NYSE: MPC · Oil & Gas Refining & Marketing
Marathon Petroleum
Marathon Petroleum, based in Findlay, Ohio, operates one of the nation’s largest refining systems, with about 3.0 million barrels per day of crude oil refining capacity, and believes it is one of the largest U.S. wholesale suppliers of gasoline and distillates. It reports Refining & Marketing ($124,252 million of 2025 external revenues), Midstream — mainly MPLX, the master limited partnership in which MPC owns the general partner and about 64% of the common units ($5,628 million external, $11,534 million total) — and Renewable Diesel. 2025 sales were $132,699 million and net income attributable to MPC $4,047 million. MPC sold its Speedway retail business to 7-Eleven in 2021 for $21.38 billion and has since bought back large amounts of stock: shares outstanding fell from 651 million (2020) to 295 million (2025). MPLX bought Northwind Midstream ($2.4 billion) and the rest of BANGL ($703 million) in 2025.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 30, 2026 12:49 (SEC EDGAR) · Source 10-K filed: February 26, 2026
Built on10-K FY2025 · filed 2026-02-2610-Q (quarter ended 2026-09-30) · filed 2026-11-03Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 13.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 6.2%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +5.9 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.6x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.04x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 4 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 8.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.63
Higher than 76% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 19% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 59% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 66% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 75% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$402.90close on 2026-11-04
Market cap$118.86B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 8.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 6.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 12.9x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.0%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.9%
At FY2025 year-end: 12.3x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.8x
Book value at FY2025 year-end
At FY2025 year-end: 6.7x
EBITDA for FY2025
At FY2025 year-end: 9.9%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$34.81B → $56.03B (vs. a year earlier)↑ +61.0%$34.81B → $56.03B (vs. a year earlier)
- Operating margin7.8% → 18.7% (vs. a year earlier)↑ +10.9 pts7.8% → 18.7% (vs. a year earlier)
- Net income$1.37B → $7.45B (vs. a year earlier)↑ +443.6%$1.37B → $7.45B (vs. a year earlier)
- Diluted EPS$4.51 → $26.59 (vs. a year earlier)↑ +489.6%$4.51 → $26.59 (vs. a year earlier)
- Cash$7.77B → $12.81B (vs. previous quarter-end)↑ +64.8%$7.77B → $12.81B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 3, 2026.
Management outlook • Issued
Expects 2026 capital spending of $1.5B, excluding MPLX. Source sentence
MPC’s 2026 capital spending outlook (excluding MPLX) is $1.5 billion.
Key changes
Segment adjusted EBITDA $9.9B versus $1.8B. Source sentence
Segment adjusted EBITDA was $9.9 billion in the third quarter of 2026, versus $1.8 billion for the third quarter of 2025.
Quarterly dividend up 10%. Source sentence
Announced a 10% increase in MPC’s quarterly dividend, consistent with our capital allocation priorities
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Marathon Petroleum Corp
- Headquarters
- FINDLAY, OH
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: MPC
- Industry
- Oil & Gas Refining & Marketing
- CIK
- 1510295
Workforce (as of FY2025 year-end)
Employees
18,500
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 30–35 days after quarter end (Feb 3, 2026; Feb 4, 2025; Jan 30, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 30–37 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 3, 2026 (+34 days) | Nov 3, 2026 10-Q (+34 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 4, 2026 (+35 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 5, 2026 10-Q (+35 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 3, 2026 (+34 days) | Feb 26, 2026 10-K (+57 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 4, 2025 (+35 days) | Nov 4, 2025 10-Q (+35 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 5, 2025 (+36 days) | Aug 5, 2025 10-Q (+36 days) |
| Q1 FY2025 | Mar 31, 2025 | May 6, 2025 (+36 days) | May 6, 2025 10-Q (+36 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 4, 2025 (+35 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 5, 2024 (+36 days) | Nov 5, 2024 10-Q (+36 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 6, 2024 (+37 days) | Aug 6, 2024 10-Q (+37 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | Apr 30, 2024 10-Q (+30 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 30, 2024 (+30 days) | Feb 28, 2024 10-K (+59 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Refining & Marketing
Transportation fuels
Gasoline, distillates and jet fuel from about 3.0 mbpd of refining capacity, including the Los Angeles refinery (largest on the West Coast).
