Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company in the United States. The company operates through three segments: Refining & Marketing; Midstream; and Renewable Diesel. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale and distributes refined products through transportation, storage, distribution, and marketing services. Its refined products include transportation fuels, such as reformulated gasolines and blend-grade gasolines; heavy fuel oil; and asphalt. This segment also manufactures propane and petrochemicals. The company sells refined products to wholesale marketing customers in the United States and internationally, buyers on the spot market, and independent entrepreneurs who operate primarily Marathon branded outlets, as well as through long-term fuel supply contracts to direct dealer locations primarily under the ARCO brand. The Midstream segment gathers, transports, stores, distributes, and markets crude oil and refined products, including renewable diesel and other hydrocarbon-based products through refining logistics assets, pipelines, terminals, towboats, and barges; gathers, processes, and transports natural gas; and transports, fractionates, stores, and markets natural gas liquids. The Renewable Diesel segment processes renewable feedstocks into renewable diesel, markets, and distributes renewable diesel through its Midstream segment and third parties. It sells renewable diesel to wholesale marketing customers, buyers on the spot market, and through long-term supply contracts to direct dealers under the ARCO brand. Marathon Petroleum Corporation was founded in 1887 and is headquartered in Findlay, Ohio.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $132.7B | $11.7B | $4.0B | $4.8B | 23.4% | -4.4% | 17.5% |
| 2024 | $138.9B | $10.6B | $3.4B | $6.1B | 19.4% | -6.4% | -64.4% |
| 2023 | $148.4B | $18.6B | $9.7B | $12.2B | 39.7% | -16.4% | -33.3% |
| 2022 | $177.5B | $24.9B | $14.5B | $13.9B | 52.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 177,453 | 148,379 | 138,864 | 132,699 |
| Operating Revenue | - | 177,453 | 148,379 | 138,864 | 132,699 |
| Cost Of Revenue | - | 154,886 | 131,873 | 129,577 | 122,697 |
| Gross Profit | - | 22,567 | 16,506 | 9,287 | 10,002 |
| Operating Expense | - | 3,597 | 3,920 | 4,039 | 4,234 |
| Selling General And Administration | - | 2,772 | 3,039 | 3,221 | 3,349 |
| Total Expenses | - | 158,483 | 135,793 | 133,616 | 126,931 |
| Operating Income | - | 18,970 | 12,586 | 5,248 | 5,768 |
| Total Operating Income As Reported | 4,300 | 21,469 | - | - | - |
| EBITDA | - | 24,882 | 18,561 | 10,602 | 11,678 |
| Normalized EBITDA | - | 23,823 | 18,344 | 10,574 | 11,505 |
| EBIT | - | 21,667 | 15,254 | 7,265 | 8,427 |
| Interest Income | - | 221 | 761 | 505 | 159 |
| Interest Expense | - | 1,198 | 1,265 | 1,308 | 1,412 |
| Net Interest Income | - | -998 | -525 | -839 | -1,276 |
| Other Non Operating Income Expenses | - | 783 | 969 | 472 | 728 |
| Other Income Expense | - | 2,497 | 1,928 | 1,548 | 2,523 |
| Interest Income Non Operating | - | 221 | 761 | 505 | 159 |
| Interest Expense Non Operating | - | 1,198 | 1,265 | 1,308 | 1,412 |
| Net Non Operating Interest Income Expense | - | -998 | -525 | -839 | -1,276 |
| Pretax Income | - | 20,469 | 13,989 | 5,957 | 7,015 |
| Tax Provision | - | 4,491 | 2,817 | 890 | 1,137 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 232.98 | 43.62 | 4.17 | 28.03 |
| Net Income Continuous Operations | - | 15,978 | 11,172 | 5,067 | 5,878 |
| Net Income From Continuing And Discontinued Operation | - | 14,516 | 9,681 | 3,445 | 4,047 |
| Net Income From Continuing Operation Net Minority Interest | - | 14,444 | 9,681 | 3,445 | 4,047 |
| Net Income | - | 14,516 | 9,681 | 3,445 | 4,047 |
| Net Income Common Stockholders | - | 14,508 | 9,672 | 3,442 | 4,043 |
| Net Income Including Noncontrolling Interests | - | 16,050 | 11,172 | 5,067 | 5,878 |
| Normalized Income | - | 13,617.98 | 9,507.62 | 3,421.17 | 3,902.03 |
| Diluted NI Availto Com Stockholders | - | 14,508 | 9,672 | 3,442 | 4,043 |
| Basic Average Shares | - | 512 | 407 | 340 | 305 |
| Diluted Average Shares | - | 516 | 409 | 341 | 306 |
| Reconciled Depreciation | - | 3,215 | 3,307 | 3,337 | 3,251 |
| Reconciled Cost Of Revenue | - | 154,886 | 131,873 | 129,577 | 122,697 |
| Total Unusual Items | - | 1,059 | 217 | 28 | 173 |
| Total Unusual Items Excluding Goodwill | - | 1,059 | 217 | 28 | 173 |
| Minority Interests | - | -1,534 | -1,491 | -1,622 | -1,831 |
| Net Income Discontinuous Operations | 8,448 | 72 | 0 | 0 | - |
| Special Income Charges | - | 1,059 | 217 | 28 | 173 |
| Other Special Charges | 133 | 2 | 9 | - | - |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | 0 | 0 | - | - | - |
| General And Administrative Expense | - | 2,772 | 3,039 | 3,221 | 3,349 |
| Other Gand A | - | 2,772 | 3,039 | 3,221 | 3,349 |
| Salaries And Wages | - | - | -89 | - | - |
| Gain On Sale Of Ppe | - | 1,061 | 217 | 28 | 173 |
| Total Other Finance Cost | - | 21 | 21 | 36 | 23 |
| Other Operating Expenses | -468 | -783 | - | - | - |
| Otherunder Preferred Stock Dividend | - | 8 | 9 | 3 | 4 |
| Earnings From Equity Interest | - | 655 | 742 | 1,048 | 1,622 |
| Other Taxes | - | 825 | 881 | 818 | 885 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Marathon Petroleum Corporationthis co. | MPC | $78.0B | 19.26β discount | 4.50 | 23.4% | 9.30 |
| The Williams Companies, Inc. | WMB | $88.6B | 33.84 | 6.94 | 20.5% | 15.90 |
| SLB N.V. | SLB | $86.7B | 25.70 | 3.32 | 12.9% | 13.70 |
| Valero Energy Corporation | VLO | $76.9B | 32.73 | 3.24 | 9.9% | 12.48 |
| EOG Resources, Inc. | EOG |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $75.0B |
| 15.07 |
| 2.52 |
| 16.7% |
| 7.24 |
| Phillips 66 | PSX | $73.8B | 16.77 | 2.54 | 15.1% | 9.47 |
| Kinder Morgan, Inc. | KMI | $70.5B | 23.08 | 2.26 | 9.8% | 14.25 |
| Baker Hughes Company | BKR | $65.6B | 25.34 | 3.48 | 13.7% | 15.85 |
| Occidental Petroleum Corporation | OXY | $58.4B | 25.09 | 2.10 | 8.4% | 6.84 |
| Peer Median | - | 25.22 | 2.89 | 13.3% | 13.09 | |