TICKDELTA
Sign in
Screener / SEC EDGAR /CIK 0001510295 /10-K filed Feb 26, 2026, compared with Feb 27, 2025 /Numbers from the XBRL of the 10-Ks
Energy peers:
VLOCVXMPCOKEPSXCOP
NYSE Energy · Oil Refining

Marathon Petroleum MPC

MPC quote by TradingView

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
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $132.7B through the costs to a net profit of $4.0B · income statement of the 10-K

6% operating margin
Revenue to Gross profit: $13.3BRevenue to Cost of revenue: $119.4BGross profit to Operating profit: $8.3BGross profit to Operating expenses: $5.0BOperating profit to Net profit: $4.0BOperating profit to Tax & other: $4.2B Revenue: $132.7B REVENUE $132.7B −4% Y/Y Gross profit: $13.3B · 10% margin GROSS PROFIT $13.3B 10% margin Cost of revenue: $119.4B · 90% of revenue COST OF REVENUE $119.4B 90% of revenue Operating profit: $8.3B · 6% margin OPERATING PROFIT $8.3B 6% margin · +22% Y/Y Operating expenses: $5.0B · 4% of revenue OPERATING EXPENSES $5.0B 4% of revenue Net profit: $4.0B · 3% margin NET PROFIT $4.0B 3% margin · +17% Y/Y Tax & other: $4.2B · 3% of revenue TAX & OTHER $4.2B 3% of revenue
Gross profit $13.3B 10% margin
Operating profit $8.3B 6% margin · +22% Y/Y
Net profit $4.0B 3% margin · +17% Y/Y
The full income statement, year by year

MPC among Energy peers

Six ratios from the latest 10-K. Each corner is the share of 20 peers the company is above, not a score.

Compare
Revenue growth: -4.4%, above 30% of 20 peers (their median 1.8%) REVENUE GROWTH -4.4% · above 30% Gross margin: 15.9%, above 29% of 7 peers (their median 41.8%) GROSS MARGIN 15.9% · above 29% Operating margin: 12.5%, above 8% of 12 peers (their median 27.3%) OPERATING MARGIN 12.5% · above 8% Net margin: 8.4%, above 10% of 20 peers (their median 14.8%) NET MARGIN 8.4% · above 10% FCF margin: 11.9%, above 46% of 13 peers (their median 12.4%) FCF MARGIN 11.9% · above 46% Return on capital: 12.4%, above 83% of 12 peers (their median 8.4%) RETURN ON CAPITAL 12.4% · above 83%
MPC Peer median Below the median

What changed

5 new risk paragraphs and 2 accounting facts worth reading about. 10-K filed Feb 26, 2026 against Feb 27, 2025.

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.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

2facts worth reading about the other 9 checks found nothing to note

  • Inventory growing faster than revenue
    Inventory +5.9% vs revenue -4.4% (+10.3 pts)
  • 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
  • Receivables -7.4% vs revenue -4.4% (-3.0 pts)
8 more checks with nothing to note
  • Cash from operations $8.3B vs net income $4.0B (FY ending Dec 31, 2025)
  • 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

In their words

5 paragraphs in Risk Factors that were not in the 10-K filed Feb 27, 2025. Quoted as filed.

All 5 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    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
  2. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    In 2025, the U.S. presidential administration announced wide-ranging policy changes and issued numerous executive actions. The U.S. EPA and other federal agencies began proposing and promulgating regulations consistent with the administration’s policy changes. If the federal government relaxes or revokes certain environmental…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    California has also enacted cap-and-invest programs, which set statewide limits on GHG emissions and caps that decline each year. CARB is currently developing regulations to implement the changes to the Cap-and-Invest program. We are unable to estimate the impact of these programs but requirements to drastically reduce GHG emissions in…

New risk paragraphs, against peers

Latest 10-K of each, Energy companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$177.5B$148.4B$138.9B$132.7B
Net income$14.5B$9.7B$3.4B$4.0B
Operating cash flow$16.4B$14.1B$8.7B$8.3B
Free cash flow$13.9B$12.2B$6.1B$4.8B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$132.7B ▼ 4.4% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

3 filings in the last 30 days · SEC EDGAR

All filings

About the company

Marathon Petroleum, Findlay, OH · from the 10-K filed Feb 26, 2026

MPC has nearly 140 years of history in the energy business, and is a leading, integrated, downstream and midstream energy company. We operate one of the nation's largest refining systems with approximately 3.0 million barrels per day of crude oil refining capacity and believe we are one of the largest wholesale suppliers of gasoline and distillates to resellers in the United States. We distribute our refined products through one of the largest terminal operations in the United States and one of the largest private domestic fleets of inland petroleum product barges.

Headquarters
Findlay, OH
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Nov 3, 2026
Incorporated in
DE

Employees, at the top of the page: "As of December 31, 2025, we employed approximately 18,500 people in full-time and part-time roles" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Feb 26, 2026 (open at SEC), compared with the 10-K filed Feb 27, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/MPC/export.csv") into a cell.