Marathon Petroleum Corporation Revenue & Financials

Marathon Petroleum reported total revenues and other income of $135.222 billion for fiscal year 2025, a 3.7% decrease from $140.412 billion in 2024 and a 10.0% decrease from the $150.307 billion peak in 2023. Sales and other operating revenues were $132.699 billion in 2025, compared to $138.864 billion in 2024. The revenue decline reflects lower average refined product sales prices—down $0.24 per gallon, or 10%, in 2024 compared to 2023—partially offset by increased refined product sales volumes. Net income attributable to MPC was $4.047 billion in 2025, or $13.22 per diluted share, compared to $3.445 billion, or $10.08 per diluted share, in 2024, and $9.672 billion, or $23.73 per diluted share, in 2023. The 2025 results included a $897 million gain on sale of assets, $253 million from legal settlements, and $57 million from a Small Refinery Exemption credit. Adjusted net income, which excludes these and other items, was $3.277 billion in 2025, or $10.70 per diluted share, compared to $3.250 billion, or $9.51 per diluted share, in 2024. Adjusted EBITDA was $11.956 billion in 2025, compared to $11.323 billion in 2024, demonstrating the resilience of the integrated business model despite refining margin compression. Operating income was $8.291 billion in 2025, up from $6.796 billion in 2024, reflecting improved operational performance and cost management. Cash provided by operating activities was $8.3 billion in 2025, compared to $8.7 billion in 2024. Capital returns to shareholders totaled $4.5 billion in 2025 and $10.2 billion in 2024, the latter representing a 23% capital return yield. The company paid quarterly dividends of $0.91 per share in 2025, for an annual dividend of $3.64 per share. Segment results reflected the divergence between cyclical refining and stable midstream. The Refining & Marketing segment generated adjusted EBITDA of approximately $5.5 billion in 2025 (estimated), down from $5.7 billion in 2024 and $13.7 billion in 2023, as crack spreads normalized. The Midstream segment, primarily MPLX, generated adjusted EBITDA of approximately $6.9 billion in 2025 (estimated), up from $6.5 billion in 2024, demonstrating 6% year-over-year growth and the durability of fee-based cash flows. Over the last four years, Midstream segment adjusted EBITDA has grown by an average of almost 7% per year. The Renewable Diesel segment generated negative adjusted EBITDA of approximately $100 million in 2025 (estimated), reflecting the early-stage nature of the business. The company's balance sheet carried total debt of $28.7 billion and total equity of approximately $27.8 billion, for a debt-to-equity ratio of 103.48%. Total cash was $5.26 billion. The company maintained its investment-grade credit profile. Return on assets was 5.09% and return on equity was 14.76%. The profit margin was 2.99% and operating margin was 6.13%. Marathon Petroleum's P/E ratio was 16.98 on a trailing basis and 12.07 on a forward basis, with a price-to-sales ratio of 0.55 and an enterprise value of approximately $97.6 billion.