Revenue surged 53.8% YoY to $52.0B in 2026Q2, with gross margin at 17.2%—more than triple Valero's 4.4%—but this follows a volatile trajectory averaging only 1.4% growth in prior quarters, indicating crack-spread-driven cyclicality.
Marathon Petroleum Corporation (MPC) annual income statement — 18-year revenue, gross profit & net income history
| 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 | 153.94B | 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 % | 15.26% | -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 | 136.06B | 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 | 17.89B | 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 % | 11.62% | 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 | 5.64B | 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 | 3.46B | 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 | 12.24B | 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 % | 7.95% | 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 | 15.56B | 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 % | 10.11% | 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 % | 103.04% | 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) | 3.32B | 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 | 14.13B | 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 | -1.37B | -1.25B | -877M | -605M | -995M | -1.29B | -1.36B | -1.23B | -886M | -625M | -556M | -313M | -216M | -179M | -109M | -73M | -5M | -5M | -2M |
| Interest Income | 176M | 159M | 467M | 672M | 221M | 14M | 9M | 40M | 87M | 27M | 6M | 6M | 7M | 9M | 6M | 3M | 2M | 3M | 6M |
| Interest Expense | 1.55B | 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 | 525M | 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 | 12.77B | 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 % | 8.3% | 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 | 2.46B | 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 % | 19.26% | 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 | 8.55B | 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 % | 5.56% | 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 % | 300.66% | 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) | 10.31B | 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 | 6.64B | 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) | 29.40 | 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 % | 330.37% | 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 | 291M | 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 | 291M | 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% | - | - |
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.
Key Metrics
Top Statement Risk
Refining margin volatility
Metrics are mathematically derived from official filings.
Revenue Rebound Masks Underlying Cyclicality
MPC's revenue surged 53.8% YoY in 2026Q2 to $52.0B, yet the prior four quarters averaged only 1.4% growth, indicating a volatile, crack-spread-driven trajectory rather than durable demand expansion.
The 2026Q2 revenue spike appears to be a sharp cyclical rebound, likely reflecting a temporary widening of crack spreads or inventory valuation gains, as the preceding quarters showed decelerating growth (from 4.3% in 2024Q2 to -10.9% in 2025Q2). This pattern suggests that top-line growth is highly sensitive to refining margins and crude price movements, not a stable volume-driven expansion. Investors should monitor whether this quarter's revenue level is sustainable or a one-off peak, given the historical volatility in the refining cycle.
Gross Margin Expansion Outpaces Peers
MPC's gross margin reached 17.2% in 2026Q2, more than triple Valero's 4.4% and Phillips 66's 4.9%, according to reported financials, suggesting superior capture of refining spreads.
The dramatic gross margin expansion from 8.8% in 2025Q2 to 17.2% in 2026Q2 indicates that MPC is benefiting from favorable market conditions, possibly due to its complex refinery configuration and logistics integration. However, the historical average gross margin over the past ten quarters is only 8.4%, implying that the current level is an outlier and likely unsustainable. This margin spike may reflect a temporary dislocation in crude differentials or product prices, and investors should expect mean reversion as market conditions normalize.
Operating Leverage Amplifies Earnings Swing
Operating income jumped from $1.9B in 2025Q2 to $7.3B in 2026Q2, a 284% increase, while SG&A rose only 3.1%, demonstrating significant operating leverage in MPC's refining model.
The fixed-cost nature of refining operations is evident: SG&A remained relatively stable around $800-900M per quarter, while gross profit swung from $3.0B to $8.9B. This operating leverage magnifies earnings volatility, as seen in the 2025Q1 operating loss of $354M when margins compressed. The implication is that MPC's profitability is highly sensitive to refining margins, and any downturn could quickly erode operating income, as evidenced by the historical pattern of sharp swings.
EPS Beat Raises Quality Questions
MPC reported diluted EPS of $17.68 in 2026Q2, a 3.5% YoY increase, but net income of $5.1B implies a net margin of 9.9%, far above the 2.5% average of the prior four quarters.
The massive EPS beat versus consensus (reported at $17.73 vs. $0.75 estimate) suggests the presence of non-operating gains or one-time items, as the revenue growth of 53.8% alone cannot explain the magnitude of the earnings surge. The absence of stock-based compensation in the data and the low historical net margins (averaging 2.6% over the past year) indicate that this quarter's profitability is not representative of underlying earnings power. Investors should scrutinize the composition of net income for potential non-recurring items, such as inventory valuation adjustments or asset sales, which may not be sustainable.
SG&A Discipline Amid Revenue Volatility
SG&A expenses have remained tightly controlled, ranging from $779M to $894M over the last ten quarters, despite revenue fluctuating between $31.5B and $52.0B, per company filings.
MPC's SG&A as a percentage of revenue fell from 2.4% in 2024Q1 to 1.7% in 2026Q2, indicating effective cost management. However, the primary cost driver is COGS, which tracks crude prices and refining margins, and the gross margin of 7.5% (average) reflects the narrow spread nature of the business. The stability of SG&A suggests that overhead is not the main lever for profitability; rather, refining margins and utilization are the key variables. This cost structure implies that any margin compression would directly hit operating income, as fixed costs cannot be easily adjusted.
Cyclical Peak Risks Earnings Reversal
The 2026Q2 gross margin of 17.2% is more than double the 8.4% average of the prior nine quarters, suggesting a cyclical peak that could reverse sharply as crack spreads normalize.
Short-sellers would argue that MPC's current profitability is unsustainable, given the historical volatility in refining margins and the fact that revenue declined 4.4% YoY in the most recent quarter (2026Q2 vs. 2025Q2? Actually revenue grew 53.8% YoY, but the prior year quarter was depressed). The company's high fixed-cost base and exposure to commodity price swings mean that any downturn in crack spreads could lead to significant earnings erosion, as seen in 2025Q1 when operating income was only $354M. Additionally, the low debt-to-equity ratio of 1.43% may be misleading due to MPLX consolidation, and investors should monitor the sustainability of the current margin environment.