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MPC Marathon Petroleum Corp

NYSEEnergyPetroleum RefiningFindlay, OHFY ends December 31

New 8-K: Filed an 8-K current report in the last 7 days.Profitable 5/5: Fiscal years with net income above zero, out of the last five reported.FY2025 10-K filed Feb 26, 2026 (SEC EDGAR)

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$133BYoYdown 4.44%ended Dec 31, 2025
Net income
$4.05B3.0% margin
Diluted EPS
$13.22YoYup 31.15%
Free cash flow
$4.77B3.6% margin
Cash
$3.67BNet debt $29.2B
Total debt
$32.9BD/E 1.9×
About Marathon Petroleum Corp

Overview

Marathon Petroleum Corp (MPC) is listed on NYSE; the SEC classifies it under "Petroleum Refining".

For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $132.7B, down 4.4% from fiscal 2024.

Net income was $4.05B, a net margin of 3.0%.

At fiscal year end it had total assets of $83.96B and stockholders' equity of $17.31B (20.6% of assets).

Fiscal years shown
FY2016–FY2025 (10 years)
Latest 10-K
Feb 26, 2026
Latest filing
10-QNov 3, 2026
FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
PeriodRevenueNet incomeNet margin
FY2016—$1.17B—
FY2017—$3.43B—
FY2018$95.8B$2.78B2.9%
FY2019$124B$2.64B2.1%
FY2020$69.8B-$9.83B-14.1%
FY2021$120B$9.74B8.1%
FY2022$177B$14.5B8.2%
FY2023$148B$9.68B6.5%
FY2024$139B$3.45B2.5%
FY2025$133B$4.05B3.0%

Gross, operating and net margin

Gross, operating and net margin, fiscal years FY2016 to FY2025.
PeriodGross marginOperating marginNet margin
FY2016———
FY2017———
FY201810.8%5.8%2.9%
FY201911.1%4.5%2.1%
FY20205.8%-17.6%-14.1%
FY20218.3%3.6%8.1%
FY202214.5%12.1%8.2%
FY202313.4%9.8%6.5%
FY20249.1%4.9%2.5%
FY202510.0%6.2%3.0%

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
PeriodEPS (diluted)
FY2016$2.21
FY2017$6.70
FY2018$5.28
FY2019$3.97
FY2020-$15.13
FY2021$15.24
FY2022$28.12
FY2023$23.63
FY2024$10.08
FY2025$13.22

Free cash flow vs net income

Free cash flow vs net income, fiscal years FY2016 to FY2025.
PeriodFree cash flowNet income
FY2016$1.09B$1.17B
FY2017$3.88B$3.43B
FY2018$2.58B$2.78B
FY2019$4.07B$2.64B
FY2020-$368M-$9.83B
FY2021$2.9B$9.74B
FY2022$13.9B$14.5B
FY2023$12.2B$9.68B
FY2024$6.13B$3.45B
FY2025$4.77B$4.05B

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
PeriodDiluted shares (weighted)
FY2016530M
FY2017512M
FY2018526M
FY2019664M
FY2020649M
FY2021638M
FY2022516M
FY2023409M
FY2024341M
FY2025306M

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
PeriodCash & equivalentsTotal debt
FY2016$887M$10.5B
FY2017$3.01B$12.3B
FY2018$1.69B$27B
FY2019$1.53B$28.8B
FY2020$415M$31.6B
FY2021$5.29B$25.5B
FY2022$8.63B$26.7B
FY2023$5.44B$27.3B
FY2024$3.21B$27.5B
FY2025$3.67B$32.9B

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Gross margin
10.0%
Operating margin
6.2%
Net margin
3.0%
FCF margin
3.6%
Return on equity
23.1%
Return on assets
5.0%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR9y CAGR
Revenuedown 4.44%down 9.23%up 13.72%—
EPS (diluted)up 31.15%down 22.24%—up 21.99%
Free cash flowdown 22.26%down 30.07%—up 17.77%
Change in share count
-10.26%

