Marathon Petroleum (MPC) Financials

$245.02 +2.76 (+1.14%)

Closing price 05/8/2026 03:59 PM Eastern

Extended Trading

$244.43 -0.59 (-0.24%)

As of 05/8/2026 07:58 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	2,852	1,174	3,432	2,780	2,637	-9,826	9,738	14,516	9,681	3,445	4,047
Consolidated Net Income / (Loss)	2,868	1,213	3,804	3,606	3,255	-9,977	11,001	16,050	11,172	5,067	5,878
Net Income / (Loss) Continuing Operations	2,868	1,213	3,804	2,933	2,449	-11,182	2,553	15,978	11,172	5,067	5,878
Total Pre-Tax Income	4,374	1,822	3,344	3,697	3,233	-13,612	2,817	20,469	13,989	5,957	7,015
Total Operating Income	4,692	2,386	4,018	4,690	4,462	-12,247	4,300	21,469	14,514	6,796	8,291
Total Gross Profit	8,668	6,147	8,280	9,536	12,359	3,299	10,922	28,281	21,741	14,172	15,776
Total Revenue	72,251	63,332	75,369	86,583	111,587	69,032	120,930	179,952	150,307	140,412	135,222
Operating Revenue	72,139	63,154	75,049	86,385	111,460	68,914	120,462	179,169	149,338	139,940	134,494
Other Revenue	112	178	320	198	127	118	468	783	969	472	728
Total Cost of Revenue	63,583	57,185	67,089	77,047	99,228	65,733	110,008	151,671	128,566	126,240	119,446
Operating Cost of Revenue	63,583	57,185	67,089	77,047	99,228	65,733	110,008	151,671	128,566	126,240	119,446
Total Operating Expenses	3,976	3,761	4,262	4,846	7,897	15,546	6,622	6,812	7,227	7,376	7,485
Selling, General & Admin Expense	1,576	1,597	1,694	2,276	3,192	2,710	2,537	2,772	3,039	3,221	3,349
Depreciation Expense	1,502	2,001	2,114	2,170	3,225	3,375	3,364	3,215	3,307	3,337	3,251
Other Operating Expenses / (Income)	761	65	454	406	561	668	721	825	881	818	885
Total Other Income / (Expense), net	-318	-564	-674	-993	-1,229	-1,365	-1,483	-1,000	-525	-839	-1,276
Interest Expense	318	564	674	993	1,229	1,365	1,483	1,000	525	839	1,276
Income Tax Expense	1,506	609	-460	764	784	-2,430	264	4,491	2,817	890	1,137
Net Income / (Loss) Attributable to Noncontrolling Interest	16	39	372	826	618	-151	1,263	1,534	1,491	1,622	1,831
Basic Earnings per Share	$5.29	$2.22	$6.76	$5.36	$4.00	($15.13)	$15.34	$28.31	$23.73	$10.11	$13.24
Weighted Average Basic Shares Outstanding	538M	528M	507M	518M	659M	649M	634M	512M	407M	340M	305M
Diluted Earnings per Share	$5.26	$2.21	$6.70	$5.28	$3.97	($15.13)	$15.24	$28.12	$23.63	$10.08	$13.22
Weighted Average Diluted Shares Outstanding	542M	530M	512M	526M	664M	649M	638M	516M	409M	341M	306M
Weighted Average Basic & Diluted Shares Outstanding	539.10M	528.80M	530.40M	329.40M	649.50M	651.27M	565.21M	445.55M	361.36M	312.58M	294.74M
Cash Dividends to Common per Share	$1.14	$1.36	$1.52	$1.84	$2.12	$2.32	$2.32	$2.49	$3.08	$3.39	$3.73

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	3,280	1,451	937	1,515	622	371	-74	1,216	1,370	1,535	511
Consolidated Net Income / (Loss)	3,631	1,877	1,312	1,955	1,015	785	346	1,610	1,943	1,979	851
Net Income / (Loss) Continuing Operations	3,631	1,877	1,312	1,955	1,015	785	346	1,610	1,943	1,979	851
Total Pre-Tax Income	4,635	2,284	1,605	2,328	1,128	896	383	1,878	2,403	2,351	1,034
Total Operating Income	4,753	2,395	1,784	2,522	1,349	1,141	687	2,197	2,713	2,694	1,404
Total Gross Profit	6,655	4,241	3,618	4,417	3,229	2,908	2,490	4,076	4,649	4,561	3,307
Total Revenue	41,583	36,823	33,211	38,362	35,373	33,466	31,850	34,101	35,849	33,422	34,568
Operating Revenue	41,242	36,541	32,930	38,286	35,324	33,400	31,747	34,017	35,783	32,947	34,376
Other Revenue	341	282	281	76	49	66	103	84	66	475	192
Total Cost of Revenue	34,928	32,582	29,593	33,945	32,144	30,558	29,360	30,025	31,200	28,861	31,261
Operating Cost of Revenue	34,928	32,582	29,593	33,945	32,144	30,558	29,360	30,025	31,200	28,861	31,261
Total Operating Expenses	1,902	1,846	1,834	1,895	1,880	1,767	1,803	1,879	1,936	1,867	1,903
Selling, General & Admin Expense	824	820	779	823	815	804	783	867	863	836	867
Depreciation Expense	845	828	827	838	846	826	793	789	841	828	809
Other Operating Expenses / (Income)	233	198	228	234	219	137	227	223	232	203	227
Total Other Income / (Expense), net	-118	-111	-179	-194	-221	-245	-304	-319	-310	-343	-370
Interest Expense	118	111	179	194	221	245	304	319	310	343	370
Income Tax Expense	1,004	407	293	373	113	111	37	268	460	372	183
Net Income / (Loss) Attributable to Noncontrolling Interest	351	426	375	440	393	414	420	394	573	444	340
Basic Earnings per Share	$8.31	$3.95	$2.59	$4.34	$1.88	$1.30	($0.24)	$3.96	$4.51	$5.01	$1.73
Weighted Average Basic Shares Outstanding	394M	407M	361M	349M	331M	340M	313M	307M	303M	305M	295M
Diluted Earnings per Share	$8.28	$3.94	$2.58	$4.33	$1.87	$1.30	($0.24)	$3.96	$4.51	$4.99	$1.73
Weighted Average Diluted Shares Outstanding	396M	409M	362M	350M	332M	341M	313M	307M	304M	306M	295M
Weighted Average Basic & Diluted Shares Outstanding	379.70M	361.36M	352.33M	334.68M	321.39M	312.58M	307.21M	304.02M	300.60M	294.74M	291.94M
Cash Dividends to Common per Share	$0.75	-	$0.83	$0.83	-	-	$0.91	$0.91	-	-	$1.00

