Revenue growth remains highly unstable, fluctuating from a 14.2% contraction in 2024Q3 to a 9.7% expansion by 2026Q1, while gross margins continue to exhibit significant sensitivity to refining economics, bottoming at 4.3% in 2025Q1.
| 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 |
|---|
| Sales/Revenue | 135.75B | 132.7B | 138.86B | 148.38B | 177.45B | 119.98B | 69.78B | 111.15B | 86.09B | 74.73B | 63.34B | 72.05B | 97.82B | 100.16B | 82.24B | 78.64B | 62.49B | 45.64B | 65.26B |
| Revenue Growth % | -1.4% | -4.44% | -6.41% | -16.38% | 47.9% | 71.95% | -37.22% | 29.11% | 15.19% | 17.99% | -12.09% | -26.34% | -2.34% | 21.79% | 4.58% | 25.85% | 36.92% | -30.06% | - |
| Cost of Goods Sold | 123.81B | 122.7B | 129.58B | 131.87B | 154.89B | 113.37B | 69.11B | 102.45B | 79.22B | 69.2B | 58.82B | 57.76B | 85.6B | 88.98B | 69.94B | 68.6B | 55.27B | 38.32B | 56.53B |
| COGS % of Revenue | - | 92.46% | 93.31% | 88.88% | 87.28% | 94.49% | 99.04% | 92.18% | 92.02% | 92.6% | 92.86% | 80.17% | 87.51% | 88.84% | 85.04% | 87.24% | 88.44% | 83.96% | 86.62% |
| Gross Profit | 11.95B | 10B | 9.29B | 16.51B | 22.57B | 6.61B | 671M | 8.7B | 6.87B | 5.53B | 4.52B | 14.29B | 12.22B | 11.18B | 12.3B | 10.04B | 7.22B | 7.32B | 8.73B |
| Gross Margin % | 8.8% | 7.54% | 6.69% | 11.12% | 12.72% | 5.51% | 0.96% | 7.82% | 7.98% | 7.4% | 7.14% | 19.83% | 12.49% | 11.16% | 14.96% | 12.76% | 11.56% | 16.04% | 13.38% |
| Gross Profit Growth % | - | 7.7% | -43.74% | -26.86% | 241.36% | 885.25% | -92.28% | 26.58% | 24.21% | 22.26% | -68.34% | 16.96% | 9.25% | -9.09% | 22.56% | 38.96% | -1.33% | -16.17% | - |
| Operating Expenses | 5.13B | 4.23B | 4.04B | 3.92B | 3.6B | 2.31B | 12.92B | 4.23B | 2.18B | 1.51B | 2.14B | 9.6B | 8.16B | 7.76B | 6.95B | 6.29B | 6.21B | 6.67B | 6.88B |
| OpEx % of Revenue | - | 3.19% | 2.91% | 2.64% | 2.03% | 1.93% | 18.51% | 3.81% | 2.53% | 2.02% | 3.37% | 13.32% | 8.35% | 7.74% | 8.45% | 8% | 9.94% | 14.6% | 10.54% |
| Selling, General & Admin | 3.43B | 3.35B | 3.22B | 3.04B | 2.77B | 2.54B | 2.71B | 3.19B | 2.28B | 1.69B | 1.6B | 1.58B | 1.38B | 1.25B | 1.22B | 1.06B | 874M | 842M | 961M |
| SG&A % of Revenue | - | 2.52% | 2.32% | 2.05% | 1.56% | 2.11% | 3.88% | 2.87% | 2.64% | 2.27% | 2.52% | 2.19% | 1.41% | 1.25% | 1.49% | 1.35% | 1.4% | 1.84% | 1.47% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 885M | 818M | 881M | 825M | -226M | 10.21B | 1.04B | -97M | -182M | 540M | 8.02B | 6.79B | 6.51B | 5.73B | 5.23B | 5.34B | 5.82B | 5.92B |
| Operating Income | 6.82B | 5.77B | 5.25B | 12.59B | 18.97B | 4.3B | -12.25B | 4.46B | 4.69B | 4.02B | 2.39B | 4.69B | 4.05B | 3.42B | 5.35B | 3.75B | 1.01B | 654M | 1.85B |
| Operating Margin % | 5.02% | 4.35% | 3.78% | 8.48% | 10.69% | 3.58% | -17.55% | 4.01% | 5.45% | 5.38% | 3.77% | 6.51% | 4.14% | 3.42% | 6.5% | 4.76% | 1.62% | 1.43% | 2.84% |
| Operating Income Growth % | - | 9.91% | -58.3% | -33.65% | 341.16% | 135.11% | -374.47% | -4.86% | 16.72% | 68.4% | -49.15% | 15.82% | 18.28% | -35.95% | 42.78% | 270.43% | 54.59% | -64.74% | - |
| EBITDA | 10.09B | 9.02B | 8.59B | 15.89B | 22.18B | 7.66B | -8.87B | 7.69B | 6.86B | 6.13B | 4.39B | 6.19B | 5.38B | 4.64B | 6.34B | 4.64B | 1.95B | 1.32B | 2.46B |
| EBITDA Margin % | 7.43% | 6.8% | 6.18% | 10.71% | 12.5% | 6.39% | -12.71% | 6.92% | 7.97% | 8.21% | 6.93% | 8.6% | 5.5% | 4.64% | 7.71% | 5.9% | 3.12% | 2.9% | 3.77% |
| EBITDA Growth % | 20.92% | 5.06% | -45.98% | -28.36% | 189.47% | 186.38% | -215.42% | 12.06% | 11.87% | 39.78% | -29.17% | 15.19% | 15.76% | -26.76% | 36.8% | 137.5% | 47.43% | -46.2% | - |
| D&A (Non-Cash Add-back) | 3.27B | 3.25B | 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 |
| EBIT | 9.12B | 8.43B | 7.26B | 15.25B | 21.67B | 4.08B | -12.28B | 4.46B | 4.64B | 3.97B | 2.36B | 4.66B | 4.04B | 3.41B | 5.33B | 3.78B | 1.02B | 693M | 1.89B |
