Marathon Petroleum (MPC) financials
NYSE · Energy · Oil & Gas Refining & Marketing · 18,500 employees · CEO Maryann T. Mannen
- Price
- $444.73 +2.83%
- Market cap
- $125B
- Enterprise value
- $151B
- Last report
- Q2 '26 filed 2026-08-04
- Next report
- 2026-11-03 EPS est. $25.37
Revenue (TTM)$154B+15.3% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)8.0%+4.7 pp vs a year agoOperating income $12.2B
Net income (TTM)$8.55B+300.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$12.9B+253.7% vs a year agoCapex $4.23B
Diluted EPS (TTM)$29.05+330.4% vs a year agoSum of the last 4 quarters
Net cash-$26.5B+6.5% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $125B EV $151B
- Revenue
- $154B Trailing 12 months
- Revenue growth
- +36% FY2026 consensus
- Profit margin
- 5.6% Net income / revenue, TTM
- P/E
- 15.3× Forward 6.8× (FY2026)
- P/S
- 0.8× Price / sales, TTM
- EV / EBITDA
- 8.7× TTM
- Free cash flow
- $12.9B Trailing 12 months
- Net income
- $8.55B Trailing 12 months
- Revenue estimate
- $181B FY2026 consensus
- Earnings
- 2026-11-03 Revenue est. $46.6B
- Dividend
- $4.00 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-04): revenue beat by 28.1%, EPS beat by 24.2%Revenue $52.3B vs $40.9B expected (+28.1%); EPS $17.73 vs $14.27 (+24.2%).
- Revenue growth accelerating: 53.8% year on yearQ2 '26 revenue $52B, against an average of -0.9% over the four quarters before.
- Operating margin 8.0% (TTM), +4.7 pp on a year agoOperating income grew 177.7% while revenue grew 15.3%.
- Capex 2.7% of revenue (a year ago 2.1%)$4.23B invested in the last 4 quarters (+49.9% on a year earlier). Free cash flow $12.9B = 150.8% of net income.
- Returned $6.1B to shareholders = 47.3% of free cash flowBuybacks $4.93B (a year earlier $5.91B), dividends $1.16B, stock-based pay $0 (TTM).
- Diluted share count down 5.8% in a year291M diluted shares in Q2 '26, 309M a year earlier.
- Net debt $26.5BCash + short-term investments $7.77B, debt incl. leases $34.3B; a year ago net debt $28.4B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $52B | $33.8B | +53.8% |
| Gross margin | 17.2% | 8.8% | +8.3 pp |
| Operating income | $7.32B | $1.9B | +286.4% |
| Operating margin | 14.1% | 5.6% | +8.5 pp |
| Net income | $5.14B | $1.22B | +322.5% |
| Diluted EPS | $17.68 | $3.96 | +346.5% |
| Operating cash flow | $10.3B | $2.64B | +291.3% |
| Capex | $1.19B | $695M | +70.6% |
| Free cash flow | $9.14B | $1.94B | +370.2% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-08-04| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $52.3B | $40.9B | +28.1% |
| EPS (as estimated) | $17.73 | $14.27 | +24.2% |
From the report of 2026-08-04 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Refining And Marketing | $49.3B | +54.9% | 94.8% | $145B | +16.0% | |
| Midstream | $1.46B | +8.6% | 2.8% | $5.6B | +111.8% | |
| Renewable Diesel | $1.24B | +96.7% | 2.4% | $3.36B | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Midstream | $3.11B | +10.5% | 100.0% | $14.7B | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $17.1B
- Capex
- -$4.23B
- Buybacks
- -$4.93B
- Dividends
- -$1.16B
- Acquisitions
- -$1.75B
- Net debt issued
- $3.42B
- Stock-based compensation
- $0
- Free cash flow
- $12.9B
- Returned to shareholders / FCF
- 47.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 15.3× | 12.0× | 4.1× – 23.6× |
| EV / EBITDA | 8.7× | 6.0× | 3.2× – 8.3× |
| EV / Sales | 1.0× | 0.5× | 0.4× – 0.6× |
| Price / FCF | 9.7× | 8.3× | 4.3× – 14.0× |
| Price / Book | 6.8× | 2.3× | 1.5× – 2.9× |
| FCF yield | 10.3% | 14.7% | 7.1% – 23.4% |
| Return on invested capital | 14.2% | 11.1% | 5.7% – 20.8% |
| Return on equity | 48.7% | 34.4% | 19.4% – 52.4% |
Analysts
Consensus target $444.30 (-0.1%)
range $321.00 – $560.00 · rating Buy
Strong buy0
Buy25
Hold8
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $181B | +36.3% | $65.47 | +393.3% | 6.8× | 10 |
| FY2027 | $169B | -6.3% | $57.74 | -11.8% | 7.7× | 10 |
| FY2028 | $159B | -6.1% | $28.16 | -51.2% | 15.8× | 5 |
| FY2029 | $162B | +2.0% | $37.48 | +33.1% | 11.9× | 1 |
| FY2030 | $171B | +5.2% | $16.99 | -54.7% | 26.2× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 314 figures Marathon Petroleum Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $19.2B | $13.3B | +44.1% | $13B | $13.9B | -6.7% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $15.7B | $11.1B | +41.4% | $10.3B | $11.1B | -7.4% |
| Accounts Receivable, Allowance for Credit Loss, Current | $13M | $22M | -40.9% | $20M | $73M | -72.6% |
| Accrual for Environmental Loss Contingencies | $368M | $347M | +6.1% | $355M | $364M | -2.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$110M | -$108M | -1.9% | -$105M | -$114M | +7.9% |
| Additional Paid in Capital, Common Stock | $33.7B | $33.7B | 0.0% | $33.7B | $33.6B | +0.2% |
| Amortization of Debt Issuance Costs and Discounts | $9M | $9M | 0.0% | $39M | -$31M | +225.8% |
