Marathon Petroleum Corp

MPC 10-K · FY 2025

MPC FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 132,699 138,864 -4.4%
Show Product Lines breakouts
Crude Oil · Refining & Marketing 5,817 7,298 -20.3%
Refined products · Midstream 2,022 1,668 +21.2%
Refined products · Refining & Marketing 116,504 122,429 -4.8%
Refined products · Renewable Diesel 2,799 2,073 +35.0%
Services and other · Corporate And Other 5
Services and other · Midstream 3,606 3,529 +2.2%
Services and other · Refining & Marketing 1,931 1,861 +3.8%
Services and other · Renewable Diesel 15 6 +150.0%
Show Business Segments breakouts
Midstream 5,628 5,197 +8.3%
Midstream · Intersegment Elimination 5,906 5,797 +1.9%
Midstream · Operating Segments 11,534 10,994 +4.9%
Refining & Marketing 124,252 131,588 -5.6%
Refining & Marketing · Intersegment Elimination 60 175 -65.7%
Refining & Marketing · Operating Segments 124,312 131,763 -5.7%
Renewable Diesel 2,814 2,079 +35.4%
Renewable Diesel · Intersegment Elimination 16 25 -36.0%
Renewable Diesel · Operating Segments 2,830 2,104 +34.5%
Show Consolidation Items breakouts
Corporate Non Segment 5
Intersegment Elimination 5,982 5,997 -0.3%
Operating Segments 138,676 144,861 -4.3%
Show Related Party Transactions By Related Party breakouts
Related Party 1,572 1,053 +49.3%
Income Loss From Equity Method Investments 1,622 1,048 +54.8%
Show Business Segments breakouts
Midstream · Operating Segments 793 770 +3.0%
Refining & Marketing · Operating Segments 9 57 -84.2%
Renewable Diesel · Operating Segments 82 70 +17.1%
Show Consolidation Items breakouts
Corporate Non Segment 738 151 +388.7%
Operating Segments 884 897 -1.4%
Gain Loss On Disposition Of Assets1 173 28 +517.9%
Other Operating Income 728 472 +54.2%
Revenues And Other Income 135,222 140,412 -3.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 10,223 9,259 +10.4%
Cost of Revenue 119,446 126,240 -5.4%
Depreciation & Amortization 3,251 3,337 -2.6%
Show Business Segments breakouts
Midstream · Operating Segments 1,450 1,405 +3.2%
Refining & Marketing · Operating Segments 1,627 1,767 -7.9%
Renewable Diesel · Operating Segments 69 75 -8.0%
Show Consolidation Items breakouts
Corporate Non Segment 105 90 +16.7%
Operating Segments 3,146 3,247 -3.1%
Selling, General & Administrative 3,349 3,221 +4.0%
Taxes Excluding Income And Excise Taxes 885 818 +8.2%
Total Costs & Expenses 126,931 133,616 -5.0%
Show Business Segments breakouts
Midstream · Operating Segments 5,577 5,220 +6.8%
Refining & Marketing · Operating Segments 118,183 126,117 -6.3%
Renewable Diesel · Operating Segments 3,022 2,324 +30.0%
Operating Income 8,291 6,796 +22.0%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 2,713 2,698 +0.6%
Interest And Debt Expense 1,276 839 +52.1%
Income Before Taxes 7,015 5,957 +17.8%
Income Tax Expense (Benefit) 1,137 890 +27.8%
Net Income 5,878 5,067 +16.0%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 2,368 2,211 +7.1%
Net Income Loss Attributable To Nonredeemable Noncontrolling Interest 1,831 1,595 +14.8%
Net Income 4,047 3,445 +17.5%
EPS (Basic) 13.24 10.11 +31.0%
Wtd Avg Shares (Basic) 305 340 -10.3%
EPS (Diluted) 13.22 10.08 +31.2%
Wtd Avg Shares (Diluted) 306 341 -10.3%
Interest Income -159 -376 +57.7%
Comprehensive Income 4,056 3,462 +17.2%
Net Income Loss Available To Common Stockholders Basic 4,043 3,442 +17.5%
Operating Lease Lease Income 268 260 +3.1%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 3,672 3,210 +14.4%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 2,137 1,519 +40.7%
Accounts Receivable 10,317 11,145 -7.4%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 746 731 +2.1%
