Detailed financial statements for Marathon Petroleum Corporation (MPC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
Marathon Petroleum Corporation reported revenue of $132.70B in the most recent fiscal year, growing at a 5-year CAGR of 13.7%.
Trailing-twelve-month margins: gross margin 11.6%, operating margin 8.0%, net margin 5.6%.
At $430.39 (closing price, November 2, 2026), MPC trades at a P/E of 14.82 and an ROE of 48.71%. Market capitalisation stands at $120.9B, placing it among large-cap names.
Balance sheet quality for MPC: debt-to-equity ratio of 1.80, current ratio of 1.25 over the last 12 months, net debt of $30.69B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $4.77B represents 118% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $63.34B | $74.73B | $86.09B | $111.15B | $69.78B | $119.98B | $177.45B | $148.38B | $138.86B | $132.70B |
| Cost of Revenue | $58.82B | $69.20B | $79.22B | $102.45B | $69.11B | $113.37B | $154.89B | $131.87B | $129.58B | $122.70B |
| Gross Profit | $4.52B | $5.53B | $6.87B | $8.70B | $671.0M | $6.61B | $22.57B | $16.51B | $9.29B | $10.00B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.60B | $1.69B | $2.28B | $3.19B | $2.71B | $2.54B | $2.77B | $3.04B | $3.22B | $3.35B |
| Operating Expenses | $2.14B | $1.51B | $2.18B | $4.23B | $12.92B | $2.31B | $3.60B | $3.92B | $4.04B | $4.23B |
| Operating Income | $2.39B | $4.02B | $4.69B | $4.46B | -$12.25B | $4.30B | $18.97B | $12.59B | $5.25B | $5.77B |
| EBITDA | $4.36B | $6.08B | $6.81B | $7.69B | -$8.90B | $7.45B | $24.88B | $18.56B | $10.60B | $11.68B |
| Interest Expense | $562.0M | $652.0M | $973.0M | $1.26B | $1.37B | $1.30B | $1.22B | $1.28B | $1.34B | $1.41B |
| Pre-tax Income | $1.82B | $3.34B | $3.70B | $3.23B | -$13.61B | $2.82B | $20.47B | $13.99B | $5.96B | $7.01B |
| Income Tax | $609.0M | -$460.0M | $764.0M | $784.0M | -$2.43B | $264.0M | $4.49B | $2.82B | $890.0M | $1.14B |
| Net Income | $1.17B | $3.43B | $2.78B | $2.64B | -$9.83B | $9.74B | $14.52B | $9.68B | $3.44B | $4.05B |
| EPS | $2.22 | $6.77 | $5.36 | $4.00 | -$15.14 | $2.71 | $28.34 | $23.76 | $10.12 | $13.27 |
| EPS (Diluted) | $2.21 | $6.70 | $5.28 | $3.97 | -$15.14 | $2.69 | $28.12 | $23.65 | $10.09 | $13.27 |
| Shares Outstanding (Diluted) | 530.8 M | 512.0 M | 526.0 M | 664.0 M | 649.0 M | 638.0 M | 516.0 M | 409.0 M | 341.0 M | 305.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $34.81B | $32.57B | $34.57B | $51.99B |
| Gross Profit | $2.77B | $2.88B | $3.31B | $8.93B |
| Operating Income | $1.67B | $1.85B | $1.40B | $7.32B |
| EBITDA | $3.58B | $3.58B | $2.03B | $8.25B |
| Net Income | $1.37B | $1.53B | $511.0M | $5.14B |
| EPS | $4.51 | $5.13 | $1.73 | $17.68 |
| EPS (Diluted) | $4.51 | $5.13 | $1.73 | $17.68 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $887.0M | $3.01B | $1.69B | $1.39B | $415.0M | $5.29B | $8.62B | $5.44B | $3.21B | $3.67B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $5.55B | $3.15B | $4.78B | 0 | 0 |
| Receivables | $3.62B | $4.70B | $5.85B | $7.23B | $5.76B | $11.03B | $13.48B | $12.19B | $11.14B | $10.32B |
