Marathon Petroleum

Energy Oil & Gas Refining & Marketing Findlay, Ohio Last filing Feb 26, 2026 · FY2025

                    Revenue
                    FY2025
                
$132.7B
                    3y CAGR -9.2%
                    
                    P11
                    
                    -4.4%
                    
                    Net income
                    FY2025
                
$4.0B
                    Net margin +3.0%
                    
                    P5
                    
                    +17.5%
                    
                    Total assets
                    FY2025
                
$84.0B
                    ROA +4.8%
                    
                    P32
                    
                    +6.5%
                    
                    Operating cash flow
                    FY2025
                
$8.3B
                    FCF margin +3.6%
                    
                    P17
                    
                    -4.8%

17 yrs · FY2009–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

33 accounts · 10 years

Total assets $84.0B

Total liabilities $59.9B

Shareholders equity $17.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	4.4%	4.1%	6.3%	9.6%	6.2%	0.5%	1.5%	1.8%	6.1%	2.0%
Accounts Receivable	12.3%	14.1%	13.5%	15.0%	12.9%	6.8%	8.0%	6.3%	9.6%	8.1%
Inventory	12.1%	12.1%	10.8%	9.8%	9.4%	9.4%	10.4%	10.6%	11.3%	12.7%
Prepaid Expenses	0.8%	0.7%	1.1%	1.3%	0.7%	3.2%	0.5%	0.7%	0.3%	0.5%
Other Current Assets	0.8%	0.7%	1.1%	1.3%	0.7%	3.2%	0.5%	0.7%	0.3%	0.5%
Total Current Assets	29.5%	31.0%	37.4%	39.2%	35.7%	33.2%	20.5%	19.4%	27.3%	23.4%
Property,Plant and Equipment	44.5%	44.4%	40.8%	39.7%	43.9%	45.8%	46.3%	48.5%	53.9%	58.0%
Operating Lease Assets	1.8%	1.6%	1.4%	1.4%	1.6%	1.8%	2.5%	—	—	—
Goodwill	11.1%	10.5%	9.6%	9.2%	9.7%	9.7%	15.9%	21.7%	7.3%	8.1%
Intangible Assets	3.2%	2.2%	2.1%	2.1%	2.5%	2.8%	3.0%	3.6%	1.5%	1.6%
Long Term Investments	8.1%	8.7%	7.3%	7.2%	6.3%	6.4%	7.0%	6.3%	9.8%	8.6%
Other Noncurrent Assets	1.7%	3.8%	3.5%	3.4%	2.8%	3.1%	3.4%	4.1%	1.7%	1.9%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	15.5%	17.6%	16.0%	17.0%	16.0%	9.2%	11.8%	10.1%	16.9%	12.6%
Accrued Liabilities	1.9%	1.8%	1.7%	1.1%	1.1%	0.9%	1.1%	1.2%	1.2%	1.2%
Current Portion of Long Term Debt	2.8%	3.9%	2.3%	1.2%	0.7%	3.4%	0.7%	0.6%	1.3%	0.1%
Operating Lease Liabilities	0.6%	0.5%	0.5%	0.4%	0.5%	0.6%	0.6%	—	—	—
Other Current Liabilities	1.5%	1.5%	1.9%	1.3%	1.2%	1.0%	0.9%	0.8%	0.6%	0.9%
Total Current Liabilities	23.4%	26.4%	23.4%	22.3%	21.0%	18.4%	16.4%	14.2%	21.4%	16.1%
Long Term Debt	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.1%	0.1%	0.1%	0.1%
Operating Lease Liabilities Noncurrent	1.2%	1.1%	0.9%	0.9%	1.1%	1.2%	1.9%	—	—	—
Deferred Tax Liabilities	7.1%	7.3%	6.8%	6.6%	6.6%	7.3%	6.5%	5.2%	5.4%	8.7%
Other Noncurrent Liabilities	1.8%	1.7%	1.6%	1.5%	1.6%	1.4%	1.3%	1.4%	1.4%	1.4%
Total Liabilities	71.3%	68.9%	63.5%	61.0%	60.7%	64.5%	56.3%	51.5%	55.5%	52.3%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	40.1%	42.6%	38.9%	37.2%	39.0%	39.0%	33.6%	36.3%	23.0%	24.9%
Retained Earnings	47.3%	46.7%	40.2%	29.1%	15.1%	5.5%	16.2%	15.9%	26.2%	23.0%
Treasury Stock	66.7%	66.7%	50.6%	35.4%	23.3%	17.8%	15.4%	14.2%	20.1%	16.8%
Accumulated Other Comprehensive Income	-0.1%	-0.1%	-0.2%	0.0%	-0.1%	-0.6%	-0.3%	-0.2%	-0.5%	-0.5%
Noncontrolling Interest	8.1%	8.3%	7.1%	7.1%	7.5%	8.3%	8.6%	9.5%	13.9%	15.0%
Total Stockholders Equity	20.6%	22.5%	28.4%	30.8%	30.7%	26.1%	34.2%	37.8%	28.6%	30.5%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 10 years

