FirmAtlas
Company handbook · MPC · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
MPC · CIK 1510295 · LATEST FILING: 10-Q JUN '26 · FILED AUG 4, 2026
Marathon Petroleum Corporation
$478.07
+1.15 (+0.24%)
Close, Oct 16, 2026 · 52-week $162–485
Last fiscal year
Marathon Petroleum Corporation reported revenue of $132.7B for the year ended Dec 31, 2025 (FY25), down 4.4% from FY24. Net income was $4.0B, operating cash flow $8.3B and free cash flow $4.8B. Source: 10-K filed Feb 26, 2026.
Market cap
$146.3B
P/E
17.1
EV/EBITDA
15.2x
P/B
7.7
Div yield
0.84%
ROIC
15.6%
Revenue 1Y
−4.4%/yr
EPS 1Y
31.2%/yr
Shares 1Y
−10%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMaryann T. Mannen
HQFindlay, OH
AuditorPricewaterhouseCoopers LLP
Employees18,500
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
27.6%
48.2%
46.9%
163.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$25.0B deployed
Capex
$6.0B
24.1%
Acquisitions
$4.0B
16.0%
Dividends
$2.3B
9.2%
Buybacks
$12.7B
50.7%
Operating cash flow over the period: $16.9B. Total debt changed by +$5.5B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
138,864
132,699−4.4%
153,577
YoY
−4.4%
Gross profit
12,624
13,253+5.0%
19,191
Gross margin
9.1%
10.0%+0.9 pp
—
Operating income
6,796
8,291+22.0%
14,133
Operating margin
4.9%
6.2%+1.4 pp
—
EBITDA
10,133
11,542+13.9%
—
EBITDA margin
7.3%
8.7%+1.4 pp
—
Interest expense
1,365
1,489+9.1%
—
Interest coverage
7.42x
7.75x+0.33x
—
Net income
3,445
4,047+17.5%
8,554
YoY
+17.5%
Net margin
2.5%
3.0%+0.6 pp
—
EPS (diluted, $)
10.08
13.22+31.2%
28.99
YoY
+31.2%
Balance sheet
Total assets
78,858
83,955+6.5%
94,310
Cash & short-term investments
3,211
3,673+14.4%
—
Accounts receivable
11,145
10,317−7.4%
—
Inventory
9,568
10,129+5.9%
—
Net PP&E
35,028
37,397+6.8%
—
Other assets
19,906
22,439+12.7%
—
Total liabilities
61,113
66,641+9.0%
75,233
Accounts payable
13,906
12,974−6.7%
—
Total debt
27,797
33,305+19.8%
33,255
Other liabilities
19,410
20,362+4.9%
—
Shareholders’ equity
17,745
17,314−2.4%
19,077
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
8,665
8,253−4.8%
17,126
Net income
5,067
5,878+16.0%
—
Depreciation & amortization
3,337
3,251−2.6%
—
Stock-based compensation
137
160+16.8%
—
Working capital & other
124
(1,036)−935.5%
—
Cash from investing
1,534
(5,867)−482.5%
—
Capex
(2,533)
(3,486)n/m
—
Acquisitions
(688)
(3,316)n/m
—
Investments bought
(2,949)
0n/m
—
Investments sold / matured
4,526
0−100.0%
—
Other investing
3,178
935−70.6%
—
Cash from financing
(12,434)
(1,924)n/m
—
Debt repaid
(1,984)
(6,463)n/m
—
Dividends
(1,154)
(1,140)n/m
—
Buybacks
(9,189)
(3,488)n/m
—
Shares issued
25
24−4.0%
—
Other financing
(132)
9,143n/m
—
Net change in cash
(2,235)
462n/m
—
Free cash flow (OCF − capex)
6,132
4,767−22.3%
12,899
Where the cash went
Operating cash flow
8,665
8,253−4.8%
17,126
Reinvested in the business
3,221
6,802+111.2%
—
% of operating cash flow
37.2%
82.4%
Capex
2,533
3,486+37.6%
4,227
Acquisitions
688
3,316+382.0%
—
Free cash flow
6,132
4,767−22.3%
12,899
YoY
−22.3%
Returned to shareholders
10,343
4,628−55.3%
—
% of free cash flow
168.7%
97.1%
Dividends
1,154
1,140−1.2%
—
Buybacks
9,189
3,488−62.0%
—
Change in total debt
—
5,508
—
Cash left over
—
2,331
—
FCF conversion (FCF ÷ net income)
178.0%
117.8%−60.2 pp
—
Owner earnings
—
3,147
—
Owner earnings margin
—
2.4%
—
Buyback yield
19.3%
7.0%−12.3 pp
—
Returns & ratios
ROIC (all capital)
13.7%
15.6%+1.9 pp
—
ROIC (operating)
13.8%
16.0%+2.2 pp
—
Net debt / EBITDA
2.43x
2.57x+0.14x
—
Debt / equity
1.57x
1.92x+0.36x
—
Cash conversion cycle (days)
17
20+3 d
—
ROE
19.4%
23.4%+4.0 pp
—
ROA
4.4%
4.8%+0.5 pp
—
ROCE
11.7%
12.9%+1.2 pp
—
NOPAT
5,781
6,947+20.2%
—
Invested capital (operating)
41,835
44,869+7.3%
—
Invested capital (all)
42,331
46,946+10.9%
—
Reinvestment rate
—
43.7%
—
Debtor days
29
28−1 d
—
Inventory days
28
31+3 d
—
Days payable
40
40−1 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
34,809
32,574
34,200
51,994
vs year-ago quarter
Gross profit
3,609
3,713
2,939
8,930
Gross margin
10.4%
11.4%
8.6%
17.2%
Operating income
2,713
2,694
1,404
7,322
Net income
1,370
1,535
511
5,138
vs year-ago quarter
Net margin
3.9%
4.7%
1.5%
9.9%
EPS (diluted, $)
4.51
5.02
1.73
17.73
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
83,240
83,955
88,187
94,310
Cash & equivalents
2,654
3,673
2,151
7,768
Total debt
33,282
33,305
33,272
33,255
Shareholders’ equity
17,097
17,314
16,753
19,077
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
2,609
3,069
1,121
10,327
Capex
947
1,181
913
1,186
Free cash flow
1,662
1,888
208
9,141
vs year-ago quarter