Skip to content
AnalystLens

Marathon PetroleumMPC

Legal name
Marathon Petroleum Corporation
Sector
Energy
Industry
Petroleum Refining
Exchange
NYSE

Stock Price $MPC

Latest filings

You are here#4 of 33 in Energy by market cap

Filing record · 2016–202610-K1110-Q338-K156

MPC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 156 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jul ’17Jul ’17
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $132.70B
YoY changeLargest recent move+71.9%in FY21Latest −4.4%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All MPC Financial Metrics60 metrics

Income Statement15

Balance Sheet25

Cash Flow15

Per Share5

02—Overview

Marathon Petroleum Financial Overview 2021–2025

Updated Nov 4, 2026

Fueled by a massive $21.38 billiona cash injection from the sale of its Speedway retail business in FY2021, Marathon Petroleum Corporation fundamentally rewired its capital structure to aggressively reward shareholders. The core investment thesis for this downstream heavyweight is clear: while volatile crack spreads dictate headline profitability, a highly resilient midstream logistics arm and relentless share buybacks provide a durable earnings floor. Earnings per share evolved from $15.24 in FY2021 to $13.22 in FY2025 as the company navigated the normalization of post-pandemic refining margins.

Despite lower profitability compared to its recent cyclical peak, the integrated model consistently generates heavy cash flow. In FY2025, net income rebounded to $4.05 billionb—up from $3.44 billion in FY2024—driven by improved refining throughput and $8.25 billion in net operating cash flow. The Midstream segment served as the ultimate stabilizer, growing its adjusted EBITDA to $6.75 billion in FY2025 on the back of the $2.4 billion Northwind and $703 million BANGL acquisitions. Marathon utilized this steady cash generation to repurchase $3.4 billion of its own stock during the year. At the close of FY2025, the market valued the company at $162.63 per share, representing a 12.3x multiple on its year-end earnings per share of $13.22.

Recent Developments (Q2 and Q3 2026)

Marathon Petroleum delivered a massive earnings surge, highlighted by a $4.2 billionc agreement in Q3 2026 to divest its Mid-Continent refineries. Profitability skyrocketed on widening crack spreads, with Q3 2026 net income jumping to $7.4 billion from $1.4 billion a year earlier. Over the first nine months of 2026, total revenues swelled by $41.6 billion to $143.4 billion, building a $12.8 billion cash stockpile. Management deployed this capital aggressively, announcing a new $5.0 billion buyback program and a 10% increase in the quarterly dividend.

Bulls view this robust cash generation and expanding Refining & Marketing margins—which hit $36.33 per barreld in Q2 2026—as proof of peak operational execution. Conversely, bears warn the stock appears richly valued at 32.3x earnings as of November 3, 2026, suggesting current inflated crack spreads are already fully priced into the shares.

What to watch: the successful closing of the $4.2 billione refinery divestiture in Q4 2026; fourth-quarter refinery throughput targets of 3.08 million barrels per day.

