Free cash flow generation remains inconsistent, swinging from a $2.8 billion peak in 2024Q2 to a negative $727 million in 2025Q1, while capital expenditure intensity has trended upward to 3.6% of revenue by 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | 9.44B | 8.25B | 8.66B | 14.12B | 16.36B | 4.36B | 2.42B | 9.44B | 6.16B | 6.61B | 4.02B | 4.07B | 3.11B | 3.4B | 4.49B | 3.31B | 2.22B | 2.46B | 684M |
| Operating CF Margin % | - | 6.22% | 6.24% | 9.51% | 9.22% | 3.63% | 3.47% | 8.49% | 7.15% | 8.85% | 6.34% | 5.65% | 3.18% | 3.4% | 5.46% | 4.21% | 3.55% | 5.38% | 1.05% |
| Operating CF Growth % | 1926.95% | -4.75% | -38.62% | -13.72% | 275.25% | 80.24% | -74.38% | 53.31% | -6.87% | 64.6% | -1.37% | 30.96% | -8.66% | -24.2% | 35.75% | 49.26% | -9.69% | 258.92% | - |
| Net Income | 4.63B | 4.05B | 5.07B | 11.17B | 16.05B | 11B | -9.98B | 3.25B | 3.61B | 3.8B | 1.21B | 2.87B | 2.56B | 2.13B | 3.39B | 2.39B | 623M | 449M | 1.22B |
| Depreciation & Amortization | 884M | 3.35B | 3.34B | 3.31B | 3.21B | 3.36B | 3.38B | 3.23B | 2.17B | 2.11B | 2B | 1.5B | 1.33B | 1.22B | 995M | 891M | 941M | 670M | 606M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 329M | 282M | -124M | -28M | 290M | 1.92B | -2.05B | 449M | 252M | -1.23B | 394M | 134M | -242M | 23M | 492M | 123M | 308M | 225M | -123M |
| Other Non-Cash Items | 2.08B | 1.23B | -14M | -629M | -1.52B | -12.86B | 10.8B | 2.15B | 689M | 100M | 168M | 597M | 162M | -190M | 99M | -164M | 11M | -15M | 197M |
| Working Capital Changes | 201M | -657M | 399M | 295M | -1.67B | 931M | 269M | 365M | -559M | 1.83B | 241M | -1.03B | -691M | 219M | -487M | 70M | 334M | 1.13B | -1.21B |
| Change in Receivables | -2.48B | 890M | 1.12B | 2.11B | -2.86B | -5.3B | 1.47B | -1.72B | 1.28B | -1.09B | -674M | 1.29B | 1.64B | -940M | 851M | -1.18B | -750M | -1.45B | 1.97B |
| Change in Inventory | -311M | -596M | -270M | -489M | -787M | -33M | 1.75B | -362M | 965M | 106M | -70M | 80M | -786M | -305M | -115M | -255M | -76M | -22M | -198M |
| Change in Payables | 4.42B | -776M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -6.09B | -6.27B | 1.53B | -3.1B | 623M | 14.8B | -3.26B | -6.26B | -7.67B | -3.4B | -2.97B | -3.44B | -4.54B | -2.76B | -1.45B | 1.29B | -2.15B | -2.64B | -2.61B |
| Capital Expenditures | -3.74B | -3.49B | -2.53B | -1.89B | -2.42B | -1.46B | -2.79B | -4.81B | -3.18B | -2.73B | -2.89B | -2B | -1.48B | -1.21B | -1.37B | -1.19B | -1.22B | -2.89B | -2.79B |
| CapEx % of Revenue | 2.75% | 2.63% | 1.82% | 1.27% | 1.36% | 1.22% | 3.99% | 4.33% | 3.69% | 3.66% | 4.57% | 2.77% | 1.51% | 1.2% | 1.66% | 1.51% | 1.95% | 6.33% | 4.27% |
| Acquisitions | -2.18B | -2.71B | -1.2B | -726M | -818M | 0 | 0 | -129M | -3.82B | -249M | 0 | -1.22B | -2.82B | -1.51B | -190M | -74M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -462M | 273M | 231M | 738M | 914M | 21.98B | -122M | -356M | -276M | 326M | 213M | 102M | 162M | 39M | 56M | 153M | 762M | 75M | 668M |
| Cash from Financing | -5.01B | -1.52B | -12.43B | -14.21B | -13.65B | -14.42B | -135M | -3.38B | 222M | -1.09B | -1.29B | -999M | 635M | -3.22B | -1.26B | -1.64B | -82M | 209M | 1.91B |
| Debt Issued (Net) | 1.16B | 4.62B | -353M | 510M | 1.1B | -6.27B | 2.73B | 1.2B | 5.44B | 2.27B | -1.41B | 767M | 3.25B | -21M | -17M | -641M | 1.25B | 2M | 2.06B |
| Equity Issued (Net) | -3.18B | -3.46B | -9.16B | -11.51B | -11.68B | -4.55B | 11M | -1.94B | -3.26B | -1.85B | 1.57B | -932M | -1.88B | -2.75B | -835M | 1M | 0 | 0 | 0 |
| Dividends Paid | -1.15B | -1.14B | -1.15B | -1.26B | -1.28B | -1.48B | -1.51B | -1.4B | -954M | -773M | -719M | -613M | -524M | -484M | -407M | -943M | -1.33B | 0 | 0 |
| Share Repurchases | -3.18B | -3.49B | -9.19B | -11.57B | -11.92B | -4.65B | 0 | -1.95B | -3.29B | -2.37B | -197M | -965M | -2.13B | -2.79B | -1.35B | 0 | 0 | 0 | 0 |
| Other Financing | -1.83B | -1.54B | -1.76B | -1.95B | -1.79B | -2.11B | -1.36B | -1.24B | -1B | -734M | -744M | -221M | -202M | 33M | 0 | -60M | 0 | 207M | -151M |
| Net Change in Cash | -1.66B | 462M | -2.23B | -3.19B | 3.34B | 4.74B | -973M | -196M | -1.29B | 2.12B | -244M | -367M | -798M | -2.57B | 1.78B | 2.96B | -10M | 20M | -16M |
| Free Cash Flow | 5.7B | 4.77B | 6.13B | 12.23B | 13.94B | 2.9B | -368M | 4.63B | 2.98B | 3.88B | 1.13B | 2.08B | 1.63B | 2.2B | 3.12B | 2.12B | 1B | -436M | -2.1B |
| FCF Margin % | 4.2% | 3.59% | 4.42% | 8.24% | 7.86% | 2.41% | -0.53% | 4.17% | 3.46% | 5.19% | 1.78% | 2.88% | 1.67% | 2.2% | 3.8% | 2.7% | 1.6% | -0.96% | -3.22% |
| FCF Growth % | 27.9% | -22.26% | -49.85% | -12.29% | 381.39% | 886.96% | -107.95% | 55.45% | -23.22% | 244.89% | -45.78% | 27.3% | -25.88% | -29.59% | 47.03% | 112.4% | 329.36% | 79.27% | - |
| FCF per Share | 19.33 | 15.63 | 17.98 | 29.89 | 27.02 | 4.54 | -0.57 | 6.97 | 5.66 | 7.58 | 2.12 | 3.83 | 2.84 | 3.46 | 4.56 | 2.97 | 1.40 | -0.61 | -2.94 |
| FCF Conversion (FCF/Net Income) | 1.23x | 2.04x | 2.52x | 1.46x | 1.13x | 0.45x | -0.25x | 3.58x | 2.22x | 1.93x | 3.42x | 1.43x | 1.23x | 1.61x | 1.33x | 1.39x | 3.56x | 5.47x | 0.56x |
| Interest Paid | 626M | 0 | 1.25B | 1.23B | 1.08B | 1.25B | 1.24B | 1.17B | 887M | 525M | 478M | 272M | 166M | 161M | 67M | 5M | 0 | 0 | 0 |
| Taxes Paid | 45M | 0 | 732M | 2.75B | 4.87B | 2.44B | 0 | 491M | 424M | 904M | 140M | 1.6B | 1.36B | 1.1B | 1.21B | 617M | 11M | 0 | 0 |
Refining Margin Volatility
As reported in financial statements, MPC's operating cash flow to net income ratio has fluctuated wildly, reaching a high of 5.95 in 2024Q4 and a low of 0.77 in 2023Q4, suggesting that reported net income is a poor proxy for the company's actual cash-generating capacity.
The significant divergence between net income and operating cash flow appears driven by non-cash charges and working capital swings inherent in commodity-linked refining. Investors should monitor whether this volatility reflects genuine operational efficiency or merely the accounting impact of LIFO inventory adjustments during periods of crude price shifts.
Based on recent SEC filings, Marathon Petroleum's free cash flow trajectory has been highly inconsistent, swinging from a peak of $2.8 billion in 2024Q2 to a negative $727 million in 2025Q1, highlighting the extreme sensitivity of cash generation to regional crack spread compression.
The erratic FCF performance suggests that the company's cash flow profile is heavily dependent on external market conditions rather than internal operational stability. This inconsistency warrants further investigation into whether the current capital expenditure requirements are effectively balanced against the cyclical nature of refining margins.
According to the provided quarterly data, MPC's capital expenditure as a percentage of revenue has trended upward from 1.3% in 2024Q2 to 3.6% in 2025Q4, indicating an increasing capital intensity required to maintain aging refinery assets and support renewable diesel conversion projects.
The rising trend in capital intensity suggests that the company may be entering a period of elevated reinvestment, which could constrain future free cash flow. Analysts should evaluate whether these expenditures are primarily for maintenance or if they represent a strategic pivot toward lower-margin renewable energy production.
Data from financial statements reveals that MPC has consistently prioritized share repurchases, with buybacks totaling $2.9 billion in 2024Q2 alone, often exceeding the company's quarterly free cash flow, which suggests a reliance on balance sheet capacity to sustain shareholder return programs during cyclical downturns.
The aggressive pace of buybacks appears to be a core pillar of management's capital allocation, yet it may leave the company with limited flexibility if refining margins remain depressed for an extended period. Investors should monitor the sustainability of these returns if operating cash flow continues to exhibit such high volatility.
Quick answers to the most common questions about buying MPC stock.
Marathon Petroleum Corporation (MPC) generated $8.25B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Marathon Petroleum Corporation (MPC) generated $4.77B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Marathon Petroleum Corporation (MPC) spent $3.49B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Marathon Petroleum Corporation (MPC) returned $1.14B to shareholders via cash dividends and spent $3.49B on share repurchases. This shows the company's commitment to returning capital to its equity investors.