Refining & Marketing
Branded marketing
Branded outlets and wholesale supply to resellers.
Midstream
MPLX
Crude and product pipelines and terminals, natural gas gathering and processing, and NGL fractionation.
Renewable Diesel
Renewable diesel
One of the largest U.S. producers and marketers of renewable diesel.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Refining
U.S. refining capacity
U.S. share
One of the largest
Company-disclosed“one of the nation’s largest refining systems with approximately 3.0 million barrels per day”
Worldwide share
—
Not disclosedRenewable diesel
U.S. renewable diesel
U.S. share
One of the largest producers and marketers
Company-disclosedCompany statement in the 10-K
Worldwide share
—
Not disclosed
07
Recent strategic focusSite analysis
Recent developments.
MPLX acquisitions
MPLX bought Northwind Midstream for $2.4B (August 29, 2025), the remaining 55% of BANGL for $703M (July 1, 2025) and Whiptail Midstream ($235M).
Source: Form 10-K (FY2025)
Leadership
Maryann Mannen became Chairman on January 1, 2026; Maria Khoury became CFO on January 19, 2026.
Source: Form 8-K (2025-12-18) — Item 5.02
Strong 2026
Net income attributable to MPC was $5.65B in the first half of 2026, versus $1.14B a year earlier.
Source: Form 10-Q (quarter ended 2026-06-30)
Capex ÷ D&A (FY2025)
1.07x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$3,486M ÷ $3,251M = 1.07x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$4.66B
Latest year: $3.32B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $2.79B in FY2020 to $3.49B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$132.7B
As reported in the 10-K
Revenue CAGR (5 years)
+13.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($132,699M ÷ $69,779M) ^ (1÷5) − 1 = 13.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
6.2%▲favorable
+23.8pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$8,291M ÷ $132,699M × 100 = 6.2%
ROE (FY2025)
23.1%▲favorable
6-year average: 21.1%
As reported in the 10-K
P/B (FY2025 end)
2.77x
formulafiscal year-end closing price ÷ book value per share
e.g.$162.63 ÷ $58.69 = 2.77x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
6.7x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($47,976M + $33,305M − $3,672M) ÷ ($8,291M + $3,251M) = 6.7x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +13.7% a year over 5 years (strong growth)
From $69.78B in FY2020 to $132.7B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -17.6% → 6.2%
How much operating profit is left per $100 of revenue. It moved +23.8 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 20.6% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 5 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 21.1% over 6 years (latest: 23.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- MPLX
07 · what it does
Key activities
- Refining & Marketing: refining and selling transportation fuels and other products
- Midstream: MPLX logistics, gathering, processing and fractionation
- Renewable Diesel: production and marketing of renewable diesel
06 · what it draws on
Key resources
- About 18,500 employees
- About 3.0 million barrels per day of refining capacity
- MPLX pipelines, terminals and gathering and processing assets
02 · why customers buy
Value propositions
- Refined fuels and products from large refineries, plus midstream through MPLX.
04 · how it keeps them
Customer relationships
- Long-term contracts with branded outlets and fee-based midstream agreements.
03 · how it reaches them
Channels
- Wholesale and spot sales; branded Marathon and ARCO outlets.
01 · who it serves
Customer segments
- Resellers and branded outlets
- Commercial, industrial and spot market buyers
09 · where money goes
Cost structure
FY2025, share of revenue ($132.7B)
- Cost of revenue90.0%
- Selling, general & administrative2.5%
- Other operating costs1.2%
Operating profit left: 6.2% of revenue. Depreciation & amortization (inside the costs above): $3.25B. Capital spending: $3.49B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Refining & Marketing $124,252M (2025, external)
- Midstream $5,628M external ($11,534M incl. intersegment)
- Renewable Diesel $2,819M (remainder of 2025 total)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Buys crude oil, refines it into gasoline, distillates and other products, and sells them to wholesale, branded and spot customers, while MPLX earns largely fee-based income from pipelines, gathering, processing and logistics.
