Marathon Petroleum (MPC) Financials

$160.95 -0.56 (-0.35%)

Closing price 08/8/2025 03:59 PM Eastern

Extended Trading

$160.78 -0.17 (-0.11%)

As of 08/8/2025 05:17 PM Eastern

Annual Income Statements for Marathon Petroleum

This table shows Marathon Petroleum's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	2,524	2,852	1,174	3,432	2,780	2,637	-9,826	9,738	14,516	9,681	3,445
Consolidated Net Income / (Loss)	2,555	2,868	1,213	3,804	3,606	3,255	-9,977	11,001	16,050	11,172	5,067
Net Income / (Loss) Continuing Operations	2,555	2,868	1,213	3,804	2,933	2,449	-11,182	2,553	15,978	11,172	5,067
Total Pre-Tax Income	3,835	4,374	1,822	3,344	3,697	3,233	-13,612	2,817	20,469	13,989	5,957
Total Operating Income	4,051	4,692	2,386	4,018	4,690	4,462	-12,247	4,300	21,469	14,514	6,796
Total Gross Profit	7,121	8,668	6,147	8,280	9,536	12,359	3,299	10,922	28,281	21,741	14,172
Total Revenue	98,081	72,251	63,332	75,369	86,583	111,587	69,032	120,930	179,952	150,307	140,412
Operating Revenue	97,970	72,139	63,154	75,049	86,385	111,460	68,914	120,462	179,169	149,338	139,940
Other Revenue	111	112	178	320	198	127	118	468	783	969	472
Total Cost of Revenue	90,960	63,583	57,185	67,089	77,047	99,228	65,733	110,008	151,671	128,566	126,240
Operating Cost of Revenue	90,960	63,583	57,185	67,089	77,047	99,228	65,733	110,008	151,671	128,566	126,240
Total Operating Expenses	3,070	3,976	3,761	4,262	4,846	7,897	15,546	6,622	6,812	7,227	7,376
Selling, General & Admin Expense	1,375	1,576	1,597	1,694	2,276	3,192	2,710	2,537	2,772	3,039	3,221
Depreciation Expense	1,326	1,502	2,001	2,114	2,170	3,225	3,375	3,364	3,215	3,307	3,337
Other Operating Expenses / (Income)	390	761	65	454	406	561	668	721	825	881	818
Total Other Income / (Expense), net	-216	-318	-564	-674	-993	-1,229	-1,365	-1,483	-1,000	-525	-839
Interest Expense	216	318	564	674	993	1,229	1,365	1,483	1,000	525	839
Income Tax Expense	1,280	1,506	609	-460	764	784	-2,430	264	4,491	2,817	890
Net Income / (Loss) Discontinued Operations	-	-	-	-	673	806	1,205	8,448	72	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	31	16	39	372	826	618	-151	1,263	1,534	1,491	1,622
Basic Earnings per Share	$4.42	$5.29	$2.22	$6.76	$5.36	$4.00	($15.13)	$15.34	$28.31	$23.73	$10.11
Weighted Average Basic Shares Outstanding	570M	538M	528M	507M	518M	659M	649M	634M	512M	407M	340M
Diluted Earnings per Share	$4.39	$5.26	$2.21	$6.70	$5.28	$3.97	($15.13)	$15.24	$28.12	$23.63	$10.08
Weighted Average Diluted Shares Outstanding	574M	542M	530M	512M	526M	664M	649M	638M	516M	409M	341M
Weighted Average Basic & Diluted Shares Outstanding	571M	539.10M	528.80M	530.40M	329.40M	649.50M	651.27M	565.21M	445.55M	361.36M	312.58M
Cash Dividends to Common per Share	$0.92	$1.14	$1.36	$1.52	$1.84	$2.12	$2.32	$2.32	$2.49	$3.08	$3.39

This table shows Marathon Petroleum's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	3,321	2,724	2,226	3,280	1,451	937	1,515	622	371	-74	1,216
Consolidated Net Income / (Loss)	3,641	3,084	2,580	3,631	1,877	1,312	1,955	1,015	785	346	1,610
Net Income / (Loss) Continuing Operations	3,569	3,084	2,580	3,631	1,877	1,312	1,955	1,015	785	346	1,610
Total Pre-Tax Income	4,553	3,907	3,163	4,635	2,284	1,605	2,328	1,128	896	383	1,878
Total Operating Income	4,739	4,061	3,305	4,753	2,395	1,784	2,522	1,349	1,141	687	2,197
Total Gross Profit	6,500	5,783	5,062	6,655	4,241	3,618	4,417	3,229	2,908	2,490	4,076
Total Revenue	40,075	35,077	36,824	41,583	36,823	33,211	38,362	35,373	33,466	31,850	34,101
Operating Revenue	40,117	35,000	36,555	41,242	36,541	32,930	38,286	35,324	33,400	31,747	34,017
Other Revenue	105	77	269	341	282	281	76	49	66	103	84
Total Cost of Revenue	33,575	29,294	31,762	34,928	32,582	29,593	33,945	32,144	30,558	29,360	30,025
Operating Cost of Revenue	33,575	29,294	31,762	34,928	32,582	29,593	33,945	32,144	30,558	29,360	30,025
Total Operating Expenses	1,761	1,722	1,757	1,902	1,846	1,834	1,895	1,880	1,767	1,803	1,879
Selling, General & Admin Expense	763	691	704	824	820	779	823	815	804	783	867
Depreciation Expense	797	800	834	845	828	827	838	846	826	793	789
Other Operating Expenses / (Income)	219	231	219	233	198	228	234	219	137	227	223
Total Other Income / (Expense), net	-186	-154	-142	-118	-111	-179	-194	-221	-245	-304	-319
Interest Expense	186	154	142	118	111	179	194	221	245	304	319
Income Tax Expense	984	823	583	1,004	407	293	373	113	111	37	268
Net Income / (Loss) Attributable to Noncontrolling Interest	320	360	354	351	426	375	440	393	414	420	394
Basic Earnings per Share	$6.66	$6.13	$5.34	$8.31	$3.95	$2.59	$4.34	$1.88	$1.30	($0.24)	$3.96
Weighted Average Basic Shares Outstanding	512M	444M	417M	394M	407M	361M	349M	331M	340M	313M	307M
Diluted Earnings per Share	$6.62	$6.09	$5.32	$8.28	$3.94	$2.58	$4.33	$1.87	$1.30	($0.24)	$3.96
Weighted Average Diluted Shares Outstanding	516M	447M	419M	396M	409M	362M	350M	332M	341M	313M	307M
Weighted Average Basic & Diluted Shares Outstanding	445.55M	424.28M	399.84M	379.70M	361.36M	352.33M	334.68M	321.39M	312.58M	307.21M	304.02M
Cash Dividends to Common per Share	-	$0.75	$0.75	$0.75	-	$0.83	$0.83	$0.83	-	$0.91	$0.91

