Marathon Petroleum Corp
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MPC Q4 2025 request
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue | 32,574 | 33,137 | -1.7% |
Show Product Lines breakouts |
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| Crude Oil · Refining & Marketing | 1,247 | 1,585 | -21.3% |
| Refined products · Midstream | 493 | 471 | +4.7% |
| Refined products · Refining & Marketing | 28,607 | 29,100 | -1.7% |
| Refined products · Renewable Diesel | 846 | 599 | +41.2% |
| Services and other · Midstream | 905 | 913 | -0.9% |
| Services and other · Refining & Marketing | 466 | 468 | -0.4% |
| Services and other · Renewable Diesel | 5 | 1 | +400.0% |
Show Business Segments breakouts |
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| Midstream | 1,398 | 1,384 | +1.0% |
| Midstream · Intersegment Elimination | 1,485 | 1,478 | +0.5% |
| Midstream · Operating Segments | 2,883 | 2,862 | +0.7% |
| Refining & Marketing | 30,320 | 31,153 | -2.7% |
| Refining & Marketing · Intersegment Elimination | 7 | 47 | -85.1% |
| Refining & Marketing · Operating Segments | 30,327 | 31,200 | -2.8% |
| Renewable Diesel | 851 | 600 | +41.8% |
| Renewable Diesel · Intersegment Elimination | 4 | 7 | -42.9% |
| Renewable Diesel · Operating Segments | 855 | 607 | +40.9% |
Show Consolidation Items breakouts |
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| Intersegment Elimination | 1,496 | 1,532 | -2.3% |
| Operating Segments | 34,065 | 34,669 | -1.7% |
Show Related Party Transactions By Related Party breakouts |
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| Related Party | 536 | 342 | +56.7% |
| Income Loss From Equity Method Investments | 204 | 252 | -19.0% |
Show Business Segments breakouts |
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| Midstream · Operating Segments | 180 | 210 | -14.3% |
| Refining & Marketing · Operating Segments | -2 | 11 | -118.2% |
| Renewable Diesel · Operating Segments | 26 | 31 | -16.1% |
Show Consolidation Items breakouts |
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| Corporate Non Segment | 0 | 0 | — |
| Operating Segments | 204 | 252 | -19.0% |
| Gain Loss On Disposition Of Assets1 | 169 | 11 | +1436.4% |
| Other Operating Income | 475 | 66 | +619.7% |
| Revenues And Other Income | 33,422 | 33,466 | -0.1% |
| Cost of Revenue | 28,861 | 30,558 | -5.6% |
| Depreciation & Amortization | 828 | 826 | +0.2% |
Show Business Segments breakouts |
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| Midstream · Operating Segments | 381 | 364 | +4.7% |
| Refining & Marketing · Operating Segments | 390 | 422 | -7.6% |
| Renewable Diesel · Operating Segments | 16 | 25 | -36.0% |
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| Corporate Non Segment | 41 | 15 | +173.3% |
| Operating Segments | 787 | 811 | -3.0% |
| Selling, General & Administrative | 836 | 804 | +4.0% |
| Taxes Excluding Income And Excise Taxes | 203 | 137 | +48.2% |
| Total Costs & Expenses | 30,728 | 32,325 | -4.9% |
Show Business Segments breakouts |
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| Midstream · Operating Segments | 1,383 | 1,365 | +1.3% |
| Refining & Marketing · Operating Segments | 28,328 | 30,652 | -7.6% |
| Renewable Diesel · Operating Segments | 874 | 610 | +43.3% |
| Operating Income | 2,694 | 1,141 | +136.1% |
| Interest And Debt Expense | 343 | 245 | +40.0% |
| Income Before Taxes | 2,351 | 896 | +162.4% |
| Income Tax Expense (Benefit) | 372 | 111 | +235.1% |
| Net Income | 1,979 | 785 | +152.1% |
| Net Income Loss Attributable To Nonredeemable Noncontrolling Interest | 444 | 408 | +8.8% |
| Net Income | 1,535 | 371 | +313.7% |
| EPS (Basic) | 5.08 | 1.26 | +303.2% |
| Wtd Avg Shares (Basic) | -2 | -7 | +71.4% |
| EPS (Diluted) | 5.07 | 1.25 | +305.6% |
| Wtd Avg Shares (Diluted) | -2 | -7 | +71.4% |
| Interest Income | -41 | -68 | +39.7% |
| Comprehensive Income | 1,539 | 415 | +270.8% |
| Net Income Loss Available To Common Stockholders Basic | 1,534 | 370 | +314.6% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 3,672 | 3,210 | +14.4% |
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| MPLX · Variable Interest Entity Primary Beneficiary | 2,137 | 1,519 | +40.7% |
| Accounts Receivable | 10,317 | 11,145 | -7.4% |
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| MPLX · Variable Interest Entity Primary Beneficiary | 746 | 731 | +2.1% |
