Marathon Petroleum Corporation
Petroleum Refining & MarketingFounded 1887- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
Marathon Petroleum Corporation
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$135.2B
Market Cap
$74.6B
Net Income
$4.0B
Employees
21,000
MPC owns approximately 647 million MPLX common units with a market value of $30.99 billion as of December 31, 2024. It received $2.27 billion in limited partner distributions from MPLX in 2024, with the annualized run rate expected to reach $2.5 billion. That stream of cash from a publicly traded subsidiary — arriving regardless of refining margins — is the most underappreciated line in Marathon's financial model. Revenue ran at $150.3 billion in FY2023, declined to $140.4 billion in FY2024, and compressed further to $135.2 billion in FY2025. The direction is down because refining margins are down from their pandemic-era highs. Net income of $4.047 billion in 2024 reflects the margin normalization. The Midstream segment's adjusted EBITDA held at $6.5 billion in 2024, up from $6.2 billion in 2022, demonstrating the earnings stabilization value of the integrated structure. Market capitalization stood at $74.6 billion — reflecting 21,000 employees, 16 refineries, and the embedded value of the MPLX stake. The gap between the MPLX unit value ($30.99 billion) and the total market cap ($74.6 billion) implies the market is valuing the refining business itself at roughly $44 billion, or about 8x the 2024 refining EBITDA at cycle-trough prices. The company achieved a 105% commercial capture rate in FY2025, meaning it extracted more margin than the theoretical crack spread implied. That operational statistic — capturing more than 100% of available market margin — is the financial proof point for a refining operation that is genuinely well-run at the asset level, not just well-positioned by scale.
Revenue Trend Analysis
YoY Change
-3.7%
2-Year CAGR
-5.2%
Peak Year
2023
Trend
Declining Trend
Marathon Petroleum Corporation has reported revenue across 3 fiscal years, compounding at -5.2% annually over 2 years. The most recent year saw a 3.7% decline versus the prior year. Revenue peaked in 2023 at $150.3B. Out of 2 reported periods, 0 showed growth and 2 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $135.2B | $4.0B | -3.7% |
| FY2024 | $140.4B | — | -6.6% |
| FY2023 | $150.3B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Marathon Petroleum Corporation's financial performance has substantially normalized following substantial 2022-2023 peak refining margin periods with substantial 2024 revenue of approximately $140 billion and substantial $3.1 billion net income reflecting substantial substantial refining margin normalization. The financial performance trajectory: substantial substantial 2022-2023 substantial peak financial performance with substantial 2022 net income approximately $14.5 billion and 2023 net income approximately $9.7 billion reflecting substantial substantial peak refining margins, comprehensive substantial substantial 2024 substantial net income approximately $3.1 billion reflecting substantial refining margin normalization, comprehensive substantial substantial various continued operational considerations. The financial outlook considerations: continued substantial substantial refining margin volatility affecting various continued considerations, comprehensive substantial substantial various continued operational considerations affecting various continued considerations including substantial fuel demand considerations, comprehensive substantial substantial competitive considerations from various US refining operators, comprehensive substantial substantial various continued considerations. The continued strategic execution requires sustained operational performance through volatile US refining industry dynamics; the comprehensive established US refining operations and continued strategic execution support various continued financial considerations across various external dynamics affecting US refining industry. The continued strategic execution supports continued operations across US refining industry; the comprehensive established operations provide foundation for continued operations.
