Marathon Petroleum Corporation

MPC · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Valuation
Market cap	$48,887	$44,834	$56,332	$54,547	$39,391	$25,461	$37,089	$36,326	$40,616	$30,995	$31,912	$25,905	$29,082	$21,546	$11,848	–	–	–
Enterprise value	$86,345	$76,940	$80,709	$77,090	$61,866	$65,194	$74,679	$71,037	$57,346	$47,326	$49,148	$31,652	$30,598	$20,458	$12,076	–	–	–
P/E (TTM) at period end	12.09×	13.03×	5.82×	3.76×	4.05×	–	14.07×	13.07×	11.84×	26.42×	11.21×	10.28×	13.80×	6.37×	4.97×	–	–	–
P/S (TTM) at period end	0.37×	0.32×	0.38×	0.31×	0.33×	0.36×	0.33×	0.42×	0.54×	0.49×	0.44×	0.26×	0.29×	0.26×	0.15×	–	–	–
P/B at period end	2.82×	2.53×	2.31×	1.97×	1.50×	1.15×	1.10×	1.03×	2.89×	2.29×	2.41×	2.41×	2.66×	1.84×	1.25×	–	–	–
EV / EBITDA (TTM)	7.48×	7.59×	4.53×	3.12×	8.07×	–	9.71×	10.36×	9.35×	10.79×	7.93×	5.89×	6.59×	3.23×	2.60×	–	–	–
EV / Sales (TTM)	0.65×	0.55×	0.54×	0.43×	0.52×	0.93×	0.67×	0.83×	0.77×	0.75×	0.68×	0.32×	0.31×	0.25×	0.15×	–	–	–
Returns
Return on equity	23.4%	19.4%	39.6%	52.3%	37.2%	(44.3%)	7.8%	7.9%	24.4%	8.7%	21.5%	23.4%	19.3%	28.9%	25.1%	7.6%	4.9%	13.6%
Return on invested capital	12.7%	11.6%	21.6%	31.4%	7.2%	(16.2%)	4.7%	5.3%	13.1%	5.3%	10.1%	16.4%	18.1%	32.7%	24.7%	5.1%	4.7%	10.5%
Dividend yield	2.3%	2.6%	2.2%	2.3%	3.8%	5.9%	3.8%	2.6%	1.9%	2.3%	1.9%	2.0%	1.7%	1.9%	1.4%	–	–	–
Financial health
Current ratio	1.26×	1.17×	1.59×	1.76×	1.70×	1.81×	1.80×	1.36×	1.28×	1.46×	1.49×	1.32×	1.30×	1.59×	1.25×	1.17×	1.19×	1.41×
Debt / equity	1.90×	1.55×	1.12×	0.96×	0.97×	1.42×	0.85×	0.78×	0.92×	0.78×	0.90×	0.61×	0.31×	0.29×	0.35×	0.03×	0.28×	0.28×
Effective tax rate	16.2%	14.9%	20.1%	21.9%	9.4%	17.9%	24.2%	20.7%	(13.8%)	33.4%	34.4%	33.4%	34.3%	35.2%	35.8%	39.1%	34.5%	35.5%
Share count
Diluted shares outstanding	306	341	409	516	638	649	664	526	512	530	542	574	634	684	714	716	716	716

