (Diluted) | 297.00M | 306.00M | 341.00M | 409.00M | 516.00M | 638.00M |
| EPS (Basic) | 28.87 | 13.26 | 10.12 | 23.76 | 28.34 | 15.36 |
| EPS (Diluted) | 28.75 | 13.22 | 10.08 | 23.63 | 28.12 | 15.26 |
| Free Cash Flow | 12.90B | 4.77B | 6.13B | 12.23B | 13.94B | 2.90B |
| Free Cash Flow Per Share | 43.43 | 15.58 | 17.98 | 29.89 | 27.02 | 4.54 |
| Dividend Per Share | 4.00 | 3.82 | 3.47 | 3.15 | 2.66 | 2.32 |
| Gross Margin | 12.82% | 10.31% | 9.40% | 13.91% | 14.90% | 8.67% |
| Operating Margin | 7.84% | 4.67% | 4.13% | 9.14% | 11.08% | 3.12% |
| Profit Margin | 5.54% | 3.04% | 2.47% | 6.48% | 8.14% | 8.08% |
| Free Cash Flow Margin | 8.37% | 3.58% | 4.40% | 8.19% | 7.82% | 2.40% |
| EBITDA | 15.40B | 9.47B | 9.10B | 16.95B | 22.96B | 7.12B |
| EBITDA Margin | 9.99% | 7.11% | 6.53% | 11.35% | 12.88% | 5.91% |
| D&A For EBITDA | 3.32B | 3.25B | 3.34B | 3.31B | 3.21B | 3.36B |
| EBIT | 12.08B | 6.22B | 5.76B | 13.64B | 19.75B | 3.76B |
| EBIT Margin | 7.84% | 4.67% | 4.13% | 9.14% | 11.08% | 3.12% |
| Effective Tax Rate | 19.26% | 16.21% | 14.94% | 20.14% | 21.94% | 9.37% |
| Revenue as Reported | 156.18B | 135.22B | 140.41B | 150.31B | 179.95B | 120.93B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.77B | 3.67B | 3.21B | 5.44B | 8.62B | 5.29B |
| Short-Term Investments | 4.78B | 3.15B | 5.55B | |||
| Cash & Short-Term Investments | 7.77B | 3.67B | 3.21B | 10.22B | 11.77B | 10.84B |
| Accounts Receivable | 7.94B | 6.22B | 6.84B | 12.19B | 13.48B | 11.03B |
| Other Receivables | 7.80B | 4.10B | 4.30B | |||
| Receivables | 15.74B | 10.32B | 11.14B | 12.19B | 13.48B | 11.03B |
| Inventory | 9.97B | 10.13B | 9.57B | 9.32B | 8.83B | 8.05B |
| Restricted Cash | 3.00M | |||||
| Other Current Assets | 805.00M | 662.00M | 524.00M | 403.00M | 1.17B | 565.00M |
| Total Current Assets | 34.29B | 24.78B | 24.45B | 32.13B | 35.24B | 30.50B |
| Property, Plant & Equipment | 39.43B | 38.89B | 36.33B | 36.34B | 36.87B | 38.81B |
| Long-Term Investments | 7.20B | 6.79B | 6.86B | 6.26B | 6.47B | 5.41B |
| Goodwill | 9.34B | 9.35B | 8.24B | 8.24B | 8.24B | 8.26B |
| Other Intangible Assets | 2.59B | 2.71B | 1.77B | |||
| Long-Term Deferred Tax Assets | 3.00M | 2.00M | 1.00M | 1.00M | 2.00M | |
| Other Long-Term Assets | 1.47B | 1.42B | 1.21B | 3.01B | 3.08B | 2.40B |
| Total Assets | 94.31B | 83.95B | 78.86B | 85.99B | 89.90B | 85.37B |
| Accounts Payable | 19.23B | 12.97B | 13.91B | 13.76B | 15.31B | 13.70B |
| Accrued Expenses | 1.28B | 1.56B | 1.41B | 1.43B | 967.00M | 911.00M |
| Current Portion of Long-Term Debt | 2.12B | 2.27B | 2.96B | 1.89B | 987.00M | 498.00M |