| Inventory | 10,129 | 9,568 | +5.9% |
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| MPLX · Variable Interest Entity Primary Beneficiary | 172 | 180 | -4.4% |
| Other Assets Current | 662 | 524 | +26.3% |
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| 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 |
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| 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 |
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| Midstream | 8,793 | 7,683 | +14.4% |
| Refining & Marketing | 561 | 561 | 0.0% |
Show Legal Entity breakouts |
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| 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 |
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| MPLX · Variable Interest Entity Primary Beneficiary | 276 | 273 | +1.1% |
| Other Non-Current Assets | 1,422 | 1,208 | +17.7% |
Show Legal Entity breakouts |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| MPLX · Variable Interest Entity Primary Beneficiary | 21,698 | 19,154 | +13.3% |
Show Consolidation Items breakouts |
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| Corporate Non Segment | 546 | 541 | +0.9% |
| Intangible Assets Net Excluding Goodwill | 2,714 | 1,774 | +53.0% |
Show Legal Entity breakouts |
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| 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 |
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| 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 |
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| 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 |
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| MPLX · Variable Interest Entity Primary Beneficiary | 1,502 | 1,693 | -11.3% |
| Operating Lease Liability Current | 489 | 417 | +17.3% |
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| MPLX · Variable Interest Entity Primary Beneficiary | 53 | 45 | +17.8% |
| Other Liabilities Current | 1,253 | 1,155 | +8.5% |
Show Legal Entity breakouts |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Amortization Of Financing Costs And Discounts | 9 | 13 | -30.8% |
| Pension And Other Postretirement Benefits Expense Reversal Of Expense Noncash | 52 | 41 | +26.8% |
| Deferred Income Taxes | 31 | 8 | +287.5% |
| Equity Method Investment Dividends Or Distributions | 398 | 333 | +19.5% |
| Unrealized Gain Loss On Derivatives And Commodity Contracts | 29 | 24 | +20.8% |
| Change in Accounts Receivable | 184 | -944 | +119.5% |
| Change in Inventory | -311 | 318 | -197.8% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | 428 | 1,108 | -61.4% |
| Increase Decrease In Other Operating Capital Net | 3 | -9 | +133.3% |
| Net Cash from Operations | 3,069 | 2,207 | +39.1% |
| Investing Activities | |||
| Capital Expenditures | -1,181 | -810 | -45.8% |
| Payments To Acquire Businesses Net Of Cash Acquired | 0 | -66 | +100.0% |
| Proceeds From Sales Of Business Affiliate And Productive Assets | 985 | 31 | +3077.4% |
| Payments To Acquire Equity Method Investments (Q) | — | — | — |
Show Consolidation Items breakouts |
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| Operating Segments | -243 | -59 | -311.9% |
| Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital | 150 | 20 | +650.0% |
| Other Investing Activities | 75 | 49 | +53.1% |
| Net Cash from Investing | -214 | 307 | -169.7% |
| Financing Activities | |||
| Proceeds From Issuance Of Long Term Debt And Capital Securities Net | 0 | 0 | — |
| Repayments Of Long Term Debt And Capital Securities | -25 | -1,173 | +97.9% |
| Debt Issuance Costs | 0 | 0 | — |
| Proceeds From Issuance Of Common Stock | 0 | 6 | -100.0% |
| Share Repurchases | -1,001 | -1,374 | +27.1% |
| Payments Of Dividends Common Stock | -300 | -292 | -2.7% |
| Payments To Minority Shareholders | -409 | -372 | -9.9% |
| Payments For Repurchase Of Other Equity | -100 | -100 | 0.0% |
| Proceeds From Payments For Other Financing Activities | -1 | -2 | +50.0% |
| Net Cash from Financing | -1,836 | -3,307 | +44.5% |
| Supplemental | |||
| Income Taxes Paid | 276 | 119 | +131.9% |
| Interest Paid | 249 | 288 | -13.5% |
| Other Cash Flow | |||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect | 1,019 | -793 | +228.5% |
| 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.