This table details how cash moves in and out of Marathon Petroleum's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-798	-367	-244	2,123	-1,290	-196	-973	4,738	3,337	-3,185	-2,235
Net Cash From Operating Activities	3,110	4,073	4,017	6,612	6,158	9,441	2,419	4,360	16,361	14,117	8,665
Net Cash From Continuing Operating Activities	3,110	4,073	4,017	6,612	5,099	7,976	807	8,384	16,319	14,117	8,665
Net Income / (Loss) Continuing Operations	2,555	2,868	1,213	3,804	2,933	2,449	-9,977	2,553	15,978	11,172	5,067
Consolidated Net Income / (Loss)	2,555	2,868	1,213	3,804	3,606	3,255	-9,977	11,001	16,050	11,172	5,067
Net Income / (Loss) Discontinued Operations	-	-	-	-	673	806	-	8,448	72	0.00	0.00
Depreciation Expense	1,326	1,502	2,001	2,114	2,170	3,225	3,375	3,364	3,215	3,307	3,337
Amortization Expense	27	16	61	64	70	33	69	79	50	-78	-31
Non-Cash Adjustments To Reconcile Net Income	147	612	239	122	246	1,100	8,928	-310	-919	-139	269
Changes in Operating Assets and Liabilities, net	-945	-925	503	508	-320	1,169	-1,588	2,698	-2,005	-145	23
Net Cash From Discontinued Operating Activities	-	-	-	-	1,059	1,465	1,612	-4,024	42	0.00	0.00
Net Cash From Investing Activities	-4,543	-3,441	-2,967	-3,398	-7,670	-6,261	-3,257	14,797	623	-3,095	1,534
Net Cash From Continuing Investing Activities	-4,543	-3,441	-2,967	-3,398	-7,303	-5,777	-2,922	-6,517	623	-3,095	1,534
Purchase of Property, Plant & Equipment	-1,480	-1,998	-2,892	-2,732	-3,179	-4,810	-2,787	-1,464	-2,420	-1,890	-2,533
Acquisitions	-2,821	-1,218	0.00	-249	-3,822	-129	-485	-210	-818	-726	-1,197
Purchase of Investments	-413	-331	-288	-805	-409	-1,064	0.00	-12,498	-6,023	-8,622	-2,949
Divestitures	27	21	101	79	22	47	150	153	90	36	35
Sale and/or Maturity of Investments	9.00	4.00	0.00	62	16	98	137	6,989	8,970	7,405	7,982
Other Investing Activities, net	135	81	112	247	69	81	63	513	824	702	196
Net Cash From Financing Activities	635	-999	-1,294	-1,091	222	-3,376	-135	-14,419	-13,647	-14,207	-12,434
Net Cash From Continuing Financing Activities	635	-999	-1,294	-1,091	222	-3,376	-135	-14,419	-13,647	-14,207	-12,434
Repayment of Debt	-551	-2,232	-3,576	-1,022	-8,146	-13,164	-16,496	-25,872	-2,363	-1,144	-2,044
Repurchase of Preferred Equity	-	-	-	-	-	-	-	0.00	0.00	-600	0.00
Repurchase of Common Equity	-2,131	-965	-197	-2,372	-3,287	-1,950	-33	-5,284	-12,413	-11,572	-9,515
Payment of Dividends	-551	-653	-1,261	-1,467	-1,857	-2,643	-2,754	-2,933	-2,493	-2,542	-2,531
Issuance of Debt	3,793	2,993	2,127	3,211	13,476	14,274	19,137	19,564	3,379	1,589	1,631
Issuance of Common Equity	247	33	793	648	36	107	11	106	243	62	25

This table details how cash moves in and out of Marathon Petroleum's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	1,248	-666	-616	1,107	-3,010	-2,269	1,266	-439	-793	602	-2,139
Net Cash From Operating Activities	4,382	4,057	3,984	4,953	1,123	1,532	3,242	1,684	2,207	-64	2,639
Net Cash From Continuing Operating Activities	4,296	4,057	3,984	4,953	1,123	1,532	3,242	1,684	2,207	-64	2,639
Net Income / (Loss) Continuing Operations	3,569	3,084	2,580	3,631	1,877	1,312	1,955	1,015	785	346	1,610
Consolidated Net Income / (Loss)	3,641	3,084	2,580	3,631	1,877	1,312	1,955	1,015	785	346	1,610
Depreciation Expense	797	800	834	845	828	827	838	846	826	793	789
Amortization Expense	5.00	-10	-17	-24	-27	-24	-15	-5.00	13	12	9.00
Non-Cash Adjustments To Reconcile Net Income	91	156	38	-351	18	108	-74	100	135	-4.00	124
Changes in Operating Assets and Liabilities, net	-166	27	549	852	-1,573	-691	538	-272	448	-1,211	107
Net Cash From Investing Activities	-498	-816	-880	-435	-964	-824	17	2,034	307	-923	-974
Net Cash From Continuing Investing Activities	-498	-816	-880	-435	-964	-824	17	2,034	307	-923	-974
Purchase of Property, Plant & Equipment	-726	-457	-481	-420	-532	-585	-487	-651	-810	-663	-695
Acquisitions	-529	-207	-89	-66	-364	-747	-54	-271	-125	-369	-356
Divestitures	11	3.00	21	9.00	3.00	1.00	1.00	2.00	31	1.00	17
Sale and/or Maturity of Investments	2,923	1,793	2,021	2,231	1,360	2,078	1,774	2,968	1,162	21	39
Other Investing Activities, net	111	164	259	225	54	90	51	6.00	49	87	21
Net Cash From Financing Activities	-2,636	-3,907	-3,720	-3,411	-3,169	-2,977	-1,993	-4,157	-3,307	1,589	-3,804
Net Cash From Continuing Financing Activities	-2,636	-3,907	-3,720	-3,411	-3,169	-2,977	-1,993	-4,157	-3,307	1,589	-3,804
Repayment of Debt	-25	-1,067	-40	-20	-17	-59	-35	-775	-1,175	-994	-8,892
Repurchase of Common Equity	-2,013	-3,180	-3,068	-2,819	-2,505	-2,293	-2,971	-2,777	-1,474	-1,157	-880
Payment of Dividends	-657	-666	-622	-605	-649	-636	-625	-606	-664	-655	-647
Issuance of Debt	-	1,589	-	-	-	0.00	1,630	1.00	-	4,372	6,615

This table presents Marathon Petroleum's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	30,425	43,115	44,413	49,047	92,940	98,556	85,158	85,373	89,904	85,987	78,858
Total Current Assets	11,339	9,471	10,401	13,401	18,023	30,458	28,287	30,496	35,242	32,131	24,447
Cash & Equivalents	1,494	1,127	887	3,011	1,687	1,393	415	5,291	8,625	5,443	3,210
Accounts Receivable	4,058	2,927	3,617	4,695	5,853	7,233	5,760	11,034	13,477	12,187	11,145
Inventories, net	5,642	5,225	5,656	5,550	9,837	9,804	7,999	8,055	8,827	9,317	9,568
Other Current Assets	145	192	241	145	646	893	2,724	568	1,168	403	524
Plant, Property, & Equipment, net	16,261	25,164	25,765	26,443	45,058	40,870	0.00	0.00	35,657	35,112	35,028
Total Noncurrent Assets	2,825	8,480	8,247	9,203	29,859	27,228	56,871	54,877	19,005	18,744	19,383
Long-Term Investments	865	3,622	3,827	4,787	5,898	6,568	5,422	5,409	6,466	6,260	6,857
Goodwill	1,566	4,019	3,587	3,586	20,184	15,650	8,256	8,256	8,244	8,244	8,244
Other Noncurrent Operating Assets	394	839	833	830	3,777	5,010	43,193	41,212	4,295	4,240	4,282
Total Liabilities & Shareholders' Equity	30,425	43,115	44,413	49,047	92,940	98,556	85,158	85,373	89,904	85,987	78,858
Total Liabilities	19,035	23,440	23,210	27,219	47,887	55,449	54,938	51,792	54,817	54,588	54,352
Total Current Liabilities	8,579	6,345	7,146	10,478	13,216	16,948	15,663	17,898	20,020	20,150	20,827
Short-Term Debt	27	29	28	624	544	704	2,854	571	1,066	1,954	3,049
Accounts Payable	6,661	4,743	5,593	8,297	9,366	11,222	7,803	13,700	15,312	13,761	13,906
Current Deferred & Payable Income Tax Liabilities	647	184	153	670	1,446	1,015	1,105	1,231	1,140	1,221	1,204
Current Employee Benefit Liabilities	427	503	530	591	1,152	987	732	911	967	1,115	1,096
Other Current Liabilities	354	426	378	296	708	1,272	1,319	1,485	1,535	2,099	1,572
Total Noncurrent Liabilities	10,456	17,095	16,064	16,741	34,671	38,501	39,275	33,894	34,797	34,438	33,525
Long-Term Debt	6,575	11,896	10,544	12,322	26,980	28,020	28,730	24,968	25,634	25,329	24,432
Noncurrent Deferred Revenue	768	735	604	666	1,318	1,172	1,207	1,346	1,304	1,409	1,305
Noncurrent Deferred & Payable Income Tax Liabilities	2,014	3,285	3,861	2,654	4,864	6,392	6,203	5,638	5,904	5,834	5,771
Noncurrent Employee Benefit Liabilities	1,099	1,179	1,055	1,099	1,509	1,617	2,121	1,015	1,114	1,102	1,157
Other Noncurrent Operating Liabilities	0.00	0.00	0.00	0.00	0.00	1,300	1,014	927	841	764	860
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	0.00	1,000	1,000	1,004	968	968	965	968	895	203
Total Equity & Noncontrolling Interests	11,390	19,675	20,203	20,828	44,049	42,139	29,252	32,616	34,119	30,504	24,303
Total Preferred & Common Equity	10,751	13,237	13,557	14,033	35,175	33,694	22,199	26,206	27,715	24,404	17,745
Preferred Stock	-	-	-	-	0.00	0.00	-	-	0.00	0.00	0.00
Total Common Equity	10,751	13,237	13,557	14,033	35,175	33,694	22,199	26,206	27,715	24,404	17,745
Common Stock	9,848	11,078	11,067	11,269	33,739	33,167	33,218	33,272	33,412	33,475	33,634
Retained Earnings	7,515	9,752	10,206	12,864	14,755	15,990	4,650	12,905	26,142	34,562	36,848
Treasury Stock	-6,299	-7,275	-7,482	-9,869	-13,175	-15,143	-15,157	-19,904	-31,841	-43,502	-52,623
Accumulated Other Comprehensive Income / (Loss)	-313	-318	-234	-231	-144	-320	-512	-67	2.00	-131	-114
Noncontrolling Interest	639	6,438	6,646	6,795	8,874	8,445	7,053	6,410	6,404	6,100	6,558

