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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The biggest changes in the 10-K filed 2026-02-26, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Net income

+17.5% Big change FY to 2025-12-31 vs 2024-12-31

“Net income attributable to MPC increased $602 million, or $3.14 per diluted share, in 2025 compared to 2024.”
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“Net income attributable to MPC increased $602 million in 2025 compared to 2024, due to the following:”
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Operating margin

4.9% → 6.2% (+1.4 pts) Big change FY to 2025-12-31 vs 2024-12-31

“increased selling, general and administrative expenses of $182 million primarily due to increased contract services costs of $96 million, office and rent expenses of $31 million and $30 million of expense related to decommissioning of non-operating assets; and”
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Cash from operations

-4.8% FY to 2025-12-31 vs 2024-12-31

“Net cash provided by operating activities decreased $412 million in 2025 compared to 2024, primarily due to an unfavorable change in working capital of $955 million, partially offset by an increase in operating results.”
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Revenue

-4.4% FY to 2025-12-31 vs 2024-12-31

“Total revenues and other income decreased $5.19 billion in 2025 compared to 2024 primarily due to:”
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“decreased sales and other operating revenues of $6.17 billion primarily due to a decrease in average refined product sales prices of $0.18 per gallon, or 8 percent, partially offset by increased refined product sales volumes of 133 mbpd, or 4 percent;”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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.