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MPC

Marathon Petroleum Corporation

MPC

Marathon Petroleum Corporation • NYSE
$193.76 ▲ 1.06% (+2.02)
Market Cap $58.25 B
52w High $202.30
52w Low $115.10
Dividend Yield 4.00%
P/E 20.61
Volume 1.02M
Outstanding Shares 300.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $35.849B ▲ $1.095B ▲ $4.51M ▼ 0.013% ▼ $0.015 ▼ $3.612B ▲
Q2-2025 $33.799B ▲ $1.09B ▲ $1.216B ▲ 3.598% ▲ $3.96 ▲ $3.01B ▲
Q1-2025 $31.517B ▼ $677M ▼ $-74M ▼ -0.235% ▼ $-0.236 ▼ $1.51B ▼
Q4-2024 $33.137B ▼ $941M ▲ $371M ▼ 1.12% ▼ $1.156 ▼ $2.066B ▼
Q3-2024 $35.107B $768M $622M 1.772% $1.879 $2.303B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.654B ▲ $83.24B ▲ $59.351B ▲ $17.097B ▲
Q2-2025 $1.673B ▼ $78.484B ▼ $55.22B ▼ $16.624B ▲
Q1-2025 $3.812B ▲ $81.633B ▲ $58.568B ▲ $16.396B ▼
Q4-2024 $3.21B ▼ $78.858B ▼ $54.352B ▲ $17.745B ▼
Q3-2024 $5.143B $79.833B $54.121B $18.933B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.943B ▲ $2.609B ▼ $-3.756B ▼ $2.127B ▲ $981M ▲ $1.662B ▼
Q2-2025 $1.61B ▲ $2.639B ▲ $-974M ▼ $-3.804B ▼ $-2.139B ▼ $1.944B ▲
Q1-2025 $346M ▼ $-64M ▼ $-923M ▼ $1.589B ▲ $602M ▲ $-727M ▼
Q4-2024 $785M ▼ $2.207B ▲ $307M ▼ $-3.307B ▲ $-793M ▼ $1.397B ▲
Q3-2024 $1.015B $1.684B $2.034B $-4.157B $-439M $1.033B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Midstream
Midstream
 $-2940.00M ▲$1.44Bn ▲$1.34Bn ▼$1.45Bn ▲
Refining And Marketing
Refining And Marketing
 $29.57Bn ▲$29.46Bn ▼$31.83Bn ▲$32.65Bn ▲
Renewable Diesel
Renewable Diesel
 $0 ▲$610.00M ▲$630.00M ▲$710.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Marathon Petroleum’s revenue and profits have come down from the exceptional levels seen during the post‑pandemic refining boom, but they remain well above pre‑2020 performance. Profitability has normalized as refining margins have eased, yet the company is still generating solid earnings and healthy margins for a refiner. Results over the five‑year period show how cyclical the business is: a deep loss in 2020, followed by two very strong years, and now a step down toward more mid‑cycle conditions. Overall, the income statement points to a company that is still profitable and resilient, but no longer benefiting from the extraordinary environment of 2022–2023.

Balance Sheet

Balance Sheet The balance sheet looks relatively steady, with total assets hovering in a similar range over the past several years. Debt has trended slightly lower from pandemic‑era highs, suggesting some gradual de‑leveraging, while equity built up during the strong profit years and then dipped more recently, likely reflecting shareholder returns and the normalization of earnings. Cash balances have moved around as the company used excess cash for investments, debt management, and capital returns. In broad terms, the financial structure appears balanced for a large refiner, with manageable leverage and no obvious signs of stress, though it is not “under‑levered” either.

Cash Flow

Cash Flow Cash generation has been a clear strength in recent years. Operating cash flow improved markedly after 2020, reflecting strong refining margins and tighter cost control, and free cash flow has remained robust even after funding capital projects. Capital spending has been disciplined rather than aggressive, which has supported excess cash for debt reduction, buybacks, and dividends. The pattern suggests a business that can throw off substantial cash in normal or strong markets, while still having room to invest, but that remains exposed to swings in refining conditions.

Competitive Edge

Competitive Edge Marathon Petroleum holds a powerful position as one of the largest, most integrated refiners in the United States. Its network of refineries, pipelines, storage, and terminals (including through MPLX) gives it scale, logistical advantages, and the ability to serve many regions efficiently. The company’s ability to process a wide range of crude types, along with its presence in specialty products like asphalt, petrochemicals, and branded fuels and lubricants, adds diversity and resilience. This integrated footprint forms a meaningful moat, although it remains tied to the inherent volatility and regulatory exposure of the refining sector.

Innovation and R&D

Innovation and R&D Innovation at Marathon is focused less on pure research and more on applied technology and strategic projects. On the traditional side of the business, the company is using digital tools, advanced scheduling, and energy‑efficiency programs to squeeze more reliability, safety, and cost savings out of its refineries. On the transition side, it is investing in renewable diesel (such as the Martinez conversion), renewable natural gas, advanced biomass technologies, and carbon capture solutions that could lower its emissions profile and open new revenue streams over time. These efforts indicate a pragmatic approach: improving today’s operations while selectively building options for a lower‑carbon future, though the long‑term commercial success of these newer ventures is still uncertain.

Summary

Taken together, Marathon Petroleum looks like a mature, cash‑generative refiner with a strong integrated footprint and a clear understanding of its cyclical, carbon‑intensive core business. Earnings and cash flows have cooled from peak levels but remain solid, and the balance sheet appears sound with moderate leverage. The company’s scale and logistics network underpin a durable competitive position, while specialty products add an extra layer of diversification. At the same time, exposure to refining cycles, environmental regulation, and the long‑term energy transition remain key structural risks. Its ongoing investments in digital efficiency and lower‑carbon projects suggest it is actively trying to adapt, but the pace and profitability of that transition will be important to watch in the coming years.

NEWS

November 4, 2025 · 6:35 AM UTC

Marathon Petroleum Corp. Elects Maryann T. Mannen as Chairman of the Board

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November 4, 2025 · 6:30 AM UTC

MPLX LP Reports Third-Quarter 2025 Financial Results; Announces Increase to Quarterly Distribution of 12.5%

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October 29, 2025 · 2:55 PM UTC

Marathon Petroleum Corp. Increases Quarterly Dividend

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September 9, 2025 · 4:10 PM UTC

Marathon Petroleum Corp. to Report Third-Quarter Financial Results on November 4, 2025

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