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NYSE · Energy

Marathon Petroleum Corp (MPC)

As-reported financials and SEC filings for Marathon Petroleum Corp. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Marathon Petroleum Corp

Marathon Petroleum Corp operates one of the largest refining systems in the United States with a crude oil refining capacity of about 3 million barrels per day. The company refines crude oil into transportation fuels, petrochemicals, and other products, distributing them through a large network of terminals and transportation assets. It serves wholesale customers, independent retailers, and direct dealers primarily under the Marathon and ARCO brands.

Snapshot

Revenue
$132.70B
Revenue growth (YoY)
-4.4%
Net income
$4.05B
Diluted EPS
$13.22
Gross margin
10.0%
Operating margin
6.2%
Net margin
3.0%
FCF margin
3.6%
ROE
16.8%
net income / fiscal-year-end equity
P/E
15.9×
trailing when available, otherwise FY EPS
Market cap
$128.40B
Long-term debt / equity
1.27×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Marathon Petroleum

  • Revenue fell 4.4% to $132.7B in FY2025, after a 6.4% decline the year before.
  • Operating margin is 6.2% in FY2025, +2.7 pp against 3.6% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $52.0B, up 53.8% from Q2 FY2025.
  • Free cash flow was $4.8B in FY2025, 3.6% of revenue.
  • Net income rose 17.5% to $4.0B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Marathon Petroleum’s fundamentals sit among the 133 Energy companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin10.0%
14th percentile of 45
Operating margin6.2%
44th percentile of 110
Net margin3.0%
39th percentile of 128
FCF margin3.6%
41st percentile of 76
Revenue growth (YoY)-4.4%
33rd percentile of 131
ROE16.8%
84th percentile of 104
P/E15.9×
47th percentile of 84
Long-term debt / equity1.27×
83rd percentile of 87
Short interest1.98d
14th percentile of 131

Marathon Petroleum’s gross margin of 10.0% ranks in the 14th percentile of the 45 Energy companies reporting it.

No reported insider purchases (code P) in the last 90 days; 8 insider sales totaling $9.8M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 3 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
3
+6 quant / multi-strat
Initiated / added
7
1 new, 6 added
Reduced / exited
2
2 trimmed, 0 exited
Combined position
$932.9M
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ2 2026$316.8M1.2MReduced
AQR Capital ManagementquantQ2 2026$211.8M828.3KAdded
Millennium ManagementquantQ2 2026$116.3M454.9KAdded
Citadel AdvisorsquantQ2 2026$105.4M412.3KAdded
Bridgewater AssociatesQ2 2026$89.3M349.2KAdded
Harris Associates (Oakmark)Q2 2026$58.6M229.0KReduced
Gotham Asset ManagementQ2 2026$25.3M99.0KAdded
D. E. ShawquantQ2 2026$9.3M36.5KAdded
Point72 Asset ManagementquantQ2 2026$133,715523New

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
8
$9.8M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-31
filed 2026-09-01
Shawn M. LyonSVP Log & Storage, MPLX GP LLCSell1.0K$375.75$376K
2026-08-28
filed 2026-09-01
Shawn M. LyonSVP Log & Storage, MPLX GP LLCSell425$368.51$157K
2026-08-27
filed 2026-08-31
Erin M. BrzezinskiVP and ControllerSell570$362.79$207K
2026-08-17
filed 2026-08-19
Molly R. BensonChief Legal Ofc & Corp SecSell7.2K$358.57$2.6M
2026-08-17
filed 2026-08-19
Molly R. BensonChief Legal Ofc & Corp SecSell5.0K$358.57$1.8M
2026-08-17
filed 2026-08-19
Molly R. BensonChief Legal Ofc & Corp SecSell5.0K$358.57$1.8M
2026-08-13
filed 2026-08-17
Shawn M. LyonSVP Log & Storage, MPLX GP LLCSell2.5K$350.00$875K
2026-08-12
filed 2026-08-14
Michael A. Henschen IIEx VP, RefiningSell6.0K$341.56$2.1M
2026-06-04
filed 2026-06-08
Michael A. Henschen IIEx VP, RefiningSell5.0K$268.85$1.3M
2026-06-04
filed 2026-06-08
Michael A. Henschen IIEx VP, RefiningSell1.4K$268.75$369K
2026-05-13
filed 2026-05-15
Ricky D. HesslingChief Commercial OfficerSell1.0K$250.00$250K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
7.0M
settled 2026-09-30
Change vs prior
-8.8%
vs previous settlement
Days to cover
1.98
at avg daily volume
Avg daily volume
3.5M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-307.0M-8.8%1.98
2026-09-157.7M+1.5%3.22
2026-08-317.6M+16.6%3.03
2026-08-146.5M-3.9%2.48
2026-07-316.8M+5.8%3.38
2026-07-156.4M-12.1%3.18
2026-06-307.3M-5.0%2.59
2026-06-157.7M+21.6%3.27

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$132.70B$138.86B$148.38B$177.45B$119.98B
Gross profit
Operating income$8.29B$6.80B$14.51B$21.47B$4.30B
Pre-tax income$7.01B$5.96B$13.99B$20.47B$2.82B
Net income$4.05B$3.44B$9.68B$14.52B$9.74B
Diluted EPS$13.22$10.08$23.63$28.12$15.24

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$8.25B$8.66B$14.12B$16.36B$4.36B
Capital expenditure$3.49B$2.53B$1.89B$2.42B$1.46B
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$51.99B53.8%$5.14B$17.73
Q1 FY2026$34.20B8.5%$511.0M$1.73
Q4 FY2025-1.7%
Q3 FY2025$34.81B-0.8%$1.37B$4.51
Q2 FY2025$33.80B-10.9%$1.22B$3.96
Q1 FY2025$31.52B-3.6%$-74.0M$-0.24
Q4 FY2024-8.6%
Q3 FY2024$35.11B-14.2%$622.0M$1.87

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorEnergy
SIC industryPetroleum Refining
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2018
SEC CIK1510295

Selected SEC filings

10-K2026-02-26
View on EDGAR →
10-K2025-02-27
View on EDGAR →
10-Q2026-08-04
View on EDGAR →
10-Q2026-05-05
View on EDGAR →
10-Q2025-11-04
View on EDGAR →
10-Q2025-08-05
View on EDGAR →
8-K2026-08-04
View on EDGAR →
8-K2026-06-29
View on EDGAR →

Largest Energy peers

All Energy companies →

MPC head to head

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.