| Current Portion of Leases | 499.00M | 594.00M | 511.00M | 523.00M | 447.00M | 511.00M |
| Current Income Taxes Payable | 2.43B | 1.48B | 1.20B | 1.22B | 1.14B | 1.23B |
| Other Current Liabilities | 1.86B | 804.00M | 841.00M | 1.33B | 1.17B | 1.05B |
| Total Current Liabilities | 27.42B | 19.68B | 20.83B | 20.15B | 20.02B | 17.90B |
| Long-Term Debt | 30.04B | 29.91B | 23.80B | 24.93B | 25.18B | 24.44B |
| Long-Term Leases | 1.63B | 1.58B | 1.49B | 1.17B | 1.29B | 1.45B |
| Pension & Post-Retirement Benefits | 1.29B | 1.17B | 1.16B | 1.10B | 1.11B | 1.01B |
| Long-Term Deferred Tax Liabilities | 5.95B | 5.98B | 5.77B | 5.83B | 5.90B | 5.64B |
| Other Long-Term Liabilities | 2.25B | 1.54B | 1.30B | 1.41B | 1.30B | 1.35B |
| Total Liabilities | 68.59B | 59.87B | 54.35B | 54.59B | 54.82B | 51.79B |
| Common Stock | 10.00M | 10.00M | 10.00M | 10.00M | 10.00M | 10.00M |
| Additional Paid-In Capital | 33.67B | 33.69B | 33.62B | 33.47B | 33.40B | 33.26B |
| Retained Earnings | 44.81B | 39.75B | 36.85B | 34.56B | 26.14B | 12.90B |
| Treasury Stock | -59.31B | -56.03B | -52.62B | -43.50B | -31.84B | -19.90B |
| Comprehensive Income & Other | -110.00M | -105.00M | -114.00M | -131.00M | 2.00M | -67.00M |
| Total Common Equity | 19.08B | 17.31B | 17.75B | 24.40B | 27.71B | 26.21B |
| Minority Interest | 6.64B | 6.77B | 6.76B | 7.00B | 7.37B | 7.38B |
| Shareholders' Equity | 25.72B | 24.09B | 24.51B | 31.40B | 35.09B | 33.58B |
| Total Liabilities & Equity | 94.31B | 83.95B | 78.86B | 85.99B | 89.90B | 85.37B |
| Total Debt | 34.29B | 34.36B | 28.76B | 28.50B | 27.91B | 26.90B |
| Net Cash (Debt) | -26.52B | -30.69B | -25.55B | -18.28B | -16.14B | -16.07B |
| Net Cash Per Share | -89.31 | -100.28 | -74.92 | -44.69 | -31.28 | -25.18 |
| Filing Date Shares Outstanding | 280.82M | 294.74M | 312.58M | 361.36M | 445.55M | 565.21M |
| Total Common Shares Outstanding | 283.00M | 295.00M | 316.00M | 368.00M | 454.00M | 579.00M |
| Working Capital | 6.87B | 5.10B | 3.62B | 11.98B | 15.22B | 12.60B |
| Book Value Per Share | 67.41 | 58.69 | 56.16 | 66.32 | 61.05 | 45.26 |
| Tangible Book Value | 7.15B | 5.25B | 7.73B | 16.16B | 19.47B | 17.95B |
| Tangible Book Value Per Share | 25.26 | 17.78 | 24.45 | 43.91 | 42.89 | 31.00 |
| Construction In Progress | 2.91B | 1.78B | 1.40B | 2.29B | 2.27B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 8.55B | 4.05B | 3.44B | 9.68B | 14.52B | 9.74B |
| Depreciation & Amortization | 3.32B | 3.25B | 3.34B | 3.31B | 3.21B | 3.36B |
| Other Amortization | 37.00M | 39.00M | -31.00M | -78.00M | ||