Inventory 10,129 9,568 +5.9%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 172 180 -4.4%
Other Assets Current 662 524 +26.3%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 51 29 +75.9%
Total Current Assets 24,780 24,447 +1.4%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 2,246 2,687 -16.4%
Non-Current Assets
Goodwill 9,354 8,244 +13.5%
Show Business Segments breakouts
Midstream 8,793 7,683 +14.4%
Refining & Marketing 561 561 0.0%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 8,755 7,645 +14.5%
Operating Lease Right-of-Use Assets 1,493 1,300 +14.8%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 276 273 +1.1%
Other Non-Current Assets 1,422 1,208 +17.7%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 1,126 995 +13.2%
Total Assets 83,955 78,858 +6.5%
Intangible Assets 2,643 1,703 +55.2%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 2,622 1,665 +57.5%
Other Intangible Assets 5 5 0.0%
Royalty Agreements 16 21 -23.8%
Other Assets
Equity Method Investments 6,795 6,857 -0.9%
Show Business Segments breakouts
Midstream 5,544 5,301 +4.6%
Midstream · Parent Company 365 382 -4.5%
Midstream · Parent Company 268 274 -2.2%
Midstream · Parent Company 113 114 -0.9%
Midstream · Parent Company 746 770 -3.1%
Midstream · Subsidiaries 208 218 -4.6%
Midstream · Subsidiaries 313 310 +1.0%
Midstream · Subsidiaries 502 526 -4.6%
Midstream · Subsidiaries 407 329 +23.7%
Midstream · Subsidiaries 890 742 +19.9%
Midstream · Subsidiaries 444 470 -5.5%
Midstream · Subsidiaries 1,123 959 +17.1%
Midstream · Subsidiaries 475 488 -2.7%
Midstream · Subsidiaries 273 208 +31.2%
Midstream · Subsidiaries 4,798 4,531 +5.9%
Midstream · Subsidiaries 163
Refining & Marketing 98 282 -65.2%
Refining & Marketing · LF Bioenergy 98 92 +6.5%
Renewable Diesel 1,153 1,274 -9.5%
Renewable Diesel · Martinez Renewables LLC 1,065 1,184 -10.1%
Renewable Diesel · Other equity method investees 88 90 -2.2%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 4,798 4,531 +5.9%
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 37,397 35,028 +6.8%
Show Business Segments breakouts
Midstream · Operating Segments 22,367 19,899 +12.4%
Refining & Marketing · Operating Segments 13,910 13,950 -0.3%
Renewable Diesel · Operating Segments 574 638 -10.0%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 21,698 19,154 +13.3%
Show Consolidation Items breakouts
Corporate Non Segment 546 541 +0.9%
Intangible Assets Net Excluding Goodwill 2,714 1,774 +53.0%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 1,397 518 +169.7%
Current Liabilities
Accounts Payable 12,974 13,906 -6.7%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 865 719 +20.3%
Employee Related Liabilities Current 1,107 1,096 +1.0%
Taxes Payable Current 1,484 1,204 +23.3%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 93 82 +13.4%
Long Term Debt And Capital Lease Obligations Current 2,371 3,049 -22.2%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 1,502 1,693 -11.3%
Operating Lease Liability Current 489 417 +17.3%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 53 45 +17.8%
Other Liabilities Current 1,253 1,155 +8.5%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 403 370 +8.9%
Total Current Liabilities 19,678 20,827 -5.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 2,176 1,927 +12.9%
Debt Current -2,371 -3,049 +22.2%
Non-Current Liabilities
Deferred Tax Liabilities 5,984 5,771 +3.7%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 25 18 +38.9%
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent 1,173 1,157 +1.4%
