Marathon Petroleum Corp (MPC) financial statements: income statement, balance sheet and cash flow

Marathon Petroleum Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Marathon Petroleum Corp reported revenue of $135.2B (-3.7% year on year) and net income of $5.9B (+16.0% year on year).

Income statement

Marathon Petroleum Corp income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Sales and other operating revenues	$132.7B	$138.9B	$148.4B	$177.5B
Income from equity method investments	$1.6B	$1.0B	$742.0M	$655.0M
Net gain on disposal of assets	$173.0M	$28.0M	$217.0M	$1.1B
Other income	$728.0M	$472.0M	$969.0M	$783.0M
Revenues And Other Income	$135.2B	$140.4B	$150.3B	$180.0B
Cost of revenues (excludes items below)	$119.4B	$126.2B	$128.6B	$151.7B
Depreciation and amortization	$3.3B	$3.3B	$3.3B	$3.2B
Selling, general and administrative expenses	$3.3B	$3.2B	$3.0B	$2.8B
Other taxes	$885.0M	$818.0M	$881.0M	$825.0M
Total costs and expenses	$126.9B	$133.6B	$135.8B	$158.5B
Income from operations	$8.3B	$6.8B	$14.5B	$21.5B
Net interest and other financial costs	$1.3B	$839.0M	$525.0M	$1.0B
Income before income taxes	$7.0B	$6.0B	$14.0B	$20.5B
Provision for income taxes	$1.1B	$890.0M	$2.8B	$4.5B
Net income	$5.9B	$5.1B	$11.2B	$16.1B
Redeemable noncontrolling interest	$0	$27.0M	$94.0M	$88.0M
Noncontrolling interests	$1.8B	$1.6B	$1.4B	$1.4B
Net income attributable to MPC	$4.0B	$3.4B	$9.7B	$14.5B
Net income attributable to MPC per share, basic	$13.24	$10.11	$23.73	$28.31
Weighted Average Number of Shares Outstanding, Basic	305.0M	340.0M	407.0M	512.0M
Net income attributable to MPC per share, diluted	$13.22	$10.08	$23.63	$28.12
Weighted Average Number of Shares Outstanding, Diluted	306.0M	341.0M	409.0M	516.0M

Marathon Petroleum Corp income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Sales and other operating revenues	$52.0B	$34.2B	$34.8B	$33.8B
Income from equity method investments	$256.0M	$176.0M	$976.0M	$212.0M
Net gain (loss) on disposal of assets	($2.0M)	—	($2.0M)	$6.0M
Other income	$89.0M	$192.0M	$66.0M	$84.0M
Total revenues and other income	$52.3B	$34.6B	$35.8B	$34.1B
Cost of revenues (excludes items below)	$43.1B	$31.3B	$31.2B	$30.0B
Depreciation and amortization	$838.0M	$809.0M	$841.0M	$789.0M
Selling, general and administrative expenses	$894.0M	$867.0M	$863.0M	$867.0M
Other taxes	$219.0M	$227.0M	$232.0M	$223.0M
Total costs and expenses	$45.0B	$33.2B	$33.1B	$31.9B
Income from operations	$7.3B	$1.4B	$2.7B	$2.2B
Net interest and other financial costs	$340.0M	$370.0M	$310.0M	$319.0M
Income before income taxes	$7.0B	$1.0B	$2.4B	$1.9B
Provision for income taxes	$1.4B	$183.0M	$460.0M	$268.0M
Net income	$5.5B	$851.0M	$1.9B	$1.6B
Noncontrolling interests	$400.0M	$340.0M	$573.0M	$394.0M
Net income attributable to MPC	$5.1B	$511.0M	$1.4B	$1.2B
Net income attributable to MPC per share	$17.76	$1.73	$4.51	$3.96
Weighted average shares outstanding	289.0M	295.0M	303.0M	307.0M
Net income attributable to MPC per share	$17.73	$1.73	$4.51	$3.96
Weighted average shares outstanding	290.0M	295.0M	304.0M	307.0M