| Loss (Gain) From Sale of Assets | -165.00M | -173.00M | -28.00M | -217.00M | -1.06B | -21.00M |
| Loss (Gain) on Equity Investments | -390.00M | -367.00M | 167.00M | 199.00M | -655.00M | -458.00M |
| Other Operating Activities | 2.94B | 1.93B | 1.38B | 930.00M | 1.98B | -5.17B |
| Change in Accounts Receivable | -4.57B | 890.00M | 1.12B | 2.11B | -2.86B | -5.30B |
| Change in Inventory | 98.00M | -596.00M | -270.00M | -489.00M | -787.00M | -33.00M |
| Change in Accounts Payable | 6.26B | |||||
| Change in Other Net Operating Assets | 7.30B | -763.00M | -448.00M | -1.32B | 1.97B | 3.00M |
| Operating Cash Flow | 17.13B | 8.25B | 8.66B | 14.12B | 16.36B | 4.36B |
| Capital Expenditures | -4.23B | -3.49B | -2.53B | -1.89B | -2.42B | -1.46B |
| Sale of Property, Plant & Equipment | 995.00M | 1.00B | 35.00M | 36.00M | 90.00M | 153.00M |
| Cash Acquisitions | -3.06B | -3.32B | -688.00M | -246.00M | -413.00M | |
| Investment in Securities | -422.00M | -343.00M | 4.52B | -1.70B | 2.54B | -5.72B |
| Other Investing Activities | 308.00M | 273.00M | 196.00M | 702.00M | 824.00M | 21.83B |
| Investing Cash Flow | -6.41B | -5.87B | 1.53B | -3.10B | 623.00M | 14.80B |
| Short-Term Debt Issued | 5.05B | 7.41B | ||||
| Long-Term Debt Issued | 11.17B | 1.63B | 1.59B | 3.38B | 12.15B | |
| Total Debt Issued | 10.59B | 16.22B | 1.63B | 1.59B | 3.38B | 19.56B |
| Short-Term Debt Repaid | -5.05B | -8.44B | ||||
| Long-Term Debt Repaid | -6.46B | -1.98B | -1.08B | -2.28B | -17.40B | |
| Total Debt Repaid | -7.13B | -11.52B | -1.98B | -1.08B | -2.28B | -25.84B |
| Net Debt Issued (Repaid) | 3.46B | 4.70B | -353.00M | 510.00M | 1.10B | -6.27B |
| Issuance of Common Stock | 3.00M | 24.00M | 25.00M | 62.00M | 243.00M | 106.00M |
| Repurchase of Common Stock | -4.93B | -3.49B | -9.19B | -11.57B | -11.92B | -4.65B |
| Common Dividends Paid | -1.16B | -1.14B | -1.15B | -1.26B | -1.28B | -1.48B |
| Other Financing Activities | -1.99B | -2.02B | -1.76B | -1.95B | -1.79B | -2.11B |
| Financing Cash Flow | -4.62B | -1.92B | -12.43B | -14.21B | -13.65B | -14.42B |
| Net Cash Flow | 6.09B | 462.00M | -2.23B | -3.19B | 3.34B | 4.74B |
| Free Cash Flow | 12.90B | 4.77B | 6.13B | 12.23B | 13.94B | 2.90B |
| Free Cash Flow Margin | 8.37% | 3.58% | 4.40% | 8.19% | 7.82% | 2.40% |
| Free Cash Flow Per Share | 43.43 | 15.58 | 17.98 | 29.89 | 27.02 | 4.54 |
| Levered Free Cash Flow | 9.25B | 2.57B | 3.98B | 10.01B | 10.43B | 16.34B |
| Unlevered Free Cash Flow | 10.15B | 3.40B | 4.83B | 10.88B | 11.17B | 17.13B |
| Cash Interest Paid | 1.37B | 1.22B | 1.25B | 1.20B | 1.06B | 1.23B |