This table presents Marathon Petroleum's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	89,904	87,037	86,442	89,969	85,987	85,528	85,229	79,833	78,858	81,633	78,484
Total Current Assets	35,242	32,486	32,213	36,275	32,131	31,260	31,347	25,949	24,447	27,140	23,728
Cash & Equivalents	8,625	7,960	7,345	8,452	5,443	3,175	4,441	4,002	3,210	3,812	1,673
Accounts Receivable	13,477	10,143	10,274	12,469	12,187	13,171	12,307	10,180	11,145	12,114	11,128
Inventories, net	8,827	10,268	9,536	10,143	9,317	9,781	9,800	9,886	9,568	10,488	10,106
Other Current Assets	1,168	623	949	607	403	734	741	740	524	726	821
Plant, Property, & Equipment, net	35,657	35,391	35,059	34,690	35,112	34,963	34,686	34,542	35,028	34,943	34,805
Total Noncurrent Assets	19,005	19,160	19,170	19,004	18,744	19,305	19,196	19,342	19,383	19,550	19,951
Long-Term Investments	6,466	6,626	6,665	6,521	6,260	6,831	6,821	6,976	6,857	7,095	7,294
Goodwill	8,244	8,244	8,244	8,244	8,244	8,244	8,244	8,244	8,244	8,244	8,244
Other Noncurrent Operating Assets	4,295	4,290	4,261	4,239	4,240	4,230	4,131	4,122	4,282	4,211	4,413
Total Liabilities & Shareholders' Equity	89,904	87,037	86,442	89,969	85,987	85,528	85,229	79,833	78,858	81,633	78,484
Total Liabilities	54,817	53,374	53,874	57,171	54,588	55,757	57,141	54,121	54,352	58,568	55,220
Total Current Liabilities	20,020	17,057	17,466	21,735	20,150	21,787	24,000	21,068	20,827	22,725	19,255
Short-Term Debt	1,066	75	72	819	1,954	2,457	4,903	4,167	3,049	4,065	1,819
Accounts Payable	15,312	13,031	13,052	15,839	13,761	15,471	14,865	12,763	13,906	14,748	13,345
Current Deferred & Payable Income Tax Liabilities	1,140	1,617	1,160	1,319	1,221	1,243	1,680	1,302	1,204	1,265	1,414
Current Employee Benefit Liabilities	967	636	712	979	1,115	1,180	766	967	1,096	1,155	756
Other Current Liabilities	1,535	1,698	2,470	2,779	2,099	1,436	1,786	1,869	1,572	1,492	1,921
Total Noncurrent Liabilities	34,797	36,317	36,408	35,436	34,438	33,970	33,141	33,053	33,525	35,843	35,965
Long-Term Debt	25,634	27,205	27,211	26,463	25,329	24,832	24,034	24,053	24,432	26,845	26,835
Noncurrent Deferred Revenue	1,304	1,214	1,244	1,341	1,409	1,355	1,358	1,352	1,305	1,246	1,246
Noncurrent Deferred & Payable Income Tax Liabilities	5,904	5,893	5,913	5,813	5,834	5,831	5,810	5,766	5,771	5,759	5,718
Noncurrent Employee Benefit Liabilities	1,114	1,147	1,181	971	1,102	1,182	1,228	1,191	1,157	1,176	1,231
Other Noncurrent Operating Liabilities	841	858	859	848	764	770	711	691	860	817	935
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	968	968	968	970	895	561	202	203	203	0.00	0.00
Total Equity & Noncontrolling Interests	34,119	32,695	31,600	31,828	30,504	29,210	27,886	25,509	24,303	23,065	23,264
Total Preferred & Common Equity	27,715	26,858	25,714	25,862	24,404	22,922	21,324	18,933	17,745	16,396	16,624
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	27,715	26,858	25,714	25,862	24,404	22,922	21,324	18,933	17,745	16,396	16,624
Common Stock	33,412	33,418	33,421	33,436	33,475	33,540	33,645	33,640	33,634	33,678	33,668
Retained Earnings	26,142	28,528	30,442	33,424	34,562	35,199	36,423	36,771	36,848	36,489	37,424
Treasury Stock	-31,841	-35,079	-38,119	-40,949	-43,502	-45,674	-48,592	-51,320	-52,623	-53,662	-54,360
Accumulated Other Comprehensive Income / (Loss)	2.00	-9.00	-30	-49	-131	-143	-152	-158	-114	-109	-108
Noncontrolling Interest	6,404	5,837	5,886	5,966	6,100	6,288	6,562	6,576	6,558	6,669	6,640