| Net Interest Income | -1.32B | -1.25B | -877M | -605M | -995M | -1.29B | -1.36B | -1.23B | -886M | -625M | -556M | -313M | -216M | -179M | -109M | -73M | -5M | -5M | -2M |
| Interest Income | 113M | 159M | 467M | 672M | 221M | 14M | 9M | 40M | 87M | 27M | 6M | 6M | 7M | 9M | 6M | 3M | 2M | 3M | 6M |
| Interest Expense | 1.43B | 1.41B | 1.34B | 1.28B | 1.22B | 1.3B | 1.37B | 1.26B | 973M | 652M | 562M | 319M | 223M | 188M | 115M | 76M | 7M | 8M | 8M |
| Other Income/Expense | 848M | 1.25B | 709M | 1.4B | 1.5B | -1.48B | -1.36B | -1.23B | -993M | -674M | -564M | -318M | -216M | -179M | -109M | -26M | 12M | 31M | 30M |
| Pretax Income | 7.67B | 7.01B | 5.96B | 13.99B | 20.47B | 2.82B | -13.61B | 3.23B | 3.7B | 3.34B | 1.82B | 4.37B | 3.83B | 3.25B | 5.24B | 3.72B | 1.02B | 685M | 1.89B |
| Pretax Margin % | 5.65% | 5.29% | 4.29% | 9.43% | 11.53% | 2.35% | -19.51% | 2.91% | 4.29% | 4.47% | 2.88% | 6.07% | 3.92% | 3.24% | 6.37% | 4.73% | 1.64% | 1.5% | 2.89% |
| Income Tax | 1.28B | 1.14B | 890M | 2.82B | 4.49B | 264M | -2.43B | 784M | 764M | -460M | 609M | 1.51B | 1.28B | 1.11B | 1.84B | 1.33B | 400M | 236M | 670M |
| Effective Tax Rate % | 16.74% | 16.21% | 14.94% | 20.14% | 21.94% | 9.37% | 17.85% | 24.25% | 20.67% | -13.76% | 33.42% | 34.43% | 33.38% | 34.29% | 35.22% | 35.76% | 39.1% | 34.45% | 35.54% |
| Net Income | 4.63B | 4.05B | 3.44B | 9.68B | 14.52B | 9.74B | -9.83B | 2.64B | 2.78B | 3.43B | 1.17B | 2.85B | 2.52B | 2.11B | 3.39B | 2.39B | 623M | 449M | 1.22B |
| Net Margin % | 3.41% | 3.05% | 2.48% | 6.52% | 8.18% | 8.12% | -14.08% | 2.37% | 3.23% | 4.59% | 1.85% | 3.96% | 2.58% | 2.11% | 4.12% | 3.04% | 1% | 0.98% | 1.86% |
| Net Income Growth % | 90.3% | 17.47% | -64.41% | -33.31% | 49.07% | 199.1% | -472.62% | -5.14% | -19% | 192.33% | -58.84% | 13% | 19.51% | -37.68% | 41.86% | 283.47% | 38.75% | -63.05% | - |
| Net Income (Continuing) | 6.38B | 5.88B | 5.07B | 11.17B | 15.98B | 2.55B | -11.18B | 2.45B | 2.93B | 3.8B | 1.21B | 2.87B | 2.56B | 2.13B | 3.39B | 2.39B | 623M | 449M | 1.22B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 72M | 8.45B | 1.21B | 806M | 673M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.67B | 6.77B | 6.76B | 7B | 7.37B | 7.38B | 8.02B | 9.41B | 9.88B | 7.79B | 7.65B | 6.44B | 639M | 412M | 411M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 15.70 | 13.27 | 10.09 | 23.65 | 28.12 | 2.69 | -15.14 | 3.97 | 5.28 | 6.70 | 2.21 | 5.25 | 4.39 | 3.32 | 4.95 | 3.34 | 0.88 | 0.63 | 1.71 |
| EPS Growth % | 115.31% | 31.52% | -57.34% | -15.9% | 945.35% | 117.77% | -481.37% | -24.86% | -21.14% | 203.13% | -57.94% | 19.69% | 32.03% | -32.76% | 48.04% | 281.75% | 38.89% | -63.05% | - |
| EPS (Basic) | - | 13.27 | 10.12 | 23.76 | 28.34 | 2.71 | -15.14 | 4.00 | 5.36 | 6.77 | 2.22 | 5.29 | 4.42 | 3.35 | 4.98 | 3.35 | 0.88 | 0.63 | 1.71 |
| Diluted Shares Outstanding | 295M | 305M | 341M | 409M | 516M | 638M | 649M | 664M | 526M | 512M | 530.77M | 542M | 574.03M | 634.94M | 684.13M | 714M | 716M | 716M | 716M |
| Basic Shares Outstanding | 295M | 305M | 341M | 407M | 512M | 634M | 649M | 659M | 518M | 511.94M | 530M | 541.44M | 574M | 634M | 684M | 712M | 712M | 712M | 712M |
| Dividend Payout Ratio | - | 28.17% | 33.5% | 13.03% | 8.81% | 15.24% | - | 53.01% | 34.32% | 22.52% | 61.24% | 21.49% | 20.76% | 22.92% | 12.01% | 39.47% | 213.48% | - | - |
Refining Margin Volatility
According to the provided quarterly income statements, Marathon Petroleum's revenue growth has fluctuated significantly, moving from a 14.2% contraction in 2024Q3 to a 9.7% expansion by 2026Q1, reflecting the inherent sensitivity of the refining business to volatile global crude oil prices and regional crack spread dynamics.