| Cash Income Tax Paid | 917.00M | 406.00M | 732.00M | 2.75B | 4.87B | 2.44B |
| Change in Working Capital | 2.83B | -469.00M | 399.00M | 295.00M | -1.67B | 931.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 120.86B | 48.89B | 44.83B | 56.33B | 54.55B | 39.39B |
| Enterprise Value | 147.39B | 87.23B | 75.87B | 78.79B | 78.78B | 62.61B |
| Last Close Price | 430.39 | 160.76 | 134.90 | 140.61 | 107.78 | 57.75 |
| PE Ratio | 14.97 | 12.09 | 13.03 | 5.82 | 3.76 | 4.05 |
| Forward PE | 5.25 | 10.43 | 17.07 | 9.76 | 6.75 | 16.74 |
| PS Ratio | 0.78 | 0.37 | 0.32 | 0.38 | 0.31 | 0.33 |
| PB Ratio | 6.38 | 2.03 | 1.83 | 1.79 | 1.55 | 1.17 |
| P/TBV Ratio | 16.91 | 9.32 | 5.80 | 3.49 | 2.80 | 2.19 |
| P/FCF Ratio | 9.37 | 10.26 | 7.31 | 4.61 | 3.91 | 13.60 |
| P/OCF Ratio | 7.06 | 5.92 | 5.17 | 3.99 | 3.33 | 9.04 |
| PEG Ratio | 0.15 | 0.51 | 8.53 | 0.23 | 2.70 | 74.25 |
| EV/Sales Ratio | 0.96 | 0.66 | 0.54 | 0.53 | 0.44 | 0.52 |
| EV/EBITDA Ratio | 9.57 | 9.21 | 8.34 | 4.65 | 3.43 | 8.79 |
| EV/EBIT Ratio | 12.20 | 14.02 | 13.18 | 5.78 | 3.99 | 16.66 |
| EV/FCF Ratio | 11.43 | 18.30 | 12.37 | 6.44 | 5.65 | 21.62 |
| Debt / Equity Ratio | 1.33 | 1.43 | 1.17 | 0.91 | 0.80 | 0.80 |
| Debt / EBITDA Ratio | 2.02 | 3.11 | 2.70 | 1.55 | 1.15 | 3.28 |
| Debt / FCF Ratio | 2.66 | 7.21 | 4.69 | 2.33 | 2.00 | 9.29 |
| Net Debt / Equity Ratio | 1.03 | 1.27 | 1.04 | 0.58 | 0.46 | 0.48 |
| Net Debt / EBITDA Ratio | 1.72 | 3.24 | 2.81 | 1.08 | 0.70 | 2.26 |
| Net Debt / FCF Ratio | 2.06 | 6.44 | 4.17 | 1.50 | 1.16 | 5.55 |
| Asset Turnover | 1.78 | 1.64 | 1.69 | 1.70 | 2.03 | 1.41 |
| Inventory Turnover | 13.39 | 12.13 | 13.37 | 14.17 | 17.97 | 13.71 |
| Quick Ratio | 0.86 | 0.71 | 0.69 | 1.11 | 1.26 | 1.22 |
| Current Ratio | 1.25 | 1.26 | 1.17 | 1.59 | 1.76 | 1.70 |
| Return on Equity (ROE) | 42.10% | 24.19% | 18.13% | 33.61% | 46.54% | 8.00% |
| Return on Assets (ROA) | 8.74% | 4.78% | 4.37% | 9.70% | 14.09% | 2.75% |
| Return on Invested Capital (ROIC) | 18.09% | 9.94% | 9.82% | 21.60% | 30.57% | 6.05% |
| Return on Capital Employed (ROCE) | 18.10% | 9.70% | 9.90% | 20.70% | 28.30% | 5.60% |
| Earnings Yield | 6.68% | 8.28% | 7.68% | 17.19% | 26.61% | 24.72% |
| FCF Yield | 10.67% | 9.75% | 13.68% | 21.70% | 25.56% | 7.35% |
| Dividend Yield | 1.02% | 2.31% | 2.45% | 2.06% | 2.21% | 3.41% |
| Payout Ratio | 15.30% | 28.17% | 33.50% | 13.03% | 8.81% | 15.24% |
| Buyback Yield / Dilution | 6.60% | 10.26% | 16.63% | 20.74% | 19.12% | 1.70% |
| Total Shareholder Return | 7.63% | 12.57% | 19.07% | 22.79% | 21.34% | 5.10% |