This table displays calculated financial ratios and metrics derived from Marathon Petroleum's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.16%	-26.34%	-12.34%	19.01%	14.88%	28.88%	-38.14%	75.18%	48.81%	-16.47%	-6.58%
EBITDA Growth	16.34%	14.91%	-28.37%	39.30%	11.85%	11.40%	-214.03%	187.96%	219.44%	-28.26%	-43.06%
EBIT Growth	18.28%	15.82%	-49.15%	68.40%	16.72%	-4.86%	-374.47%	135.11%	399.28%	-32.40%	-53.18%
NOPAT Growth	19.92%	13.99%	-48.37%	187.74%	-18.60%	-9.16%	-353.64%	145.46%	330.04%	-30.83%	-50.13%
Net Income Growth	19.78%	12.25%	-57.71%	213.60%	-5.21%	-9.73%	-406.51%	210.26%	45.90%	-30.39%	-54.65%
EPS Growth	19.78%	19.82%	-57.98%	203.17%	-21.19%	-24.81%	-481.11%	200.73%	84.51%	-15.97%	-57.34%
Operating Cash Flow Growth	-8.66%	30.96%	-1.37%	64.60%	-6.87%	53.31%	-74.38%	80.24%	275.25%	-13.72%	-38.62%
Free Cash Flow Firm Growth	-270.82%	-747.11%	116.93%	237.74%	-836.63%	140.50%	-103.73%	1,539.08%	115.75%	-19.50%	-53.19%
Invested Capital Growth	30.57%	71.76%	0.78%	-0.31%	140.93%	-16.17%	-14.78%	-7.66%	1.58%	-3.11%	-0.66%
Revenue Q/Q Growth	-2.58%	-8.44%	2.59%	5.56%	0.90%	-0.35%	-4.75%	16.83%	2.55%	-2.12%	-2.34%
EBITDA Q/Q Growth	5.98%	-12.05%	7.78%	11.66%	-0.24%	-9.11%	3.55%	21.15%	13.44%	-11.67%	-10.74%
EBIT Q/Q Growth	6.61%	-16.41%	10.31%	17.80%	-0.68%	-19.27%	2.54%	47.66%	16.00%	-13.90%	-15.58%
NOPAT Q/Q Growth	7.89%	-16.71%	10.29%	90.79%	-32.34%	-21.01%	2.54%	20.27%	15.67%	-13.10%	-14.36%
Net Income Q/Q Growth	7.31%	-18.17%	11.08%	93.29%	-20.50%	-22.28%	3.03%	5.07%	18.77%	-13.64%	-17.73%
EPS Q/Q Growth	7.31%	-18.70%	2.79%	105.52%	-33.25%	-14.07%	-1.27%	7.40%	22.15%	-10.19%	-20.75%
Operating Cash Flow Q/Q Growth	-23.72%	11.86%	5.10%	35.44%	-0.29%	-3.26%	-30.89%	116.48%	4.52%	-18.76%	14.30%
Free Cash Flow Firm Q/Q Growth	-1,093.39%	-505.48%	114.79%	58.97%	-1,040.86%	144.30%	-106.12%	35.06%	-1.45%	-17.47%	11.37%
Invested Capital Q/Q Growth	5.53%	62.73%	-0.73%	0.93%	127.40%	-15.15%	-1.12%	-4.04%	1.64%	4.18%	0.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	7.26%	12.00%	9.71%	10.99%	11.01%	11.08%	4.78%	9.03%	15.72%	14.46%	10.09%
EBITDA Margin	5.51%	8.60%	7.02%	8.22%	8.00%	6.92%	-12.75%	6.40%	13.74%	11.80%	7.19%
Operating Margin	4.13%	6.49%	3.77%	5.33%	5.42%	4.00%	-17.74%	3.56%	11.93%	9.66%	4.84%
EBIT Margin	4.13%	6.49%	3.77%	5.33%	5.42%	4.00%	-17.74%	3.56%	11.93%	9.66%	4.84%
Profit (Net Income) Margin	2.61%	3.97%	1.92%	5.05%	4.16%	2.92%	-14.45%	9.10%	8.92%	7.43%	3.61%
Tax Burden Percent	66.62%	65.57%	66.58%	113.76%	97.54%	100.68%	73.30%	390.52%	78.41%	79.86%	85.06%
Interest Burden Percent	94.67%	93.22%	76.36%	83.23%	78.83%	72.46%	111.15%	65.51%	95.34%	96.38%	87.65%
Effective Tax Rate	33.38%	34.43%	33.42%	-13.76%	20.67%	24.25%	0.00%	9.37%	21.94%	20.14%	14.94%
Return on Invested Capital (ROIC)	19.55%	14.48%	5.89%	16.92%	8.09%	5.66%	-16.99%	8.73%	38.78%	27.04%	13.74%
ROIC Less NNEP Spread (ROIC-NNEP)	13.66%	10.83%	0.13%	2.98%	7.18%	4.86%	-27.17%	64.45%	30.80%	22.68%	8.69%
Return on Net Nonoperating Assets (RNNOA)	2.94%	3.98%	0.04%	0.76%	2.69%	1.73%	-10.22%	25.76%	7.96%	6.57%	4.38%
Return on Equity (ROE)	22.49%	18.46%	5.93%	17.68%	10.78%	7.38%	-27.21%	34.49%	46.75%	33.61%	18.13%
Cash Return on Invested Capital (CROIC)	-6.96%	-38.33%	5.11%	17.23%	-74.58%	23.25%	-1.03%	16.69%	37.21%	30.19%	14.41%
Operating Return on Assets (OROA)	13.78%	12.76%	5.45%	8.60%	6.61%	4.66%	-13.33%	5.04%	24.50%	16.50%	8.25%
Return on Assets (ROA)	8.69%	7.80%	2.77%	8.14%	5.08%	3.40%	-10.86%	12.90%	18.31%	12.70%	6.15%
Return on Common Equity (ROCE)	21.45%	14.26%	3.89%	11.34%	7.93%	5.77%	-20.74%	26.16%	36.71%	26.34%	13.67%
Return on Equity Simple (ROE_SIMPLE)	23.77%	21.67%	8.95%	27.11%	10.25%	9.66%	-44.94%	41.98%	57.91%	45.78%	28.55%
Net Operating Profit after Tax (NOPAT)	2,699	3,077	1,588	4,571	3,721	3,380	-8,573	3,897	16,759	11,591	5,781
NOPAT Margin	2.75%	4.26%	2.51%	6.06%	4.30%	3.03%	-12.42%	3.22%	9.31%	7.71%	4.12%
Net Nonoperating Expense Percent (NNEP)	5.89%	3.65%	5.76%	13.93%	0.92%	0.80%	10.18%	-55.72%	7.98%	4.35%	5.06%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	27.55%	20.06%	11.16%
Cost of Revenue to Revenue	92.74%	88.00%	90.29%	89.01%	88.99%	88.92%	95.22%	90.97%	84.28%	85.54%	89.91%
SG&A Expenses to Revenue	1.40%	2.18%	2.52%	2.25%	2.63%	2.86%	3.93%	2.10%	1.54%	2.02%	2.29%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	3.13%	5.50%	5.94%	5.65%	5.60%	7.08%	22.52%	5.48%	3.79%	4.81%	5.25%
Earnings before Interest and Taxes (EBIT)	4,051	4,692	2,386	4,018	4,690	4,462	-12,247	4,300	21,469	14,514	6,796
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,404	6,210	4,448	6,196	6,930	7,720	-8,803	7,743	24,734	17,743	10,102
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.73	1.57	1.52	1.84	0.95	0.99	1.09	1.41	1.87	2.25	2.51
Price to Tangible Book Value (P/TBV)	2.02	2.25	2.07	2.47	2.23	1.85	1.74	2.06	2.67	3.40	4.69
Price to Revenue (P/Rev)	0.19	0.29	0.33	0.34	0.39	0.30	0.35	0.31	0.29	0.37	0.32
Price to Earnings (P/E)	7.36	7.27	17.61	7.51	12.04	12.65	0.00	3.80	3.58	5.67	12.94
Dividend Yield	2.78%	2.93%	3.47%	2.88%	3.80%	4.13%	6.22%	3.86%	2.25%	2.13%	2.44%
Earnings Yield	13.59%	13.76%	5.68%	13.31%	8.31%	7.90%	0.00%	26.34%	27.95%	17.64%	7.73%
Enterprise Value to Invested Capital (EV/IC)	1.50	1.28	1.26	1.44	0.97	1.17	1.25	1.25	1.56	1.72	1.64
Enterprise Value to Revenue (EV/Rev)	0.24	0.48	0.54	0.51	0.73	0.57	0.84	0.44	0.38	0.48	0.49
Enterprise Value to EBITDA (EV/EBITDA)	4.34	5.53	7.68	6.25	9.13	8.23	0.00	6.93	2.74	4.10	6.81
Enterprise Value to EBIT (EV/EBIT)	5.79	7.32	14.32	9.64	13.49	14.24	0.00	12.47	3.16	5.01	10.12
Enterprise Value to NOPAT (EV/NOPAT)	8.69	11.16	21.52	8.47	17.01	18.80	0.00	13.76	4.04	6.27	11.89
Enterprise Value to Operating Cash Flow (EV/OCF)	7.54	8.43	8.51	5.86	10.28	6.73	23.99	12.30	4.14	5.15	7.93
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	24.79	8.32	0.00	4.57	0.00	7.20	4.21	5.62	11.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.58	0.61	0.50	0.59	0.61	0.67	1.05	0.76	0.76	0.87	1.12
Long-Term Debt to Equity	0.58	0.60	0.50	0.56	0.60	0.65	0.95	0.74	0.73	0.81	1.00
Financial Leverage	0.21	0.37	0.32	0.26	0.38	0.36	0.38	0.40	0.26	0.29	0.50
Leverage Ratio	2.59	2.37	2.14	2.17	2.12	2.17	2.51	2.67	2.55	2.65	2.95
Compound Leverage Factor	2.45	2.21	1.64	1.81	1.67	1.57	2.78	1.75	2.43	2.55	2.58
Debt to Total Capital	36.69%	37.74%	33.27%	37.23%	37.92%	39.99%	51.10%	43.20%	43.21%	46.49%	52.86%
