Marathon Petroleum vs Phillips 66: Revenue, Profit and Business Model
Marathon Petroleum had $132.7B of annual revenue in FY2025 and $4B of net income. Phillips 66 had $132.4B of annual revenue in FY2025 and $4.4B of net income.
Latest financial snapshot
Marathon Petroleum
- Latest annual revenue
- $132.7B (FY2025)
- Net income
- $4B
- Net margin
- 3.0%
- Revenue growth
- +8.6% a year, FY2016–FY2025
Phillips 66
- Latest annual revenue
- $132.4B (FY2025)
- Net income
- $4.4B
- Net margin
- 3.3%
- Revenue growth
- +5.1% a year, FY2016–FY2025
Financial summary
Marathon Petroleum
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.
Phillips 66
Phillips 66 revenue swings with commodity prices: sales were $169.99 billion in 2022, $147.40 billion in 2023, $143.15 billion in 2024 and $132.38 billion in 2025. Net income attributable to the company rose to $4.403 billion in 2025 from $2.117 billion in 2024. Results turned sharply in 2026: first-quarter earnings were $207 million, then second-quarter earnings reached $3.847 billion ($9.55 per diluted share) with adjusted EBITDA of $5.891 billion on stronger refining margins. Total debt fell by $6.6 billion in the second quarter to $20.6 billion. Phillips 66 is a monumental American multinational energy company specializing in refining, transporting, and marketing petroleum products, commanding a market valuation typically over $60 billion.
Revenue and profit by year
Marathon Petroleum
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $132.7B | $4B | 3.0% | -4.4% | Source |
| FY2024 | $138.9B | $3.4B | 2.5% | -6.4% | Source |
| FY2023 | $148.4B | $9.7B | 6.5% | -16.4% | Source |
| FY2022 | $177.5B | $14.5B | 8.2% | +47.9% | Source |
| FY2021 | $120B | $9.7B | 8.1% | +71.9% | Source |
| FY2020 | $69.8B | -$9.8B | -14.1% | -37.2% | Source |
| FY2019 | $111.1B | $2.6B | 2.4% | +29.1% | Source |
| FY2018 | $86.1B | $2.8B | 3.2% | +15.2% | Source |
| FY2017 | $74.7B | $3.4B | 4.6% | +18.1% | Source |
| FY2016 | $63.3B | $1.2B | 1.9% | — | Source |
Phillips 66
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $132.4B | $4.4B | 3.3% | -7.5% | Source |
| FY2024 | $143.2B | $2.1B | 1.5% | -2.9% | Source |
| FY2023 | $147.4B | $7B | 4.8% | -13.3% | Source |
| FY2022 | $170B | $11B | 6.5% | +52.5% | Source |
| FY2021 | $111.5B | $1.3B | 1.2% | +73.8% | Source |
| FY2020 | $64.1B | -$4B | -6.2% | -40.2% | Source |
| FY2019 | $107.3B | $3.1B | 2.9% | -3.7% | Source |
| FY2018 | $111.5B | $5.6B | 5.0% | +8.9% | Source |
| FY2017 | $102.4B | $5.1B | 5.0% | +21.4% | Source |
| FY2016 | $84.3B | $1.6B | 1.8% | — | Source |
Where the revenue comes from
Marathon Petroleum
- Refining & Marketing
Core segment
Refines crude oil and feedstocks into gasoline, distillates, asphalt, petrochemicals, and other products for wholesale, branded, export, and industrial channels.
- Midstream
Stabilizing earnings stream
Includes pipeline, terminal, storage, natural gas processing, NGL fractionation, and logistics economics, largely through the company's relationship with MPLX.
- Renewable Diesel
Developing segment
Produces and markets renewable diesel and related lower-carbon fuels, including Martinez Renewables exposure.
Phillips 66
- Refining
Not formally reported
Processing crude oil and feedstocks into transportation fuels and other products.
- Midstream
Not formally reported
NGL gathering, processing, transportation, storage, and fractionation.