03—Filings

Recent SEC Filings

  1. 8-KMarathon Petroleum 8-K Report, Financial Results (Nov 3, 2026)Marathon Petroleum Corporation (MPC) reported exceptionally strong third-quarter 2026 financial results, driven by a significant surge in its Refining & Marketing (R&M) segment. Net income attributable to MPC soared to $7.4 billion, or $26.59 per diluted share, a substantial increase from $1.4 billion, or $4.51 per diluted share, in the prior year's quarter. Adjusted EBITDA reached an impressive $11.7 billion, underscoring the robust earnings power across MPC's value chains. This strong performance enabled MPC to return $3.3 billion in capital to shareholders and announce a 10% increase in its quarterly dividend, reflecting a commitment to shareholder returns and confidence in its financial strength. The company also provided a strategic update, announcing the divestiture of its Mid-Continent assets for $4.2 billion, with plans to reinvest primarily in the Gulf Coast. Furthermore, MPLX, MPC's midstream subsidiary, increased its quarterly distribution by 12.5% for the third consecutive year, signaling continued growth and value creation within its midstream operations. The company anticipates a strong fourth quarter, with projected refinery throughputs of 3.08 million barrels per day.
  2. 8-KMarathon Petroleum 8-K Report, Executive Changes (Oct 29, 2026)Marathon Petroleum Corporation (MPC) announced a significant addition to its Board of Directors with the election of David E. Constable, effective March 1, 2027. This move expands the Board to eleven members. Mr. Constable brings extensive global leadership experience from the energy, chemicals, engineering, and construction sectors, having previously served as Chairman and CEO of Fluor Corporation and CEO of Sasol Ltd. His appointment is expected to provide valuable strategic insights as MPC continues to execute its business strategy. Mr. Constable will be integrated into key Board committees, namely the Compensation and Organization Development Committee and the Sustainability and Public Policy Committee, also starting March 1, 2027. As a non-employee director, his compensation will align with the company's established policies for independent board members. This strategic recruitment underscores MPC's commitment to enhancing its governance and leveraging diverse expertise at the highest level of the organization.
  3. 8-KMarathon Petroleum 8-K Report, Financial Results (Aug 4, 2026)Marathon Petroleum reported second-quarter 2026 net income attributable to MPC of $5.14 billion, or $17.73 per diluted share, compared with $1.22 billion, or $3.96 per diluted share, in the second quarter of 2025. Adjusted EBITDA was $8.46 billion versus $3.29 billion a year earlier. The gain was driven mainly by Refining & Marketing, where segment adjusted EBITDA rose to $6.66 billion ($24.84 per barrel) from $1.89 billion ($6.79 per barrel), reflecting higher crack spreads in all regions. Midstream adjusted EBITDA increased to $1.78 billion, and Renewable Diesel swung to $258 million from a $19 million loss. Crude utilization was 94% on throughput of 2.9 million barrels per day. Balance sheet and capital returns were strong. Cash and equivalents reached $7.8 billion at June 30, 2026, up from $2.2 billion at March 31, with no borrowings under the $5 billion revolver. MPC returned more than $2.8 billion to shareholders in the quarter, and $6.1 billion remained under repurchase authorizations. Shares outstanding fell to 283 million from 293 million in the first quarter. MPC's 2026 capital spending outlook (excluding MPLX) is $1.5 billion, about 65% of it value-enhancing. Two refinery projects, El Paso yield improvement and Robinson product flexibility, were placed in service in the quarter. MPLX raised its 2026 growth capital outlook by $500 million to $2.9 billion, mainly to accelerate the Gulf Coast fractionation project, and it expects 12.5% annual distribution growth in 2026 and 2027. For third-quarter 2026, management guided to total refinery throughput of 3,005 mbpd, refining operating costs of $5.60 per barrel, and planned turnaround costs of $290 million. Investors should note that the quarter's results reflect unusually strong refining margins, which may not persist, and that the filing is a press release furnished under Item 2.02 rather than a standalone financial statement filing.
  4. 8-KMarathon Petroleum 8-K Report, Corporate Update (Jun 29, 2026)Marathon Petroleum Corporation (MPC) has reported the passing of a long-serving board member, Abdulaziz F. Alkhayyal, on June 26, 2026. Mr. Alkhayyal had been a director since 2016 and played an active role on the Compensation and Organization Development Committee and the Sustainability and Public Policy Committee. While this is a personnel matter, it signifies the loss of a director with significant tenure and committee involvement.
  5. 8-KMarathon Petroleum 8-K Report, Financial Results (May 5, 2026)Marathon Petroleum (MPC) reported first-quarter 2026 net income attributable to MPC of $511 million, or $1.73 per diluted share, compared with a net loss of $(74) million, or $(0.24) per share, a year earlier. Adjusted net income was $487 million, or $1.65 per diluted share. The adjustment removes $32 million of pre-tax clean fuel production tax credits recognized for 2025 after February 2026 proposed guidance clarified 45Z qualification. Adjusted EBITDA rose to $2.76 billion from $1.98 billion, and operating cash flow swung to $1.1 billion from $(64) million. The improvement was driven mainly by Refining & Marketing, where segment adjusted EBITDA reached $1.38 billion, or $5.37 per barrel, versus $489 million, or $1.91 per barrel, on higher crack spreads. Midstream adjusted EBITDA declined to $1.60 billion from $1.72 billion, mainly because of $77 million of derivative losses on economic hedges. The company remains in a heavy investment phase. Q1 capital expenditures were $1.25 billion, up from $776 million, with Midstream spending of $892 million, and 2026 MPC capital spending (excluding MPLX) is guided to $1.5 billion. Refining planned turnaround costs were $530 million, and about 40% of 2026 planned turnaround activity was completed in the quarter. Management highlighted the Garyville jet flexibility project as online, with El Paso FCC and Robinson jet projects targeted for 2Q26 and 3Q26. MPLX's growth plan is expected to support 12.5% annual distribution growth to MPC in 2026 and 2027. Capital return is a central theme. MPC returned over $1.0 billion in the quarter and the Board approved an incremental $5 billion share repurchase authorization, which would bring available authorization to $8.6 billion as of March 31, 2026. Balance sheet metrics are solid: MPC had $2.2 billion of cash (including $1.5 billion at MPLX) and no borrowings under its $5 billion revolver, though total consolidated debt was $32.8 billion, with $25.6 billion at MPLX. Shares outstanding fell to 293 million from 295 million at year-end, and equity declined to $23.4 billion from $24.1 billion. Investors should note that the Item 2.02 disclosure is furnished rather than filed, and that the results are heavily influenced by refining margin volatility and hedging.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.