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	-367	-244	2,123	-1,290	-196	-973	4,738	3,337	-3,185	-2,235	462
Net Cash From Operating Activities	4,073	4,017	6,612	6,158	9,441	2,419	4,360	16,361	14,117	8,665	8,253
Net Cash From Continuing Operating Activities	4,073	4,017	6,612	5,099	7,976	807	8,384	16,319	14,117	8,665	8,253
Net Income / (Loss) Continuing Operations	2,868	1,213	3,804	2,933	2,449	-9,977	2,553	15,978	11,172	5,067	5,878
Consolidated Net Income / (Loss)	2,868	1,213	3,804	3,606	3,255	-9,977	11,001	16,050	11,172	5,067	5,878
Depreciation Expense	1,502	2,001	2,114	2,170	3,225	3,375	3,364	3,215	3,307	3,337	3,251
Amortization Expense	16	61	64	70	33	69	79	50	-78	-31	39
Non-Cash Adjustments To Reconcile Net Income	612	239	122	246	1,100	8,928	-310	-919	-139	269	-540
Changes in Operating Assets and Liabilities, net	-925	503	508	-320	1,169	-1,588	2,698	-2,005	-145	23	-375
Net Cash From Investing Activities	-3,441	-2,967	-3,398	-7,670	-6,261	-3,257	14,797	623	-3,095	1,534	-5,867
Net Cash From Continuing Investing Activities	-3,441	-2,967	-3,398	-7,303	-5,777	-2,922	-6,517	623	-3,095	1,534	-5,867
Purchase of Property, Plant & Equipment	-1,998	-2,892	-2,732	-3,179	-4,810	-2,787	-1,464	-2,420	-1,890	-2,533	-3,486
Acquisitions	-1,218	0.00	-249	-3,822	-129	-485	-210	-818	-726	-1,197	-4,380
Purchase of Investments	-331	-288	-805	-409	-1,064	0.00	-12,498	-6,023	-8,622	-2,949	0.00
Divestitures	21	101	79	22	47	150	153	90	36	35	1,005
Sale and/or Maturity of Investments	4.00	0.00	62	16	98	137	6,989	8,970	7,405	7,982	721
Other Investing Activities, net	81	112	247	69	81	63	513	824	702	196	273
Net Cash From Financing Activities	-999	-1,294	-1,091	222	-3,376	-135	-14,419	-13,647	-14,207	-12,434	-1,924
Net Cash From Continuing Financing Activities	-999	-1,294	-1,091	222	-3,376	-135	-14,419	-13,647	-14,207	-12,434	-1,924
Repayment of Debt	-2,232	-3,576	-1,022	-8,146	-13,164	-16,496	-25,872	-2,363	-1,144	-2,044	-11,628
Repurchase of Preferred Equity	-	-	-	-	-	-	0.00	0.00	-600	0.00	0.00
Repurchase of Common Equity	-965	-197	-2,372	-3,287	-1,950	-33	-5,284	-12,413	-11,572	-9,515	-3,888
Payment of Dividends	-653	-1,261	-1,467	-1,857	-2,643	-2,754	-2,933	-2,493	-2,542	-2,531	-2,653
Issuance of Debt	2,993	2,127	3,211	13,476	14,274	19,137	19,564	3,379	1,589	1,631	16,221
Issuance of Common Equity	33	793	648	36	107	11	106	243	62	25	24

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	1,107	-3,010	-2,269	1,266	-439	-793	602	-2,139	980	1,019	-1,522
Net Cash From Operating Activities	4,953	1,123	1,532	3,242	1,684	2,207	-64	2,639	2,609	3,069	1,121
Net Cash From Continuing Operating Activities	4,953	1,123	1,532	3,242	1,684	2,207	-64	2,639	2,609	3,069	1,121
Net Income / (Loss) Continuing Operations	3,631	1,877	1,312	1,955	1,015	785	346	1,610	1,943	1,979	851
Consolidated Net Income / (Loss)	3,631	1,877	1,312	1,955	1,015	785	346	1,610	1,943	1,979	851
Depreciation Expense	845	828	827	838	846	826	793	789	841	828	809
Amortization Expense	-24	-27	-24	-15	-5.00	13	12	9.00	9.00	9.00	10
Non-Cash Adjustments To Reconcile Net Income	-351	18	108	-74	100	135	-4.00	124	-766	106	-166
Changes in Operating Assets and Liabilities, net	852	-1,573	-691	538	-272	448	-1,211	107	582	147	-383
Net Cash From Investing Activities	-435	-964	-824	17	2,034	307	-923	-974	-3,756	-214	-1,047
Net Cash From Continuing Investing Activities	-435	-964	-824	17	2,034	307	-923	-974	-3,756	-214	-1,047
Purchase of Property, Plant & Equipment	-420	-532	-585	-487	-651	-810	-663	-695	-947	-1,181	-913
Acquisitions	-66	-364	-747	-54	-271	-125	-369	-356	-3,412	-243	-288
Divestitures	9.00	3.00	1.00	1.00	2.00	31	1.00	17	2.00	985	5.00
Sale and/or Maturity of Investments	2,231	1,360	2,078	1,774	2,968	1,162	21	39	511	150	0.00
Other Investing Activities, net	225	54	90	51	6.00	49	87	21	90	75	149
Net Cash From Financing Activities	-3,411	-3,169	-2,977	-1,993	-4,157	-3,307	1,589	-3,804	2,127	-1,836	-1,596
Net Cash From Continuing Financing Activities	-3,411	-3,169	-2,977	-1,993	-4,157	-3,307	1,589	-3,804	2,127	-1,836	-1,596
Repayment of Debt	-20	-17	-59	-35	-775	-1,175	-994	-8,892	-1,716	-26	-5,448
Repurchase of Common Equity	-2,819	-2,505	-2,293	-2,971	-2,777	-1,474	-1,157	-880	-750	-1,101	-800
Payment of Dividends	-605	-649	-636	-625	-606	-664	-655	-647	-642	-709	-702
Issuance of Debt	-	-	0.00	1,630	1.00	-	4,372	6,615	5,234	-	5,353
Issuance of Common Equity	33	2.00	11	8.00	-	6.00	23	-	1.00	-	1.00

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	43,115	44,413	49,047	92,940	98,556	85,158	85,373	89,904	85,987	78,858	83,955
Total Current Assets	9,471	10,401	13,401	18,023	30,458	28,287	30,496	35,242	32,131	24,447	24,780
Cash & Equivalents	1,127	887	3,011	1,687	1,393	415	5,291	8,625	5,443	3,210	3,672
Accounts Receivable	2,927	3,617	4,695	5,853	7,233	5,760	11,034	13,477	12,187	11,145	10,317
Inventories, net	5,225	5,656	5,550	9,837	9,804	7,999	8,055	8,827	9,317	9,568	10,129
Other Current Assets	192	241	145	646	893	2,724	568	1,168	403	524	662
Plant, Property, & Equipment, net	25,164	25,765	26,443	45,058	40,870	0.00	0.00	35,657	35,112	35,028	37,397
Total Noncurrent Assets	8,480	8,247	9,203	29,859	27,228	56,871	54,877	19,005	18,744	19,383	21,778
Long-Term Investments	3,622	3,827	4,787	5,898	6,568	5,422	5,409	6,466	6,260	6,857	6,795
Goodwill	4,019	3,587	3,586	20,184	15,650	8,256	8,256	8,244	8,244	8,244	9,354
Intangible Assets	-	-	-	-	-	-	-	-	-	1,774	2,714
Other Noncurrent Operating Assets	839	833	830	3,777	5,010	43,193	41,212	4,295	4,240	2,508	2,915
Total Liabilities & Shareholders' Equity	43,115	44,413	49,047	92,940	98,556	85,158	85,373	89,904	85,987	78,858	83,955
Total Liabilities	23,440	23,210	27,219	47,887	55,449	54,938	51,792	54,817	54,588	54,352	59,869
Total Current Liabilities	6,345	7,146	10,478	13,216	16,948	15,663	17,898	20,020	20,150	20,827	19,678
Short-Term Debt	29	28	624	544	704	2,854	571	1,066	1,954	3,049	2,371
Accounts Payable	4,743	5,593	8,297	9,366	11,222	7,803	13,700	15,312	13,761	13,906	12,974
Current Deferred & Payable Income Tax Liabilities	184	153	670	1,446	1,015	1,105	1,231	1,140	1,221	1,204	1,484
Current Employee Benefit Liabilities	503	530	591	1,152	987	732	911	967	1,115	1,096	1,107
Other Current Liabilities	426	378	296	708	1,272	1,319	1,485	1,535	2,099	1,572	1,742
Total Noncurrent Liabilities	17,095	16,064	16,741	34,671	38,501	39,275	33,894	34,797	34,438	33,525	40,191
Long-Term Debt	11,896	10,544	12,322	26,980	28,020	28,730	24,968	25,634	25,329	24,432	30,505
Noncurrent Deferred Revenue	735	604	666	1,318	1,172	1,207	1,346	1,304	1,409	1,305	1,536
Noncurrent Deferred & Payable Income Tax Liabilities	3,285	3,861	2,654	4,864	6,392	6,203	5,638	5,904	5,834	5,771	5,984
Noncurrent Employee Benefit Liabilities	1,179	1,055	1,099	1,509	1,617	2,121	1,015	1,114	1,102	1,157	1,173
Other Noncurrent Operating Liabilities	0.00	0.00	0.00	0.00	1,300	1,014	927	841	764	860	993
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	19,675	20,203	20,828	44,049	42,139	29,252	32,616	34,119	30,504	24,303	24,086
Total Preferred & Common Equity	13,237	13,557	14,033	35,175	33,694	22,199	26,206	27,715	24,404	17,745	17,314
Preferred Stock	-	-	-	0.00	0.00	-	-	0.00	0.00	0.00	0.00
Total Common Equity	13,237	13,557	14,033	35,175	33,694	22,199	26,206	27,715	24,404	17,745	17,314
Common Stock	11,078	11,067	11,269	33,739	33,167	33,218	33,272	33,412	33,475	33,634	33,695
Retained Earnings	9,752	10,206	12,864	14,755	15,990	4,650	12,905	26,142	34,562	36,848	39,751
Treasury Stock	-7,275	-7,482	-9,869	-13,175	-15,143	-15,157	-19,904	-31,841	-43,502	-52,623	-56,027
Accumulated Other Comprehensive Income / (Loss)	-318	-234	-231	-144	-320	-512	-67	2.00	-131	-114	-105
Noncontrolling Interest	6,438	6,646	6,795	8,874	8,445	7,053	6,410	6,404	6,100	6,558	6,772