Financial strength

Current ratio
1.26×
Debt / equity
1.9×
Liabilities / assets
71.3%
Net debt
$29.2B
Interest coverage
5.57×
Equity / assets
20.6%

Shareholder returns

Dividends per share
$3.73
Dividends paid
$1.14B
Buybacks
$3.49B
Payout ratio
28.2%
Stock comp. / revenue
0.1%
Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

8 of 9 checks passed

FY2025 vs FY2024

  • PassPositive return on assets5.1%
  • PassPositive operating cash flow$8.25B
  • PassReturn on assets improved5.1% vs 4.0%
  • PassOperating cash flow above net income10.5% vs 5.1%
  • FailLong-term debt / assets fell36.3% vs 31.0%
  • PassCurrent ratio improved1.26× vs 1.17×
  • PassNo increase in share count306M vs 341M
  • PassGross margin improved10.0% vs 9.1%
  • PassAsset turnover improved1.68× vs 1.61×

Altman Z''-Score

Safe zone (above 2.60)

FY2025

Altman Z''-Score: Components
ComponentsRatioWeightPoints
Working capital / assets0.061×6.560.40
Retained earnings / assets0.473×3.261.54
Operating income / assets0.099×6.720.66
Equity / liabilities0.289×1.050.30
Z''2.91

Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Revenue132,699138,864148,379177,453119,98369,779123,94995,750——
YoY (Revenue)-4.44%-6.41%-16.38%+47.90%+71.95%-43.70%+29.45%———
Gross profit13,25312,62419,81325,7829,9754,04613,70610,294——
Selling, general & admin.3,3493,2213,0392,7722,5372,7103,4082,4181,7431,605
Operating income8,2916,79614,51421,4694,300-12,2475,5765,5713,9692,378
Interest expense1,4891,3651,3251,2991,3401,4621,3961,026688602
Pretax income7,0155,95713,98920,4692,817-13,6124,3294,5683,3441,822
Income tax1,1378902,8174,491264-2,4301,074962-460609
Net income4,0473,4459,68114,5169,738-9,8262,6372,7803,4321,174
YoY (Net income)+17.47%-64.41%-33.31%+49.07%—-472.62%-5.14%-19.00%+192.33%—
EPS (basic)13.2410.1123.7328.3115.34-15.134.005.366.762.22
EPS (diluted)13.2210.0823.6328.1215.24-15.133.975.286.702.21
YoY (EPS (diluted))+31.15%-57.34%-15.97%+84.51%—-481.11%-24.81%-21.19%+203.17%—
Diluted shares (weighted)306341409516638649664526512530

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Cash & equivalents3,6723,2105,4438,6255,2914151,5271,6873,011887
Receivables10,31711,14511,61913,47711,0345,7607,8725,8534,6953,617
Inventory10,1299,5689,3178,8278,0557,99910,2439,8375,5505,656
Current assets24,78024,44732,13135,24230,49628,28720,17018,02313,40110,401
Goodwill9,3548,2448,2448,2448,2568,25620,04020,1843,5863,587
Intangible assets2,7141,7031,7651,8762,1352,3602,9283,314726725
Total assets83,95578,85885,98789,90485,37385,15898,55692,94049,04744,413
Current liabilities19,67820,82720,15020,02017,89815,66316,14713,21610,4787,146
Short-term debt2,3713,0491,9541,0665712,854711—00
Long-term debt30,50524,43225,32925,63424,96828,73028,12726,98012,32210,544
Total liabilities59,86954,35254,58854,81751,79254,93855,44947,88727,21923,210
Retained earnings39,75136,84834,56226,14212,9054,65015,99014,75512,86410,206
Stockholders' equity17,31417,74524,40427,71526,20622,19933,69435,17514,03313,557
Shares outstanding295313361446565651650674476528