Short-Term Debt to Total Capital	0.15%	0.09%	0.09%	1.79%	0.75%	0.98%	4.62%	0.97%	1.73%	3.33%	5.86%
Long-Term Debt to Total Capital	36.54%	37.65%	33.18%	35.43%	37.17%	39.01%	46.49%	42.23%	41.49%	43.16%	47.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.55%	20.37%	24.06%	22.42%	13.61%	13.10%	12.98%	12.47%	11.93%	11.92%	13.01%
Common Equity to Total Capital	59.75%	41.89%	42.67%	40.35%	48.47%	46.91%	35.92%	44.33%	44.86%	41.59%	34.13%
Debt to EBITDA	1.22	1.92	2.38	2.09	3.97	3.72	-3.59	3.30	1.08	1.54	2.72
Net Debt to EBITDA	0.79	1.16	1.32	0.83	2.88	2.69	-2.92	1.20	0.34	0.61	1.72
Long-Term Debt to EBITDA	1.22	1.92	2.37	1.99	3.89	3.63	-3.26	3.22	1.04	1.43	2.42
Debt to NOPAT	2.45	3.88	6.66	2.83	7.40	8.50	-3.68	6.55	1.59	2.35	4.75
Net Debt to NOPAT	1.57	2.33	3.69	1.13	5.36	6.14	-3.00	2.38	0.51	0.93	3.01
Long-Term Debt to NOPAT	2.44	3.87	6.64	2.70	7.25	8.29	-3.35	6.41	1.53	2.19	4.23
Altman Z-Score	4.70	2.97	2.55	2.81	1.80	2.03	0.86	2.40	3.97	3.64	3.27
Noncontrolling Interest Sharing Ratio	4.63%	22.78%	34.45%	35.88%	26.42%	21.88%	23.78%	24.13%	21.48%	21.61%	24.61%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.32	1.49	1.46	1.28	1.36	1.80	1.81	1.70	1.76	1.59	1.17
Quick Ratio	0.65	0.64	0.63	0.74	0.57	0.51	0.39	1.22	1.26	1.11	0.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-961	-8,141	1,378	4,656	-34,295	13,889	-518	7,453	16,080	12,944	6,059
Operating Cash Flow to CapEx	210.14%	203.85%	138.90%	242.02%	193.71%	196.28%	86.80%	297.81%	676.07%	746.93%	342.08%
Free Cash Flow to Firm to Interest Expense	-4.45	-25.60	2.44	6.91	-34.54	11.30	-0.38	5.03	16.08	24.66	7.22
Operating Cash Flow to Interest Expense	14.40	12.81	7.12	9.81	6.20	7.68	1.77	2.94	16.36	26.89	10.33
Operating Cash Flow Less CapEx to Interest Expense	7.55	6.53	1.99	5.76	3.00	3.77	-0.27	1.95	13.94	23.29	7.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	3.34	1.96	1.45	1.61	1.22	1.17	0.75	1.42	2.05	1.71	1.70
Accounts Receivable Turnover	20.40	20.69	19.36	18.14	16.42	17.05	10.63	14.40	14.68	11.71	12.04
Inventory Turnover	17.61	11.70	10.51	11.97	10.01	10.10	7.38	13.70	17.97	14.17	13.37
Fixed Asset Turnover	6.50	3.49	2.49	2.89	2.42	2.60	0.00	0.00	0.00	4.25	4.00
Accounts Payable Turnover	12.21	11.15	11.07	9.66	8.72	9.64	6.91	10.23	10.46	8.84	9.13
Days Sales Outstanding (DSO)	17.89	17.64	18.86	20.13	22.23	21.40	34.35	25.34	24.86	31.16	30.33
Days Inventory Outstanding (DIO)	20.73	31.19	34.73	30.48	36.45	36.12	49.43	26.63	20.31	25.76	27.30
Days Payable Outstanding (DPO)	29.89	32.73	32.99	37.78	41.84	37.87	52.82	35.67	34.91	41.27	40.00
Cash Conversion Cycle (CCC)	8.74	16.10	20.60	12.83	16.84	19.66	30.96	16.30	10.26	15.65	17.63
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,633	26,851	27,061	26,976	64,992	54,483	46,428	42,872	43,551	42,198	41,920
Invested Capital Turnover	7.11	3.40	2.35	2.79	1.88	1.87	1.37	2.71	4.16	3.51	3.34
Increase / (Decrease) in Invested Capital	3,660	11,218	210	-85	38,016	-10,509	-8,055	-3,556	679	-1,353	-278
Enterprise Value (EV)	23,449	34,339	34,178	38,727	63,285	63,535	58,041	53,640	67,769	72,685	68,752
Market Capitalization	18,567	20,725	20,674	25,784	33,468	33,359	24,273	36,974	51,933	54,891	44,577
Book Value per Share	$38.37	$24.84	$25.69	$28.73	$50.92	$51.89	$34.12	$42.57	$59.14	$64.27	$55.21
Tangible Book Value per Share	$32.78	$17.30	$18.89	$21.39	$21.70	$27.79	$21.43	$29.16	$41.55	$42.56	$29.56
Total Capital	17,992	31,600	31,775	34,774	72,577	71,831	61,804	59,120	61,787	58,682	51,987
Total Debt	6,602	11,925	10,572	12,946	27,524	28,724	31,584	25,539	26,700	27,283	27,481
Total Long-Term Debt	6,575	11,896	10,544	12,322	26,980	28,020	28,730	24,968	25,634	25,329	24,432
Net Debt	4,243	7,176	5,858	5,148	19,939	20,763	25,747	9,291	8,464	10,799	17,414
Capital Expenditures (CapEx)	1,480	1,998	2,892	2,732	3,179	4,810	2,787	1,464	2,420	1,890	2,533
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,293	2,028	2,396	536	3,664	12,821	15,063	2,330	4,518	3,711	3,459
Debt-free Net Working Capital (DFNWC)	2,787	3,155	3,283	3,547	5,351	14,214	15,478	13,169	16,288	13,935	6,669
Net Working Capital (NWC)	2,760	3,126	3,255	2,923	4,807	13,510	12,624	12,598	15,222	11,981	3,620
Net Nonoperating Expense (NNE)	144	209	375	767	115	125	1,404	-7,104	709	419	714
Net Nonoperating Obligations (NNO)	4,243	7,176	5,858	5,148	19,939	11,376	16,208	9,291	8,464	10,799	17,414
Total Depreciation and Amortization (D&A)	1,353	1,518	2,062	2,178	2,240	3,258	3,444	3,443	3,265	3,229	3,306
Debt-free, Cash-free Net Working Capital to Revenue	1.32%	2.81%	3.78%	0.71%	4.23%	11.49%	21.82%	1.93%	2.51%	2.47%	2.46%
Debt-free Net Working Capital to Revenue	2.84%	4.37%	5.18%	4.71%	6.18%	12.74%	22.42%	10.89%	9.05%	9.27%	4.75%
Net Working Capital to Revenue	2.81%	4.33%	5.14%	3.88%	5.55%	12.11%	18.29%	10.42%	8.46%	7.97%	2.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.42	$5.29	$2.22	$6.76	$5.36	$4.00	($15.13)	$15.34	$28.31	$23.73	$10.11
Adjusted Weighted Average Basic Shares Outstanding	570M	538M	528M	507M	518M	659M	649M	634M	512M	407M	340M
Adjusted Diluted Earnings per Share	$4.39	$5.26	$2.21	$6.70	$5.28	$3.97	($15.13)	$15.24	$28.12	$23.63	$10.08
Adjusted Weighted Average Diluted Shares Outstanding	574M	542M	530M	512M	526M	664M	649M	638M	516M	409M	341M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	546.13M	529.23M	527.78M	476.06M	673.62M	649.50M	651.27M	565.21M	445.55M	361.36M	312.58M
Normalized Net Operating Profit after Tax (NOPAT)	2,685	3,166	1,654	2,813	3,716	4,076	-2,418	3,897	16,759	11,591	5,781
Normalized NOPAT Margin	2.74%	4.38%	2.61%	3.73%	4.29%	3.65%	-3.50%	3.22%	9.31%	7.71%	4.12%
Pre Tax Income Margin	3.91%	6.05%	2.88%	4.44%	4.27%	2.90%	-19.72%	2.33%	11.37%	9.31%	4.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	18.75	14.75	4.23	5.96	4.72	3.63	-8.97	2.90	21.47	27.65	8.10
NOPAT to Interest Expense	12.49	9.67	2.82	6.78	3.75	2.75	-6.28	2.63	16.76	22.08	6.89
EBIT Less CapEx to Interest Expense	11.90	8.47	-0.90	1.91	1.52	-0.28	-11.01	1.91	19.05	24.05	5.08
NOPAT Less CapEx to Interest Expense	5.64	3.39	-2.31	2.73	0.55	-1.16	-8.32	1.64	14.34	18.48	3.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	21.57%	22.77%	103.96%	38.56%	51.50%	81.20%	-27.60%	26.66%	15.53%	22.75%	49.95%
Augmented Payout Ratio	104.97%	56.42%	120.20%	100.92%	142.65%	141.11%	-27.93%	74.69%	92.87%	126.33%	237.73%

