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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

Compare with peers → Embed

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	50.47	Sales (ttm)	174.8B	Net income (ttm)	14.6B	Sales growth	-4.4%	EPS growth	+31.2%	Sales Q/Q	+61.0%
Free cash flow	20.8B	Gross margin	15.9%	Oper. margin	12.5%	Net margin	8.4%	FCF margin	11.9%	ROE	63.0%
ROA	14.3%	R&D / sales	-	Dividend	3.73	Debt/Eq	1.42	Curr. ratio	1.45	Cash	12.8B
Op. cash flow (ttm)	25.2B	EBITDA	11.5B	EBITDA margin	8.7%	Net debt	20.2B	Quick ratio	1.10	Interest cover	5.57
ROIC	12.4%	Payout ratio	28.2%	Tax rate	16.2%	Stock pay / sales	0.1%	Shares out.	272.3M	Shares Y/Y	-10.3%
Book / share	85.24	Cash / share	47.03	Sales / share	641.98	Asset turnover	1.71	Inventory turns	11.79	Days sales out.	28
Sales 3Y CAGR	-9.2%	Sales 5Y CAGR	+13.7%	EPS 3Y CAGR	-22.2%	Employees	18,500	Sales / employee	9.4M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

MPC against Energy peers

Ten years, side by side → · All 21 →

MPCPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 21 companies, the better end on the right. Hover a dot for the company.

Sales growth

-4.4%15th of 21 · median -0.3%

Net margin

8.4%19th of 21 · median 13.5%

Return on equity

63.0%2nd of 21 · median 17.4%

Free cash flow margin

11.9%8th of 14 · median 12.1%

Debt / equity (less is better)

1.4218th of 20 · median 0.41

MPC and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
MPC Marathon Petroleum	$174.8B	-4.4%	15.9%	8.4%	63.0%	11.9%	1.42
CVX Chevron Corporation	$233.3B	-6.8%	42.4%	11.6%	13.9%	14.6%	0.17
PSX Phillips 66	$168.2B	-7.5%	15.1%	7.5%	36.6%	-	0.54
VLO Valero Energy	$153.3B	-5.5%	12.3%	8.4%	46.3%	-	0.39
COP ConocoPhillips	$67.7B	+7.7%	51.0%	17.1%	17.5%	-	0.35
OKE Oneok	$43.2B	+55.0%	25.2%	9.4%	17.4%	5.9%	1.22

FY2021FY2022FY2023FY2024FY2025

From $120.0B of sales to $9.7B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $177.5B of sales to $14.5B of profit

FY2022, from the 10-K income statement

Swipe sideways for the whole flow →

From $148.4B of sales to $9.7B of profit

FY2023, from the 10-K income statement

Swipe sideways for the whole flow →

From $138.9B of sales to $3.4B of profit

FY2024, from the 10-K income statement

Swipe sideways for the whole flow →

From $132.7B of sales to $4.0B of profit

FY2025, from the 10-K income statement

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$92$8

FY2022

$85$8

FY2023

$87

FY2024

$91

FY2025

$90

Cost of revenue
Sales, admin & other
Net profit
Tax & other

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3

!
Net margin below the peer median8.4% vs 13.5%
✓
Return on equity above 15%63.0%
!
A profit in 9 of 10 years

Net margin, FY2016 to FY2025: 1.9% → 3.0%

Balance sheet

3 of 4

✓
Interest covered more than 5 timesOperating income is 5.6× interest expense
!
Debt larger than equityDebt / equity 1.42 on the latest balance sheet (peer median 0.41)
✓
Current assets cover current liabilitiesCurrent ratio 1.45
✓
Net debt under 3 years of free cash flow$20.2B net debt, 1.0 years

Debt / equity at each year end, FY2016 to FY2025: 0.78 → 1.90

What the debt is made of ↓

Cash and shareholders

3 of 4

!
Free cash flow positive in 9 of 10 years$4.8B last year
✓
Share count down over 5 years−52.9%
✓
Dividend per share up over 5 years$2.32 → $3.73
✓
Cash from operations above net income$8.3B vs $4.0B

Free cash flow, FY2016 to FY2025: 1.1B → 4.8B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. This company's debt note has no tagged lines yet, so fixed or floating rate is not shown. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 132.7B Net income 4.0B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

MPC's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue132.7B

Net income4.0B

Free cash flow4.8B

EPS (diluted)13.22

Dividend per share3.73

Diluted shares306.0M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Refining And Marketing	124.3B	93.7%	-5.7%
Midstream	11.5B	8.7%	+4.9%
Renewable Diesel	2.8B	2.1%	+34.5%

