MPCMarathon Petroleum

Energy · Oil Refining · NYSE

MPC has nearly 140 years of history in the energy business, and is a leading, integrated, downstream and midstream energy company. 10-K, Item 1

Employees: 18,500
Headquarters: Findlay, OH
CEO: Maryann T. Mannen
Next results: around Feb 2, 2027

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RevenueFY2016–25 $132.7B−4.4% FY2024: $138.9B 10-K FY2025 · XBRL Net incomeFY2016–25 $4.0B+17.5% FY2024: $3.4B 10-K FY2025 · XBRL Free cash flowFY2016–25 $4.8B−22.3% FY2024: $6.1B 10-K FY2025 · XBRL Operating marginFY2016–25 6.2%+1.4 pts 3.8% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 26, 2026 against Feb 27, 2025

Area	What changed	Source
Risk factors	5 new paragraphs, nothing like them in the previous 10-K	10-K Item 1A
Inventory growing faster than revenue	Inventory +5.9% vs revenue -4.4% (+10.3 pts)	10-K · XBRL
Critical audit matters changed	New this year: Acquisition of Northwind Midstream - Valuation of Intangibles (“As described in Note 5 to the consolidated financial statements, on August 29, 2025, the Company completed the acquisition of 100 percent of Northwind Midstream for $2.4 billion in cash. Of the total assets acquired, $951 million relates to intangibles. The fair value of the identifiable intangible ”). No longer listed: T able of Contents; Goodwill Impairment Test - Crude Gathering Reporting Unit	10-K · XBRL
Accounting checks	9 other checks clear, 2 worth a look	10-K · XBRL
Insiders	No open-market buys in the last 90 days	Form 4
Filings	3 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 26, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-27. Quoted as filed.

Our assets are subject to acute physical risks, such as floods, hurricane-force winds, wildfires, winter storms, and earth movement in variable, steep and rugged terrain and terrain with varied or changing subsurface conditions, and chronic physical
10-K, Item 1A

All 5 new paragraphs →

Accounting checks

latest 10-K

9 of 11 clear 2 worth a look. Checks, not verdicts.

!
Inventory growing faster than revenueInventory +5.9% vs revenue -4.4% (+10.3 pts)
!
Critical audit matters changedNew this year: Acquisition of Northwind Midstream - Valuation of Intangibles (“As described in Note 5 to the consolidated financial statements, on August 29, 2025, the Company completed the acquisition of 100 percent of Northwind Midstream for $2.4 billion in cash. Of the total assets acquired, $951 million relates to intangibles. The fair value of the identifiable intangible ”). No longer listed: T able of Contents; Goodwill Impairment Test - Crude Gathering Reporting Unit
✓
Receivables -7.4% vs revenue -4.4% (-3.0 pts)
✓
Cash from operations $8.3B vs net income $4.0B (FY ending 2025-12-31)
✓
Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Nov 3, 20268-K Quarterly results 8-K item 2.02
Nov 3, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026
Oct 29, 20268-K Director or officer change, Other events 8-K items 5.02, 8.01

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