| Amortization of Intangible Assets | – | – | – | $271M | $266M | +1.9% |
| Asset Retirement Obligation, Current | $37M2025-12-31 | $36M | +2.8% | $37M | $36M | +2.8% |
| Asset Retirement Obligations, Noncurrent | $225M2025-12-31 | $210M | +7.1% | $225M | $210M | +7.1% |
| Assets | $94.3B | $78.5B | +20.2% | $84B | $78.9B | +6.5% |
| Assets, Current | $34.3B | $23.7B | +44.5% | $24.8B | $24.4B | +1.4% |
| Business Combination, Acquisition Related Costs | – | – | – | $33M | $0 | – |
| Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | $21M2025-09-30 | $0 | – | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $7.77B | $1.67B | +364.3% | $3.67B | $3.21B | +14.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $7.77B | $1.67B | +364.0% | $3.67B | $3.21B | +14.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $5.62B | -$2.14B | +362.6% | $462M | -$2.24B | +120.7% |
| Common Stock, Dividends, Per Share, Declared | $1.00 | $0.91 | +9.9% | $3.73 | $3.39 | +10.2% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 2B | 2B | 0.0% | 2B | 2B | 0.0% |
| Common Stock, Shares, Issued | 995M | 994M | +0.1% | 994M | 994M | 0.0% |
| Common Stock, Value, Issued | $10M | $10M | 0.0% | $10M | $10M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $5.14B | $1.22B | +322.0% | $4.06B | $3.46B | +17.2% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $5.54B | $1.61B | +243.6% | $5.89B | $5.08B | +15.8% |
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | -$46M | -$87M | +47.1% | -$128M | $293M | -143.7% |
| Contract with Customer, Liability | $284M | – | – | $215M | $515M | -58.3% |
| Cost of Goods and Services Sold | $43.1B | $30B | +43.4% | $119B | $126B | -5.4% |
| Costs and Expenses | $45B | $31.9B | +41.1% | $127B | $134B | -5.0% |
| Costs and Expenses, Related Party | $870M | $707M | +23.1% | $2.89B | $2.44B | +18.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $706M | $862M | -18.1% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $20M | $8M | +150.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $855M | $1.01B | -15.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $129M | $144M | -10.4% |
| Debt and Lease Obligation | $33.3B | $29B | +14.6% | $33.3B | $27.8B | +19.8% |
| Debt Instrument, Unamortized Discount (Premium), Net | $229M | $189M | +21.2% | $225M | $174M | +29.3% |
| Debt Issuance Costs, Net | $210M | $171M | +22.8% | $204M | $142M | +43.7% |
| Debt, Current | $2.12B | $1.82B | +16.5% | $2.37B | $3.05B | -22.2% |
| Deferred Credits and Other Liabilities, Noncurrent | $2.26B | $1.25B | +81.0% | $1.54B | $1.31B | +17.7% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $255M | -$90M | +383.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $2M | -$1M | +300.0% |
| Deferred Income Tax Expense (Benefit) | -$46M | -$30M | -53.3% | $282M | -$124M | +327.4% |
| Deferred Income Tax Liabilities, Net | $5.95B | $5.72B | +4.1% | $5.98B | $5.77B | +3.7% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $25M | -$33M | +175.8% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $84M2025-12-31 | $75M | +12.0% | $84M | $75M | +12.0% |
| Deferred Tax Assets, Gross | $1.61B2025-12-31 | $1.55B | +4.4% | $1.61B | $1.55B | +4.4% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.61B2025-12-31 | $1.5B | +7.4% | $1.61B | $1.5B | +7.4% |
| Deferred Tax Assets, Operating Loss Carryforwards | $32M2025-12-31 | $39M | -17.9% | $32M | $39M | -17.9% |
| Deferred Tax Assets, Other | $115M2025-12-31 | $95M | +21.1% | $115M | $95M | +21.1% |
| Deferred Tax Assets, Tax Credit Carryforwards | $20M2025-12-31 | $22M | -9.1% | $20M | $22M | -9.1% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | $560M2025-12-31 | $558M | +0.4% | $560M | $558M | +0.4% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $80M2025-12-31 | $81M | -1.2% | $80M | $81M | -1.2% |
| Deferred Tax Assets, Valuation Allowance | $9M2025-12-31 | $51M | -82.4% | $9M | $51M | -82.4% |
| Deferred Tax Liabilities, Gross | $7.59B2025-12-31 | $7.26B | +4.4% | $7.59B | $7.26B | +4.4% |
| Deferred Tax Liabilities, Inventory | $845M2025-12-31 | $672M | +25.7% | $845M | $672M | +25.7% |
| Deferred Tax Liabilities, Investment in Noncontrolled Affiliates | $3.96B2025-12-31 | $3.74B | +5.7% | $3.96B | $3.74B | +5.7% |
| Deferred Tax Liabilities, Leasing Arrangements | $324M2025-12-31 | $246M | +31.7% | $324M | $246M | +31.7% |
| Deferred Tax Liabilities, Net | $5.98B2025-12-31 | $5.77B | +3.7% | $5.98B | $5.77B | +3.7% |
| Deferred Tax Liabilities, Other | $19M2025-12-31 | $20M | -5.0% | $19M | $20M | -5.0% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $2.44B2025-12-31 | $2.58B | -5.5% | $2.44B | $2.58B | -5.5% |
| Defined Benefit Plan, Accumulated Benefit Obligation | $2.82B2025-12-31 | $2.58B | +9.3% | $2.82B | $2.58B | +9.3% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01