Marathon Petroleum Corp. (MPC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$13.9	$17.7	+27.1%	—	$52B	—
Q1 26	$0.75	$1.65	+120.0%	—	$34.2B	—
Q4 25	$2.71	$4.07	+50.2%	—	$32.6B	—
Q2 25	$3.22	$3.96	+23.0%	—	$33.8B	—
Q1 25	-$0.54	-$0.24	+55.6%	—	$31.5B	—
Q4 24	$0.02	$0.77	+3750.0%	—	$33.1B	—
Q3 24	$1.09	$1.87	+71.6%	—	$35.1B	—
Q2 24	$3.09	$4.12	+33.3%	—	$37.9B	—
Q1 24	$2.58	$2.58	0.0%	—	$32.7B	—
Q4 23	$2.22	$3.98	+79.3%	—	$36.3B	—
Q3 23	$7.75	$8.14	+5.0%	—	$40.9B	—
Q2 23	$4.59	$5.32	+15.9%	—	$36.3B	—
Q1 23	$5.6	$6.09	+8.8%	—	$34.9B	—
Q4 22	$5.63	$6.65	+18.1%	—	$39.8B	—
Q3 22	$7.02	$7.81	+11.3%	—	$45.8B	—
Q2 22	$8.5	$10.6	+24.8%	—	$53.8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$13.2	—	—	$132.7B	—
FY24	—	$10.1	—	—	$138.9B	—
FY23	—	$23.7	—	—	$148.4B	—
FY22	—	$28.3	—	—	$177.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$63.3B	$74.7B	$86.1B	$111.1B	$69.8B	$120B	$177.5B	$148.4B	$138.9B	$132.7B
YoY change	-12.1%	+18%	+15.2%	+29.1%	-37.2%	+71.9%	+47.9%	-16.4%	-6.41%	-4.44%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	63.3B	74.7B	86.1B	111.1B	69.8B	120B	177.5B	148.4B	138.9B	132.7B
Cost of revenue	58.8B	69.2B	79.2B	102.5B	69.1B	113.4B	154.9B	131.9B	129.6B	122.7B
Gross profit	4.5B	5.5B	6.9B	8.7B	671M	6.6B	22.6B	16.5B	9.3B	10B
Gross margin	7.14%	7.4%	7.98%	7.82%	0.96%	5.51%	12.7%	11.1%	6.69%	7.54%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.6B	1.7B	2.3B	3.2B	2.7B	2.5B	2.8B	3B	3.2B	3.3B
Operating expenses	1.4B	1.4B	2.1B	3.1B	2.6B	2.1B	2B	3B	3.2B	3.3B
Operating income	2.5B	3.4B	4.2B	4.9B	-2.7B	3.4B	19B	12.7B	5.2B	5.8B
Operating margin	3.93%	4.53%	4.86%	4.45%	-3.88%	2.79%	10.7%	8.54%	3.78%	4.35%
Non-operating income, net	-105M	636M	439M	-480M	-9.5B	814M	2.5B	1.9B	1.5B	2.5B
Pretax income	1.8B	3.3B	3.7B	3.2B	-13.6B	2.8B	20.5B	14B	6B	7B
Income tax	609M	-460M	764M	784M	-2.4B	264M	4.5B	2.8B	890M	1.1B
Net income	1.2B	3.8B	3.6B	3.3B	-10B	11B	16.1B	11.2B	5.1B	5.9B
Net margin	1.92%	5.09%	4.19%	2.93%	-14.3%	9.17%	9.04%	7.53%	3.65%	4.43%
EBITDA	4.5B	6.1B	6.9B	8.6B	-190M	7.6B	23.8B	18.4B	10.6B	11.5B
EPS	2.22	6.76	5.36	4	-15.3	15.3	28.3	23.7	10.1	13.2
Diluted EPS	2.21	6.7	5.28	3.97	-15.3	15.2	28.1	23.6	10.1	13.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	40.9B	36.3B	32.7B	37.9B	35.1B	33.1B	31.5B	33.8B	34.8B	32.6B	34.2B	52B
Cost of revenue	35.8B	33.4B	30.4B	34.8B	33B	31.4B	30.2B	30.8B	32B	29.7B	32.1B	43.9B
Gross profit	5.1B	2.8B	2.3B	3.1B	2.1B	1.8B	1.4B	3B	2.8B	2.9B	2.1B	8.1B
Gross margin	12.6%	7.85%	6.99%	8.26%	6.03%	5.29%	4.33%	8.83%	7.95%	8.86%	6.23%	15.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	804M	799M	779M	823M	815M	804M	783M	867M	863M	836M	867M	894M
Operating expenses	804M	799M	779M	823M	815M	804M	783M	867M	863M	836M	867M	894M
Operating income	4.1B	1.8B	1.3B	2.1B	1.1B	812M	354M	1.9B	1.7B	1.8B	1B	7B
Operating margin	10%	5.1%	3.91%	5.47%	3.08%	2.45%	1.12%	5.61%	4.81%	5.67%	3.03%	13.4%
Non-operating income, net	666M	568M	505M	448M	266M	329M	328M	302M	1B	865M	363M	343M
Pretax income	4.6B	2.3B	1.6B	2.3B	1.1B	896M	383M	1.9B	2.4B	2.4B	1B	7B
Income tax	1B	407M	293M	373M	113M	111M	37M	268M	460M	372M	183M	1.4B
Net income	3.6B	1.9B	1.3B	2B	1B	785M	346M	1.6B	1.9B	2B	851M	5.5B
Net margin	8.87%	5.18%	4.01%	5.16%	2.89%	2.37%	1.1%	4.76%	5.58%	6.08%	2.49%	10.7%
EBITDA	5.7B	3.3B	2.7B	3.5B	2.3B	2.1B	1.5B	3B	3.6B	3.4B	2.2B	8.2B
EPS	8.31	3.86	2.59	4.34	1.88	1.16	-0.24	3.96	4.51	5.13	1.73	17.8
Diluted EPS	8.28	3.84	2.58	4.33	1.87	1.15	-0.24	3.96	4.51	5.12	1.73	17.7