Revenue $132.7B

Operating income $8.3B

Net income $4.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	158.1%	176.1%	172.6%	197.4%	140.5%	81.9%	112.8%	92.6%	—	—
Expenses Cost of Revenue	142.3%	160.1%	149.5%	168.7%	128.9%	77.2%	100.7%	82.9%	136.8%	127.6%
Expenses Selling,General and Administrative	4.0%	4.1%	3.5%	3.1%	3.0%	3.2%	3.2%	2.4%	3.5%	3.6%
Expenses Depreciation and Amortization	3.9%	4.2%	3.8%	3.6%	3.9%	4.0%	3.3%	2.3%	4.3%	4.5%
Expenses Share Based Compensation	0.2%	0.2%	0.2%	0.2%	0.1%	0.1%	0.2%	0.1%	0.1%	0.1%
Expenses Operating Expenses	151.2%	169.4%	157.9%	176.3%	136.6%	95.4%	109.0%	88.1%	145.5%	137.3%
Other Income Expense Operating Income	9.9%	8.6%	16.9%	23.9%	5.0%	-14.4%	4.5%	5.0%	8.2%	5.4%
Other Income Expense Interest Income	0.2%	0.5%	0.6%	0.2%	0.0%	0.0%	0.0%	0.1%	0.1%	0.0%
Other Income Expense Interest Expense	1.8%	1.7%	1.5%	1.4%	1.6%	1.7%	1.4%	1.1%	1.4%	1.4%
Other Income Expense Income Before Tax	8.4%	7.6%	16.3%	22.8%	3.3%	-16.0%	3.3%	4.0%	6.8%	4.1%
Income Tax Income Tax Expense	1.4%	1.1%	3.3%	5.0%	0.3%	-2.9%	0.8%	0.8%	-0.9%	1.4%
net Income net Income	4.8%	4.4%	11.3%	16.1%	11.4%	-11.5%	2.7%	3.0%	7.0%	2.6%
net Income Comprehensive Income	4.8%	4.4%	11.1%	16.2%	11.9%	-11.8%	2.5%	3.1%	7.0%	2.8%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.4%	0.4%	0.5%	0.6%	0.7%	0.8%	0.7%	0.6%	1.0%	1.2%
Earnings Per Share Weighted Average Shares Diluted	0.4%	0.4%	0.5%	0.6%	0.7%	0.8%	0.7%	0.6%	1.0%	1.2%