01 what it draws on
Inputs & resources
- About 18,500 employees
- About 3.0 million barrels per day of refining capacity
- MPLX pipelines, terminals and gathering and processing assets
02 what it does
Activities
- Refining & Marketing: refining and selling transportation fuels and other products
- Midstream: MPLX logistics, gathering, processing and fractionation
- Renewable Diesel: production and marketing of renewable diesel
03 who it serves
Customers
- Resellers and branded outlets
- Commercial, industrial and spot market buyers
04 how money comes in
How it earns
- Refining & Marketing $124,252M (2025, external)
- Midstream $5,628M external ($11,534M incl. intersegment)
- Renewable Diesel $2,819M (remainder of 2025 total)
How the business makes money
- Segment adjusted EBITDA 2025: R&M $6,138M, Midstream $6,750M, Renewable Diesel −$110M.
- Received $2.56B of LP distributions from MPLX in 2025.
- No customer exceeded 10% of revenues; about 3,800 employees are unionized.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Marathon Petroleum’s pipelines are FERC rate-regulated, and PFAS scrutiny is rising.
Regulated prices & reimbursement
FERC pipeline rates
Interstate common carrier pipelines are rate-regulated by FERC.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
PFAS
Expects increased PFAS monitoring and remediation obligations.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Refining & Marketing
124,252 (94%)Midstream
5,628 (4%)Renewable Diesel
2,819 (2%)
Source: Form 10-K (FY2025) Revenues from external customers; Renewable Diesel derived as total ($132,699M) less the other two.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Capital tie / equity stake
MPLX
MPC owns the general partner and about 64% of MPLX common units and consolidates it.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Resellers, branded outlets, commercial and industrial customers and spot buyers.
Named by the company
No single customer accounted for 10% or more of revenues in 2023–2025.
Suppliers
Crude oil suppliers worldwide.
Named by the company
No material supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
MPC competes with other companies to acquire crude oil and to sell refined products, with independent marketers, integrated oil companies and high-volume retailers; the 10-K does not name them.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
Performance peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Peer companies for relative PSU TSR from the 2026 proxy statement.
- BPsite ↗
- Chevronsite ↗
- CVR Energysite ↗
- Delek US Holdingssite ↗
- ExxonMobilsite ↗
- HF Sinclairsite ↗
- PBF Energysite ↗
- Phillips 66site ↗
- Valero Energysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 69,779 | 119,983 | 177,453 | 148,379 | 138,864 | 132,699 |
| Operating income | -12,247 | 4,300 | 21,469 | 14,514 | 6,796 | 8,291 |
| Pretax income | -13,612 | 2,817 | 20,469 | 13,989 | 5,957 | 7,015 |
| Net income (attributable) | -9,826 | 9,738 | 14,516 | 9,681 | 3,445 | 4,047 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 71.9% | 47.9% | -16.4% | -6.4% | -4.4% |
| Operating margincalcoperating income ÷ revenue × 100 | -17.6% | 3.6% | 12.1% | 9.8% | 4.9% | 6.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -14.1% | 8.1% | 8.2% | 6.5% | 2.5% | 3.0% |
| Balance sheet ($M) | ||||||
| Total assets | 85,158 | 85,373 | 89,904 | 85,987 | 78,858 | 83,955 |
| Total equity | 29,252 | 32,616 | 34,119 | 30,504 | 24,303 | 24,086 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 32,044 | 25,948 | 27,080 | 27,620 | 27,797 | 33,305 |
| Equity ratio | 26.1% | 30.7% | 30.8% | 28.4% | 22.5% | 20.6% |
| ROE | -44.3% | 40.2% | 53.8% | 37.1% | 16.3% | 23.1% |