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	86,442	89,969	85,987	85,528	85,229	79,833	78,858	81,633	78,484	83,240	88,187
Total Current Assets	32,213	36,275	32,131	31,260	31,347	25,949	24,447	27,140	23,728	24,630	28,698
Cash & Equivalents	7,345	8,452	5,443	3,175	4,441	4,002	3,210	3,812	1,673	2,654	2,151
Accounts Receivable	10,274	12,469	12,187	13,171	12,307	10,180	11,145	12,114	11,128	10,487	14,629
Inventories, net	9,536	10,143	9,317	9,781	9,800	9,886	9,568	10,488	10,106	9,829	10,764
Other Current Assets	949	607	403	734	741	740	524	726	821	626	1,154
Plant, Property, & Equipment, net	35,059	34,690	35,112	34,963	34,686	34,542	35,028	34,943	34,805	36,984	37,597
Total Noncurrent Assets	19,170	19,004	18,744	19,305	19,196	19,342	19,383	19,550	19,951	21,626	21,892
Long-Term Investments	6,665	6,521	6,260	6,831	6,821	6,976	6,857	7,095	7,294	6,900	6,999
Goodwill	8,244	8,244	8,244	8,244	8,244	8,244	8,244	8,244	8,244	9,331	9,335
Intangible Assets	-	-	-	-	-	-	-	-	-	2,749	2,658
Other Noncurrent Operating Assets	4,261	4,239	4,240	4,230	4,131	4,122	4,282	4,211	4,413	2,646	2,900
Total Liabilities & Shareholders' Equity	86,442	89,969	85,987	85,528	85,229	79,833	78,858	81,633	78,484	83,240	88,187
Total Liabilities	53,874	57,171	54,588	55,757	57,141	54,121	54,352	58,568	55,220	59,351	64,760
Total Current Liabilities	17,466	21,735	20,150	21,787	24,000	21,068	20,827	22,725	19,255	18,728	24,411
Short-Term Debt	72	819	1,954	2,457	4,903	4,167	3,049	4,065	1,819	1,612	2,119
Accounts Payable	13,052	15,839	13,761	15,471	14,865	12,763	13,906	14,748	13,345	12,486	17,617
Current Deferred & Payable Income Tax Liabilities	1,160	1,319	1,221	1,243	1,680	1,302	1,204	1,265	1,414	1,381	1,632
Current Employee Benefit Liabilities	712	979	1,115	1,180	766	967	1,096	1,155	756	968	1,208
Other Current Liabilities	2,470	2,779	2,099	1,436	1,786	1,869	1,572	1,492	1,921	2,051	1,835
Total Noncurrent Liabilities	36,408	35,436	34,438	33,970	33,141	33,053	33,525	35,843	35,965	40,623	40,349
Long-Term Debt	27,211	26,463	25,329	24,832	24,034	24,053	24,432	26,845	26,835	31,232	30,706
Noncurrent Deferred Revenue	1,244	1,341	1,409	1,355	1,358	1,352	1,305	1,246	1,246	1,377	1,417
Noncurrent Deferred & Payable Income Tax Liabilities	5,913	5,813	5,834	5,831	5,810	5,766	5,771	5,759	5,718	5,964	5,995
Noncurrent Employee Benefit Liabilities	1,181	971	1,102	1,182	1,228	1,191	1,157	1,176	1,231	1,132	1,231
Other Noncurrent Operating Liabilities	859	848	764	770	711	691	860	817	935	918	1,000
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	31,600	31,828	30,504	29,210	27,886	25,509	24,303	23,065	23,264	23,889	23,427
Total Preferred & Common Equity	25,714	25,862	24,404	22,922	21,324	18,933	17,745	16,396	16,624	17,097	16,753
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	25,714	25,862	24,404	22,922	21,324	18,933	17,745	16,396	16,624	17,097	16,753
Common Stock	33,421	33,436	33,475	33,540	33,645	33,640	33,634	33,678	33,668	33,705	33,678
Retained Earnings	30,442	33,424	34,562	35,199	36,423	36,771	36,848	36,489	37,424	38,517	39,966
Treasury Stock	-38,119	-40,949	-43,502	-45,674	-48,592	-51,320	-52,623	-53,662	-54,360	-55,016	-56,783
Accumulated Other Comprehensive Income / (Loss)	-30	-49	-131	-143	-152	-158	-114	-109	-108	-109	-108
Noncontrolling Interest	5,886	5,966	6,100	6,288	6,562	6,576	6,558	6,669	6,640	6,792	6,674

