Marathon Petroleum (MPC) financial statements
Marathon Petroleum reported revenue of $132.7B in fiscal 2025, up 8.6% a year over 9 years.
Net income was $4.0B and the operating margin 6.2%, against 3.8% in 2016.
Free cash flow was $4.8B, and the company returned $1.1B in dividends and $3.5B in net buybacks.
The diluted share count fell 42% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Marathon Petroleum's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $63.3B | $74.7B | $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 |
| Gross profit | $6.6B | $7.6B | $9.0B | $11.9B | $4.0B | $10.0B | $25.8B | $19.8B | $12.6B | $13.3B |
| Selling, general and admin | $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 | $564M | $674M | $993M | $1.2B | $1.4B | $1.5B | $1.0B | $525M | $839M | $1.3B |
| Pre-tax income | $1.8B | $3.3B | $3.7B | $3.2B | -$13.6B | $2.8B | $20.5B | $14.0B | $6.0B | $7.0B |
| Income tax | $609M | -$460M | $764M | $784M | -$2.4B | $264M | $4.5B | $2.8B | $890M | $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 | 530M | 512M | 526M | 664M | 649M | 638M | 516M | 409M | 341M | 306M |
| Gross margin | 10.4% | 10.2% | 10.5% | 10.7% | 5.8% | 8.3% | 14.5% | 13.4% | 9.1% | 10.0% |
| Operating margin | 3.8% | 5.4% | 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% |
Balance sheet
Fiscal years, from Marathon Petroleum's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $887M | $3.0B | $1.7B | $1.4B | $415M | $10.8B | $11.8B | $10.2B | $3.2B | $3.7B |
| 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 |
| Total current assets | $10.4B | $13.4B | $18.0B | $30.5B | $28.3B | $30.5B | $35.2B | $32.1B | $24.4B | $24.8B |
| Property, plant and equipment | $25.8B | $26.4B | $45.1B | $40.9B | $39.0B | $37.4B | $35.7B | $35.1B | $35.0B | $37.4B |
| 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 |
| Total current liabilities | $7.1B | $10.5B | $13.2B | $16.9B | $15.7B | $17.9B | $20.0B | $20.1B | $20.8B | $19.7B |
| Long-term debt | $10.5B | $12.3B | $27.0B | $28.0B | $28.7B | $25.0B | $25.6B | $25.3B | $24.4B | $30.5B |
| 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 |
| Net debt | $9.7B | $9.9B | $25.8B | $27.3B | $31.2B | $20.2B | $18.1B | $21.8B | $24.3B | $29.2B |
Cash flow
Fiscal years, from Marathon Petroleum's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -$368M | $2.9B | $13.9B | $12.2B | $6.1B | $4.8B |
| Stock-based compensation | $45M | $51M | $127M | $153M | $100M | $88M | $153M | $211M | $137M | $160M |
| Dividends paid | $719M | $773M | $954M | $1.4B | $1.5B | $1.5B | $1.3B | $1.3B | $1.2B | $1.1B |
| Share buybacks (net) | -$197M | -$2.4B | -$3.3B | -$1.9B | $0 | -$4.7B | -$11.9B | -$11.6B | -$9.2B | -$3.5B |
| Free cash flow margin | 1.8% | 5.2% | 3.5% | 4.2% | -0.5% | 2.4% | 7.9% | 8.2% | 4.4% | 3.6% |
| Dividends per share | $1.36 | $1.51 | $1.81 | $2.11 | $2.33 | $2.33 | $2.48 | $3.08 | $3.38 | $3.73 |
Questions
What was Marathon Petroleum's revenue in 2025?
$132.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Marathon Petroleum generate?
$4.8B in fiscal 2025 (operating cash flow minus capital spending).
From Marathon Petroleum's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.