Marathon Petroleum Corporation
Financial Performance
Marathon Petroleum Revenue & Financials
Revenue
$132.7B (FY2025)
Market Cap
$110B
Net Income
$4B
Employees
18,200
What is Marathon Petroleum's revenue?
Marathon Petroleum had $132.7B in revenue for fiscal year 2025, down 4.4% from 2024. Net income was $4B.
- Latest revenue
- $132.7B (FY2025)
- Year-over-year
- -4.4%
- Growth rate (CAGR)
- 8.6% over 9 years
- Peak revenue
- $177.5B (FY2022)
- Years of data
- 10
- Employees
- 18,200
- What is Marathon Petroleum's operating income?
- Marathon Petroleum reported operating income of $8.3B for fiscal year 2025. sec.gov
- How much profit does Marathon Petroleum make?
- Marathon Petroleum reported net income of $4B for fiscal year 2025. sec.gov
- How many employees does Marathon Petroleum have?
- Marathon Petroleum has about 18,200 employees.
Financial Analysis
MPC's financials are cyclical. Revenue peaked at $177.5 billion in 2022 and declined to $132.7 billion in 2025, while net income attributable to MPC moved from $14.5 billion (2022) to $3.4 billion (2024) and $4.0 billion (2025). In 2025 the company generated $8.3 billion of operating cash flow, about $12.0 billion of adjusted EBITDA and returned $4.5 billion to shareholders. The cycle turned sharply in 2026: Q2 2026 net income attributable to MPC was $5.1 billion ($17.73 per diluted share), adjusted EBITDA was $8.5 billion and $2.8 billion was returned through dividends and buybacks. Marathon Petroleum Corporation is one of the absolute largest petroleum refining companies in the United States, sustaining a market valuation generally exceeding $70 billion.
Revenue Trend Analysis
YoY Change
-4.4%
9-Year CAGR
+8.6%
Peak Year
2022
Trend
Mostly Growing
Marathon Petroleum Corporation has 10 full fiscal year figures on this page, compounding at +8.6% annually over 9 years. The most recent year saw a 4.4% decline versus the prior year. Annual revenue peaked in fiscal year 2022 at $177.5B. Of 9 comparable year-over-year steps, 5 showed growth and 4 showed a decline.
Annual revenue history
Click any row to see year details.
Marathon Petroleum Corporation balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $8.3B | $3.5B | $84B | $59.9B | $17.3B | $4.8B | Form 10-K |
| FY2024ended Dec 31, 2024 | $8.7B | $2.5B | $78.9B | $54.4B | $17.7B | $6.1B | Form 10-K |
| FY2023ended Dec 31, 2023 | $14.1B | $1.9B | $86B | $54.6B | $24.4B | $12.2B | Form 10-K |
| FY2022ended Dec 31, 2022 | $16.4B | $2.4B | $89.9B | $54.8B | $27.7B | $13.9B | Form 10-K |
| FY2021ended Dec 31, 2021 | $4.4B | $1.5B | $85.4B | $51.8B | $26.2B | $2.9B | Form 10-K |
| FY2020ended Dec 31, 2020 | $2.4B | $2.8B | $85.2B | $54.9B | $22.2B | -$368M | Form 10-K |
| FY2019ended Dec 31, 2019 | $9.4B | $4.8B | $98.6B | $55.4B | $33.7B | $4.6B | Form 10-K |
| FY2018ended Dec 31, 2018 | $6.2B | $3.2B | $92.9B | $47.9B | $35.2B | $3B | Form 10-K |
| FY2017ended Dec 31, 2017 | $6.6B | $2.7B | $49B | $27.2B | $14B | $3.9B | Form 10-K |
| FY2016ended Dec 31, 2016 | $4B | $2.9B | $44.4B | $23.2B | $13.6B | $1.1B | Form 10-K |
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Marathon Petroleum Revenue and Financial FAQ
What is Marathon Petroleum's annual revenue and operating cash flow?
MPC reported $132.7 billion in FY2025 sales and other operating revenues, down from $138.9 billion in FY2024, and $8.3 billion of operating cash flow. In Q2 2026 alone, net income attributable to MPC was $5.1 billion.
What was the financial impact of the $21 billion Speedway sale in 2021?
MPC closed the $21 billion Speedway sale to 7-Eleven in May 2021 and used the proceeds largely for share repurchases and debt reduction.
What is Marathon Petroleum's common share repurchase track record?
MPC has been one of the most aggressive buyers of its own stock in the energy sector since the Speedway sale, sharply reducing its share count. It returned $4.5 billion to shareholders in 2025 and $2.8 billion in Q2 2026.
What is Marathon Petroleum's dividend policy and yield profile?
MPC pays a quarterly cash dividend and has raised it over time, with MPLX distributions providing a large share of the cash needed to fund it.
What is the financial contribution of MPLX distributions to Marathon Petroleum?
As majority owner of MPLX, MPC receives a large and growing cash distribution; MPC expects MPLX distributions to grow 12.5% annually in 2026 and 2027.
What is Marathon Petroleum's balance sheet leverage and debt maturity profile?
MPC holds investment-grade credit ratings. Much of its consolidated debt sits at MPLX; it ended 2025 with about $3.7 billion of consolidated cash.
What are Marathon Petroleum's annual capital expenditure budgets?
MPC's capital budget covers refinery maintenance, yield projects such as El Paso and Robinson, and MPLX growth projects; management guided to lower capital spending for 2026.
What are refinery 'turnaround' expenses and how are they accounted for?
Turnarounds are planned shutdowns of refinery units for inspection and maintenance. MPC excludes them from segment adjusted EBITDA; turnaround costs were $275 million in Q2 2026.
Why did Marathon Petroleum sell Speedway?
For years, Marathon owned "Speedway," a massive empire of 3,900 gas stations. However, massive activist investors (like Elliott Management) relentlessly attacked the company, arguing that owning retail gas stations was dragging down their stock price. Under immense Wall Street pressure, Marathon sold the entire Speedway network to 7-Eleven (Seven & i Holdings) in 2021 for a staggering $21 billion in cash, funneling massive dividends back to shareholders.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Marathon Petroleum 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 reported $132.7B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/marathon-petroleum/financials" target="_blank" rel="noopener">CorpDigest — Marathon Petroleum financials</a></div>Related Financial Audits
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