This table displays calculated financial ratios and metrics derived from Marathon Petroleum's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.54%	-8.66%	-32.11%	-11.97%	-8.11%	-5.32%	4.18%	-14.93%	-9.12%	-4.10%	-11.11%
EBITDA Growth	112.22%	90.98%	-55.00%	-25.60%	-42.32%	-46.67%	-18.85%	-60.71%	-38.05%	-42.33%	-10.46%
EBIT Growth	166.54%	136.66%	-60.31%	-28.91%	-49.46%	-56.07%	-23.69%	-71.62%	-52.36%	-61.49%	-12.89%
NOPAT Growth	154.88%	131.75%	-58.26%	-28.49%	-47.02%	-54.51%	-21.44%	-67.40%	-49.21%	-57.44%	-11.07%
Net Income Growth	229.50%	163.14%	-58.50%	-27.67%	-48.45%	-57.46%	-24.22%	-72.05%	-58.18%	-73.63%	-17.65%
EPS Growth	335.53%	308.72%	-51.42%	-8.61%	-40.48%	-57.64%	-18.61%	-77.42%	-67.01%	-109.30%	-8.55%
Operating Cash Flow Growth	19.27%	61.44%	-42.69%	97.02%	-74.37%	-62.24%	-18.62%	-66.00%	96.53%	-104.18%	-18.60%
Free Cash Flow Firm Growth	-39.45%	-61.50%	-64.04%	-13.72%	9.40%	-25.44%	-16.86%	-101.58%	-61.53%	-87.55%	-70.28%
Invested Capital Growth	1.58%	2.31%	0.28%	-5.48%	-3.11%	-0.49%	-0.06%	3.23%	-0.66%	0.97%	2.99%
Revenue Q/Q Growth	-15.16%	-12.47%	4.98%	12.92%	-11.45%	-9.81%	15.51%	-7.79%	-5.39%	-4.83%	7.07%
EBITDA Q/Q Growth	-26.04%	-12.45%	-15.03%	35.23%	-42.66%	-19.06%	29.30%	-34.53%	-9.59%	-24.65%	100.74%
EBIT Q/Q Growth	-29.12%	-14.31%	-18.62%	43.81%	-49.61%	-25.51%	41.37%	-46.51%	-15.42%	-39.79%	219.80%
NOPAT Q/Q Growth	-28.66%	-13.71%	-15.90%	38.12%	-47.14%	-25.91%	45.23%	-42.69%	-17.65%	-37.92%	203.48%
Net Income Q/Q Growth	-27.47%	-15.30%	-16.34%	40.74%	-48.31%	-30.10%	49.01%	-48.08%	-22.66%	-55.92%	365.32%
EPS Q/Q Growth	-26.93%	-8.01%	-12.64%	55.64%	-52.42%	-34.52%	67.83%	-56.81%	-30.48%	-118.46%	1,750.00%
Operating Cash Flow Q/Q Growth	74.30%	-7.42%	-1.80%	24.32%	-77.33%	36.42%	111.62%	-48.06%	31.06%	-102.90%	4,223.44%
Free Cash Flow Firm Q/Q Growth	-56.85%	-26.29%	15.30%	135.27%	-45.28%	-49.77%	28.57%	-104.48%	1,428.96%	-83.75%	207.02%
Invested Capital Q/Q Growth	1.64%	-1.58%	-2.64%	-2.95%	4.18%	1.08%	-2.23%	0.26%	0.26%	2.74%	-0.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.22%	16.49%	13.75%	16.00%	11.52%	10.89%	11.51%	9.13%	8.69%	7.82%	11.95%
EBITDA Margin	13.83%	13.83%	11.19%	13.40%	8.68%	7.79%	8.72%	6.19%	5.92%	4.68%	8.78%
Operating Margin	11.83%	11.58%	8.98%	11.43%	6.50%	5.37%	6.57%	3.81%	3.41%	2.16%	6.44%
EBIT Margin	11.83%	11.58%	8.98%	11.43%	6.50%	5.37%	6.57%	3.81%	3.41%	2.16%	6.44%
Profit (Net Income) Margin	9.09%	8.79%	7.01%	8.73%	5.10%	3.95%	5.10%	2.87%	2.35%	1.09%	4.72%
Tax Burden Percent	79.97%	78.94%	81.57%	78.34%	82.18%	81.74%	83.98%	89.98%	87.61%	90.34%	85.73%
Interest Burden Percent	96.08%	96.21%	95.70%	97.52%	95.37%	89.97%	92.31%	83.62%	78.53%	55.75%	85.48%
Effective Tax Rate	21.61%	21.06%	18.43%	21.66%	17.82%	18.26%	16.02%	10.02%	12.39%	9.66%	14.27%
Return on Invested Capital (ROIC)	38.60%	38.09%	27.97%	32.99%	18.74%	15.24%	19.85%	11.99%	9.97%	6.32%	17.59%
ROIC Less NNEP Spread (ROIC-NNEP)	37.77%	36.86%	26.62%	31.89%	17.79%	13.92%	18.42%	10.32%	8.45%	4.65%	15.95%
Return on Net Nonoperating Assets (RNNOA)	9.77%	11.23%	6.88%	8.04%	5.15%	4.85%	6.92%	4.20%	4.26%	2.90%	10.34%
Return on Equity (ROE)	48.37%	49.32%	34.84%	41.03%	23.89%	20.09%	26.76%	16.18%	14.24%	9.22%	27.93%
Cash Return on Invested Capital (CROIC)	37.21%	41.57%	35.29%	37.64%	30.19%	23.51%	22.27%	13.22%	14.41%	10.55%	8.19%
Operating Return on Assets (OROA)	24.28%	22.98%	15.60%	19.54%	11.12%	9.24%	11.49%	6.46%	5.81%	3.59%	10.61%
Return on Assets (ROA)	18.66%	17.45%	12.18%	14.93%	8.71%	6.80%	8.90%	4.86%	4.00%	1.81%	7.77%
Return on Common Equity (ROCE)	37.98%	38.59%	27.37%	32.15%	18.73%	15.77%	20.76%	12.39%	10.73%	6.86%	20.64%
Return on Equity Simple (ROE_SIMPLE)	0.00%	66.88%	55.71%	50.02%	0.00%	41.01%	41.15%	32.53%	0.00%	25.01%	0.00%
Net Operating Profit after Tax (NOPAT)	3,715	3,206	2,696	3,723	1,968	1,458	2,118	1,214	1,000	621	1,883
NOPAT Margin	9.27%	9.14%	7.32%	8.95%	5.35%	4.39%	5.52%	3.43%	2.99%	1.95%	5.52%
Net Nonoperating Expense Percent (NNEP)	0.83%	1.23%	1.35%	1.10%	0.95%	1.33%	1.43%	1.67%	1.52%	1.67%	1.64%
Return On Investment Capital (ROIC_SIMPLE)	6.11%	-	-	-	3.41%	-	-	-	1.93%	1.15%	3.63%
Cost of Revenue to Revenue	83.78%	83.51%	86.25%	84.00%	88.48%	89.11%	88.49%	90.87%	91.31%	92.18%	88.05%
SG&A Expenses to Revenue	1.90%	1.97%	1.91%	1.98%	2.23%	2.35%	2.15%	2.30%	2.40%	2.46%	2.54%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	4.39%	4.91%	4.77%	4.57%	5.01%	5.52%	4.94%	5.31%	5.28%	5.66%	5.51%
Earnings before Interest and Taxes (EBIT)	4,739	4,061	3,305	4,753	2,395	1,784	2,522	1,349	1,141	687	2,197
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,541	4,851	4,122	5,574	3,196	2,587	3,345	2,190	1,980	1,492	2,995
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.87	2.17	1.88	2.29	2.25	3.31	2.85	2.88	2.51	2.78	3.07
Price to Tangible Book Value (P/TBV)	2.67	3.13	2.76	3.37	3.40	5.16	4.65	5.10	4.69	5.59	6.09
Price to Revenue (P/Rev)	0.29	0.33	0.30	0.39	0.37	0.51	0.41	0.38	0.32	0.33	0.38
Price to Earnings (P/E)	3.58	3.55	3.79	5.14	5.67	9.60	8.47	12.05	12.94	18.71	23.90
Dividend Yield	2.25%	2.04%	2.49%	2.02%	2.13%	1.58%	1.87%	2.03%	2.44%	2.38%	2.14%
Earnings Yield	27.95%	28.17%	26.42%	19.47%	17.64%	10.42%	11.81%	8.30%	7.73%	5.34%	4.18%
Enterprise Value to Invested Capital (EV/IC)	1.56	1.73	1.54	1.83	1.72	2.24	1.95	1.85	1.64	1.68	1.80
Enterprise Value to Revenue (EV/Rev)	0.38	0.42	0.40	0.48	0.48	0.64	0.54	0.54	0.49	0.52	0.57
Enterprise Value to EBITDA (EV/EBITDA)	2.74	2.74	2.92	3.68	4.10	6.17	5.52	6.84	6.81	8.02	8.94
Enterprise Value to EBIT (EV/EBIT)	3.16	3.12	3.42	4.39	5.01	7.81	7.09	9.62	10.12	12.67	14.39
Enterprise Value to NOPAT (EV/NOPAT)	4.04	3.99	4.34	5.54	6.27	9.70	8.77	11.47	11.89	14.63	16.42
Enterprise Value to Operating Cash Flow (EV/OCF)	4.14	4.14	4.30	4.26	5.15	8.24	7.48	10.21	7.93	10.22	11.96
Enterprise Value to Free Cash Flow (EV/FCFF)	4.21	4.21	4.37	4.72	5.62	9.50	8.74	14.23	11.35	15.97	22.33
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.76	0.81	0.84	0.83	0.87	0.92	1.03	1.10	1.12	1.34	1.23
Long-Term Debt to Equity	0.73	0.81	0.84	0.81	0.81	0.83	0.86	0.94	1.00	1.16	1.15
Financial Leverage	0.26	0.30	0.26	0.25	0.29	0.35	0.38	0.41	0.50	0.62	0.65
Leverage Ratio	2.55	2.74	2.77	2.70	2.65	2.72	2.83	2.90	2.95	3.16	3.19
Compound Leverage Factor	2.45	2.64	2.65	2.63	2.52	2.45	2.61	2.43	2.32	1.76	2.73
