Marathon Petroleum Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Marathon Petroleum Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	63,277	74,733	86,086	111,148	69,779	119,983	177,453	148,379	138,864	132,699
Cost of revenue	56,676	67,089	77,047	99,228	65,733	110,008	151,671	128,566	126,240	119,446
Gross profit	6,601	7,644	9,039	11,920	4,046	9,975	25,782	19,813	12,624	13,253
Selling, general and administrative	1,597	1,694	2,276	3,192	2,710	2,537	2,772	3,039	3,221	3,349
Operating income	2,386	4,018	4,690	4,462	-12,247	4,300	21,469	14,514	6,796	8,291
Interest expense	602	688	1,025	1,389	1,462	1,340	1,299	1,325	1,365	1,489
Interest income	6	27	87	40	9	14	191	530	376	159
Pre-tax income	1,822	3,344	3,697	3,233	-13,612	2,817	20,469	13,989	5,957	7,015
Income tax	609	-460	764	784	-2,430	264	4,491	2,817	890	1,137
Net income	1,174	3,432	2,780	2,637	-9,826	9,738	14,516	9,681	3,445	4,047
EBITDA	4,387	6,132	6,860	7,687	-8,872	7,664	24,684	17,821	10,133	11,542
EPS, basic	2.22	6.76	5.36	4.00	-15.13	15.34	28.31	23.73	10.11	13.24
EPS, diluted	2.21	6.70	5.28	3.97	-15.13	15.24	28.12	23.63	10.08	13.22
Shares, basic (weighted)	528	507	518	659	649	634	512	407	340	305
Shares, diluted (weighted)	530	512	526	664	649	638	516	409	341	306
Dividend per share	1.36	1.52	1.84	2.12	2.32	2.32	2.49	3.08	3.39	3.73

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	887	3,011	1,687	1,393	415	5,291	8,625	5,443	3,210	3,672
Short-term investments						5,548	3,145	4,781	0
Receivables	3,617	4,695	5,853	7,233	5,760	11,034	13,477	12,187	11,145	10,317
Inventory	5,656	5,550	9,837	9,804	7,999	8,055	8,827	9,317	9,568	10,129
Other current assets	241	145	646	893	2,724	568	1,168	403	524	662
Total current assets	10,401	13,401	18,023	30,458	28,287	30,496	35,242	32,131	24,447	24,780
Property, plant and equipment	25,765	26,443	45,058	40,870	39,035	37,440	35,657	35,112	35,028	37,397
Lease right-of-use assets			0	1,806	1,521	1,372	1,214	1,233	1,300	1,493
Goodwill	3,587	3,586	15,834	15,650	8,256	8,256	8,244	8,244	8,244	9,354
Intangible assets	725	631	3,314	2,806	2,360	2,135	1,876	1,765	1,774	2,714
Other non-current assets	833	830	3,777	3,204	2,637	2,400	3,081	3,007	1,208	1,422
Total assets	44,413	49,047	92,940	98,556	85,158	85,373	89,904	85,987	78,858	83,955
Accounts payable	5,593	8,297	9,366	11,222	7,803	13,700	15,312	13,761	13,906	12,974
Accrued liabilities	530	591	1,152	987	732	911	967	1,115	1,096	1,107
Short-term debt	28	624	544	704	2,854	571	1,066	1,954	3,049	2,371
Total current liabilities	7,146	10,478	13,216	16,948	15,663	17,898	20,020	20,150	20,827	19,678
Long-term debt	10,544	12,322	26,980	28,020	28,730	24,968	25,634	25,329	24,432	30,505
Lease liabilities			0	1,300	1,014	927	841	764	860	993
Total liabilities	23,210	27,219	47,887	55,449	54,938	51,792	54,817	54,588	54,352	59,869
Total debt	11,069	13,418	27,980	29,168	32,044	25,948	27,080	27,620	27,797	33,305
Paid-in capital	11,060	11,262	33,729	33,157	33,208	33,262	33,402	33,465	33,624	33,685
Retained earnings	10,206	12,864	14,755	15,990	4,650	12,905	26,142	34,562	36,848	39,751
Treasury stock	-7,482	-9,869	-13,175	-15,143	-15,157	-19,904	-31,841	-43,502	-52,623	-56,027
Other comprehensive income	-234	-231	-144	-320	-512	-67	2	-131	-114	-105
Shareholders' equity	13,557	14,033	35,175	33,694	22,199	26,206	27,715	24,404	17,745	17,314
Minority interests	6,646	6,795	8,874	8,445	7,053	6,410	6,404	6,100	6,558	6,772
Total equity	20,203	20,828	44,049	42,139	29,252	32,616	34,119	30,504	24,303	24,086
Total liabilities and equity	44,413	49,047	92,940	98,556	85,158	85,373	89,904	85,987	78,858	83,955

