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Marathon Petroleum Corporation

MPC Energy Oil & Gas Refining & Marketing

Marathon Petroleum Corporation’s revenue for fiscal 2025 (year ended December 2025) was $132.7 billion, down 4.44% from fiscal 2024.

Revenue
+61.0%
EPS
+526.1%
Free cash flow
+477.9%
Total debt
+0.54%

Quarter to September 2026, against a year earlier

378.60 14.08 −3.59%
Market cap
$102.7B
P/E
7.2×
Fwd P/E
6.8×
Dividend yield
1.06%
F-score
7/9
Altman Z
3.14
Beneish M
−2.73
Dividend safety
72/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Refining & Marketing
  • Midstream
  • Renewable Diesel

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 13.87
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 2 — 1 1 — 5 — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 102,740.00
Revenue ttm 174,800.00
Net income ttm 16,246.00
Free cash flow ttm 21,847.00
Net debt Q 19,413.00
Valuation
P/E 7.16
Forward P/E 6.77
Price / sales 0.60
Forward P/S Powerpack
Price / FCF 4.84
Price / book 3.54
Financial health
Current ratio Q 1.45
Debt / equity Q 1.11
Interest coverage Q —
Growth
Revenue growth Q +60.97% (above 0%: growing)
Operating income growth Q +285.18% (above 0%: growing)
EPS, this year +534.70% (at or above 15%: strong)
EPS, next year A −10.40% (below 0%: weak)
Revenue, next year A +29.89% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +41.94% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.7×, against a ten-year median of 0.6×; over the ten years it ranged from 0.4× in 2023 to 1.0× in 2021.
P/E against its own 10 years 29.52%
10-year low 10-year high
P/S against its own 10 years 97.76%
10-year low 10-year high
P/B against its own 10 years 97.58%
10-year low 10-year high
EV/Sales against its own 10 years 88.19%
10-year low 10-year high
EV/FCF against its own 10 years 10.11%
10-year low 10-year high

Dividends raised 5 years running

Yield
1.06%
Annual rate
4.00
Payout ratio
7.59%
Growth, 2018–26
+10.5%/yr
  1. 1.84 ’18
  2. 2.12 ’19 +15
  3. 2.32 ’20 +9
  4. 2.32 ’21 +0
  5. 2.49 ’22 +7
  6. 3.08 ’23 +23
  7. 3.39 ’24 +10
  8. 3.73 ’25 +10
  9. 4.10 ’26 +10
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 10,224 3,210 3,672 13,609
Receivables 12,187 11,145 10,317 17,434
Inventory 9,317 9,568 10,129 10,196
Other 403 524 662 763
32,131 24,447 24,780 42,002
2023 2024 2025 Q'26
Payables 13,761 13,906 12,974 20,578
ST’ Debt 1,954 3,049 2,371 128
Other 1,645 1,155 1,253 3,129
20,150 20,827 19,678 29,055

Compound Annual Growth %

10y 5y 3y
Sales 6.30% 13.72% (9.23%)
Cash Flow 7.32% 27.82% (20.40%)
Earnings 3.56% 0.00% (34.67%)
Book Value 2.04% (3.81%) (10.96%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 25.74 Actual 26.93

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.73 4.07 Beat by 1.34
Q1 FY26 0.72 1.65 Beat by 0.93
Q2 FY26 14.52 17.73 Beat by 3.21
Q3 FY26 25.74 26.93 Beat by 1.19
Q4 FY26 21.58 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.73 17.73 28.14 — —
’25 (0.24) 3.96 4.51 5.12 13.22
’24 2.58 4.33 1.87 1.15 10.08
’23 6.09 5.32 8.28 3.84 23.63
’22 1.49 10.95 9.06 7.09 28.12
’21 (0.37) 13.00 1.09 1.27 15.24
’20 (14.25) 0.01 (1.57) 0.29 (15.28)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 34,200 51,994 56,032 — —
’25 31,517 33,799 34,809 32,574 132,699
’24 32,706 37,914 35,107 33,137 138,864
’23 34,864 36,343 40,917 36,255 148,379
’22 38,058 53,795 45,787 39,813 177,453
’21 22,711 29,615 32,321 35,336 119,983
’20 22,204 12,195 17,408 17,972 69,779
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,121 10,327 10,732 — —
’25 (64) 2,639 2,609 3,069 8,253
’24 1,532 3,242 1,684 2,207 8,665
’23 4,057 3,984 4,953 1,123 14,117
’22 2,513 6,952 2,514 4,382 16,361
’21 454 1,380 (1,148) 3,674 4,360
’20 (768) 538 1,321 1,328 2,419
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 213 9,144 9,617 — —
’25 (726) 1,961 1,664 2,873 5,772
’24 948 2,756 1,035 1,428 6,167
’23 3,603 3,524 4,542 594 12,263
’22 2,025 6,519 1,820 3,667 14,031
’21 226 1,083 (1,508) 3,248 3,049
’20 (1,671) (197) 702 948 (218)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −11.0% a year for ten years. It grew 15.3% a year over the last ten.