- Chemicals
Not formally reported
Equity earnings from CPChem.
- Marketing and Specialties
Not formally reported
Fuel marketing, lubricants, base oils, and specialty products.
Business model and strategy
Marathon Petroleum
How it makes money
Marathon Petroleum makes money in three reported segments. Refining & Marketing, the largest, buys crude oil and other feedstocks, processes them in 13 refineries (about 3.0 million barrels per calendar day) and sells gasoline, distillates, asphalt and petrochemical feedstocks to wholesale buyers, branded Marathon and ARCO dealers, exporters and industrial customers;
Growth strategy
MPC's strategy is to run its existing refineries harder and more efficiently rather than buy new ones: high-return yield projects such as those at El Paso and Robinson, crude sourcing optimization, and cost control. Growth capital is weighted toward MPLX's Permian and Marcellus natural gas and NGL infrastructure, which raises distributions to MPC. Remaining free cash flow goes to dividends and share repurchases.
Competitive advantage
MPC's edge is scale and integration. Its 13 refineries give it the largest US crude capacity, coastal plants such as Garyville and Galveston Bay can run discounted heavy and sour crudes and export products, and new US refinery construction is rare (Garyville, started up in 1976, is often cited as the last large grassroots refinery built in the country).
Phillips 66
How it makes money
Phillips 66 earns money in five reported areas. Refining turns crude into gasoline, diesel and jet fuel, and profits depend on crack spreads and utilization. Midstream gathers, processes, transports, fractionates and exports natural gas liquids, earning largely fee-based income. Chemicals is a 50% equity stake in Chevron Phillips Chemical (CPChem).
Growth strategy
Phillips 66 is growing mainly through Midstream NGL infrastructure: the 2025 Coastal Bend (EPIC NGL) acquisition, the Dos Picos II gas plant, the planned Zeus plant and a new Coastal Bend fractionator. In refining it consolidated ownership of WRB Refining while selling most of its European retail business and closing its Los Angeles refinery. CPChem's two large polymer projects add chemicals growth from 2027.
Competitive advantage
Phillips 66 combines refining, NGL midstream, chemicals and fuel marketing in one portfolio, so weak results in one segment can be cushioned by others. Its Midstream business includes Permian gas plants, Gulf Coast fractionators and LPG export capacity, and full ownership of the Wood River and Borger refineries since 2025 lets it capture more value from Canadian and Mid-Continent crude.
Questions about Marathon Petroleum vs Phillips 66
Which company has higher revenue — Marathon Petroleum Corporation or Phillips 66?
Marathon Petroleum Corporation had $132.7B (FY2025), while Phillips 66 had $132.4B (FY2025). By latest annual revenue, Marathon Petroleum Corporation is the larger business, with Phillips 66 showing a smaller revenue base.
What is the market cap of Marathon Petroleum Corporation vs Phillips 66?
Marathon Petroleum Corporation's market capitalisation stands at $110.0B, while Phillips 66's is $109.4B. Marathon Petroleum Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Phillips 66.
How does revenue per employee compare for Marathon Petroleum Corporation and Phillips 66?
Marathon Petroleum Corporation has $7.29M / employee in revenue per employee, while Phillips 66 has $10.51M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Marathon Petroleum Corporation and Phillips 66 make money?
Marathon Petroleum Corporation and Phillips 66 generate revenue in fundamentally different ways. Marathon Petroleum Corporation: Marathon Petroleum makes money in three reported segments. Phillips 66: Phillips 66 earns money in five reported areas.
Which company is valued higher relative to revenue — Marathon Petroleum Corporation or Phillips 66?
On a price-to-sales (P/S) basis, Marathon Petroleum Corporation trades at 0.8x P/S and Phillips 66 at 0.8x P/S. Marathon Petroleum Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Phillips 66. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Marathon Petroleum Corporation bigger than Phillips 66?
By last reported revenue, Marathon Petroleum Corporation ($132.7B (FY2025)) is the larger company compared to Phillips 66 ($132.4B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Marathon Petroleum vs Phillips 66 overview