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Marathon Petroleum vs Plains GP: revenue, profit, margins and growth compared

Marathon Petroleum brought in $132.7B of revenue in fiscal 2025, Plains GP $44.3B in fiscal 2025. Revenue changed by -4.4% at Marathon Petroleum and -9.5% at Plains GP on the year before, so Marathon Petroleum grew faster. Marathon Petroleum kept 3.0% of its revenue as net profit, Plains GP 0.6%. Free cash flow was $4.8B at Marathon Petroleum and $2.3B at Plains GP.

Side by side, latest fiscal year

MPCPAGP
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$132.7B$44.3B
Revenue growth-4.4%-9.5%
Net income$4B$260M
Net margin3.0%0.6%
Free cash flow$4.8B$2.3B
Free cash flow margin3.6%5.2%
Earnings per share (diluted)$13.22n/a
Cash$3.7B$329M
Debt$33.3B$1.1B
Price to earnings29.8n/a
Market value$110.5B$5.3B
Dividend yield0.95%n/a
Rank by revenue in sector#3 of 129 · Energy#8 of 129 · Energy

Over the years

Revenue
MPC FY2018: $86.1BMPC FY2019: $111.1BMPC FY2020: $69.8BMPC FY2021: $120BMPC FY2022: $177.5BMPC FY2023: $148.4BMPC FY2024: $138.9BMPC FY2025: $132.7BPAGP FY2018: $34.1BPAGP FY2019: $33.7BPAGP FY2020: $23.3BPAGP FY2021: $42.1BPAGP FY2022: $57.3BPAGP FY2023: $47.3BPAGP FY2024: $48.9BPAGP FY2025: $44.3BFY18FY19FY20FY21FY22FY23FY24FY25
MPC $132.7BPAGP $44.3B
Net income
MPC FY2018: $2.8BMPC FY2019: $2.6BMPC FY2020: -$9.8BMPC FY2021: $9.7BMPC FY2022: $14.5BMPC FY2023: $9.7BMPC FY2024: $3.4BMPC FY2025: $4BPAGP FY2018: $334MPAGP FY2019: $331MPAGP FY2020: -$568MPAGP FY2021: $60MPAGP FY2022: $168MPAGP FY2023: $198MPAGP FY2024: $103MPAGP FY2025: $260MFY18FY19FY20FY21FY22FY23FY24FY25
MPC $4BPAGP $260M
Net margin
MPC FY2018: 3.2%MPC FY2019: 2.4%MPC FY2020: -14.1%MPC FY2021: 8.1%MPC FY2022: 8.2%MPC FY2023: 6.5%MPC FY2024: 2.5%MPC FY2025: 3.0%PAGP FY2018: 1.0%PAGP FY2019: 1.0%PAGP FY2020: -2.4%PAGP FY2021: 0.1%PAGP FY2022: 0.3%PAGP FY2023: 0.4%PAGP FY2024: 0.2%PAGP FY2025: 0.6%FY18FY19FY20FY21FY22FY23FY24FY25
MPC 3.0%PAGP 0.6%
Revenue growth
MPC FY2019: +29.1%MPC FY2020: -37.2%MPC FY2021: +71.9%MPC FY2022: +47.9%MPC FY2023: -16.4%MPC FY2024: -6.4%MPC FY2025: -4.4%PAGP FY2019: -1.1%PAGP FY2020: -30.8%PAGP FY2021: +80.7%PAGP FY2022: +36.3%PAGP FY2023: -17.4%PAGP FY2024: +3.3%PAGP FY2025: -9.5%FY19FY20FY21FY22FY23FY24FY25
MPC -4.4%PAGP -9.5%
Free cash flow
MPC FY2018: $3BMPC FY2019: $4.6BMPC FY2020: -$368MMPC FY2021: $2.9BMPC FY2022: $13.9BMPC FY2023: $12.2BMPC FY2024: $6.1BMPC FY2025: $4.8BPAGP FY2018: $970MPAGP FY2019: $1.3BPAGP FY2020: $772MPAGP FY2021: $1.7BPAGP FY2022: $1.9BPAGP FY2023: $2.3BPAGP FY2024: $2BPAGP FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
MPC $4.8BPAGP $2.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about Marathon Petroleum and Plains GP

Which is bigger by revenue, Marathon Petroleum or Plains GP?

Marathon Petroleum is bigger by revenue: $132.7B in fiscal 2025, against $44.3B for Plains GP in fiscal 2025.

Which keeps more of its revenue as profit, Marathon Petroleum or Plains GP?

Marathon Petroleum had a net margin of 3.0% in fiscal 2025; Plains GP had 0.6% in fiscal 2025.

Which grew revenue faster, Marathon Petroleum or Plains GP?

In their latest fiscal years revenue changed by -4.4% at Marathon Petroleum and -9.5% at Plains GP.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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