Debt to Total Capital	43.21%	44.76%	45.58%	45.41%	46.49%	47.83%	50.74%	52.33%	52.86%	57.27%	55.19%
Short-Term Debt to Total Capital	1.73%	0.12%	0.12%	1.36%	3.33%	4.31%	8.60%	7.73%	5.86%	7.53%	3.50%
Long-Term Debt to Total Capital	41.49%	44.64%	45.46%	44.05%	43.16%	43.52%	42.15%	44.60%	47.00%	49.74%	51.69%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	11.93%	11.17%	11.45%	11.54%	11.92%	12.00%	11.86%	12.57%	13.01%	12.36%	12.79%
Common Equity to Total Capital	44.86%	44.07%	42.96%	43.05%	41.59%	40.17%	37.39%	35.11%	34.13%	30.38%	32.02%
Debt to EBITDA	1.08	1.01	1.24	1.36	1.54	1.76	1.97	2.49	2.72	3.43	3.31
Net Debt to EBITDA	0.34	0.34	0.42	0.38	0.61	0.83	0.93	1.42	1.72	2.22	2.27
Long-Term Debt to EBITDA	1.04	1.01	1.24	1.32	1.43	1.60	1.63	2.13	2.42	2.98	3.10
Debt to NOPAT	1.59	1.47	1.84	2.05	2.35	2.77	3.12	4.18	4.75	6.26	6.08
Net Debt to NOPAT	0.51	0.50	0.62	0.58	0.93	1.31	1.47	2.39	3.01	4.05	4.18
Long-Term Debt to NOPAT	1.53	1.46	1.84	1.98	2.19	2.52	2.60	3.56	4.23	5.44	5.70
Altman Z-Score	3.35	3.51	3.20	3.22	3.17	3.33	3.20	3.18	3.03	2.89	3.10
Noncontrolling Interest Sharing Ratio	21.48%	21.75%	21.46%	21.64%	21.61%	21.52%	22.45%	23.44%	24.61%	25.58%	26.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.76	1.90	1.84	1.67	1.59	1.43	1.31	1.23	1.17	1.19	1.23
Quick Ratio	1.26	1.27	1.24	1.17	1.11	0.95	0.87	0.73	0.69	0.70	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,036	2,238	2,580	6,069	3,321	1,668	2,145	-96	1,278	208	637
Operating Cash Flow to CapEx	603.58%	887.75%	828.27%	1,179.29%	211.09%	261.88%	665.71%	258.68%	272.47%	-9.65%	379.71%
Free Cash Flow to Firm to Interest Expense	16.32	14.53	18.17	51.44	29.92	9.32	11.06	-0.44	5.21	0.68	2.00
Operating Cash Flow to Interest Expense	23.56	26.34	28.06	41.97	10.12	8.56	16.71	7.62	9.01	-0.21	8.27
Operating Cash Flow Less CapEx to Interest Expense	19.66	23.38	24.67	38.42	5.32	5.29	14.20	4.67	5.70	-2.39	6.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.05	1.98	1.74	1.71	1.71	1.72	1.75	1.69	1.70	1.66	1.65
Accounts Receivable Turnover	14.68	13.69	11.55	11.85	11.71	12.73	13.28	12.70	12.04	11.00	11.50
Inventory Turnover	17.97	14.77	12.97	12.97	14.17	12.86	13.55	12.81	13.37	12.43	12.27
Fixed Asset Turnover	0.00	4.87	4.42	4.38	4.25	4.22	4.30	4.15	4.00	3.98	3.88
Accounts Payable Turnover	10.46	8.89	7.51	7.97	8.84	9.04	9.39	8.97	9.13	8.34	8.66
Days Sales Outstanding (DSO)	24.86	26.66	31.61	30.81	31.16	28.66	27.48	28.75	30.33	33.19	31.73
Days Inventory Outstanding (DIO)	20.31	24.70	28.15	28.14	25.76	28.39	26.93	28.50	27.30	29.36	29.76
Days Payable Outstanding (DPO)	34.91	41.06	48.62	45.81	41.27	40.36	38.88	40.70	40.00	43.77	42.17
Cash Conversion Cycle (CCC)	10.26	10.31	11.14	13.14	15.65	16.69	15.53	16.55	17.63	18.77	19.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	43,551	42,865	41,732	40,503	42,198	42,655	41,705	41,813	41,920	43,068	42,951
Invested Capital Turnover	4.16	4.17	3.82	3.68	3.51	3.47	3.60	3.49	3.34	3.24	3.18
Increase / (Decrease) in Invested Capital	679	968	116	-2,346	-1,353	-210	-27	1,310	-278	413	1,246
Enterprise Value (EV)	67,769	74,201	64,269	73,960	72,685	95,514	81,209	77,403	68,752	72,211	77,358
Market Capitalization	51,933	58,194	48,251	59,319	54,891	75,781	60,828	54,523	44,577	45,539	51,031
Book Value per Share	$59.14	$60.28	$60.61	$64.68	$64.27	$63.50	$60.52	$56.57	$55.21	$52.45	$54.11
Tangible Book Value per Share	$41.55	$41.78	$41.18	$44.06	$42.56	$40.66	$37.12	$31.94	$29.56	$26.08	$27.28
Total Capital	61,787	60,943	59,851	60,080	58,682	57,060	57,025	53,932	51,987	53,975	51,918
Total Debt	26,700	27,280	27,283	27,282	27,283	27,289	28,937	28,220	27,481	30,910	28,654
Total Long-Term Debt	25,634	27,205	27,211	26,463	25,329	24,832	24,034	24,053	24,432	26,845	26,835
Net Debt	8,464	9,202	9,164	7,705	10,799	12,884	13,617	16,101	17,414	20,003	19,687
Capital Expenditures (CapEx)	726	457	481	420	532	585	487	651	810	663	695
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4,518	4,052	3,365	2,303	3,711	4,356	3,751	3,905	3,459	4,668	4,619
Debt-free Net Working Capital (DFNWC)	16,288	15,504	14,819	15,359	13,935	11,930	12,250	9,048	6,669	8,480	6,292
Net Working Capital (NWC)	15,222	15,429	14,747	14,540	11,981	9,473	7,347	4,881	3,620	4,415	4,473
Net Nonoperating Expense (NNE)	74	122	116	92	91	146	163	199	215	275	273
Net Nonoperating Obligations (NNO)	8,464	9,202	9,164	7,705	10,799	12,884	13,617	16,101	17,414	20,003	19,687
Total Depreciation and Amortization (D&A)	802	790	817	821	801	803	823	841	839	805	798
Debt-free, Cash-free Net Working Capital to Revenue	2.51%	2.29%	2.11%	1.50%	2.47%	2.93%	2.50%	2.72%	2.46%	3.36%	3.43%
Debt-free Net Working Capital to Revenue	9.05%	8.78%	9.31%	10.00%	9.27%	8.04%	8.17%	6.29%	4.75%	6.10%	4.67%
Net Working Capital to Revenue	8.46%	8.74%	9.26%	9.47%	7.97%	6.38%	4.90%	3.40%	2.58%	3.18%	3.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.66	$6.13	$5.34	$8.31	$3.95	$2.59	$4.34	$1.88	$1.30	($0.24)	$3.96
Adjusted Weighted Average Basic Shares Outstanding	512M	444M	417M	394M	407M	361M	349M	331M	340M	313M	307M
Adjusted Diluted Earnings per Share	$6.62	$6.09	$5.32	$8.28	$3.94	$2.58	$4.33	$1.87	$1.30	($0.24)	$3.96
Adjusted Weighted Average Diluted Shares Outstanding	516M	447M	419M	396M	409M	362M	350M	332M	341M	313M	307M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	445.55M	424.28M	399.84M	379.70M	361.36M	352.33M	334.68M	321.39M	312.58M	307.21M	304.02M
Normalized Net Operating Profit after Tax (NOPAT)	3,715	3,206	2,696	3,723	1,968	1,458	2,118	1,214	1,000	621	1,883
Normalized NOPAT Margin	9.27%	9.14%	7.32%	8.95%	5.35%	4.39%	5.52%	3.43%	2.99%	1.95%	5.52%
Pre Tax Income Margin	11.36%	11.14%	8.59%	11.15%	6.20%	4.83%	6.07%	3.19%	2.68%	1.20%	5.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	25.48	26.37	23.27	40.28	21.58	9.97	13.00	6.10	4.66	2.26	6.89
NOPAT to Interest Expense	19.97	20.82	18.98	31.55	17.73	8.15	10.92	5.49	4.08	2.04	5.90
EBIT Less CapEx to Interest Expense	21.58	23.40	19.89	36.72	16.78	6.70	10.49	3.16	1.35	0.08	4.71
NOPAT Less CapEx to Interest Expense	16.07	17.85	15.60	28.00	12.94	4.88	8.41	2.55	0.77	-0.14	3.73
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	15.53%	14.02%	17.72%	19.71%	22.75%	26.72%	28.66%	40.85%	49.95%	62.18%	68.48%
Augmented Payout Ratio	92.87%	84.43%	103.93%	105.36%	126.33%	140.39%	149.32%	212.08%	237.73%	266.50%	235.89%