Implied
−11.0%
10 years, reported
15.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 63,339 74,733 86,086 111,148 69,779 119,983 177,453 148,379 138,864 132,699 174,800 +8.6% 172,362 154,454 155,630 +5.5%
Gross margin, % 10.52 10.23 10.50 10.72 5.80 8.31 14.53 13.35 9.09 9.99 15.91 (0.5) pt
EBT 1,822 3,344 3,697 3,233 (13,612) 2,817 20,469 13,989 5,957 7,015 20,530 +16.2%
EBT margin, % 2.88 4.47 4.29 2.91 (19.51) 2.35 11.53 9.43 4.29 5.29 11.74 +2.4 pt
Net income 1,213 3,804 3,606 3,255 (9,977) 11,001 16,050 11,172 5,067 5,878 16,246 +19.2%
Per share, $
Per share, $ Revenue 119.96 147.40 163.66 168.66 107.52 189.25 346.59 364.57 408.42 435.08 626.52 +15.4%
Earnings 2.22 6.77 5.36 4.00 (15.28) 15.34 28.31 23.73 10.11 13.24 52.86 +21.9%
Cash flow 7.61 13.04 11.71 14.33 3.73 6.88 31.96 34.69 25.49 27.06 90.50 +15.1%
Capex (5.29) (5.23) (6.00) (7.23) (4.06) (2.07) (4.55) (4.56) (7.35) (8.13) (12.19) +4.9%
Free cash flow 2.32 7.81 5.71 7.10 (0.34) 4.81 27.40 30.13 18.14 18.92 78.30 +26.3%
Book value 38.26 41.08 83.74 63.94 45.07 51.44 66.64 74.95 71.48 78.97 107.00 +8.4%
Shares, m 528 507 526 659 649 634 512 407 340 305 292 (5.9%)
Valuation, ×
Valuation, × P/E 23.84 9.62 10.95 15.02 0.00 4.24 3.85 6.45 13.99 12.17 7.16 10.0
P/S 0.44 0.46 0.36 0.36 0.38 0.34 0.32 0.42 0.34 0.37 0.60 0.4
P/B 1.38 1.64 0.70 0.94 0.92 1.24 1.66 2.03 1.95 2.06 3.54 1.5
EV/Sales 0.59 0.59 0.66 0.60 0.83 0.46 0.40 0.53 0.52 0.59 0.72 0.6
EV/FCF 30.70 11.11 18.95 14.33 (266.11) 18.13 5.11 6.45 11.63 13.65 5.72 (13.6)
Cash, $m
Cash, $m Operating cash flow 4,017 6,612 6,158 9,441 2,419 4,360 16,361 14,117 8,665 8,253 25,249 +8.3%
Capex (2,791) (2,653) (3,157) (4,763) (2,637) (1,311) (2,330) (1,854) (2,498) (2,481) (3,402) (1.3%)
Free cash flow 1,226 3,959 3,001 4,678 (218) 3,049 14,031 12,263 6,167 5,772 21,847 +18.8%
Balance, $m
Balance, $m Working capital 3,255 2,923 4,807 13,510 12,624 12,598 15,222 11,981 3,620 5,102 12,947 +5.1%
Net debt 9,685 9,935 25,837 27,331 31,169 14,700 14,930 17,059 24,271 29,204 19,413 +13.0%
Shareholders’ equity 20,203 20,828 44,049 42,139 29,252 32,616 34,119 30,504 24,303 24,086 29,852 +2.0%
Returns, %
Returns, % ROA 2.68 7.34 3.92 2.75 (10.70) 11.42 16.56 11.01 4.18 4.97 15.75 +2.3 pt
ROIC 4.99 8.16 4.19 4.01 (12.67) 5.68 27.36 19.07 8.74 9.72 27.75 +4.7 pt
ROE 5.89 16.73 8.57 6.12 (27.53) 31.48 43.50 29.96 12.57 16.73 54.45 +10.8 pt
People
People Employees 44,460 43,800 60,350 60,910 57,900 17,700 17,800 18,200 18,300 18,500 — (9.3%)
Revenue/emp, $m 1.42 1.71 1.43 1.82 1.21 6.78 9.97 8.15 7.59 7.17 — +19.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Marathon Petroleum Corporation turns crude oil and other feedstocks into fuels and other petroleum products. It sells gasoline, diesel, jet fuel, asphalt and other products to wholesale customers, independent retailers, industrial buyers and international customers. It also supplies fuel to independently operated outlets, many of which carry the Marathon or ARCO brands.