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-26.34%	-12.34%	19.01%	14.88%	28.88%	-38.14%	75.18%	48.81%	-16.47%	-6.58%	-3.70%
EBITDA Growth	14.91%	-28.37%	39.30%	11.85%	11.40%	-214.03%	187.96%	219.44%	-28.26%	-43.06%	14.64%
EBIT Growth	15.82%	-49.15%	68.40%	16.72%	-4.86%	-374.47%	135.11%	399.28%	-32.40%	-53.18%	22.00%
NOPAT Growth	13.99%	-48.37%	187.74%	-18.60%	-9.16%	-353.64%	145.46%	330.04%	-30.83%	-50.13%	20.18%
Net Income Growth	12.25%	-57.71%	213.60%	-5.21%	-9.73%	-406.51%	210.26%	45.90%	-30.39%	-54.65%	16.01%
EPS Growth	19.82%	-57.98%	203.17%	-21.19%	-24.81%	-481.11%	200.73%	84.51%	-15.97%	-57.34%	31.15%
Operating Cash Flow Growth	30.96%	-1.37%	64.60%	-6.87%	53.31%	-74.38%	80.24%	275.25%	-13.72%	-38.62%	-4.75%
Free Cash Flow Firm Growth	-747.11%	116.93%	237.74%	-836.63%	140.50%	-103.73%	1,539.08%	115.75%	-19.50%	-53.19%	-60.85%
Invested Capital Growth	71.76%	0.78%	-0.31%	140.93%	-16.17%	-14.78%	-7.66%	1.58%	-3.11%	-0.66%	10.91%
Revenue Q/Q Growth	-8.44%	2.59%	5.56%	0.90%	-0.35%	-4.75%	16.83%	2.55%	-2.12%	-2.34%	-0.03%
EBITDA Q/Q Growth	-12.05%	7.78%	11.66%	-0.24%	-9.11%	3.55%	21.15%	13.44%	-11.67%	-10.74%	15.46%
EBIT Q/Q Growth	-16.41%	10.31%	17.80%	-0.68%	-19.27%	2.54%	47.66%	16.00%	-13.90%	-15.58%	23.05%
NOPAT Q/Q Growth	-16.71%	10.29%	90.79%	-32.34%	-21.01%	2.54%	20.27%	15.67%	-13.10%	-14.36%	22.39%
Net Income Q/Q Growth	-18.17%	11.08%	93.29%	-20.50%	-22.28%	3.03%	5.07%	18.77%	-13.64%	-17.73%	25.49%
EPS Q/Q Growth	-18.70%	2.79%	105.52%	-33.25%	-14.07%	-1.27%	7.40%	22.15%	-10.19%	-20.75%	38.72%
Operating Cash Flow Q/Q Growth	11.86%	5.10%	35.44%	-0.29%	-3.26%	-30.89%	116.48%	4.52%	-18.76%	14.30%	11.66%
Free Cash Flow Firm Q/Q Growth	-505.48%	114.79%	58.97%	-1,040.86%	144.30%	-106.12%	35.06%	-1.45%	-17.47%	11.37%	112.87%
Invested Capital Q/Q Growth	62.73%	-0.73%	0.93%	127.40%	-15.15%	-1.12%	-4.04%	1.64%	4.18%	0.26%	0.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	12.00%	9.71%	10.99%	11.01%	11.08%	4.78%	9.03%	15.72%	14.46%	10.09%	11.67%
EBITDA Margin	8.60%	7.02%	8.22%	8.00%	6.92%	-12.75%	6.40%	13.74%	11.80%	7.19%	8.56%
Operating Margin	6.49%	3.77%	5.33%	5.42%	4.00%	-17.74%	3.56%	11.93%	9.66%	4.84%	6.13%
EBIT Margin	6.49%	3.77%	5.33%	5.42%	4.00%	-17.74%	3.56%	11.93%	9.66%	4.84%	6.13%
Profit (Net Income) Margin	3.97%	1.92%	5.05%	4.16%	2.92%	-14.45%	9.10%	8.92%	7.43%	3.61%	4.35%
Tax Burden Percent	65.57%	66.58%	113.76%	97.54%	100.68%	73.30%	390.52%	78.41%	79.86%	85.06%	83.79%
Interest Burden Percent	93.22%	76.36%	83.23%	78.83%	72.46%	111.15%	65.51%	95.34%	96.38%	87.65%	84.61%
Effective Tax Rate	34.43%	33.42%	-13.76%	20.67%	24.25%	0.00%	9.37%	21.94%	20.14%	14.94%	16.21%
Return on Invested Capital (ROIC)	14.48%	5.89%	16.92%	8.09%	5.66%	-16.99%	8.73%	38.78%	27.04%	13.74%	15.71%
ROIC Less NNEP Spread (ROIC-NNEP)	10.83%	0.13%	2.98%	7.18%	4.86%	-27.17%	64.45%	30.80%	22.68%	8.69%	10.35%
Return on Net Nonoperating Assets (RNNOA)	3.98%	0.04%	0.76%	2.69%	1.73%	-10.22%	25.76%	7.96%	6.57%	4.38%	8.48%
Return on Equity (ROE)	18.46%	5.93%	17.68%	10.78%	7.38%	-27.21%	34.49%	46.75%	33.61%	18.13%	24.19%
Cash Return on Invested Capital (CROIC)	-38.33%	5.11%	17.23%	-74.58%	23.25%	-1.03%	16.69%	37.21%	30.19%	14.41%	5.37%
Operating Return on Assets (OROA)	12.76%	5.45%	8.60%	6.61%	4.66%	-13.33%	5.04%	24.50%	16.50%	8.25%	10.18%
Return on Assets (ROA)	7.80%	2.77%	8.14%	5.08%	3.40%	-10.86%	12.90%	18.31%	12.70%	6.15%	7.22%
Return on Common Equity (ROCE)	14.26%	3.89%	11.34%	7.93%	5.77%	-20.74%	26.16%	36.71%	26.34%	13.67%	17.46%
Return on Equity Simple (ROE_SIMPLE)	21.67%	8.95%	27.11%	10.25%	9.66%	-44.94%	41.98%	57.91%	45.78%	28.55%	0.00%
Net Operating Profit after Tax (NOPAT)	3,077	1,588	4,571	3,721	3,380	-8,573	3,897	16,759	11,591	5,781	6,947
NOPAT Margin	4.26%	2.51%	6.06%	4.30%	3.03%	-12.42%	3.22%	9.31%	7.71%	4.12%	5.14%
Net Nonoperating Expense Percent (NNEP)	3.65%	5.76%	13.93%	0.92%	0.80%	10.18%	-55.72%	7.98%	4.35%	5.06%	5.37%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	27.55%	20.06%	11.16%	12.20%
Cost of Revenue to Revenue	88.00%	90.29%	89.01%	88.99%	88.92%	95.22%	90.97%	84.28%	85.54%	89.91%	88.33%
SG&A Expenses to Revenue	2.18%	2.52%	2.25%	2.63%	2.86%	3.93%	2.10%	1.54%	2.02%	2.29%	2.48%
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	5.50%	5.94%	5.65%	5.60%	7.08%	22.52%	5.48%	3.79%	4.81%	5.25%	5.54%
Earnings before Interest and Taxes (EBIT)	4,692	2,386	4,018	4,690	4,462	-12,247	4,300	21,469	14,514	6,796	8,291
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6,210	4,448	6,196	6,930	7,720	-8,803	7,743	24,734	17,743	10,102	11,581
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.57	1.52	1.84	0.95	0.99	1.09	1.41	1.87	2.25	2.51	2.81
Price to Tangible Book Value (P/TBV)	2.25	2.07	2.47	2.23	1.85	1.74	2.06	2.67	3.40	4.69	9.27
Price to Revenue (P/Rev)	0.29	0.33	0.34	0.39	0.30	0.35	0.31	0.29	0.37	0.32	0.36
Price to Earnings (P/E)	7.27	17.61	7.51	12.04	12.65	0.00	3.80	3.58	5.67	12.94	12.02
Dividend Yield	2.93%	3.47%	2.88%	3.80%	4.13%	6.22%	3.86%	2.25%	2.13%	2.44%	2.31%
Earnings Yield	13.76%	5.68%	13.31%	8.31%	7.90%	0.00%	26.34%	27.95%	17.64%	7.73%	8.32%
Enterprise Value to Invested Capital (EV/IC)	1.28	1.26	1.44	0.97	1.17	1.25	1.25	1.56	1.72	1.64	1.67
Enterprise Value to Revenue (EV/Rev)	0.48	0.54	0.51	0.73	0.57	0.84	0.44	0.38	0.48	0.49	0.58
Enterprise Value to EBITDA (EV/EBITDA)	5.53	7.68	6.25	9.13	8.23	0.00	6.93	2.74	4.10	6.81	6.72
Enterprise Value to EBIT (EV/EBIT)	7.32	14.32	9.64	13.49	14.24	0.00	12.47	3.16	5.01	10.12	9.39
Enterprise Value to NOPAT (EV/NOPAT)	11.16	21.52	8.47	17.01	18.80	0.00	13.76	4.04	6.27	11.89	11.20
Enterprise Value to Operating Cash Flow (EV/OCF)	8.43	8.51	5.86	10.28	6.73	23.99	12.30	4.14	5.15	7.93	9.43
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	24.79	8.32	0.00	4.57	0.00	7.20	4.21	5.62	11.35	32.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.50	0.59	0.61	0.67	1.05	0.76	0.76	0.87	1.12	1.36
Long-Term Debt to Equity	0.60	0.50	0.56	0.60	0.65	0.95	0.74	0.73	0.81	1.00	1.27
Financial Leverage	0.37	0.32	0.26	0.38	0.36	0.38	0.40	0.26	0.29	0.50	0.82
Leverage Ratio	2.37	2.14	2.17	2.12	2.17	2.51	2.67	2.55	2.65	2.95	3.35
Compound Leverage Factor	2.21	1.64	1.81	1.67	1.57	2.78	1.75	2.43	2.55	2.58	2.83
Debt to Total Capital	37.74%	33.27%	37.23%	37.92%	39.99%	51.10%	43.20%	43.21%	46.49%	52.86%	57.72%
Short-Term Debt to Total Capital	0.09%	0.09%	1.79%	0.75%	0.98%	4.62%	0.97%	1.73%	3.33%	5.86%	4.16%
Long-Term Debt to Total Capital	37.65%	33.18%	35.43%	37.17%	39.01%	46.49%	42.23%	41.49%	43.16%	47.00%	53.55%
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	20.37%	24.06%	22.42%	13.61%	13.10%	12.98%	12.47%	11.93%	11.92%	13.01%	11.89%
Common Equity to Total Capital	41.89%	42.67%	40.35%	48.47%	46.91%	35.92%	44.33%	44.86%	41.59%	34.13%	30.40%
Debt to EBITDA	1.92	2.38	2.09	3.97	3.72	-3.59	3.30	1.08	1.54	2.72	2.84
Net Debt to EBITDA	1.16	1.32	0.83	2.88	2.69	-2.92	1.20	0.34	0.61	1.72	1.94
Long-Term Debt to EBITDA	1.92	2.37	1.99	3.89	3.63	-3.26	3.22	1.04	1.43	2.42	2.63
Debt to NOPAT	3.88	6.66	2.83	7.40	8.50	-3.68	6.55	1.59	2.35	4.75	4.73
Net Debt to NOPAT	2.33	3.69	1.13	5.36	6.14	-3.00	2.38	0.51	0.93	3.01	3.23
Long-Term Debt to NOPAT	3.87	6.64	2.70	7.25	8.29	-3.35	6.41	1.53	2.19	4.23	4.39
Altman Z-Score	2.97	2.55	2.81	1.80	2.03	0.86	2.40	3.97	3.64	3.27	3.16
Noncontrolling Interest Sharing Ratio	22.78%	34.45%	35.88%	26.42%	21.88%	23.78%	24.13%	21.48%	21.61%	24.61%	27.85%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.49	1.46	1.28	1.36	1.80	1.81	1.70	1.76	1.59	1.17	1.26
Quick Ratio	0.64	0.63	0.74	0.57	0.51	0.39	1.22	1.26	1.11	0.69	0.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-8,141	1,378	4,656	-34,295	13,889	-518	7,453	16,080	12,944	6,059	2,372
Operating Cash Flow to CapEx	203.85%	138.90%	242.02%	193.71%	196.28%	86.80%	297.81%	676.07%	746.93%	342.08%	236.75%
Free Cash Flow to Firm to Interest Expense	-25.60	2.44	6.91	-34.54	11.30	-0.38	5.03	16.08	24.66	7.22	1.86
Operating Cash Flow to Interest Expense	12.81	7.12	9.81	6.20	7.68	1.77	2.94	16.36	26.89	10.33	6.47
Operating Cash Flow Less CapEx to Interest Expense	6.53	1.99	5.76	3.00	3.77	-0.27	1.95	13.94	23.29	7.31	3.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.96	1.45	1.61	1.22	1.17	0.75	1.42	2.05	1.71	1.70	1.66
Accounts Receivable Turnover	20.69	19.36	18.14	16.42	17.05	10.63	14.40	14.68	11.71	12.04	12.60
Inventory Turnover	11.70	10.51	11.97	10.01	10.10	7.38	13.70	17.97	14.17	13.37	12.13
Fixed Asset Turnover	3.49	2.49	2.89	2.42	2.60	0.00	0.00	0.00	4.25	4.00	3.73
Accounts Payable Turnover	11.15	11.07	9.66	8.72	9.64	6.91	10.23	10.46	8.84	9.13	8.89