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Revenue and gross profit
Revenue	$153,577	$132,699	$138,864	$148,379	$177,453	$119,983	$69,779	$111,148	$86,086	$74,733	$63,277	$72,051	$97,817	$100,160	$82,243	$78,638	$62,487	$45,530	$65,258
Cost of revenue	($134,386)	($119,446)	($126,240)	($128,566)	($151,671)	($110,008)	($65,733)	($99,228)	($77,047)	($67,089)	($56,676)	($55,891)	($84,275)	($87,758)	($68,948)	($67,711)	($55,265)	($38,320)	($56,527)
Gross profit	$19,191	$13,253	$12,624	$19,813	$25,782	$9,975	$4,046	$11,920	$9,039	$7,644	$6,601	$16,160	$13,542	$12,402	$13,295	$10,927	$7,222	$7,319	$8,731
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,460)	($3,349)	($3,221)	($3,039)	($2,772)	($2,537)	($2,710)	($3,192)	($2,276)	($1,694)	($1,597)	($1,576)	($1,375)	($1,248)	($1,223)	($1,059)	($874)	($842)	($961)
Total operating expenses	($5,058)	($4,962)	($5,828)	($5,299)	($4,313)	($5,675)	($16,293)	($7,458)	($4,349)	($3,626)	($4,215)	($11,468)	($9,491)	($8,977)	($7,948)	($7,182)	($6,211)	($6,483)	($6,876)
Total costs and expenses	($139,444)	($124,408)	($132,068)	($133,865)	($155,984)	($115,683)	($82,026)	($106,686)	($81,396)	($70,715)	($60,891)	($67,359)	($93,766)	($96,735)	($76,896)	($74,893)	($61,476)	($44,694)	($63,403)
Operating income	$14,133	$8,291	$6,796	$14,514	$21,469	$4,300	($12,247)	$4,462	$4,690	$4,018	$2,386	$4,692	$4,051	$3,425	$5,347	$3,745	$1,011	$836	$1,855
Earnings
EBITDA	$17,449	$11,542	$10,133	$17,821	$24,684	$7,664	($8,872)	$7,687	$6,860	$6,132	$4,387	$6,194	$5,377	$4,645	$6,342	$4,636	$1,952	$1,506	$2,461
Interest income	$176	$159	$376	$530	$191	$14	$9	$40	$87	$27	$6	$6	$7	$9	$6	$3	$2	$3	$6
Interest expense	($1,363)	($1,276)	($839)	($525)	($1,000)	($1,483)	($1,365)	($1,229)	($993)	($674)	($564)	($318)	($216)	($195)	($191)	($164)	($18)	($15)	($8)
Pre-tax income	$12,770	$7,015	$5,957	$13,989	$20,469	$2,817	($13,612)	$3,233	$3,697	$3,344	$1,822	$4,374	$3,835	$3,246	$5,238	$3,719	$1,023	$685	$1,885
Income tax expense	($2,459)	($1,137)	($890)	($2,817)	($4,491)	($264)	$2,430	($784)	($764)	$460	($609)	($1,506)	($1,280)	($1,113)	($1,845)	($1,330)	($400)	($236)	($670)
Net income	$8,554	$4,047	$3,445	$9,681	$14,516	$9,738	($9,826)	$2,637	$2,780	$3,432	$1,174	$2,852	$2,524	$2,112	$3,389	$2,389	$623	$449	$1,215
Per share
Diluted EPS (GAAP)	$29.10	$13.22	$10.08	$23.63	$28.12	$15.24	($15.13)	$3.97	$5.28	$6.70	$2.21	$5.26	$4.39	$3.32	$4.95	$3.33	$0.87	$0.625	$1.71
Basic EPS (GAAP)	$29.13	$13.24	$10.11	$23.73	$28.31	$15.34	($15.13)	$4.00	$5.36	$6.76	$2.22	$5.29	$4.42	$3.34	$4.97	$3.35	$0.875	$0.63	$1.71
Basic shares outstanding	296	305	340	407	512	634	649	659	518	507	528	538	570	630	680	712	712	712	712
Margins
Gross margin	12.5%	10.0%	9.1%	13.4%	14.5%	8.3%	5.8%	10.7%	10.5%	10.2%	10.4%	22.4%	13.8%	12.4%	16.2%	13.9%	11.6%	16.1%	13.4%
Operating margin	9.2%	6.2%	4.9%	9.8%	12.1%	3.6%	(17.6%)	4.0%	5.4%	5.4%	3.8%	6.5%	4.1%	3.4%	6.5%	4.8%	1.6%	1.8%	2.8%
Net margin	5.6%	3.0%	2.5%	6.5%	8.2%	8.1%	(14.1%)	2.4%	3.2%	4.6%	1.9%	4.0%	2.6%	2.1%	4.1%	3.0%	1.0%	1.0%	1.9%

Analyst consensus

Buy33 analysts

Bearish · 0 · Hold · 8 · Bullish · 25

Earnings history

	EPS	Estimate
Q3 2024	$1.87	$0.98	Beat
Q4 2024	$0.77	$0.02	Beat
Q1 2025	$-0.24	$-0.54	Beat
Q2 2025	$3.96	$3.24	Beat
Q3 2025	$3.01	$3.15	Miss
Q4 2025	$4.07	$2.72	Beat
Q1 2026	$1.65	$0.74	Beat
Q2 2026	$17.73	$14.27	Beat

Peers

Company overview

IPO dateJun 24, 2011

CEOMaryann T. Mannen

Employees18,500

SectorEnergy

IndustryOil & Gas Refining & Marketing

CountryUS

ExchangeNew York Stock Exchange

Websitewww.marathonpetroleum.com

Marathon Petroleum Corporation (MPC) functions as a prominent integrated energy enterprise, primarily concentrating its downstream operations across the United States. Its business is bifurcated into two main divisions: Refining & Marketing, and Midstream. The Refining & Marketing segment is responsible for processing crude oil and various other raw materials at its refineries, strategically located in the U.S. Gulf Coast, Mid-Continent, and West Coast regions. This division also acquires refined petroleum products and ethanol for subsequent distribution. Key outputs from this segment encompass a diverse array of transportation fuels, including different gasoline blends, heavy fuel oil, and asphalt. Additionally, it manufactures chemicals such as aromatics, propane, propylene, and sulfur. MPC sells these refined goods through multiple channels, including wholesale marketers domestically and globally, purchasers on the open spot market, and independent entrepreneurs who manage primarily Marathon-branded retail locations. It also supplies fuel via long-term agreements to direct dealer sites, predominantly under the ARCO brand. The Midstream segment handles the comprehensive movement, storage, distribution, and commercialization of crude oil and refined products. This is achieved through its extensive network of refining logistics assets, pipelines, terminals, towboats, and barges. Moreover, this segment engages in the collection, processing, and transportation of natural gas, alongside the gathering, transport, fractionation, storage, and marketing of natural gas liquids. By December 31, 2021, the corporation supported 7,159 branded jobber retail points, managed by independent entrepreneurs, spanning 37 U.S. states, the District of Columbia, and Mexico. Marathon Petroleum Corporation, established in 1887, maintains its corporate headquarters in Findlay, Ohio.

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