Balance sheet

Marathon Petroleum Corp balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$3.7B	$3.2B	$5.4B	$8.6B
Receivables, less allowance for expected credit loss of $20 and $73, respectively	$10.3B	$11.1B	$11.6B	$13.5B
Inventories	$10.1B	$9.6B	$9.3B	$8.8B
Other current assets	$662.0M	$524.0M	$971.0M	$1.2B
Total current assets	$24.8B	$24.4B	$32.1B	$35.2B
Equity method investments	$6.8B	$6.9B	$6.3B	$6.5B
Property, plant and equipment, net	$37.4B	$35.0B	$35.1B	$35.7B
Goodwill	$9.4B	$8.2B	$8.2B	$8.2B
Intangibles, net	$2.7B	—	—	—
Right of use assets, net	$1.5B	$1.3B	$1.2B	$1.2B
Other noncurrent assets	$1.4B	$3.0B	$3.0B	$3.1B
Total assets	$84.0B	$78.9B	$86.0B	$89.9B
Accounts payable	$13.0B	$13.9B	$13.8B	$15.3B
Payroll and benefits payable	$1.1B	$1.1B	$1.1B	$967.0M
Accrued taxes	$1.5B	$1.2B	$1.2B	$1.1B
Debt due within one year	$2.4B	$3.0B	$2.0B	$1.1B
Operating lease liabilities	$489.0M	$417.0M	$454.0M	$368.0M
Other current liabilities	$1.3B	$1.2B	$1.6B	$1.2B
Total current liabilities	$19.7B	$20.8B	$20.1B	$20.0B
Long-term debt	$30.5B	$24.4B	$25.3B	$25.6B
Deferred income taxes	$6.0B	$5.8B	$5.8B	$5.9B
Defined benefit postretirement plan obligations	$1.2B	$1.2B	$1.1B	$1.1B
Long-term operating lease liabilities	$993.0M	$860.0M	$764.0M	$841.0M
Deferred credits and other liabilities	$1.5B	$1.3B	$1.4B	$1.3B
Total liabilities	$59.9B	$54.4B	$54.6B	$54.8B
Redeemable noncontrolling interest	$0	$203.0M	$895.0M	$968.0M
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized)	$0.00	$0.00	$0.00	$0.00
Issued – 994 million and 994 million shares (par value $0.01 per share, 2 billion shares authorized)	$10000000.00	$10000000.00	$10000000.00	$10000000.00
Held in treasury, at cost – 699 million and 678 million shares	-56.0B	-52.6B	-43.5B	-31.8B
Additional paid-in capital	$33.7B	$33.6B	$33.5B	$33.4B
Retained earnings	$39.8B	$36.8B	$34.6B	$26.1B
Accumulated other comprehensive loss	($105.0M)	($114.0M)	($131.0M)	$2.0M
Total MPC stockholders’ equity	$17.3B	$17.7B	$24.4B	$27.7B
Noncontrolling interests	$6.8B	$6.6B	$6.1B	$6.4B
Total equity	$24.1B	$24.3B	$30.5B	$34.1B
Total liabilities, redeemable noncontrolling interest and equity	$84.0B	$78.9B	$86.0B	$89.9B

Marathon Petroleum Corp balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$7.8B	$2.2B	$2.7B	$1.7B
Receivables, less allowance for expected credit loss of $13 and $20, respectively	$15.7B	$14.6B	$10.5B	$11.1B
Inventories	$10.0B	$10.8B	$9.8B	$10.1B
Other current assets	$805.0M	$1.2B	$626.0M	$821.0M
Total current assets	$34.3B	$28.7B	$24.6B	$23.7B
Equity method investments	$7.2B	$7.0B	$6.9B	$7.3B
Property, plant and equipment, net	$37.9B	$37.6B	$37.0B	$34.8B
Goodwill	$9.3B	$9.3B	$9.3B	$8.2B
Intangibles, net	$2.6B	$2.7B	$2.7B	—
Right of use assets, net	$1.5B	$1.5B	$1.4B	$1.4B
Other noncurrent assets	$1.5B	$1.4B	$1.3B	$3.0B
Total assets	$94.3B	$88.2B	$83.2B	$78.5B
Accounts payable	$19.2B	$17.6B	$12.5B	$13.3B
Payroll and benefits payable	$823.0M	$1.2B	$968.0M	$756.0M
Accrued taxes	$2.4B	$1.6B	$1.4B	$1.4B
Debt due within one year	$2.1B	$2.1B	$1.6B	$1.8B
Operating lease liabilities	$499.0M	$501.0M	$441.0M	$446.0M
Other current liabilities	$2.3B	$1.3B	$1.6B	$1.5B
Total current liabilities	$27.4B	$24.4B	$18.7B	$19.3B
Long-term debt	$30.7B	$30.7B	$31.2B	$26.8B
Deferred income taxes	$6.0B	$6.0B	$6.0B	$5.7B
Defined benefit postretirement plan obligations	$1.3B	$1.2B	$1.1B	$1.2B
Long-term operating lease liabilities	$977.0M	$1.0B	$918.0M	$935.0M
Deferred credits and other liabilities	$2.3B	$1.4B	$1.4B	$1.2B
Total liabilities	$68.6B	$64.8B	$59.4B	$55.2B
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized)	$0.00	$0.00	$0.00	$0.00
Issued – 995 million and 994 million shares (par value $0.01 per share, 2 billion shares authorized)	$10000000.00	$10000000.00	$10000000.00	$10000000.00
Held in treasury, at cost – 712 million and 699 million shares	-59.3B	-56.8B	-55.0B	-54.4B
Additional paid-in capital	$33.7B	$33.7B	$33.7B	$33.7B
Retained earnings	$44.8B	$40.0B	$38.5B	$37.4B
Accumulated other comprehensive loss	($110.0M)	($108.0M)	($109.0M)	($108.0M)
Total MPC stockholders’ equity	$19.1B	$16.8B	$17.1B	$16.6B
Noncontrolling interests	$6.6B	$6.7B	$6.8B	$6.6B
Total equity	$25.7B	$23.4B	$23.9B	$23.3B
Total liabilities and equity	$94.3B	$88.2B	$83.2B	$78.5B