Days Sales Outstanding (DSO)	17.64	18.86	20.13	22.23	21.40	34.35	25.34	24.86	31.16	30.33	28.97
Days Inventory Outstanding (DIO)	31.19	34.73	30.48	36.45	36.12	49.43	26.63	20.31	25.76	27.30	30.09
Days Payable Outstanding (DPO)	32.73	32.99	37.78	41.84	37.87	52.82	35.67	34.91	41.27	40.00	41.07
Cash Conversion Cycle (CCC)	16.10	20.60	12.83	16.84	19.66	30.96	16.30	10.26	15.65	17.63	17.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	26,851	27,061	26,976	64,992	54,483	46,428	42,872	43,551	42,198	41,920	46,495
Invested Capital Turnover	3.40	2.35	2.79	1.88	1.87	1.37	2.71	4.16	3.51	3.34	3.06
Increase / (Decrease) in Invested Capital	11,218	210	-85	38,016	-10,509	-8,055	-3,556	679	-1,353	-278	4,575
Enterprise Value (EV)	34,339	34,178	38,727	63,285	63,535	58,041	53,640	67,769	72,685	68,752	77,824
Market Capitalization	20,725	20,674	25,784	33,468	33,359	24,273	36,974	51,933	54,891	44,577	48,643
Book Value per Share	$24.84	$25.69	$28.73	$50.92	$51.89	$34.12	$42.57	$59.14	$64.27	$55.21	$57.60
Tangible Book Value per Share	$17.30	$18.89	$21.39	$21.70	$27.79	$21.43	$29.16	$41.55	$42.56	$29.56	$17.45
Total Capital	31,600	31,775	34,774	72,577	71,831	61,804	59,120	61,787	58,682	51,987	56,962
Total Debt	11,925	10,572	12,946	27,524	28,724	31,584	25,539	26,700	27,283	27,481	32,876
Total Long-Term Debt	11,896	10,544	12,322	26,980	28,020	28,730	24,968	25,634	25,329	24,432	30,505
Net Debt	7,176	5,858	5,148	19,939	20,763	25,747	9,291	8,464	10,799	17,414	22,409
Capital Expenditures (CapEx)	1,998	2,892	2,732	3,179	4,810	2,787	1,464	2,420	1,890	2,533	3,486
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,028	2,396	536	3,664	12,821	15,063	2,330	4,518	3,711	3,459	3,801
Debt-free Net Working Capital (DFNWC)	3,155	3,283	3,547	5,351	14,214	15,478	13,169	16,288	13,935	6,669	7,473
Net Working Capital (NWC)	3,126	3,255	2,923	4,807	13,510	12,624	12,598	15,222	11,981	3,620	5,102
Net Nonoperating Expense (NNE)	209	375	767	115	125	1,404	-7,104	709	419	714	1,069
Net Nonoperating Obligations (NNO)	7,176	5,858	5,148	19,939	11,376	16,208	9,291	8,464	10,799	17,414	22,409
Total Depreciation and Amortization (D&A)	1,518	2,062	2,178	2,240	3,258	3,444	3,443	3,265	3,229	3,306	3,290
Debt-free, Cash-free Net Working Capital to Revenue	2.81%	3.78%	0.71%	4.23%	11.49%	21.82%	1.93%	2.51%	2.47%	2.46%	2.81%
Debt-free Net Working Capital to Revenue	4.37%	5.18%	4.71%	6.18%	12.74%	22.42%	10.89%	9.05%	9.27%	4.75%	5.53%
Net Working Capital to Revenue	4.33%	5.14%	3.88%	5.55%	12.11%	18.29%	10.42%	8.46%	7.97%	2.58%	3.77%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.29	$2.22	$6.76	$5.36	$4.00	($15.13)	$15.34	$28.31	$23.73	$10.11	$13.24
Adjusted Weighted Average Basic Shares Outstanding	538M	528M	507M	518M	659M	649M	634M	512M	407M	340M	305M
Adjusted Diluted Earnings per Share	$5.26	$2.21	$6.70	$5.28	$3.97	($15.13)	$15.24	$28.12	$23.63	$10.08	$13.22
Adjusted Weighted Average Diluted Shares Outstanding	542M	530M	512M	526M	664M	649M	638M	516M	409M	341M	306M
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	529.23M	527.78M	476.06M	673.62M	649.50M	651.27M	565.21M	445.55M	361.36M	312.58M	294.74M
Normalized Net Operating Profit after Tax (NOPAT)	3,166	1,654	2,813	3,716	4,076	-2,418	3,897	16,759	11,591	5,781	6,947
Normalized NOPAT Margin	4.38%	2.61%	3.73%	4.29%	3.65%	-3.50%	3.22%	9.31%	7.71%	4.12%	5.14%
Pre Tax Income Margin	6.05%	2.88%	4.44%	4.27%	2.90%	-19.72%	2.33%	11.37%	9.31%	4.24%	5.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.75	4.23	5.96	4.72	3.63	-8.97	2.90	21.47	27.65	8.10	6.50
NOPAT to Interest Expense	9.67	2.82	6.78	3.75	2.75	-6.28	2.63	16.76	22.08	6.89	5.44
EBIT Less CapEx to Interest Expense	8.47	-0.90	1.91	1.52	-0.28	-11.01	1.91	19.05	24.05	5.08	3.77
NOPAT Less CapEx to Interest Expense	3.39	-2.31	2.73	0.55	-1.16	-8.32	1.64	14.34	18.48	3.87	2.71
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	22.77%	103.96%	38.56%	51.50%	81.20%	-27.60%	26.66%	15.53%	22.75%	49.95%	45.13%
Augmented Payout Ratio	56.42%	120.20%	100.92%	142.65%	141.11%	-27.93%	74.69%	92.87%	126.33%	237.73%	111.28%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	294,740,164.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	294,740,164.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.73
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.97%	-8.11%	-5.32%	4.18%	-14.93%	-9.12%	-4.10%	-11.11%	1.35%	-0.13%	8.53%
EBITDA Growth	-25.60%	-42.32%	-46.67%	-18.85%	-60.71%	-38.05%	-42.33%	-10.46%	62.69%	78.33%	48.99%
EBIT Growth	-28.91%	-49.46%	-56.07%	-23.69%	-71.62%	-52.36%	-61.49%	-12.89%	101.11%	136.11%	104.37%
NOPAT Growth	-28.49%	-47.02%	-54.51%	-21.44%	-67.40%	-49.21%	-57.44%	-11.07%	80.72%	126.85%	86.18%
Net Income Growth	-27.67%	-48.45%	-57.46%	-24.22%	-72.05%	-58.18%	-73.63%	-17.65%	91.43%	152.10%	145.95%
EPS Growth	-8.61%	-40.48%	-57.64%	-18.61%	-77.42%	-67.01%	-109.30%	-8.55%	141.18%	283.85%	820.83%
Operating Cash Flow Growth	97.02%	-74.37%	-62.24%	-18.62%	-66.00%	96.53%	-104.18%	-18.60%	54.93%	39.06%	1,851.56%
Free Cash Flow Firm Growth	-13.72%	9.40%	-25.44%	-16.86%	-101.58%	-61.53%	-87.55%	-70.28%	-2,363.45%	-280.59%	-1,486.34%
Invested Capital Growth	-5.48%	-3.11%	-0.49%	-0.06%	3.23%	-0.66%	0.97%	2.99%	10.91%	10.91%	9.37%
Revenue Q/Q Growth	12.92%	-11.45%	-9.81%	15.51%	-7.79%	-5.39%	-4.83%	7.07%	5.13%	-6.77%	3.43%
EBITDA Q/Q Growth	35.23%	-42.66%	-19.06%	29.30%	-34.53%	-9.59%	-24.65%	100.74%	18.96%	-0.90%	-37.04%
EBIT Q/Q Growth	43.81%	-49.61%	-25.51%	41.37%	-46.51%	-15.42%	-39.79%	219.80%	23.49%	-0.70%	-47.88%
NOPAT Q/Q Growth	38.12%	-47.14%	-25.91%	45.23%	-42.69%	-17.65%	-37.92%	203.48%	16.47%	3.38%	-49.05%
Net Income Q/Q Growth	40.74%	-48.31%	-30.10%	49.01%	-48.08%	-22.66%	-55.92%	365.32%	20.68%	1.85%	-57.00%
EPS Q/Q Growth	55.64%	-52.42%	-34.52%	67.83%	-56.81%	-30.48%	-118.46%	1,750.00%	13.89%	10.64%	-65.33%
Operating Cash Flow Q/Q Growth	24.32%	-77.33%	36.42%	111.62%	-48.06%	31.06%	-102.90%	4,223.44%	-1.14%	17.63%	-63.47%
Free Cash Flow Firm Q/Q Growth	135.27%	-45.28%	-49.77%	28.57%	-104.48%	1,428.96%	-83.75%	207.02%	-471.52%	2.58%	-24.76%
Invested Capital Q/Q Growth	-2.95%	4.18%	1.08%	-2.23%	0.26%	0.26%	2.74%	-0.27%	7.97%	0.26%	1.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.00%	11.52%	10.89%	11.51%	9.13%	8.69%	7.82%	11.95%	12.97%	13.65%	9.57%
EBITDA Margin	13.40%	8.68%	7.79%	8.72%	6.19%	5.92%	4.68%	8.78%	9.94%	10.56%	6.43%
Operating Margin	11.43%	6.50%	5.37%	6.57%	3.81%	3.41%	2.16%	6.44%	7.57%	8.06%	4.06%
EBIT Margin	11.43%	6.50%	5.37%	6.57%	3.81%	3.41%	2.16%	6.44%	7.57%	8.06%	4.06%
Profit (Net Income) Margin	8.73%	5.10%	3.95%	5.10%	2.87%	2.35%	1.09%	4.72%	5.42%	5.92%	2.46%
Tax Burden Percent	78.34%	82.18%	81.74%	83.98%	89.98%	87.61%	90.34%	85.73%	80.86%	84.18%	82.30%
Interest Burden Percent	97.52%	95.37%	89.97%	92.31%	83.62%	78.53%	55.75%	85.48%	88.57%	87.27%	73.65%
Effective Tax Rate	21.66%	17.82%	18.26%	16.02%	10.02%	12.39%	9.66%	14.27%	19.14%	15.82%	17.70%
Return on Invested Capital (ROIC)	32.99%	18.74%	15.24%	19.85%	11.99%	9.97%	6.32%	17.59%	18.77%	20.75%	10.23%
ROIC Less NNEP Spread (ROIC-NNEP)	31.89%	17.79%	13.92%	18.42%	10.32%	8.45%	4.65%	15.95%	17.47%	19.30%	8.83%
Return on Net Nonoperating Assets (RNNOA)	8.04%	5.15%	4.85%	6.92%	4.20%	4.26%	2.90%	10.34%	13.59%	15.82%	8.30%
Return on Equity (ROE)	41.03%	23.89%	20.09%	26.76%	16.18%	14.24%	9.22%	27.93%	32.36%	36.58%	18.53%
Cash Return on Invested Capital (CROIC)	37.64%	30.19%	23.51%	22.27%	13.22%	14.41%	10.55%	8.19%	2.53%	5.37%	7.69%
Operating Return on Assets (OROA)	19.54%	11.12%	9.24%	11.49%	6.46%	5.81%	3.59%	10.61%	12.55%	13.39%	6.60%
Return on Assets (ROA)	14.93%	8.71%	6.80%	8.90%	4.86%	4.00%	1.81%	7.77%	8.99%	9.84%	4.00%
Return on Common Equity (ROCE)	32.15%	18.73%	15.77%	20.76%	12.39%	10.73%	6.86%	20.64%	23.51%	26.39%	13.21%
Return on Equity Simple (ROE_SIMPLE)	50.02%	0.00%	41.01%	41.15%	32.53%	0.00%	25.01%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	3,723	1,968	1,458	2,118	1,214	1,000	621	1,883	2,194	2,268	1,156
NOPAT Margin	8.95%	5.35%	4.39%	5.52%	3.43%	2.99%	1.95%	5.52%	6.12%	6.79%	3.34%
Net Nonoperating Expense Percent (NNEP)	1.10%	0.95%	1.33%	1.43%	1.67%	1.52%	1.67%	1.64%	1.30%	1.45%	1.39%
Return On Investment Capital (ROIC_SIMPLE)	-	3.41%	-	-	-	1.93%	1.15%	3.63%	3.87%	3.98%	2.05%
Cost of Revenue to Revenue	84.00%	88.48%	89.11%	88.49%	90.87%	91.31%	92.18%	88.05%	87.03%	86.35%	90.43%
SG&A Expenses to Revenue	1.98%	2.23%	2.35%	2.15%	2.30%	2.40%	2.46%	2.54%	2.41%	2.50%	2.51%