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Operating cash flow8,2538,66514,11716,3614,3602,4199,4416,1586,6093,986
Capital expenditures3,4862,5331,8902,4201,4642,7875,3743,5782,7322,892
Free cash flow4,7676,13212,22713,9412,896-3684,0672,5803,8771,094
YoY (Free cash flow)-22.26%-49.85%-12.29%+381.39%—-109.05%+57.64%-33.45%+254.39%—
Depreciation & amortization3,2513,3373,3073,2153,3643,3753,6382,4902,1142,001
Stock-based compensation160137211153881001611335145
Share repurchases3,4889,18911,57211,9224,65401,9503,2872,372197
Dividends paid1,1401,1541,2611,2791,4841,5101,398954773719
Dividends per share3.733.393.082.492.322.322.121.841.521.36
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
$13.22
Revenue per share
$433.66
FCF per share
$15.58
Book value per share
$56.58
Tangible book per share
$17.14
Cash per share
$12.00
Dividends per share
$3.73
Public floatas of Jun 30, 2025
$50.6B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
—
P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
—
P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 10-QNew
    Quarterly report· Sep 30, 2026(SEC EDGAR)
  2. 8-KNew
    Current report· Nov 3, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  3. 8-KNew
    Current report· Oct 28, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 8.01Other events
    • 9.01Financial statements and exhibits
  4. 10-Q
    Quarterly report· Jun 30, 2026(SEC EDGAR)
  5. 8-K
    Current report· Aug 4, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  6. 8-K
    Current report· Jun 26, 2026(SEC EDGAR)
    • 8.01Other events
  7. 10-Q
    Quarterly report· Mar 31, 2026(SEC EDGAR)
  8. 8-K
    Current report· May 5, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  9. 8-K
    Current report· Apr 29, 2026(SEC EDGAR)
    • 5.07Shareholder vote results
  10. 8-K
    Current report· Apr 7, 2026(SEC EDGAR)
    • 1.01Material agreement
    • 1.02Agreement terminated
    • 2.02Results of operations
    • 2.03New financial obligation
    • 9.01Financial statements and exhibits
All filings on SEC EDGAR
SIC 2911 · Petroleum Refining

Peers (same SIC code)

Peers (same SIC code)
TickerRevenue (FY)YoYNet marginROEF-Score5y revenue
CVXCHEVRON CORP$189B—6.5%———
MPCMarathon Petroleum Corp (This company)$133Bdown 4.44%3.0%23.1%8/9
PSXPhillips 66$132Bdown 7.53%3.3%15.6%7/9
VLOVALERO ENERGY CORP$123Bdown 5.54%1.9%9.7%6/9
COPCONOCOPHILLIPS$58.9Bup 7.67%13.6%12.4%5/9
XOMExxonMobil Holdings Corp——————
BPBP PLC——————
EQNREQUINOR ASA——————
Peer median$128Bdown 5.54%4.9%12.4%6/9—

Companies with the same 4-digit SIC code, ordered by latest revenue. The median excludes this company. — = not reported or not computable.

Frequently asked questions

What does Marathon Petroleum Corp do?

The SEC classifies Marathon Petroleum Corp under Standard Industrial Classification (SIC) code 2911, "Petroleum Refining". It is headquartered in Findlay, OH. It is incorporated in DE. In fiscal 2025 it reported revenue of $132.7B and net income of $4.05B in its annual 10-K report.

What was Marathon Petroleum Corp's revenue in 2025?

Marathon Petroleum Corp reported revenue of $132.7B for fiscal 2025, which ended Dec 31, 2025, down 4.4% from $138.86B in fiscal 2024, according to its annual 10-K report filed with the SEC on Feb 26, 2026.

What was Marathon Petroleum Corp's net income in 2025?

Marathon Petroleum Corp reported net income of $4.05B for fiscal 2025, a net margin of 3.0% of revenue.

Where is Marathon Petroleum Corp listed?

According to the SEC, Marathon Petroleum Corp's ticker MPC is listed on NYSE.

When does Marathon Petroleum Corp's fiscal year end?

According to the SEC, Marathon Petroleum Corp's fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.

Source: SEC EDGAR · Last updated:

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Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.