The erratic top-line performance suggests that revenue is driven more by external commodity price movements than by internal volume growth. Investors should monitor whether the recent return to positive growth in early 2026 represents a sustainable demand recovery or merely a temporary rebound in energy pricing.
As reported in financial statements, MPC's gross margins have demonstrated notable volatility, bottoming at 4.3% in 2025Q1 before recovering to 9.6% in 2026Q1, which highlights the company's exposure to the narrow and cyclical spread-based economics that define the U.S. refining and marketing industry landscape.
The wide variance in gross profitability suggests that the company's ability to capture value is highly dependent on the efficiency of its refinery utilization and the prevailing sweet-sour crude differentials. This margin profile warrants further investigation into how renewable diesel conversions at facilities like Martinez may alter the long-term floor for profitability.
Based on reported figures, operating income has shown significant swings, dropping to $354 million in 2025Q1 before scaling back to $1.4 billion by 2026Q1, indicating that the company's high fixed-cost base requires consistent, high-capacity utilization to effectively leverage its extensive refining and midstream infrastructure assets.
The lack of consistent operating margin expansion suggests that the company struggles to fully decouple its overhead from the cyclical nature of its refining throughput. Analysts should scrutinize the impact of planned turnaround schedules on quarterly operating income, as these maintenance events often mask the underlying efficiency of the core business.
Data from the income statement reveals that net income has experienced extreme variance, including a net loss of $74 million in 2025Q1 followed by a rebound to $511 million in 2026Q1, which underscores the non-linear nature of earnings in a capital-intensive, commodity-linked industrial business model.
The sharp fluctuations in net income appear to be heavily influenced by inventory accounting adjustments and the timing of large-scale maintenance projects. Investors should be cautious of relying on quarterly EPS figures as a proxy for long-term cash generation, given the potential for non-cash charges to distort bottom-line results.
While recent performance shows a recovery, the historical data indicates that MPC's profitability remains vulnerable to rapid contraction, as evidenced by the sharp decline in net margins from 4.0% in 2024Q2 to a negative 0.2% in 2025Q1, suggesting that the current growth trajectory may be unsustainable.
Short-term improvements in crack spreads may be masking structural challenges related to the energy transition and the potential for narrowing feedstock differentials. The market may be overestimating the durability of current margins, and any sustained downturn in fuel demand could lead to rapid erosion of the company's profitability.
Quick answers to the most common questions about buying MPC stock.
For fiscal year 2025, Marathon Petroleum Corporation (MPC) reported total revenue of $132.70B. This represents a 103.3% increase compared to $65.26B in 2008.
Marathon Petroleum Corporation (MPC) is profitable, generating $4.05B in net income for the fiscal year ending 2025 with a net profit margin of 3.0%.
Marathon Petroleum Corporation (MPC) reported an operating income of $5.77B, resulting in an operating profit margin of 4.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Marathon Petroleum Corporation (MPC) generated $10.00B in gross profit for the year, representing a gross profit margin of 7.5%. This demonstrates the company's core pricing power and production efficiency.