Cash flow statement

Marathon Petroleum Corp cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$5.9B	$5.1B	$11.2B	$16.1B
Amortization of deferred financing costs and debt discount	$39.0M	($31.0M)	($78.0M)	$50.0M
Depreciation and amortization	$3.3B	$3.3B	$3.3B	$3.2B
Pension and other postretirement benefits, net	$16.0M	$59.0M	($191.0M)	$172.0M
Deferred income taxes	$282.0M	($124.0M)	($28.0M)	$290.0M
Net gain on disposal of assets	($173.0M)	($28.0M)	($217.0M)	($1.1B)
Income from equity method investments	($1.6B)	($1.0B)	($742.0M)	($655.0M)
Distributions from equity method investments	$1.3B	$1.2B	$941.0M	$772.0M
Changes in the fair value of derivative instruments	($16.0M)	$71.0M	$70.0M	($147.0M)
Current receivables	$890.0M	$1.1B	$2.0B	($2.3B)
Inventories	($596.0M)	($270.0M)	($489.0M)	($787.0M)
Current liabilities and other current assets	($776.0M)	($438.0M)	($1.3B)	$1.9B
Right of use assets and operating lease liabilities, net	$13.0M	($10.0M)	($7.0M)	$0
All other, net	($188.0M)	($252.0M)	($412.0M)	($547.0M)
Net cash provided by operating activities	$8.3B	$8.7B	$14.1B	$16.4B
Additions to property, plant and equipment	($3.5B)	($2.5B)	($1.9B)	($2.4B)
Acquisitions, net of cash acquired	($3.3B)	($688.0M)	($246.0M)	($413.0M)
Disposal of assets	$1.0B	$35.0M	$36.0M	$90.0M
Investments – acquisitions and contributions	($1.1B)	($509.0M)	($480.0M)	($405.0M)
Investments – redemptions, repayments, return of capital and sales proceeds	$721.0M	$161.0M	$275.0M	$515.0M
Purchases of short-term investments	$0	($2.9B)	($8.6B)	($6.0B)
Sales of short-term investments	$0	$3.3B	$2.1B	$1.3B
Maturities of short-term investments	$0	$4.5B	$5.0B	$7.2B
All other, net	$273.0M	$196.0M	$702.0M	$824.0M
Net cash provided by (used in) investing activities	($5.9B)	$1.5B	($3.1B)	$623.0M
Commercial paper – issued	$5.1B	—	$0	$0
Commercial paper– repayments	($5.1B)	—	$0	$0
Long-term debt – borrowings	$11.2B	$1.6B	$1.6B	$3.4B
Long-term debt – repayments	($6.5B)	($2.0B)	($1.1B)	($2.3B)
Debt issuance costs	($80.0M)	($15.0M)	($15.0M)	($39.0M)
Issuance of common stock	$24.0M	$25.0M	$62.0M	$243.0M
Common stock repurchased	($3.5B)	($9.2B)	($11.6B)	($11.9B)
Dividends paid	($1.1B)	($1.2B)	($1.3B)	($1.3B)
Distributions to noncontrolling interests	($1.5B)	($1.4B)	($1.3B)	($1.2B)
Repurchases of noncontrolling interests	($400.0M)	($326.0M)	$0	($491.0M)
Redemption of noncontrolling interests - preferred units	$0	$0	($600.0M)	—
All other, net	($30.0M)	($45.0M)	($50.0M)	($44.0M)
Net cash used in financing activities	($1.9B)	($12.4B)	($14.2B)	($13.6B)
Net change in cash, cash equivalents and restricted cash	$462.0M	($2.2B)	($3.2B)	$3.3B
Cash, cash equivalents, restricted cash and restricted cash equivalents, ending balance	$3.7B	$3.2B	$5.4B	$5.3B
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning balance	$3.2B	$5.4B	$8.6B	—