Marathon Petroleum Corporation maintains comprehensive capital allocation strategy supporting substantial shareholder returns through dividends, share repurchase programs, and various other capital allocation priorities following substantial 2020 Speedway sale proceeds of $21 billion supporting substantial subsequent capital returns. The capital allocation framework: substantial substantial quarterly dividend distributions supporting various continued income investor considerations, substantial substantial share repurchase programs across multiple years particularly substantial 2021-2024 substantial substantial share repurchase programs supporting substantial $30+ billion combined share repurchases following 2020 Speedway sale proceeds and substantial 2022-2023 peak refining margin earnings, continued operational investment supporting various continued strategic considerations including substantial renewable diesel investments and various other operational investments, comprehensive substantial substantial conservative capital structure supporting various continued financial flexibility, comprehensive substantial substantial various continued capital allocation considerations. The strategic value of capital allocation approach: comprehensive substantial substantial shareholder return supporting various investor relationships, comprehensive substantial substantial substantial share repurchase programs supporting various continued considerations particularly substantial reduction in share count across multiple years through substantial share repurchase activity, comprehensive substantial substantial various other strategic benefits. The continued capital allocation supports continued institutional positioning; the various capital return mechanisms support continued investor appeal across various investor segments. The continued strategic execution requires sustained operational performance supporting continued capital allocation considerations through various external dynamics affecting US refining industry.
Marathon Petroleum Corporation maintains comprehensive debt structure supporting various continued operations and strategic flexibility across various US refining industry cycles. The debt structure: substantial substantial long-term debt supporting various continued operations and historical acquisition financing, comprehensive credit facilities supporting various continued operational requirements, comprehensive substantial substantial debt covenant management supporting various continued financial considerations, comprehensive substantial substantial conservative debt management approach. The strategic value of debt management: substantial financing capabilities supporting various continued operations and strategic considerations, comprehensive substantial substantial various other strategic benefits. The capital structure considerations: comprehensive substantial substantial established operating cash flow supporting various continued debt service considerations particularly substantial 2022-2023 peak earnings periods supporting substantial substantial cash position improvements and various continued capital structure considerations, comprehensive substantial substantial conservative debt levels supporting various continued capital structure considerations, comprehensive substantial substantial credit rating considerations affecting various continued operations, comprehensive substantial substantial various continued capital structure considerations. The continued debt management supports continued operations; the substantial established financial discipline supports continued strategic positioning across various US refining industry cycles. The continued strategic execution requires sustained operational performance supporting various continued capital structure considerations; the comprehensive established US refining operations and conservative financial discipline support continued institutional positioning.
Marathon Petroleum Corporation stock has performed competitively versus US refining industry peers across recent years though with substantial volatility from 2021-2022 peak refining margin periods to subsequent normalization affecting various continued financial performance and stock valuation considerations. The market capitalization of approximately $50-60 billion (varies based on share price) reflects substantial established largest US refining operator operations supporting continued strategic positioning. The valuation comparison with US refining industry peers: substantial Valero Energy (approximately $40-50 billion market cap with substantial US refining operations and Diamond Green Diesel renewable fuels joint venture), substantial Phillips 66 (approximately $55-70 billion market cap with substantial US refining operations and Rodeo California renewable fuels facility, plus substantial DCP Midstream and various other operations), substantial HF Sinclair (substantial US refining operator following 2022 HollyFrontier and Sinclair Oil merger), substantial PBF Energy (substantial US refining operator), substantial various other US refining peers including substantial international refining operators. The Marathon Petroleum valuation reflects: substantial established largest US refining operator positioning supporting various continued considerations, comprehensive substantial substantial 2018 Andeavor acquisition supporting substantial scale, comprehensive substantial substantial 2020 Speedway sale to 7-Eleven for $21 billion supporting substantial substantial subsequent share repurchases, comprehensive substantial substantial MPLX MLP supporting substantial midstream operations, comprehensive substantial substantial renewable diesel operations including Martinez Renewables joint venture, comprehensive substantial substantial various other positive factors. The valuation challenges include: continued refining margin volatility, comprehensive substantial substantial various other factors. The continued strategic execution will affect future stock performance.
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CorpDigest. "Marathon Petroleum Corporation Revenue & Financials." CorpDigest, https://corpdigest.com/company/marathon-petroleum/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Marathon Petroleum Corporation reported $135B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/marathon-petroleum/financials" target="_blank" rel="noopener">CorpDigest — Marathon Petroleum Corporation financials</a></div>