Marathon Petroleum
MPC · NYSEPetroleum Refining · Fiscal year ends Dec 31
Marathon Petroleum reported revenue of $133B in the fiscal year ended Dec 2025, down 4.4% from the year before. Operating income was $8.3B, an operating margin of 6.2%, and net income was $4B. Operating cash flow of $8.3B less capital expenditure of $3.5B left free cash flow of $4.8B. Net debt was $29.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $120B | $177B | $148B | $139B | $133B |
| Cost of revenue | $110B | $152B | $129B | $126B | $119B |
| Gross profit | $10B | $25.8B | $19.8B | $12.6B | $13.3B |
| Selling, general & admin | $2.5B | $2.8B | $3B | $3.2B | $3.3B |
| Operating income | $4.3B | $21.5B | $14.5B | $6.8B | $8.3B |
| Interest expense | $1.3B | $1.3B | $1.3B | $1.4B | $1.5B |
| Pre-tax income | $2.8B | $20.5B | $14B | $6B | $7B |
| Income tax | $264M | $4.5B | $2.8B | $890M | $1.1B |
| Net income | $9.7B | $14.5B | $9.7B | $3.4B | $4B |
| Diluted EPS | 15.24 | 28.12 | 23.63 | 10.08 | 13.22 |
| Diluted shares | 638M | 516M | 409M | 341M | 306M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $5.3B | $8.6B | $5.4B | $3.2B | $3.7B |
| Receivables | $11B | $13.5B | $12.2B | $11.1B | $10.3B |
| Inventory | $8.1B | $8.8B | $9.3B | $9.6B | $10.1B |
| Current assets | $30.5B | $35.2B | $32.1B | $24.4B | $24.8B |
| Goodwill | $8.3B | $8.2B | $8.2B | $8.2B | $9.4B |
| Total assets | $85.4B | $89.9B | $86B | $78.9B | $84B |
| Payables | $13.7B | $15.3B | $13.8B | $13.9B | $13B |
| Deferred revenue | – | – | – | $515M | $215M |
| Current liabilities | $17.9B | $20B | $20.2B | $20.8B | $19.7B |
| Short-term debt | $571M | $1.1B | $2B | $3B | $2.4B |
| Long-term debt | $25B | $25.6B | $25.3B | $24.4B | $30.5B |
| Total liabilities | $51.8B | $54.8B | $54.6B | $54.4B | $59.9B |
| Shareholders' equity | $26.2B | $27.7B | $24.4B | $17.7B | $17.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4.4B | $16.4B | $14.1B | $8.7B | $8.3B |
| Capital expenditure | $1.5B | $2.4B | $1.9B | $2.5B | $3.5B |
| Free cash flow | $2.9B | $13.9B | $12.2B | $6.1B | $4.8B |
| Depreciation & amortisation | $3.4B | $3.2B | $3.3B | $3.3B | $3.3B |
| Stock-based compensation | $88M | $153M | $211M | $137M | $160M |
| Acquisitions | $0 | $413M | $246M | $688M | $3.3B |
| Share buybacks | $4.7B | $11.9B | $11.6B | $9.2B | $3.5B |
| Dividends paid | $1.5B | $1.3B | $1.3B | $1.2B | $1.1B |
| Dividend per share | 2.32 | 2.49 | 3.08 | 3.38 | 3.73 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 47.9% | −16.4% | −6.4% | −4.4% |
| Operating income growth (YoY) | – | 399.3% | −32.4% | −53.2% | 22.0% |
| EPS growth (YoY) | – | 84.5% | −16.0% | −57.3% | 31.2% |
| Gross margin | 8.3% | 14.5% | 13.4% | 9.1% | 10.0% |
| Operating margin | 3.6% | 12.1% | 9.8% | 4.9% | 6.2% |
| Net margin | 8.1% | 8.2% | 6.5% | 2.5% | 3.0% |
| Return on equityBlank when equity is negative | 37.2% | 52.4% | 39.7% | 19.4% | 23.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.4% | 30.7% | 22.0% | 11.7% | 12.9% |
| Free cash flow margin | 2.4% | 7.9% | 8.2% | 4.4% | 3.6% |
| Cash conversion (CFO ÷ net income) | 0.45x | 1.13x | 1.46x | 2.52x | 2.04x |
| Receivable days | 34 | 28 | 30 | 29 | 28 |
| Inventory days | 27 | 21 | 26 | 28 | 31 |
| Payable days | 45 | 37 | 39 | 40 | 40 |
| Interest cover | 3.21x | 16.5x | 11.0x | 4.98x | 5.57x |
| Debt ÷ equity | 0.97x | 0.96x | 1.12x | 1.55x | 1.90x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $20.2B | $18.1B | $21.8B | $24.3B | $29.2B |
| Current ratio | 1.70x | 1.76x | 1.59x | 1.17x | 1.26x |
Recent filings
More in Petroleum Refining
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.