| Inventory | $5.66B | $5.55B | $9.84B | $9.80B | $8.00B | $8.05B | $8.83B | $9.32B | $9.57B | $10.13B |
| Total Current Assets | $10.40B | $13.40B | $18.02B | $30.46B | $28.29B | $30.50B | $35.24B | $32.13B | $24.45B | $24.78B |
| Property, Plant & Equipment | $25.77B | $26.44B | $45.06B | $42.68B | $40.56B | $38.81B | $36.87B | $36.34B | $36.33B | $38.89B |
| Goodwill | $3.59B | $3.59B | $20.18B | $15.65B | $8.26B | $8.26B | $8.24B | $8.24B | $8.24B | $9.35B |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $2.71B |
| Total Assets | $44.41B | $49.05B | $92.94B | $98.56B | $85.16B | $85.37B | $89.90B | $85.99B | $78.86B | $85.56B |
| Accounts Payable | $5.59B | $8.30B | $9.37B | $11.22B | $7.80B | $13.70B | $15.31B | $13.76B | $13.91B | $12.97B |
| Short-term Debt | $28.0M | $624.0M | $544.0M | $704.0M | $2.85B | $571.0M | $1.07B | $1.95B | $3.05B | $2.37B |
| Total Current Liabilities | $7.15B | $10.48B | $13.22B | $16.95B | $15.66B | $17.90B | $20.02B | $20.15B | $20.83B | $19.68B |
| Long-term Debt | $10.54B | $12.32B | $26.98B | $28.02B | $28.73B | $24.97B | $25.63B | $25.33B | $24.43B | $29.91B |
| Total Liabilities | $23.21B | $27.22B | $47.89B | $55.45B | $54.94B | $51.79B | $54.82B | $54.59B | $54.35B | $61.47B |
| Retained Earnings | $10.21B | $12.86B | $14.76B | $15.99B | $4.65B | $12.90B | $26.14B | $34.56B | $36.85B | $39.75B |
| Total Equity | $13.56B | $14.03B | $35.17B | $33.69B | $22.20B | $26.21B | $27.71B | $24.40B | $17.75B | $17.31B |
| Total Debt | $10.57B | $12.95B | $27.52B | $30.54B | $33.09B | $26.90B | $27.91B | $28.50B | $28.76B | $34.36B |
| Net Debt | $9.69B | $9.94B | $25.84B | $29.14B | $32.68B | $16.07B | $16.14B | $18.28B | $25.55B | $30.69B |
| Working Capital | $3.25B | $2.92B | $4.81B | $13.51B | $12.62B | $12.60B | $15.22B | $11.98B | $3.62B | $5.10B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $2.65B | $3.67B | $2.15B | $7.77B |
| Total Assets | $83.24B | $85.56B | $88.19B | $94.31B |
| Total Liabilities | $59.35B | $61.47B | $64.76B | $68.59B |
| Total Equity | $17.10B | $17.31B | $16.75B | $19.08B |
| Total Debt | $34.20B | $34.36B | $34.33B | $34.29B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.21B | $3.80B | $3.61B | $3.25B | -$9.98B | $11.00B | $16.05B | $11.17B | $5.07B | $4.05B |
| Depreciation & Amortization | $2.00B | $2.11B | $2.17B | $3.23B | $3.38B | $3.36B | $3.21B | $3.31B | $3.34B | $3.25B |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $241.0M | $1.83B | -$559.0M | $365.0M | $269.0M | $931.0M | -$1.67B | $295.0M | $399.0M | -$657.0M |
| Operating Cash Flow | $4.02B | $6.61B | $6.16B | $9.44B | $2.42B | $4.36B | $16.36B | $14.12B | $8.66B | $8.25B |
| Capital Expenditure | -$2.89B | -$2.73B | -$3.18B | -$4.81B | -$2.79B | -$1.46B | -$2.42B | -$1.89B | -$2.53B | -$3.49B |
| Acquisitions | 0 | -$249.0M | -$3.82B | -$129.0M | 0 | 0 | -$818.0M | -$726.0M | -$1.20B | -$2.71B |
| Stock Repurchased | -$197.0M | -$2.37B | -$3.29B | -$1.95B | 0 | -$4.65B | -$11.92B | -$11.57B | -$9.19B | -$3.49B |