Cash Flow Statement

Operating, investing, and financing flows

23 accounts · 10 years

Operating cash flow $8.3B

Investing cash flow $-5.9B

Financing cash flow $-1.9B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	4.8%	4.4%	11.3%	16.1%	11.4%	-11.5%	2.7%	3.0%	7.0%	2.6%
Operating Activities Depreciation and Amortization	3.9%	4.2%	3.8%	3.6%	3.9%	4.0%	3.3%	2.3%	4.3%	4.5%
Operating Activities Stock Based Compensation	0.2%	0.2%	0.2%	0.2%	0.1%	0.1%	0.2%	0.1%	0.1%	0.1%
Operating Activities Deferred Income Taxes	0.3%	-0.2%	-0.0%	0.3%	-0.2%	-0.3%	0.8%	0.0%	-2.5%	0.9%
Operating Activities Changes In Operating Assets and Liabilities	-0.4%	-1.1%	-1.9%	4.1%	6.2%	-3.8%	2.1%	-2.4%	2.0%	1.7%
Operating Activities Other Non Cash Items	-0.2%	-0.3%	-0.5%	-0.7%	-0.2%	0.2%	0.4%	0.1%	-0.4%	-0.2%
Operating Activities net Cash From Operating Activities	9.8%	11.0%	16.4%	18.2%	5.1%	2.8%	9.6%	6.6%	13.5%	9.0%
Investing Activities Capital Expenditures	4.2%	3.2%	2.2%	2.7%	1.7%	3.3%	4.9%	3.4%	5.6%	6.5%
Investing Activities Business Acquisitions	3.9%	0.9%	0.3%	0.5%	0.0%	0.0%	0.1%	4.1%	0.5%	0.0%
Investing Activities Purchases of Investments	0.0%	3.7%	10.0%	6.7%	14.6%	0.0%	0.0%	—	—	—
Investing Activities Proceeds From Sale of Investments	0.0%	5.7%	5.9%	8.0%	6.3%	0.0%	0.0%	—	—	—
Investing Activities Other Investing Activities	-0.3%	-0.2%	-0.8%	-0.9%	-0.6%	-0.1%	-0.1%	-0.1%	-0.5%	-0.3%
Investing Activities net Cash From Investing Activities	-7.0%	1.9%	-3.6%	0.7%	17.3%	-3.8%	-6.4%	-8.3%	-6.9%	-6.7%
Financing Activities Repayment of Debt	7.7%	2.5%	1.3%	2.5%	20.4%	18.1%	13.3%	8.6%	1.3%	5.1%
Financing Activities Repurchase of Common Stock	4.2%	11.7%	13.5%	13.3%	5.5%	0.0%	2.0%	3.5%	4.8%	0.4%
Financing Activities Dividends Paid	1.4%	1.5%	1.5%	1.4%	1.7%	1.8%	1.4%	1.0%	1.6%	1.6%
Financing Activities Proceeds From Stock Issuance	0.0%	0.0%	0.1%	0.3%	0.1%	0.0%	0.0%	0.0%	0.1%	0.0%
Financing Activities Other Financing Activities	-0.0%	-0.1%	-0.1%	-0.0%	-0.0%	-0.0%	-0.1%	-0.0%	-0.1%	-0.1%
Financing Activities net Cash From Financing Activities	-2.3%	-15.8%	-16.5%	-15.2%	-16.9%	-0.2%	-3.4%	0.2%	-2.2%	-2.9%
Cash Reconciliation Effect of Exchange Rate On Cash	4.4%	4.1%	6.3%	9.6%	6.2%	0.5%	1.4%	1.6%	6.1%	2.0%
Cash Reconciliation net Change In Cash	0.6%	-2.8%	-3.7%	3.7%	5.5%	-1.1%	-0.2%	-1.4%	4.3%	-0.5%
Cash Reconciliation Cash At Beginning of Period	4.4%	4.1%	6.3%	9.6%	6.2%	0.5%	1.4%	1.6%	6.1%	2.0%
Cash Reconciliation Cash At End of Period	4.4%	4.1%	6.3%	9.6%	6.2%	0.5%	1.4%	1.6%	6.1%	2.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+10.0%	+9.1%	+13.4%	+14.5%	+8.3%	+5.8%	+10.7%	+10.5%	—	—
Operating margin	+6.2%	+4.9%	+9.8%	+12.1%	+3.6%	-17.6%	+4.0%	+5.4%	—	—
Net margin	+3.0%	+2.5%	+6.5%	+8.2%	+8.1%	-14.1%	+2.4%	+3.2%	—	—
FCF margin	+3.6%	+4.4%	+8.2%	+7.9%	+2.4%	-0.5%	+4.2%	+3.5%	—	—
Growth
Revenue CAGR (3y)	-9.2%	+5.0%	+28.6%	+16.9%	+11.7%	—	—	—	—	—
Returns
ROE	+23.4%	+19.4%	+39.7%	+52.4%	+37.2%	-44.3%	+7.8%	+7.9%	+24.5%	+8.7%
ROA	+4.8%	+4.4%	+11.3%	+16.1%	+11.4%	-11.5%	+2.7%	+3.0%	+7.0%	+2.6%
ROIC	+42.8%	+32.6%	+55.0%	+82.6%	+18.0%	-49.4%	+10.2%	+10.9%	+34.3%	+12.5%
Liquidity
Current ratio	1.26x	1.17x	1.59x	1.76x	1.70x	1.81x	1.25x	1.36x	1.28x	1.46x
Quick ratio	0.71x	0.69x	0.85x	1.10x	0.91x	0.39x	0.58x	0.57x	0.74x	0.63x
Leverage
D/E	3.46x	3.06x	2.24x	1.98x	1.98x	2.47x	1.65x	1.36x	1.94x	1.71x
Interest coverage	5.57x	4.98x	10.95x	16.53x	3.21x	-8.38x	3.21x	4.58x	5.84x	3.96x
Efficiency
Asset turnover	1.58x	1.76x	1.73x	1.97x	1.41x	0.82x	1.13x	0.93x	—	—
Cash conversion cycle	+20d	+17d	+16d	+12d	+15d	+31d	+21d	+27d	—	—

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Marathon Petroleum

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