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	26.6B	33.5B	30.6B	—	26.8B	40.6B	—	—	—	—	109.4B
Enterprise value	36.3B	43.4B	56.4B	—	59.5B	56.6B	—	—	—	—	143.7B
Shares outstanding	528M	507M	518M	659M	649M	634M	512M	407M	340M	305M	305M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.9	8.79	8.48	—	—	3.69	—	—	—	—	13.6
P/S	0.42	0.45	0.36	—	0.38	0.34	—	—	—	—	0.71
P/B	1.25	1.53	0.68	—	0.89	1.21	—	—	—	—	5.82
EV/EBITDA	8.13	7.14	8.21	—	-313.3	7.49	—	—	—	—	9.33
EV/Sales	0.57	0.58	0.66	—	0.85	0.47	—	—	—	—	0.93
Earnings yield	4.56%	11.4%	11.8%	—	—	27.1%	—	—	—	—	7.36%
FCF yield	4.23%	11.6%	9.75%	—	-1.37%	7.14%	—	—	—	—	8.46%
PEG	—	—	—	—	—	—	—	—	—	—	0.04

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	7.14%	7.4%	7.98%	7.82%	0.96%	5.51%	12.7%	11.1%	6.69%	7.54%	15.6%
Operating margin	3.93%	4.53%	4.86%	4.45%	-3.88%	2.79%	10.7%	8.54%	3.78%	4.35%	13.6%
Net margin	1.92%	5.09%	4.19%	2.93%	-14.3%	9.17%	9.04%	7.53%	3.65%	4.43%	5.55%
ROE	5.72%	17.4%	8%	7.55%	-33%	32.8%	45.7%	35.6%	20.7%	24.4%	42.1%
ROA	2.73%	7.76%	3.88%	3.3%	-11.7%	12.9%	17.9%	13%	6.43%	7%	8.74%
ROIC	5.37%	10.6%	4.69%	5.18%	-4.3%	6.12%	28.9%	20.4%	8.92%	8.82%	17.8%
Return on tangible assets	3.26%	9.22%	7.32%	5.05%	-15.1%	16.5%	21.9%	16.1%	8.12%	9.83%	14.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.46	1.28	1.36	1.8	1.81	1.7	1.76	1.59	1.17	1.26	1.25
Quick ratio	0.66	0.75	0.62	1.22	1.3	1.25	1.32	1.13	0.71	0.74	0.89
Debt / equity	0.5	0.59	0.61	0.71	1.1	0.8	0.8	0.91	1.17	1.43	1.33
Debt / assets	0.24	0.26	0.3	0.31	0.39	0.32	0.31	0.33	0.36	0.41	0.36
Net debt / EBITDA	2.17	1.64	3.76	3.39	-172	2.13	0.68	1	2.42	2.67	1.52
Interest coverage	4.39	6.35	4.91	3.63	-9.21	3.22	18.1	12.1	5.55	5.97	9.37
Effective tax rate	33.4%	0%	20.7%	24.2%	0%	9.37%	21.9%	20.1%	14.9%	16.2%	19.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	120	147.4	166.2	168.7	107.5	189.2	346.6	364.6	408.4	435.1	520.8
EPS (basic)	2.22	6.76	5.36	4	-15.3	15.3	28.3	23.7	10.1	13.2	13.2
EPS (diluted)	2.21	6.7	5.28	3.97	-15.3	15.2	28.1	23.6	10.1	13.2	28.9
Book value per share	40.2	43.1	87	65.4	46.6	53	68.5	77.1	72.1	79	67.4
FCF per share	2.13	7.65	5.75	7.03	-0.57	4.57	27.2	30	18	15.6	44.5
Cash per share	1.68	5.94	3.26	2.11	0.64	17.1	23	25.1	9.44	12	27.7
Capex per share	5.48	5.39	6.14	7.3	4.29	2.31	4.73	4.64	7.45	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.57%	3.66%	3.69%	4.33%	3.99%	1.22%	1.36%	1.27%	1.82%	—	—
Capex / operating cash flow	117.4%	76.7%	41.2%	108.7%	-43.6%	60.1%	15.8%	12.1%	30.2%	—	—
Payout ratio	59.3%	20.3%	26.5%	42.9%	-15.1%	13.5%	7.97%	11.3%	22.8%	19.4%	13.6%
Dividend yield	2.7%	2.31%	3.12%	—	5.63%	3.66%	—	—	—	—	1.03%