Key Financial Trends

Marathon Petroleum Corporation (NYSE: MPC) has demonstrated solid financial performance over the last few years, reflected across its income statements, balance sheets, and cash flow statements up to Q2 2025. Here is a summary and analysis of the key financial trends and metrics for the company that retail investors should consider:

Strong Net Income Growth: MPC’s consolidated net income increased notably from $3.08 billion in Q1 2023 to $1.61 billion in Q2 2025, reflecting profitability and operational efficiency. Earnings per share (diluted) also improved significantly from $2.58 in Q1 2024 to $3.96 in Q2 2025.
Increasing Operating Revenues: Total revenue shows a fluctuating but generally stable pattern, with $34.1 billion in Q2 2025 compared to $33.2 billion in Q1 2024, supporting sustained demand for its petroleum products.
Consistent Operating Cash Flow Generation: Net cash from continuing operating activities was $2.64 billion in Q2 2025, illustrating ongoing solid cash flow to support business activities, dividends, and investments.
Significant Capital Investments: MPC invested heavily in property, plant, and equipment, with capital expenditures amounting to $695 million in Q2 2025, underpinning future growth and operational capacity.
Reduced Debt Levels Through Repayment: The company made substantial debt repayments, including $8.9 billion in Q2 2025, which helps improve financial leverage and lowers interest expense risks.
Dividend Consistency: MPC maintained consistent cash dividends of approximately $0.91 per share in recent quarters, suggesting a shareholder-friendly approach and predictable income for investors.
Elevated Interest Expenses: Interest expenses remained considerable, around $319 million in Q2 2025, implying ongoing costs related to debt that might affect net earnings.
Moderate Variability in Working Capital: Changes in operating assets and liabilities fluctuated, with a $107 million positive change in Q2 2025 indicating effective working capital management, but this has varied across quarters.
Declining Cash and Equivalents: Cash and cash equivalents declined from $3.8 billion at the end of Q1 2025 to $1.7 billion in Q2 2025, largely due to significant debt repayments and share repurchases, potentially limiting liquidity buffers.
Share Repurchases Reduce Equity: MPC repurchased $880 million in common equity in Q2 2025, a trend consistent over prior quarters, reducing total common equity and treasury stock balance, which might impact shareholders’ equity and leverage ratios.

Summary: Overall, Marathon Petroleum shows a robust earnings profile substantiated by strong revenues and operational cash flow generation. Strategic capital investments and debt repayments indicate constructive financial management aimed at strengthening the balance sheet. However, rising interest expenses and declining cash reserves warrant attention, particularly with ongoing share repurchases that reduce equity. Investors should watch how MPC balances growth, debt management, and shareholder returns in upcoming quarters.

08/09/25 07:30 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Marathon Petroleum's Financials

When does Marathon Petroleum's financial year end?

According to the most recent income statement we have on file, Marathon Petroleum's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Marathon Petroleum's net income changed over the last 10 years?

Marathon Petroleum's net income appears to be on an upward trend, with a most recent value of $5.07 billion in 2024, rising from $2.56 billion in 2014. The previous period was $11.17 billion in 2023. Check out Marathon Petroleum's forecast to explore projected trends and price targets.

What is Marathon Petroleum's operating income?

Marathon Petroleum's total operating income in 2024 was $6.80 billion, based on the following breakdown:

Total Gross Profit: $14.17 billion
Total Operating Expenses: $7.38 billion

How has Marathon Petroleum's revenue changed over the last 10 years?

Over the last 10 years, Marathon Petroleum's total revenue changed from $98.08 billion in 2014 to $140.41 billion in 2024, a change of 43.2%.

How much debt does Marathon Petroleum have?

Marathon Petroleum's total liabilities were at $54.35 billion at the end of 2024, a 0.4% decrease from 2023, and a 185.5% increase since 2014.

How much cash does Marathon Petroleum have?

In the past 10 years, Marathon Petroleum's cash and equivalents has ranged from $415 million in 2020 to $8.63 billion in 2022, and is currently $3.21 billion as of their latest financial filing in 2024.

How has Marathon Petroleum's book value per share changed over the last 10 years?

Over the last 10 years, Marathon Petroleum's book value per share changed from 38.37 in 2014 to 55.21 in 2024, a change of 43.9%.

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This page (NYSE:MPC) was last updated on 8/9/2025 by MarketBeat.com Staff

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Marathon Petroleum (MPC) Financials

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Marathon Petroleum (MPC) Financials

Annual Income Statements for Marathon Petroleum

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Quarterly Cash Flow Statements for Marathon Petroleum

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