Show Retirement Plan Type breakouts
Other Postretirement Benefit Plans Defined Benefit 627 619 +1.3%
Pension Plans Defined Benefit 546 538 +1.5%
Operating Lease Liabilities 993 860 +15.5%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 217 217 0.0%
Deferred Credits And Other Liabilities Noncurrent 1,536 1,305 +17.7%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 474 445 +6.5%
Total Liabilities 59,869 54,352 +10.2%
Other Liabilities
Long Term Debt And Capital Lease Obligations 30,505 24,432 +24.9%
Show Legal Entity breakouts
MPLX · Variable Interest Entity Primary Beneficiary 24,151 19,255 +25.4%
Stockholders' Equity
Common Stock 10 10 0.0%
Treasury Stock Value -56,027 -52,623 -6.5%
Additional Paid In Capital Common Stock 33,685 33,624 +0.2%
Retained Earnings 39,751 36,848 +7.9%
Accumulated Other Comprehensive Income -105 -114 +7.9%
Total Stockholders' Equity 17,314 17,745 -2.4%
Minority Interest 6,772 6,558 +3.3%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 24,086 24,303 -0.9%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -105 -114 +7.9%
Additional Paid In Capital 33,685 33,624 +0.2%
Common Stock 10 10 0.0%
Noncontrolling Interest 6,772 6,558 +3.3%
Retained Earnings 39,751 36,848 +7.9%
Treasury Stock Common -56,027 -52,623 -6.5%
Total Liabilities & Equity 83,955 78,858 +6.5%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Amortization Of Financing Costs And Discounts 39 -31 +225.8%
Pension And Other Postretirement Benefits Expense Reversal Of Expense Noncash 16 59 -72.9%
Deferred Income Taxes 282 -124 +327.4%
Equity Method Investment Dividends Or Distributions 1,255 1,215 +3.3%
Unrealized Gain Loss On Derivatives And Commodity Contracts -16 71 -122.5%
Change in Accounts Receivable 890 1,117 -20.3%
Change in Inventory -596 -270 -120.7%
Increase Decrease In Accounts Payable And Accrued Liabilities -776 -438 -77.2%
Increase Decrease In Other Operating Capital Net 13 -10 +230.0%
Other Operating Activities Cash Flow Statement -188 -252 +25.4%
Net Cash from Operations 8,253 8,665 -4.8%
Stock-Based Compensation 160 137 +16.8%
Investing Activities
Capital Expenditures -3,486 -2,533 -37.6%
Payments To Acquire Businesses Net Of Cash Acquired -3,316 -688 -382.0%
Proceeds From Sales Of Business Affiliate And Productive Assets 1,005 35 +2771.4%
Payments To Acquire Equity Method Investments -1,064 -509 -109.0%
Show Consolidation Items breakouts
Operating Segments -1,064 -509 -109.0%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 721 161 +347.8%
Other Investing Activities 273 196 +39.3%
Net Cash from Investing -5,867 1,534 -482.5%
Financing Activities
Proceeds From Issuance Of Commercial Paper 5,055
Repayments Of Commercial Paper -5,055
Proceeds From Issuance Of Long Term Debt And Capital Securities Net 11,166 1,631 +584.6%
Repayments Of Long Term Debt And Capital Securities -6,463 -1,984 -225.8%
Debt Issuance Costs -80 -15 -433.3%
Proceeds From Issuance Of Common Stock 24 25 -4.0%
Share Repurchases -3,488 -9,189 +62.0%
Payments Of Dividends Common Stock -1,140 -1,154 +1.2%
Payments To Minority Shareholders -1,513 -1,377 -9.9%
Payments For Repurchase Of Other Equity -400 -326 -22.7%
Proceeds From Payments For Other Financing Activities -30 -45 +33.3%
Net Cash from Financing -1,924 -12,434 +84.5%
Supplemental
Income Taxes Paid 406 732 -44.5%
Interest Paid 1,219 1,247 -2.2%
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect 462 -2,235 +120.7%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 3,673 3,211 +14.4%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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