| Cash flow ($M) | ||||||
| Operating CF | 2,419 | 4,360 | 16,361 | 14,117 | 8,665 | 8,253 |
| Investing CF | -3,257 | 14,797 | 623 | -3,095 | 1,534 | -5,867 |
| Financing CF | -135 | -14,419 | -13,647 | -14,207 | -12,434 | -1,924 |
| Free cash flowcalccash flow from operations − capital expenditures | -368 | 2,896 | 13,941 | 12,227 | 6,132 | 4,767 |
| Cash and equivalents | 415 | 5,291 | 8,625 | 5,443 | 3,210 | 3,672 |
| Per share & other | ||||||
| EPS ($) | -15.13 | 15.24 | 28.12 | 23.63 | 10.08 | 13.22 |
| BVPS ($) | 34.10 | 45.26 | 61.05 | 66.32 | 56.16 | 58.69 |
| Dividend per share ($) | 2.32 | 2.32 | 2.49 | 3.08 | 3.39 | 3.73 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 15.2% | 8.9% | 13.0% | 33.6% | 28.2% |
| P/E (x) | — | 4.2 | 4.1 | 6.3 | 13.8 | 12.3 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | 7.5 | 2.9 | 4.3 | 6.8 | 6.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.21 | 1.41 | 1.91 | 2.24 | 2.48 | 2.77 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $56.03B+61.0% | $10.45B+285.2% | $7.45B+443.6% | $26.59 |
| 2026-06-30 | $51.99B+53.8% | $7.32B+233.3% | $5.14B+322.5% | $17.73 |
| 2026-03-31 | $34.2B+8.5% | $1.4B+104.4% | $511M | $1.73 |
| 2025-12-31 † | $32.57B-1.7% | $2.69B+136.1% | $1.54B+313.7% | — |
| 2025-09-30 | $34.81B | $2.71B | $1.37B | $4.51 |
| 2025-06-30 | $33.8B | $2.2B | $1.22B | $3.96 |
| 2025-03-31 | $31.52B | $687M | −$74M | $-0.24 |
| 2024-12-31 † | $33.14B | $1.14B | $371M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
12.4%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$8,291M × (1 − 18%) ÷ $54,746M × 100 = 12.4%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
6.47%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $47.98B ÷ ($47.98B + $33.31B) = 59.0%
e.g.Debt weight: $33.31B ÷ ($47.98B + $33.31B) = 41.0%
e.g.WACC: 8.4% × 59.0% + 4.5% × (1 − 18%) × 41.0% = 6.47%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.6%–7.6% and ROIC − WACC runs +4.8 to +6.9 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 6.47% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.63 (price-derived adjusted beta, but correlation with the market is low (R² 0.03), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 8.41%
- Cost of debt
- 4.47%
- Tax rate
- 18% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 59% : 41%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 6.47%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.63 (price-derived adjusted beta. Raw β 0.44, R² 0.03, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.442 + 0.33 = 0.626
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.63 × 5.5% = 8.4%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
3.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.5% − 3.2%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+13.7%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $4.77B (operating CF − capex); enterprise value $148.49B = market cap $118.86B (latest close, 2026-11-04) + debt $33.31B − cash and short-term investments $3.67B; r = WACC of 6.5% using this page’s default assumptions (β 0.63, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$148.97B
FCF $4.77B ÷ (6.5% − 3.3%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.5% | 5.5% | 6.5% | 7.5% | 8.5% |
|---|---|---|---|---|---|
| 0% | 0.71x | 0.58x | 0.49x | 0.43x | 0.38x |
| 2% | 1.28x | 0.92x | 0.71x | 0.58x | 0.49x |
| 4% | 6.42x | 2.14x | 1.28x | 0.92x | 0.71x |
| 6% | — | — | 6.42x | 2.14x | 1.28x |
| 8% | — | — | — | — | 6.42x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.52x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -5.2%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 118%
Most profit comes from core operations.