| Dividends Paid | -$719.0M | -$773.0M | -$954.0M | -$1.40B | -$1.51B | -$1.48B | -$1.28B | -$1.26B | -$1.15B | -$1.14B |
| Free Cash Flow | $1.12B | $3.88B | $2.98B | $4.63B | -$368.0M | $2.90B | $13.94B | $12.23B | $6.13B | $4.77B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $2.61B | $3.07B | $1.12B | $10.33B |
| Capital Expenditure | -$947.0M | -$1.18B | -$913.0M | -$1.19B |
| Free Cash Flow | $1.66B | $1.89B | $208.0M | $9.14B |
| Dividends Paid | -$276.0M | -$300.0M | -$295.0M | -$290.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +18.0% | +15.2% | +29.1% | -37.2% | +71.9% | +47.9% | -16.4% | -6.4% | -4.4% | |
| Net Income Growth (YoY) | +192.3% | -19.0% | -5.1% | -472.6% | +199.1% | +49.1% | -33.3% | -64.4% | +17.5% | |
| EPS Growth (YoY) | +204.7% | -20.7% | -25.4% | -478.5% | +117.9% | +945.8% | -16.2% | -57.4% | +31.1% | |
| Shares Change (YoY) | -3.5% | +2.7% | +26.2% | -2.3% | -1.7% | -19.1% | -20.7% | -16.6% | -10.6% | |
| FCF Growth (YoY) | +244.9% | -23.2% | +55.5% | -107.9% | +887.0% | +381.4% | -12.3% | -49.8% | -22.3% | |
| Gross Margin | 7.1% | 7.4% | 8.0% | 7.8% | 1.0% | 5.5% | 12.7% | 11.1% | 6.7% | 7.5% |
| Operating Margin | 3.8% | 5.4% | 5.4% | 4.0% | -17.6% | 3.6% | 10.7% | 8.5% | 3.8% | 4.3% |
| EBITDA Margin | 6.9% | 8.1% | 7.9% | 6.9% | -12.8% | 6.2% | 14.0% | 12.5% | 7.6% | 8.8% |
| Net Margin | 1.9% | 4.6% | 3.2% | 2.4% | -14.1% | 8.1% | 8.2% | 6.5% | 2.5% | 3.0% |
| FCF Margin | 1.8% | 5.2% | 3.5% | 4.2% | -0.5% | 2.4% | 7.9% | 8.2% | 4.4% | 3.6% |
| Effective Tax Rate | 33.4% | -13.8% | 20.7% | 24.2% | 17.9% | 9.4% | 21.9% | 20.1% | 14.9% | 16.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.12 | $7.58 | $5.66 | $6.97 | -$0.57 | $4.54 | $27.02 | $29.89 | $17.98 | $15.63 |
| Dividends Per Share | $1.35 | $1.51 | $1.81 | $2.11 | $2.33 | $2.33 | $2.48 | $3.08 | $3.38 | $3.74 |
| Shares Outstanding (Basic) | 530.0 M | 511.9 M | 518.0 M | 659.0 M | 649.0 M | 634.0 M | 512.0 M | 407.0 M | 341.0 M | 305.0 M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 48.71% |
| Return on Invested Capital | 14.22% |
| Return on Assets | 9.07% |
| Gross Margin | 11.62% |
| Operating Margin | 7.95% |
| Net Margin | 5.56% |
Financial Health
| Debt / Equity | 1.80 |
| Current Ratio | 1.25 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.98 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 22.68 | 9.75 | 11.00 | 15.06 | -2.73 | 23.61 | 4.11 | 6.24 | 13.78 | 12.26 |
| P/B | 1.97 | 2.41 | 0.87 | 1.18 | 1.21 | 1.55 | 2.15 | 2.47 | 2.68 | 2.86 |
| P/S | 0.42 | 0.45 | 0.36 | 0.36 | 0.38 | 0.34 | 0.34 | 0.41 | 0.34 | 0.37 |
| Gross Margin | 7.1% | 7.4% | 8.0% | 7.8% | 1.0% | 5.5% | 12.7% | 11.1% | 6.7% | 7.5% |
| Operating Margin | 3.8% | 5.4% | 5.4% | 4.0% | -17.6% | 3.6% | 10.7% | 8.5% | 3.8% | 4.3% |
| Net Margin | 1.9% | 4.6% | 3.2% | 2.4% | -14.1% | 8.1% | 8.2% | 6.5% | 2.5% | 3.0% |
Related companies: VLO · PSX · DINO · PBF
Explore sector: Energy · Oil & Gas Refining & Marketing
More sections of MPC: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks