Company file · MPC

Marathon Petroleum

Renewable Diesel was Marathon Petroleum's fastest-growing segment in FY2025, up 35.4%

Revenue fell 4.4% to $132.7B in FY2025, from $138.9B in FY2024. Net income rose 17.5% to $4.0B. Refining and Marketing was the largest segment, at 94% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 26, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026) · Data pulled Oct 27, 2026

Key facts

Marathon Petroleum (NYSE: MPC) closed fiscal 2025 on Dec 31, 2025 with revenue of $132.7B, down 4.4% from a year before; net income came to $4.0B, up 17.5%. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $52.0B, up 53.8% on the same stretch of the prior year, and net income of $5.1B. Broken down by segment, Refining and Marketing led with 94% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 26, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026).

Revenue$132.7BFY2025 · −4.4% vs FY2024

Net income$4.0BFY2025 · +17.5% vs FY2024

Operating cash flow$8.3BFY2025 · −4.8% vs FY2024

Cash & equivalents$7.8Bat Jun 30, 2026 · +111.5% vs FY2025 end

Total debt$32.8Bat Jun 30, 2026 · −0.2% vs FY2025 end

Diluted shares306MFY2025 avg · −10.3% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 26, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Refining and Marketing$124.3B94%−5.6%
Midstream$5.6B4%+8.3%
Renewable Diesel$2.8B2%+35.4%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Refining and Marketing (94%), Midstream (4%) and Renewable Diesel (2%), as shares of total revenue. Total revenue was $132.7B.

By segment: three-year mixShare of the total each fiscal year

FY2023

96%

FY2024

95%

FY2025

94%

Refining and MarketingMidstreamRenewable Diesel

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$52.0B Q2 2026

$33.8B Q2 2025

53.8% increase

Net income

$5.1B Q2 2026

$1.2B Q2 2025

322.5% increase

Source: Marathon Petroleum 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026

By segment

Refining and Marketing

$49.3B Q2 2026

$31.8B Q2 2025

54.9% increase

Midstream

$1.5B Q2 2026

$1.3B Q2 2025

8.6% increase

Renewable Diesel

$1.2B Q2 2026

$631M Q2 2025

96.5% increase

Source: Marathon Petroleum 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026

Cash & equivalents $7.8B at Jun 30, 2026, vs $3.7B at FY2025 end.
Total debt $32.8B at Jun 30, 2026, vs $32.9B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $11.4B vs $2.6B a year earlier.

The bull case and the bear case

The bull case

Net income rose 17.5% in FY2025 to $4.0B, from $3.4B. 10-K, FY2025
Diluted shares fell 10.3% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Jun 30, 2026 was $52.0B, up 53.8% on a year earlier. 10-Q, quarter ended Jun 30, 2026
Net income in the quarter ended Jun 30, 2026 was $5.1B, up 322.5% on a year earlier. 10-Q, quarter ended Jun 30, 2026

The bear case

Revenue fell 4.4% in FY2025 to $132.7B, from $138.9B a year earlier. 10-K, FY2025
Operating cash flow fell 4.8% in FY2025 to $8.3B. 10-K, FY2025
Total debt rose 19.6% in FY2025 to $32.9B. 10-K, FY2025
Refining and Marketing revenue fell 5.6% in FY2025 to $124.3B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Marathon Petroleum is in the oil & gas refining & marketing industry, part of the energy sector. The SEC files it under Petroleum Refining.

Marathon Petroleum reports 3 segments: Refining and Marketing, Midstream and Renewable Diesel.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the oil & gas refining & marketing industry. They are not a summary of Marathon Petroleum’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesOil, gas and refined-product prices drive revenue and spending.
Operations and safetyAccidents, outages and weather can halt production or shipping.
Regulation and climate policyEnvironmental rules and shifts in energy policy can change demand and costs.
DemandEconomic activity and changes in fuel use affect volumes.
Capital spendingProjects need large investment that may not earn what was planned.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$148.4B	$138.9B	$132.7B
Net income	$9.7B	$3.4B	$4.0B
Operating cash flow	$14.1B	$8.7B	$8.3B
Cash & equivalents (year end)	$5.4B	$3.2B	$3.7B
Total debt (year end)	$27.3B	$27.5B	$32.9B
Diluted shares	409M	341M	306M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Aug 4, 2026	Jun 30, 2026
10-Q	May 5, 2026	Mar 31, 2026
DEF 14A	Mar 16, 2026	Apr 29, 2026
10-K	Feb 26, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Marathon Petroleum

How does Marathon Petroleum make money?

Fiscal 2025 revenue: $132.7B. By segment in FY2025: Refining and Marketing (94%), Midstream (4%) and Renewable Diesel (2%), as shares of total revenue. Total revenue was $132.7B. Source: 10-K for fiscal 2025, filed Feb 26, 2026.

What was Marathon Petroleum's revenue in fiscal 2025?

$132.7B, down 4.4% from fiscal 2024 ($138.9B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $148.4B. Source: 10-K for fiscal 2025, filed Feb 26, 2026.

Is Marathon Petroleum profitable?

Net income was $4.0B in fiscal 2025 (up 17.5%; fiscal 2024 was $3.4B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $5.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 26, 2026.

What did Marathon Petroleum report in its latest quarterly filing?

For the three months to Jun 30, 2026: revenue $52.0B (up 53.8% from $33.8B) and net income $5.1B (up 322.5% from $1.2B). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026.

How much cash and debt does Marathon Petroleum have?

As of Jun 30, 2026: $7.8B of cash and cash equivalents, $32.8B of total debt. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Aug 4, 2026.

What are the main risks Marathon Petroleum faces?

Marathon Petroleum's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 26, 2026. Risks that are common among companies in the oil & gas refining & marketing industry include Commodity prices; operations and safety; regulation and climate policy; demand; capital spending. The first: Oil, gas and refined-product prices drive revenue and spending. Source: 10-K, Item 1A Risk Factors.

Where do these Marathon Petroleum numbers come from?

The 10-K filed Feb 26, 2026 (fiscal 2025) and the 10-Q filed Aug 4, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in MPC: The editor holds no position in Marathon Petroleum (MPC). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell MPC from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 27, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold MPC, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Marathon PetroleumMPC	FY2025	$132.7B	−4.4%	$4.0B
ExxonMobilXOM	FY2025	$332.2B	−5.0%	$28.8B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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