- ✓
Days sales outstanding: 30 → 30 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$8,253M ÷ $4,047M = 2.04x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$8,291M ÷ $7,015M × 100 = 118%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($11,145M + $10,317M) ÷ 2 ÷ $132,699M × 365 = 30 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($9,568M + $10,129M) ÷ 2 ÷ $119,446M × 365 = 30 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 78.0%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 22.0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 326 of 416
- Beta (adjusted)
- 0.63
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 78% of covered companies have more
above 1 = swings more than the market
- 219.1M shares reported by 1,946 13F filers ÷ 280.8M shares outstanding on 2026-07-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed None (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-30)
19
Strengths & weaknessesSite analysis
Strengths
1. Scale
One of the nation’s largest refining systems (~3.0 mbpd).
Evidence: Form 10-K (FY2025)
2. Stable midstream earnings
Midstream adjusted EBITDA of $6,750M in 2025 exceeded R&M’s $6,138M.
Evidence: Form 10-K (FY2025)
3. Large buybacks
Repurchased $55.67B of stock from 2012 through 2025; shares fell from 651M (2020) to 295M (2025).
Evidence: Form 10-K (FY2025)
Weaknesses
1. Volatile refining margins
Net income attributable to MPC ranged from −$9,826M (2020) to $14,516M (2022).
Evidence: Form 10-K (FY2025)
2. Rising debt
Interest-bearing debt rose to $33.3B in 2025, much of it at MPLX.
Evidence: Form 10-K (FY2025)
3. Renewable diesel losses
Renewable Diesel segment adjusted EBITDA was negative in 2024 and 2025.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
12.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.29%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
28%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
9.9%
(Operating CF − capex) ÷ market cap
1. Capital returns
Large ongoing buybacks and rising dividends ($3.73 per share in 2025).
- What has to hold
- Refining margins stay healthy.
- The other side
- Cyclical earnings.
Evidence: Form 10-K (FY2025)
2. Midstream stability
MPLX provides fee-based cash flow and distributions.
- What has to hold
- MPLX keeps growing.
- The other side
- Higher leverage.
Evidence: Form 10-K (FY2025)
2020 includes large impairments; 2021 net income includes an $8.02B after-tax gain on the Speedway sale.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
1.5x
$3.67B vs. $2.37B
Interest coverage (operating income ÷ interest expense)
5.6x
$8.29B vs. $1.49B
Free cash flow ÷ dividends paid
4.2x
$4.77B vs. $1.14B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -16.4% in FY2023 ($177.45B → $148.38B) | Not yet, as of FY2025 |
| Operating income | -53.2% in FY2024 ($14.51B → $6.8B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recovery after 2020
After a $9.8B loss in 2020, net income was positive every year 2021–2025.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
MPC’s legal matters are mainly environmental enforcement and the Tesoro High Plains Pipeline easement dispute.
3 open matters
Galveston Bay consent decree penalties
PendingEnforcement / sanctionEPA
EPA assessed stipulated penalties in Q2 2026 for alleged consent decree violations at the Galveston Bay Refinery from 2020 through 2024.
Source: Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingencies
Flaring consent decree
PendingEnvironmentalEPA
2012 consent decree on flares at six refineries; MPC requested termination in December 2023 and EPA may seek stipulated penalties.
Source: Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingencies
Tesoro High Plains Pipeline easement
PendingRegulatory proceedingU.S. Government Parties
THPP is challenging a Bureau of Indian Affairs order over a pipeline crossing in North Dakota; it paid about $4M in trespass damages.