Yield

1.03%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.00

ex-dividend Aug 19, 2026

Payout ratio

14%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 19, 2026	$1.00
May 20, 2026	$1.00
Feb 18, 2026	$1.00

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$40.9B	$36.3B	$32.7B	$37.9B	$35.1B	$33.1B	$31.5B	$33.8B	$34.8B	$32.6B	$34.2B	$52B
YoY change	-10.6%	-8.94%	-6.19%	+4.32%	-14.2%	-8.6%	-3.64%	-10.9%	-0.85%	-1.7%	+8.51%	+53.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	887M	3B	1.7B	1.4B	415M	10.8B	11.8B	10.2B	3.2B	3.7B
Receivables	3.6B	4.7B	5.9B	7.2B	5.8B	11B	13.5B	11.6B	11.1B	10.3B
Inventory	5.7B	5.5B	9.8B	9.8B	8B	8.1B	8.8B	9.3B	9.6B	10.1B
Total current assets	10.4B	13.4B	18B	30.5B	28.3B	30.5B	35.2B	32.1B	24.4B	24.8B
Property, plant & equipment	25.8B	26.4B	45.1B	42.7B	40.6B	38.8B	36.9B	36.3B	36.3B	38.9B
Goodwill & intangibles	7.2B	7.8B	43.7B	34.1B	18.9B	18.6B	16.5B	16.5B	16.5B	24.1B
Total assets	44.4B	49B	92.9B	98.6B	85.2B	85.4B	89.9B	86B	78.9B	84B
Accounts payable	5.6B	8.3B	9.4B	11.2B	7.8B	13.7B	15.3B	13.8B	13.9B	13B
Short-term debt	28M	624M	544M	1.2B	3.4B	1B	1.4B	2.4B	3.5B	2.9B
Total current liabilities	7.1B	10.5B	13.2B	16.9B	15.7B	17.9B	20B	20.1B	20.8B	19.7B
Long-term debt	10.5B	12.3B	27B	29.3B	29.7B	25.9B	26.5B	26.1B	25.3B	31.5B
Total liabilities	23.2B	27.2B	47.9B	55.4B	54.9B	51.8B	54.8B	54.6B	54.4B	59.9B
Shareholders' equity	21.2B	21.8B	45.1B	43.1B	30.2B	33.6B	35.1B	31.4B	24.5B	24.1B
Total debt	10.6B	12.9B	27.5B	30.5B	33.1B	26.9B	27.9B	28.5B	28.8B	34.4B
Net debt	9.7B	9.9B	25.8B	29.1B	32.7B	21.6B	19.3B	23.1B	25.5B	30.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	13.1B	10.2B	7.6B	8.5B	5.1B	3.2B	3.8B	1.7B	2.7B	3.7B	2.2B	7.8B
Receivables	12.5B	11.6B	13.2B	12.3B	10.2B	11.1B	12.1B	11.1B	10.5B	10.3B	14.6B	15.7B
Inventory	10.1B	9.3B	9.8B	9.8B	9.9B	9.6B	10.5B	10.1B	9.8B	10.1B	10.8B	10B
Total current assets	36.3B	32.1B	31.3B	31.3B	25.9B	24.4B	27.1B	23.7B	24.6B	24.8B	28.7B	34.3B
Property, plant & equipment	36B	36.3B	36.2B	35.9B	35.7B	36.3B	36.2B	36.2B	38.4B	38.9B	39.1B	39.4B
Goodwill & intangibles	16.5B	16.5B	16.5B	16.5B	16.5B	16.5B	16.5B	16.5B	24.2B	24.1B	24B	23.9B
Total assets	90B	86B	85.5B	85.2B	79.8B	78.9B	81.6B	78.5B	83.2B	84B	88.2B	94.3B
Accounts payable	15.8B	13.8B	15.5B	14.9B	12.8B	13.9B	14.7B	13.3B	12.5B	13B	17.6B	19.2B
Short-term debt	1.3B	2.4B	2.9B	5.4B	4.7B	3.5B	4.5B	2.3B	2.1B	2.9B	2.6B	2.6B