The company has three businesses: Refining & Marketing, Midstream and Renewable Diesel. Its refineries operate in the U.S. Gulf Coast, Mid-Continent and West Coast regions. Its midstream business moves and stores crude oil and refined products, and gathers and processes natural gas. That business primarily reflects MPLX, a publicly traded partnership in which Marathon owned the general partner and approximately 64 percent of the outstanding common units as of December 31, 2025.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Refining & Marketing 124,252 93.63%
Midstream 5,628 4.24%
Renewable Diesel 2,814 2.12%
Gross margin 9.99%
Operating margin 6.25%
Pre-tax margin 5.29%

Revenue by segment since 2009

Marathon Petroleum Corporation vs peers in Oil & Gas Refining & Marketing (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MPC Marathon Petroleum Corporation $102.7B 7.2× 6.8× +60.97% (above 0%: growing) +526.09% (above 0%: growing) +477.94% (above 0%: growing) 21.84% 18.65%
VLO Valero Energy Corporation $98.0B 7.9× 6.9× +43.30% (above 0%: growing) +575.14% (above 0%: growing) +202.62% (above 0%: growing) 20.41% 19.68% Compare
PSX Phillips 66 $96.4B 7.9× 8.9× +46.43% (above 0%: growing) +4,338.63% (above 0%: growing) +936.26% (above 0%: growing) 19.24% 13.46% Compare
DINO HF Sinclair Corporation $16.8B 5.0× 4.4× +49.73% (above 0%: growing) +429.30% (above 0%: growing) +138.35% (above 0%: growing) 35.41% 24.61% Compare
SUN Sunoco LP $12.6B 10.3× 7.3× +198.89% (above 0%: growing) +225.00% (above 0%: growing) +181.78% (above 0%: growing) 8.65% 4.10% Compare
PBF PBF Energy Inc. $8.3B 3.0× 2.7× +58.58% (above 0%: growing) +765.99% (above 0%: growing) +3,603.79% (above 0%: growing) 23.56% 17.32% Compare
UGP Ultrapar Participacoes S.A. $6.0B 8.8× — +36.71% (above 0%: growing) +61.11% (above 0%: growing) +873.56% (above 0%: growing) 11.12% 7.25% Compare
CVI CVR Energy Inc. $4.0B 15.6× 20.1× +68.78% (above 0%: growing) +50.59% (above 0%: growing) +374.40% (above 0%: growing) 23.86% 22.07% Compare
DK Delek US Holdings, Inc. $3.8B 17.0× 5.8× +47.83% (above 0%: growing) n/m +173.86% (above 0%: growing) 8.93% 7.40% Compare
Median of peers $10.5B 8.4× 6.9× +48.78% +429.30% +288.51% 19.82% 15.39%

All 19 Oil & Gas Refining & Marketing stocks →

From the latest earnings call

Updated

  • CEO Maryann Mannen said Marathon expects elevated refining margins through at least mid-2027 and an enhanced mid-cycle environment through the end of the decade.
  • Mannen said Marathon and MPLX agreed to sell two refineries and related midstream assets, with Marathon intending to reinvest proceeds primarily in the Gulf Coast.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Goldman Sachs Oct 23, 2026 Target raised — 472.00
Raymond James Oct 19, 2026 Target raised Outperform 445.00 → 560.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 77.94%
Held by the ten largest 42.24%
Holder Shares Stake Change
Vanguard 37.91m 13.50% −74.38k
BlackRock 26.01m 9.26% +1.61m
State Street 18.47m 6.58% −553.11k
Geode Capital Management 8.35m 2.97% +529.63k
Morgan Stanley 5.89m 2.10% −186.16k
Raymond James 5.68m 2.02% −88.81k
Fidelity (FMR) 5.42m 1.93% +508.64k
BNY 4.03m 1.43% +73.79k
Boston Partners 3.52m 1.25% −2.13m
UBS 3.35m 1.19% +383.72k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Marathon Petroleum Corporation (MPC) Latest News

5 Nov

Impact 3 · · twincities.com
Impact 3 · · Zacks

4 Nov

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 4 · · GuruFocus.com
Impact 4 · · MarketBeat
Impact 3 · · Zacks
Impact 3 · · offshore-technology.com

3 Nov

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · Oilprice.com
Impact 4 · · GuruFocus.com
Impact 4 · · Business Wire
Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 3 · · The Motley Fool
Impact 3 · · Zacks
Impact 3 · · Business Wire
Impact 3 · · Oilprice.com
Impact 3 · · Investing.com

29 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · 24/7 Wall St.
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · PR Newswire
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

28 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · Zacks
Impact 3 · · 24/7 Wall St.

MPC metrics, ten years each

stockrow.com/MPC · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com