Marathon Petroleum Corporation Revenue in 2025

Marathon Petroleum Corporation reported $135.2B in revenue for fiscal year 2025. This represents a decline of 3.7% compared to the 2024 figure of $140.4B.

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.