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	4.57%	5.01%	5.52%	4.94%	5.31%	5.28%	5.66%	5.51%	5.40%	5.59%	5.51%
Earnings before Interest and Taxes (EBIT)	4,753	2,395	1,784	2,522	1,349	1,141	687	2,197	2,713	2,694	1,404
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,574	3,196	2,587	3,345	2,190	1,980	1,492	2,995	3,563	3,531	2,223
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.29	2.25	3.31	2.85	2.88	2.51	2.78	3.07	3.43	2.81	4.30
Price to Tangible Book Value (P/TBV)	3.37	3.40	5.16	4.65	5.10	4.69	5.59	6.09	11.68	9.27	15.12
Price to Revenue (P/Rev)	0.39	0.37	0.51	0.41	0.38	0.32	0.33	0.38	0.43	0.36	0.52
Price to Earnings (P/E)	5.14	5.67	9.60	8.47	12.05	12.94	18.71	23.90	20.33	12.02	15.54
Dividend Yield	2.02%	2.13%	1.58%	1.87%	2.03%	2.44%	2.38%	2.14%	1.89%	2.31%	1.56%
Earnings Yield	19.47%	17.64%	10.42%	11.81%	8.30%	7.73%	5.34%	4.18%	4.92%	8.32%	6.44%
Enterprise Value to Invested Capital (EV/IC)	1.83	1.72	2.24	1.95	1.85	1.64	1.68	1.80	1.91	1.67	2.17
Enterprise Value to Revenue (EV/Rev)	0.48	0.48	0.64	0.54	0.54	0.49	0.52	0.57	0.66	0.58	0.74
Enterprise Value to EBITDA (EV/EBITDA)	3.68	4.10	6.17	5.52	6.84	6.81	8.02	8.94	8.84	6.72	8.31
Enterprise Value to EBIT (EV/EBIT)	4.39	5.01	7.81	7.09	9.62	10.12	12.67	14.39	13.16	9.39	11.36
Enterprise Value to NOPAT (EV/NOPAT)	5.54	6.27	9.70	8.77	11.47	11.89	14.63	16.42	15.62	11.20	13.64
Enterprise Value to Operating Cash Flow (EV/OCF)	4.26	5.15	8.24	7.48	10.21	7.93	10.22	11.96	12.00	9.43	10.84
Enterprise Value to Free Cash Flow (EV/FCFF)	4.72	5.62	9.50	8.74	14.23	11.35	15.97	22.33	79.58	32.81	29.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.83	0.87	0.92	1.03	1.10	1.12	1.34	1.23	1.37	1.36	1.40
Long-Term Debt to Equity	0.81	0.81	0.83	0.86	0.94	1.00	1.16	1.15	1.31	1.27	1.31
Financial Leverage	0.25	0.29	0.35	0.38	0.41	0.50	0.62	0.65	0.78	0.82	0.94
Leverage Ratio	2.70	2.65	2.72	2.83	2.90	2.95	3.16	3.19	3.29	3.35	3.65
Compound Leverage Factor	2.63	2.52	2.45	2.61	2.43	2.32	1.76	2.73	2.91	2.92	2.69
Debt to Total Capital	45.41%	46.49%	47.83%	50.74%	52.33%	52.86%	57.27%	55.19%	57.89%	57.72%	58.35%
Short-Term Debt to Total Capital	1.36%	3.33%	4.31%	8.60%	7.73%	5.86%	7.53%	3.50%	2.84%	4.16%	3.77%
Long-Term Debt to Total Capital	44.05%	43.16%	43.52%	42.15%	44.60%	47.00%	49.74%	51.69%	55.05%	53.55%	54.59%
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	11.54%	11.92%	12.00%	11.86%	12.57%	13.01%	12.36%	12.79%	11.97%	11.89%	11.86%
Common Equity to Total Capital	43.05%	41.59%	40.17%	37.39%	35.11%	34.13%	30.38%	32.02%	30.14%	30.40%	29.78%
Debt to EBITDA	1.36	1.54	1.76	1.97	2.49	2.72	3.43	3.31	3.27	2.84	2.67
Net Debt to EBITDA	0.38	0.61	0.83	0.93	1.42	1.72	2.22	2.27	2.32	1.94	1.92
Long-Term Debt to EBITDA	1.32	1.43	1.60	1.63	2.13	2.42	2.98	3.10	3.11	2.63	2.49
Debt to NOPAT	2.05	2.35	2.77	3.12	4.18	4.75	6.26	6.08	5.79	4.73	4.38
Net Debt to NOPAT	0.58	0.93	1.31	1.47	2.39	3.01	4.05	4.18	4.10	3.23	3.16
Long-Term Debt to NOPAT	1.98	2.19	2.52	2.60	3.56	4.23	5.44	5.70	5.50	4.39	4.09
Altman Z-Score	3.22	3.17	3.33	3.20	3.18	3.03	2.89	3.10	3.06	2.94	2.98
Noncontrolling Interest Sharing Ratio	21.64%	21.61%	21.52%	22.45%	23.44%	24.61%	25.58%	26.10%	27.36%	27.85%	28.70%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.67	1.59	1.43	1.31	1.23	1.17	1.19	1.23	1.32	1.26	1.18
Quick Ratio	1.17	1.11	0.95	0.87	0.73	0.69	0.70	0.66	0.70	0.71	0.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	6,069	3,321	1,668	2,145	-96	1,278	208	637	-2,368	-2,307	-2,878
Operating Cash Flow to CapEx	1,179.29%	211.09%	261.88%	665.71%	258.68%	272.47%	-9.65%	379.71%	275.50%	259.86%	122.78%
Free Cash Flow to Firm to Interest Expense	51.44	29.92	9.32	11.06	-0.44	5.21	0.68	2.00	-7.64	-6.73	-7.78
Operating Cash Flow to Interest Expense	41.97	10.12	8.56	16.71	7.62	9.01	-0.21	8.27	8.42	8.95	3.03
Operating Cash Flow Less CapEx to Interest Expense	38.42	5.32	5.29	14.20	4.67	5.70	-2.39	6.09	5.36	5.50	0.56
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.71	1.71	1.72	1.75	1.69	1.70	1.66	1.65	1.66	1.66	1.62
Accounts Receivable Turnover	11.85	11.71	12.73	13.28	12.70	12.04	11.00	11.50	13.09	12.60	10.32
Inventory Turnover	12.97	14.17	12.86	13.55	12.81	13.37	12.43	12.27	12.29	12.13	11.42
Fixed Asset Turnover	4.38	4.25	4.22	4.30	4.15	4.00	3.98	3.88	3.78	3.73	3.80
Accounts Payable Turnover	7.97	8.84	9.04	9.39	8.97	9.13	8.34	8.66	9.60	8.89	7.50
Days Sales Outstanding (DSO)	30.81	31.16	28.66	27.48	28.75	30.33	33.19	31.73	27.88	28.97	35.38
Days Inventory Outstanding (DIO)	28.14	25.76	28.39	26.93	28.50	27.30	29.36	29.76	29.70	30.09	31.96
Days Payable Outstanding (DPO)	45.81	41.27	40.36	38.88	40.70	40.00	43.77	42.17	38.04	41.07	48.68
Cash Conversion Cycle (CCC)	13.14	15.65	16.69	15.53	16.55	17.63	18.77	19.32	19.55	17.99	18.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	40,503	42,198	42,655	41,705	41,813	41,920	43,068	42,951	46,375	46,495	47,102
Invested Capital Turnover	3.68	3.51	3.47	3.60	3.49	3.34	3.24	3.18	3.07	3.06	3.06
Increase / (Decrease) in Invested Capital	-2,346	-1,353	-210	-27	1,310	-278	413	1,246	4,562	4,575	4,034
Enterprise Value (EV)	73,960	72,685	95,514	81,209	77,403	68,752	72,211	77,358	88,679	77,824	102,319
Market Capitalization	59,319	54,891	75,781	60,828	54,523	44,577	45,539	51,031	58,597	48,643	71,970
Book Value per Share	$64.68	$64.27	$63.50	$60.52	$56.57	$55.21	$52.45	$54.11	$56.24	$57.60	$56.84
Tangible Book Value per Share	$44.06	$42.56	$40.66	$37.12	$31.94	$29.56	$26.08	$27.28	$16.50	$17.45	$16.15
Total Capital	60,080	58,682	57,060	57,025	53,932	51,987	53,975	51,918	56,733	56,962	56,252
Total Debt	27,282	27,283	27,289	28,937	28,220	27,481	30,910	28,654	32,844	32,876	32,825
Total Long-Term Debt	26,463	25,329	24,832	24,034	24,053	24,432	26,845	26,835	31,232	30,505	30,706
Net Debt	7,705	10,799	12,884	13,617	16,101	17,414	20,003	19,687	23,290	22,409	23,675
Capital Expenditures (CapEx)	420	532	585	487	651	810	663	695	947	1,181	913
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,303	3,711	4,356	3,751	3,905	3,459	4,668	4,619	4,860	3,801	4,255
Debt-free Net Working Capital (DFNWC)	15,359	13,935	11,930	12,250	9,048	6,669	8,480	6,292	7,514	7,473	6,406
Net Working Capital (NWC)	14,540	11,981	9,473	7,347	4,881	3,620	4,415	4,473	5,902	5,102	4,287
Net Nonoperating Expense (NNE)	92	91	146	163	199	215	275	273	251	289	305
Net Nonoperating Obligations (NNO)	7,705	10,799	12,884	13,617	16,101	17,414	20,003	19,687	22,486	22,409	23,675
Total Depreciation and Amortization (D&A)	821	801	803	823	841	839	805	798	850	837	819
Debt-free, Cash-free Net Working Capital to Revenue	1.50%	2.47%	2.93%	2.50%	2.72%	2.46%	3.36%	3.43%	3.59%	2.81%	3.08%
Debt-free Net Working Capital to Revenue	10.00%	9.27%	8.04%	8.17%	6.29%	4.75%	6.10%	4.67%	5.56%	5.53%	4.64%
Net Working Capital to Revenue	9.47%	7.97%	6.38%	4.90%	3.40%	2.58%	3.18%	3.32%	4.36%	3.77%	3.11%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$8.31	$3.95	$2.59	$4.34	$1.88	$1.30	($0.24)	$3.96	$4.51	$5.01	$1.73
Adjusted Weighted Average Basic Shares Outstanding	394M	407M	361M	349M	331M	340M	313M	307M	303M	305M	295M
Adjusted Diluted Earnings per Share	$8.28	$3.94	$2.58	$4.33	$1.87	$1.30	($0.24)	$3.96	$4.51	$4.99	$1.73
Adjusted Weighted Average Diluted Shares Outstanding	396M	409M	362M	350M	332M	341M	313M	307M	304M	306M	295M
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	379.70M	361.36M	352.33M	334.68M	321.39M	312.58M	307.21M	304.02M	300.60M	294.74M	291.94M
Normalized Net Operating Profit after Tax (NOPAT)	3,723	1,968	1,458	2,118	1,214	1,000	621	1,883	2,194	2,268	1,156
Normalized NOPAT Margin	8.95%	5.35%	4.39%	5.52%	3.43%	2.99%	1.95%	5.52%	6.12%	6.79%	3.34%
Pre Tax Income Margin	11.15%	6.20%	4.83%	6.07%	3.19%	2.68%	1.20%	5.51%	6.70%	7.03%	2.99%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	40.28	21.58	9.97	13.00	6.10	4.66	2.26	6.89	8.75	7.85	3.79
NOPAT to Interest Expense	31.55	17.73	8.15	10.92	5.49	4.08	2.04	5.90	7.08	6.61	3.12
EBIT Less CapEx to Interest Expense	36.72	16.78	6.70	10.49	3.16	1.35	0.08	4.71	5.70	4.41	1.33
NOPAT Less CapEx to Interest Expense	28.00	12.94	4.88	8.41	2.55	0.77	-0.14	3.73	4.02	3.17	0.66
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	19.71%	22.75%	26.72%	28.66%	40.85%	49.95%	62.18%	68.48%	55.68%	45.13%	42.30%
Augmented Payout Ratio	105.36%	126.33%	140.39%	149.32%	212.08%	237.73%	266.50%	235.89%	146.65%	111.28%	97.62%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Marathon Petroleum (NYSE: MPC) based on the last four years of quarterly statements. Items are grouped by potential impact and shown in the order: positive, neutral, then negative.