10-K 0001510295-26-000009, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	63.4B	75.4B	86.1B	111.1B	69.8B	120.0B	177.5B	148.4B	138.9B	132.7B
Cost of revenue	56.7B	67.1B	77.0B	99.2B	65.7B	110.0B	151.7B	128.6B	126.2B	119.4B
SG&A	1.6B	1.7B	2.3B	3.2B	2.7B	2.5B	2.8B	3.0B	3.2B	3.3B
Operating income	2.4B	4.0B	4.7B	4.5B	-12.2B	4.3B	21.5B	14.5B	6.8B	8.3B
Interest expense	602.0M	688.0M	1.0B	1.4B	1.5B	1.3B	1.3B	1.3B	1.4B	1.5B
Pretax income	1.8B	3.3B	3.7B	3.2B	-13.6B	2.8B	20.5B	14.0B	6.0B	7.0B
Income tax	609.0M	-460.0M	764.0M	784.0M	-2.4B	264.0M	4.5B	2.8B	890.0M	1.1B
Net income	1.2B	3.4B	2.8B	2.6B	-9.8B	9.7B	14.5B	9.7B	3.4B	4.0B
EPS (diluted)	2.21	6.70	5.28	3.97	-15.13	15.24	28.12	23.63	10.08	13.22
Diluted shares	530.0M	512.0M	526.0M	664.0M	649.0M	638.0M	516.0M	409.0M	341.0M	306.0M
Depreciation & amortization	2.0B	2.1B	2.2B	3.2B	3.4B	3.4B	3.2B	3.3B	3.3B	3.3B
EBITDA	4.4B	6.1B	6.9B	7.7B	-8.9B	7.7B	24.7B	17.8B	10.1B	11.5B
Operating margin	3.8%	5.3%	5.4%	4.0%	-17.6%	3.6%	12.1%	9.8%	4.9%	6.2%
Net margin	1.9%	4.6%	3.2%	2.4%	-14.1%	8.1%	8.2%	6.5%	2.5%	3.0%
Revenue growth	-	+18.9%	+14.2%	+29.1%	-37.2%	+71.9%	+47.9%	-16.4%	-6.4%	-4.4%
EPS growth	-	+203%	-21.2%	-24.8%	-481%	-	+84.5%	-16.0%	-57.3%	+31.2%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	887.0M	3.0B	1.7B	1.4B	415.0M	5.3B	8.6B	5.4B	3.2B	3.7B
Short-term investments	-	-	-	-	-	5.5B	3.1B	4.8B	0	0
Receivables	3.6B	4.7B	5.9B	7.2B	5.8B	11.0B	13.5B	12.2B	11.1B	10.3B
Inventory	5.7B	5.5B	9.8B	9.8B	8.0B	8.1B	8.8B	9.3B	9.6B	10.1B
Current assets	10.4B	13.4B	18.0B	30.5B	28.3B	30.5B	35.2B	32.1B	24.4B	24.8B
Property & equipment	25.8B	26.4B	45.1B	40.9B	39.0B	-	-	-	-	-
Goodwill	3.6B	3.6B	15.8B	15.7B	8.3B	8.3B	8.2B	8.2B	8.2B	9.4B
Total assets	44.4B	49.0B	92.9B	98.6B	85.2B	85.4B	89.9B	86.0B	78.9B	84.0B
Accounts payable	5.6B	8.3B	9.4B	11.2B	7.8B	13.7B	15.3B	13.8B	13.9B	13.0B
Current liabilities	7.1B	10.5B	13.2B	16.9B	15.7B	17.9B	20.0B	20.1B	20.8B	19.7B
Total debt	10.5B	12.3B	27.5B	28.7B	31.6B	25.5B	26.7B	27.3B	27.5B	32.9B
Total liabilities	23.2B	27.2B	47.9B	55.4B	54.9B	51.8B	54.8B	54.6B	54.4B	59.9B
Shareholders' equity	13.6B	14.0B	35.2B	33.7B	22.2B	26.2B	27.7B	24.4B	17.7B	17.3B
Retained earnings	10.2B	12.9B	14.8B	16.0B	4.7B	12.9B	26.1B	34.6B	36.8B	39.8B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	4.0B	6.6B	6.2B	9.4B	2.4B	4.4B	16.4B	14.1B	8.7B	8.3B
Capital spending	2.9B	2.7B	3.2B	4.8B	2.8B	1.5B	2.4B	1.9B	2.5B	3.5B
Free cash flow	1.1B	3.9B	3.0B	4.6B	-368.0M	2.9B	13.9B	12.2B	6.1B	4.8B
Stock-based pay (added back)	45.0M	51.0M	127.0M	153.0M	100.0M	88.0M	153.0M	211.0M	137.0M	160.0M
Dividends paid	719.0M	773.0M	954.0M	1.4B	1.5B	1.5B	1.3B	1.3B	1.2B	1.1B
Buybacks	197.0M	2.4B	3.3B	1.9B	0	4.7B	11.9B	11.6B	9.2B	3.5B
Acquisitions	0	249.0M	3.8B	129.0M	0	0	413.0M	246.0M	688.0M	3.3B
Investing cash flow	-3.0B	-3.4B	-7.7B	-6.3B	-3.3B	14.8B	623.0M	-3.1B	1.5B	-5.9B
Financing cash flow	-1.3B	-1.1B	222.0M	-3.4B	-135.0M	-14.4B	-13.6B	-14.2B	-12.4B	-1.9B
Dividend per share	1.36	1.52	1.84	2.12	2.32	2.32	2.49	3.08	3.38	3.73

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	45.0M	51.0M	127.0M	153.0M	100.0M	88.0M	153.0M	211.0M	137.0M	160.0M
Stock-based pay / revenue	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%
Operating lease cost	-	-	-	660.0M	658.0M	565.0M	490.0M	489.0M	534.0M	541.0M
Operating lease cash paid	-	0	0	642.0M	651.0M	569.0M	498.0M	493.0M	532.0M	530.0M
Finance lease principal paid	-	0	0	48.0M	66.0M	71.0M	79.0M	79.0M	82.0M	108.0M
Right-of-use assets	-	-	0	1.8B	1.5B	1.4B	1.2B	1.2B	1.3B	1.5B
Operating lease liabilities	-	-	0	1.8B	1.5B	1.4B	1.2B	1.2B	1.3B	1.5B
Finance lease liabilities	-	-	649.0M	593.0M	645.0M	598.0M	530.0M	470.0M	724.0M	695.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on MPC in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MPC/export.csv") into a cell.