Marathon Petroleum Corp cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$6.4B	$851.0M	$3.9B	$2.0B
Amortization of deferred financing costs and debt discount	$19.0M	$10.0M	$30.0M	$21.0M
Depreciation and amortization	$1.6B	$809.0M	$2.4B	$1.6B
Pension and other postretirement benefits, net	$108.0M	$55.0M	($36.0M)	$67.0M
Deferred income taxes	($27.0M)	$19.0M	$251.0M	($58.0M)
Net (gain) loss on disposal of assets	$2.0M	—	($4.0M)	($6.0M)
Income from equity method investments	($432.0M)	($176.0M)	($1.4B)	($442.0M)
Distributions from equity method investments	$522.0M	$273.0M	$857.0M	$555.0M
Changes in derivative assets and liabilities	$876.0M	($318.0M)	($45.0M)	($54.0M)
Current receivables	($5.4B)	($4.3B)	$706.0M	$61.0M
Inventories	$156.0M	($635.0M)	($285.0M)	($538.0M)
Current liabilities and other current assets	$7.6B	$4.7B	($1.2B)	($515.0M)
Right of use assets and operating lease liabilities, net	$0	$5.0M	$10.0M	$6.0M
All other, net	$30.0M	($147.0M)	$0	($60.0M)
Net cash provided by operating activities	$11.4B	$1.1B	$5.2B	$2.6B
Additions to property, plant and equipment	($2.1B)	($913.0M)	($2.3B)	($1.4B)
Acquisitions, net of cash acquired	$14.0M	$14.0M	($3.3B)	($237.0M)
Disposal of assets	$8.0M	$5.0M	$20.0M	$18.0M
Investments – acquisitions and contributions	($507.0M)	($302.0M)	($821.0M)	($488.0M)
Investments – redemptions, repayments, return of capital and sales proceeds	$0	$0	$571.0M	$60.0M
All other, net	$143.0M	$149.0M	$198.0M	$108.0M
Net cash used in investing activities	($2.4B)	($1.0B)	($5.7B)	($1.9B)
Commercial paper – issued	$3.9B	$3.9B	$5.1B	$5.1B
Commercial paper – repayments	($3.9B)	($3.9B)	($5.1B)	($4.8B)
Long-term debt – borrowings	$1.5B	$1.5B	$11.2B	$5.9B
Long-term debt – repayments	($1.6B)	($1.5B)	($6.4B)	($5.0B)
Debt issuance costs	($31.0M)	($15.0M)	($80.0M)	($38.0M)
Issuance of common stock	$2.0M	$1.0M	$24.0M	$23.0M
Common stock repurchased	($3.3B)	($750.0M)	($2.5B)	($1.8B)
Dividends paid	($585.0M)	($295.0M)	($840.0M)	($564.0M)
Distributions to noncontrolling interests	($813.0M)	($407.0M)	($1.1B)	($738.0M)
Repurchases of noncontrolling interests	($100.0M)	($50.0M)	($300.0M)	($200.0M)
All other, net	($27.0M)	($31.0M)	($29.0M)	($28.0M)
Net cash used in financing activities	($4.9B)	($1.6B)	($88.0M)	($2.2B)
Net change in cash, cash equivalents and restricted cash	$4.1B	($1.5B)	($557.0M)	($1.5B)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning balance	$3.7B	$3.7B	$3.2B	$3.2B
Cash, cash equivalents, restricted cash and restricted cash equivalents, ending balance	$7.8B	$2.2B	$2.7B	$1.7B

Marathon Petroleum Corp score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.