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,213	3,804	3,606	3,255	-9,977	11,001	16,050	11,172	5,067	5,878
Depreciation and amortization	2,001	2,114	2,170	3,225	3,375	3,364	3,215	3,307	3,337	3,251
Stock-based compensation	45	51	127	153	100	88	153	211	137	160
Deferred income tax	394	-1,233	14	807	-241	-169	290	-28	-124	282
Change in receivables	-674	-1,093	1,277	-1,717	1,465	-5,299	-2,858	2,109	1,117	890
Change in inventory	-70	106	965	-362	1,750	-33	-787	-489	-270	-596
Change in payables	985	2,814	-2,801	2,453	-2,927	6,260	1,972	-1,318	-438	-776
Cash from operations	4,017	6,612	6,158	9,441	2,419	4,360	16,361	14,117	8,665	8,253
Capital expenditures	-2,892	-2,732	-3,179	-4,810	-2,787	-1,464	-2,420	-1,890	-2,533	-3,486
Acquisitions	0	-249	-3,822	-129	0	0	-413	-246	-688	-3,316
Purchases of investments				0	0	-12,498	-6,023	-8,622	-2,949	0
Sales and maturities of investments				0	0	5,406	7,159	5,048	4,526	0
Cash from investing	-2,967	-3,398	-7,670	-6,261	-3,257	14,797	623	-3,095	1,534	-5,867
Stock issued	11	46	24	10	11	106	243	62	25	24
Share buybacks	-197	-2,372	-3,287	-1,950	0	-4,654	-11,922	-11,572	-9,189	-3,488
Dividends paid	-719	-773	-954	-1,398	-1,510	-1,484	-1,279	-1,261	-1,154	-1,140
Cash from financing	-1,294	-1,091	222	-3,376	-135	-14,419	-13,647	-14,207	-12,434	-1,924
Net change in cash	-240	2,124	-1,290	-196	-973	4,738	3,337	-3,185	-2,235	462
Free cash flow	1,125	3,880	2,979	4,631	-368	2,896	13,941	12,227	6,132	4,767
Interest paid	478	525	887	1,168	1,235	1,231	1,060	1,200	1,247	1,219
Income taxes paid	140	904	424	491	-179	2,436	4,869	2,751	732	406

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $393.52 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	12.5%	Gross profit / revenue.
Operating margin	9.2%	Operating income / revenue.
EBITDA margin	11.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.3%	Pre-tax income / revenue.
Net margin	5.6%	Net income / revenue.
FCF margin	8.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.2%	Cash from operations / revenue.
Effective tax rate	19.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	44.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.1%	Net income / average total assets.
Return on invested capital (ROIC)	25.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	2.3%	Selling, general and administrative expense / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-19.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	26.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	22.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-27.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	13.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-22.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	17.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-34.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	31.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-22.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-4.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-20.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	27.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-22.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-30.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	10.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-14.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-10.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-16.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-14.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.25x	Current assets / current liabilities.
Quick ratio	0.86x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.28x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.74x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.3%	Total debt / total assets.
Liabilities / assets	72.7%	Total liabilities / total assets.
Net debt	$25.49B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.46x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.67x	Operating income / interest expense.
Working capital	$6.87B	Current assets - current liabilities.
Goodwill and intangibles / assets	12.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$7.15B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.63x	Revenue / average total assets.
Fixed asset turnover	4.05x	Revenue / average property, plant and equipment.
Inventory turnover	13.5x	Cost of revenue / average inventory.
Days inventory	27 days	365 x average inventory / cost of revenue.
Receivables turnover	9.76x	Revenue / average receivables.
Days sales outstanding	37 days	365 x average receivables / revenue.
Days payables	52 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	12 days	Days inventory + days sales outstanding - days payables.
FCF conversion	150.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$29.50	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$529.58	Revenue / diluted weighted shares.
FCF per share	$44.48	Free cash flow / diluted weighted shares.
Operating cash flow per share	$59.06	Cash from operations / diluted weighted shares.
Book value per share	$65.78	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$24.65	Tangible book value / shares outstanding.
Cash per share	$26.79	(Cash + short-term investments) / shares outstanding.
Payout ratio	13.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	9.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	38.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$110.51B	Share price x shares outstanding.
Enterprise value	$136.00B	Market cap + total debt - cash - short-term investments.
P/E	12.9x	Market cap / net income. Only when net income is positive.
P/S	0.72x	Market cap / revenue.
P/B	5.79x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	15.5x	Market cap / tangible book value, when positive.
P/FCF	8.57x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.45x	Market cap / cash from operations, when positive.
EV/Sales	0.89x	Enterprise value / revenue.
EV/EBIT	9.62x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.79x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.7%	Free cash flow / market cap.
Earnings yield	7.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	5.5%	(Dividends paid + share buybacks) / market cap.

What was Marathon Petroleum Corp's revenue in fiscal 2025?

Marathon Petroleum Corp reported revenue of $132.70B for fiscal 2025, 4.4% lower than the year before.

Was Marathon Petroleum Corp profitable in fiscal 2025?

Yes. Net income was $4.05B, a net margin of 3%.

How much free cash flow did Marathon Petroleum Corp generate in fiscal 2025?

Cash from operations of $8.25B minus capital expenditures of $3.49B left free cash flow of $4.77B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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