Strong Q4 2025 profitability: Net income attributable to common shareholders reached $1.535B with basic EPS of $5.01 and diluted EPS of $4.99, signaling solid quarterly profitability after prior quarters.
Healthy operating cash flow: Net cash from continuing operating activities in Q4 2025 was $3.069B, supporting ongoing capex and debt service.
Solid free cash flow potential: Estimated free cash flow for Q4 2025 is around $1.9B (OCF of ~$3.069B minus PPE capex of ~$1.181B), reflecting strong cash generation after investment.
Top-line stability in a large, commodity-driven business: Total revenue around $33.4B in Q4 2025, roughly flat versus Q4 2024’s approximately $33.5B, indicating a stable revenue base.
Healthy gross margin: Total gross profit in Q4 2025 was about $4.56B on ~$33.42B revenue, implying a mid-teens gross margin (~13–14%), consistent with a refinery-focused profile.
Liquidity signals on the balance sheet: In late 2025, total current assets (~$24.6B) versus total current liabilities (~$18.7B) yields a rough current ratio of about 1.3, indicating solid near-term liquidity.
Dividend support: Quarterly cash dividend per share around $0.91 (e.g., Q2 2025) reflects continued capital returns to shareholders.
Steady quarterly operating cash flow across the year: Examples include Q3 2025 net cash from continuing operating activities of about $2.61B and Q4 2025 of about $3.07B, demonstrating ongoing cash-generation strength.
Moderate capex pace relative to cash flow: PPE purchases in recent quarters are around $0.8–$1.2B, showing continued investment without an outsized cash drag.
Earnings per share resilience: Q4 2025 diluted EPS of $4.99 and basic EPS of $5.01 underscore a constructive earnings trajectory within a volatile commodity environment.
Revenue and margins historically range-bound: Over the 2022–2025 period, MPC’s quarterly revenue has generally trended in the mid-$30B range with margins in the 12–14% gross margin band, indicating resilience but limited secular growth in top-line per quarter.
Quarterly earnings volatility exists: Notably, some quarters (e.g., Q1 2025) show softer or negative year-over-year earnings snippets, reflecting refining-cycle volatility and macro swings rather than a persistent decline.
Leverage risk from elevated debt: Long-term debt around $24–31B in multiple 2023–2025 periods indicates meaningful leverage, which could pressure returns if interest costs rise or margins compress.
Cash outflows for financing and shareholder returns: Net cash from financing activities was negative in several quarters due to dividends and share repurchases, limiting internal deleveraging capacity despite strong OCF.