Source: Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingencies, reviewed 2026-10-30. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Crack spreads
- Company disclosure (summarized from the 10-K)
- Refining margins depend on crude and product prices and demand.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Environmental regulation
- Company disclosure (summarized from the 10-K)
- Consent decrees, emissions rules and renewable fuel standards.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Energy transition
- Company disclosure (summarized from the 10-K)
- Lower long-term demand for transportation fuels.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Disaster
Refinery incidents
- Company disclosure (summarized from the 10-K)
- Operational accidents and turnarounds affect output.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5M&A & integration
Midstream acquisitions
- Company disclosure (summarized from the 10-K)
- Integrating Northwind, BANGL and Whiptail acquisitions at MPLX.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
Developments aimed at reducing vehicle emissions, increasing vehicle efficiency or reducing the sale of new internal combustion engine vehicles may decrease the demand and may increase the cost for our liquid transportation fuels. Read more
Government mandates or incentives, industry and technological developments and consumer sentiment with respect to liquid transportation fuels may alter fuels or energy preferences or make alternative fuel vehicles more desirable and result in greater market penetration of such vehicles or otherwise decrease demand for our liquid transportation fuels. For example, the federal government through NHTSA and the EPA promulgate rules that require vehicle manufacturers to increase the fuel efficiency standards of liquid transportation fuels vehicles. The EPA has finalized a rule that reduces its current vehicle standards by eliminating regulation of GHG emissions.…
In 2025, the U.S. presidential administration announced wide-ranging policy changes and issued numerous executive actions. Read more
The U.S. EPA and other federal agencies began proposing and promulgating regulations consistent with the administration’s policy changes. If the federal government relaxes or revokes certain environmental regulations, states may pass laws that vary in stringency and scope by state, creating a patchwork of regulation. For example, various states have passed laws regulating the use of materials containing PFAS and setting action levels for the remediation of certain PFAS. We cannot predict the extent to which states will pass such legislation, or the ultimate effect these state laws will have on our business, financial condition and results of operations.
California has also enacted cap-and-invest programs, which set statewide limits on GHG emissions and caps that decline each year. Read more
CARB is currently developing regulations to implement the changes to the Cap-and-Invest program. We are unable to estimate the impact of these programs but requirements to drastically reduce GHG emissions in California could increase our operating costs, require additional capital expenditures, reduce the competitiveness of our California refinery and renewable fuel facility and our Washington refinery and affect their long term outlook.
No longer in the text (4)
In early 2025, the new U.S. presidential administration announced broad-based tariffs on goods imported from certain countries where we purchase feedstocks, including a ten percent tariff on energy resources such as crude oil, natural gas and NGLs imported from Canada. Some of these tariffs have been stayed for brief periods of at least 30 days. If the provisions of those tariffs are maintained as proposed, we would expect added market volatility, with the longer term impacts to our refining and marketing margin uncertain. In addition, retaliatory tariffs imposed by other countries or other potential government actions, would likely result in further adverse impacts.
Developments aimed at reducing vehicle emissions, increasing vehicle efficiency or reducing the sale of new internal combustion engine vehicles may decrease the demand and may increase the cost for our transportation fuels. Read more
EPA and NHTSA have promulgated separate rules setting more stringent requirements for vehicles. NHTSA’s current CAFE standards increase in stringency from model year 2023 levels by eight percent annually for model years 2024-2025 and ten percent annually for model year 2026. EPA’s model year 2023-2026 CO2 emission standards result in average fuel economy of 40 mpg in model year 2026. In addition, NHTSA and EPA finalized new rules setting even more stringent requirements for model years 2027-2032. NHTSA’s standards would require an increase in fuel efficiency of two percent annually. EPA’s standards would require a significant increase in electric vehicle production…
I, ACC II, and Advanced Clean Trucks. California has received Clean Air Act waivers from U.S. Read more
EPA to implement these programs.
Moreover, our revenues may not increase immediately upon the expenditure of funds on a particular project. Read more
For instance, if we build a new pipeline, the construction will occur over an extended period of time and we may not receive any material increases in revenues until after completion of the project, if at all.
1 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 26, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
25
What to watch going forwardSite analysis
- Refining margins and utilization.
- MPLX distributions and growth projects.
- Buyback pace and debt levels.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 30, 2026 12:49 (SEC EDGAR) · Source 10-K filed: February 26, 2026
Built on10-K FY2025 · filed 2026-02-26Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Marathon Petroleum’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.