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NYSE · PETROLEUM REFINING · LARGE CAP

Marathon Petroleum Corp. MPC

17 fiscal years on record · USD · FY2025 reported · SEC filings only
4 YEARS OF DIVIDEND GROWTH
$132.7B
▼ 4.4% YoY
$4.0B
▲ 17.5% YoY
$4.8B
▼ 22.3% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

MPC owns and operates refineries in the Gulf Coast, Mid-Continent and West Coast regions of the United States, with an aggregate crude oil refining capacity of 2,986 mbpcd. Those refineries processed 2,787 mbpd of crude oil and 202 mbpd of other charge and blendstocks during 2025. The refined products they yield range from transportation fuels, such as reformulated gasolines, blend-grade gasolines intended for blending with ethanol and ULSD fuel, to heavy fuel oil and asphalt. As of December 31, 2025, independent entrepreneurs primarily maintained Marathon-branded outlets at 7,882 brand jobber locations in 40 states, the District of Columbia and Mexico, and long-term supply contracts covered 1,162 direct dealer locations primarily in Southern California, largely under the ARCO brand. Operations are divided into three reportable operating segments: Refining & Marketing, Midstream and Renewable Diesel. Midstream gathers, transports, stores and distributes crude oil, refined products and other hydrocarbon-based products via refining logistics assets, pipelines, terminals, towboats and barges, gathers, treats, processes and transports natural gas, and transports, fractionates, stores and markets NGLs, reflecting primarily the results of MPLX. Renewable Diesel comprises a wholly owned facility that processes renewable feedstocks into renewable diesel and joint ventures that produce renewable diesel and renewable feedstocks. The company was incorporated in Delaware on November 9, 2009 in connection with an internal restructuring of Marathon Oil Corporation, and was distributed to Marathon Oil stockholders as an independent, publicly traded company on June 30, 2011.

Written from the business description in MARATHON PETROLEUM CORPORATION's annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth

USD 132.7B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 132.7 · Net income 4.0
100B200B
2009201220152018202120242025
Compound annual growth
−9.2%
+13.7%
+6.3%
+5.1%
−34.7%
+3.6%
+13.3%
−22.2%
+9.7%
+14.4%
+10.0%
+12.6%
−29.2%
+25.0%
+11.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +13.7% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

4 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 6.2% · Net 4.4%
5%10%-5%-10%-15%
200920172025
ROE
FY2025 · ROE 23.1%
20%40%-10%-20%-30%
200920172025
Three returns, three denominators.

Each USD of equity produced 23 cents of profit this year.

Cash & shareholders

USD 4.6B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 4.8
5B10B
200920172025
Net buybacks $B Dividends $B
FY2025 · Dividends 1.1 · Net buybacks 3.5
5B10BDividendsNet buybacks
20112013201520172019202120232025

USD 1.1B in dividends and USD 3.5B in buybacks — 114% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 84.0B
EquityUSD 17.3B
CashUSD 3.7B
Gross debtUSD 32.9B
Net debtUSD 29.2B
Current ratio1.26×

Net debt stands at 169% of equity.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
MPC, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B132.7138.9148.4177.5120.069.8111.186.174.763.372.197.8100.282.278.662.545.5
Operating income $B8.36.814.521.54.3−12.24.54.74.02.44.74.13.45.33.71.00.8
EBITDA $B11.510.117.824.77.7−8.97.76.96.14.46.25.44.66.34.62.01.5
Income tax $B1.10.92.84.50.3−2.40.80.8−0.50.61.51.31.11.81.30.40.2
Net income $B4.03.49.714.59.7−9.82.62.83.41.22.92.52.13.42.40.60.4
Free cash flow $B4.86.112.213.92.9−0.44.63.03.91.12.11.62.23.12.11.0−0.4
EPS, diluted $13.2210.0823.6328.1215.24−15.133.975.286.702.215.264.393.329.896.671.741.25
Dividend / sh $3.733.383.082.492.322.322.121.841.521.361.140.920.771.200.45◌◌
Payout %283313915−1553342361212123127——
ROE %23.116.337.153.840.2−35.27.711.324.98.823.823.318.732.026.97.24.9
Shares out B◌◌◌◌◌◌◌◌◌◌◌◌◌◌0.36◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 66 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Nine checks were skipped: cost of revenue is not tagged before 2016. Six checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityPetroleum Refining
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2009

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