05/10/26 06:54 AM ETAI Generated. May Contain Errors.

Marathon Petroleum Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Marathon Petroleum's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Marathon Petroleum's net income appears to be on an upward trend, with a most recent value of $5.88 billion in 2025, rising from $2.87 billion in 2015. The previous period was $5.07 billion in 2024. Find out what analysts predict for Marathon Petroleum in the coming months.

Marathon Petroleum's total operating income in 2025 was $8.29 billion, based on the following breakdown:

Total Gross Profit: $15.78 billion
Total Operating Expenses: $7.49 billion

Over the last 10 years, Marathon Petroleum's total revenue changed from $72.25 billion in 2015 to $135.22 billion in 2025, a change of 87.2%.

Marathon Petroleum's total liabilities were at $59.87 billion at the end of 2025, a 10.2% increase from 2024, and a 155.4% increase since 2015.

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 $3.67 billion as of their latest financial filing in 2025.

Over the last 10 years, Marathon Petroleum's book value per share changed from 24.84 in 2015 to 57.60 in 2025, a change of 131.9%.

Related Companies

Financial statements for NYSE:MPC last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Marathon Petroleum (MPC) Financials

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Marathon Petroleum (MPC) Financials

Annual Income Statements for Marathon Petroleum

Quarterly Income Statements for Marathon Petroleum

Annual Cash Flow Statements for Marathon Petroleum

Quarterly Cash Flow Statements for Marathon Petroleum

Annual Balance Sheets for Marathon Petroleum

Quarterly Balance Sheets for Marathon Petroleum

Annual Metrics And Ratios for Marathon Petroleum

Quarterly Metrics And Ratios for Marathon Petroleum

Financials Breakdown Chart

Key Financial Trends

Marathon Petroleum Financials - Frequently Asked Questions

When does Marathon Petroleum's financial year end?

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

What is Marathon Petroleum's operating income?

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

How much debt does Marathon Petroleum have?

How much cash does Marathon Petroleum have?

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

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