Total current liabilities	21.7B	20.1B	21.8B	24B	21.1B	20.8B	22.7B	19.3B	18.7B	19.7B	24.4B	27.4B
Long-term debt	27.3B	26.1B	25.6B	24.7B	24.7B	25.3B	27.7B	27.8B	32.1B	31.5B	31.7B	31.7B
Total liabilities	57.2B	54.6B	55.8B	57.1B	54.1B	54.4B	58.6B	55.2B	59.4B	59.9B	64.8B	68.6B
Shareholders' equity	32.8B	31.4B	29.8B	28.1B	25.7B	24.5B	23.1B	23.3B	23.9B	24.1B	23.4B	25.7B
Total debt	28.6B	28.5B	28.5B	30.1B	29.4B	28.8B	32.1B	30B	34.2B	34.4B	34.3B	34.3B
Net debt	20.1B	23.1B	25.4B	25.7B	25.4B	25.5B	28.3B	28.4B	31.5B	30.7B	32.2B	26.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.2B	3.8B	3.6B	3.3B	-10B	11B	16.1B	11.2B	5.1B	5.9B
Depreciation & amortization	2B	2.1B	2.2B	3.2B	3.4B	3.4B	3.2B	3.3B	3.3B	3.3B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-744M	-987M	2.2B	-2.1B	3.2B	-5.3B	-3.1B	1.5B	399M	-469M
Operating cash flow	2.5B	3.6B	7.7B	4.4B	-6.4B	2.4B	15.3B	15.6B	8.4B	8.3B
Capital expenditure	-2.9B	-2.7B	-3.2B	-4.8B	-2.8B	-1.5B	-2.4B	-1.9B	-2.5B	—
Investing cash flow	-3B	-3.4B	-7.3B	-5.8B	-2.9B	-6.5B	623M	-3.1B	1.5B	-2.4B
Dividends paid	-719M	-773M	-954M	-1.4B	-1.5B	-1.5B	-1.3B	-1.3B	-1.2B	-1.1B
Share repurchases	-197M	-2.4B	-3.3B	-1.9B	0	-4.7B	-11.9B	-11.6B	-9.2B	-3.5B
Financing cash flow	-2.6B	-1.4B	222M	-3.4B	-1.2B	-22.9B	-13.6B	-14.2B	-12.4B	-7B
Net change in cash	-3.1B	-1.2B	635M	-4.7B	-10.5B	-26.9B	2.3B	-1.7B	-2.5B	-1.1B
Free cash flow	1.1B	3.9B	3B	4.6B	-368M	2.9B	13.9B	12.2B	6.1B	4.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	3.6B	1.9B	1.3B	2B	1B	785M	346M	1.6B	1.9B	2B	851M	5.5B
Depreciation & amortization	845M	828M	827M	838M	846M	826M	793M	789M	841M	828M	809M	838M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-1B	1.7B	-426M	568M	-216M	473M	-1.1B	72M	213M	304M	-255M	2.6B
Operating cash flow	3.7B	4B	1.4B	3.3B	1.6B	2.1B	-60M	2.6B	2.6B	3.1B	1.1B	10.3B
Capital expenditure	-420M	-532M	-585M	-487M	-651M	-810M	-663M	—	—	—	—	—
Investing cash flow	-435M	-964M	-824M	17M	2B	307M	-923M	-279M	-2.8B	967M	-134M	-510M
Dividends paid	-297M	-311M	-299M	-290M	-273M	-292M	-285M	-279M	-276M	-300M	-295M	-290M
Share repurchases	-2.8B	-2.5B	-2.2B	-2.9B	-2.7B	-1.4B	-1.1B	-780M	-650M	-1B	-750M	-2.5B
Financing cash flow	-3.4B	-3.2B	-3B	-2B	-4.2B	-3.3B	1.6B	-8.6B	1.9B	-1.8B	-5.5B	-3.3B
Net change in cash	-107M	-147M	-2.4B	1.3B	-539M	-928M	606M	-6.3B	1.7B	2.2B	-4.5B	6.5B
Free cash flow	4.5B	591M	947M	2.8B	1B	1.4B	-727M	1.9B	1.7B	1.9B	208M	9.1B

Marathon Petroleum Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history