MPCNYSEPetroleum RefiningFiscal year ends December 31
Marathon Petroleum Corp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$473.69−4.38 (-0.92%)
Close on Oct 19, 2026
- Market cap
- $137.37B
- P/E (TTM)
- 16.3
- Dividend yield
- 0.79%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
10.0%+4.2 pts over 5 years
Operating margin
6.2%+23.8 pts over 5 years
Net margin
3.0%+17.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -4.4% | -9.2% | +13.7% | +146.5% | |
| Gross profit | +5.0% | -19.9% | +26.8% | – | |
| Operating income | +22.0% | -27.2% | – | +5.9% | |
| Net income | +17.5% | -34.7% | – | +3.6% | |
| EPS, diluted | +31.2% | -22.2% | – | +9.7% | |
| Free cash flow | -22.3% | -30.1% | – | +8.7% | |
| Dividend per share | +10.2% | +14.4% | +10.0% | +12.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 8.8% | -35.2% | 23.1% | |
| Return on assets | 2.7% | -10.7% | 5.0% | |
| Current ratio | 1.46 | 1.81 | 1.26 | |
| Debt to equity | 0.78 | 1.42 | 1.90 | |
| Net debt to EBITDA | 2.21× | -3.51× | 2.53× | |
| Interest coverage | 4.0× | -8.4× | 5.6× | |
| Inventory turnover | 10.4× | 7.4× | 12.1× | |
| Capex to revenue | 4.6% | 4.0% | 2.6% | |
| Diluted shares | 530M | 649M | 306M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Marathon Petroleum generated $51.76B from operations and spent $58.94B on capital expenditure, dividends and share buybacks. 20% of that went back into the business.
Generated
$51.76B
Used
$58.94B
Capital expenditure$11.79B20%Dividends$6.32B11%Share buybacks$40.83B69%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin3.0%
×Asset turnover1.63×
×Equity multiplier4.64×
=Return on equity, FY202523.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 3.0% | 1.63× | 4.64× | 23.1% |
| FY2024 | 2.5% | 1.68× | 3.91× | 16.3% |
| FY2023 | 6.5% | 1.69× | 3.37× | 37.1% |
| FY2022 | 8.2% | 2.02× | 3.25× | 53.8% |
| FY2021 | 8.1% | 1.41× | 3.52× | 40.2% |
| FY2020 | -14.1% | 0.76× | 3.29× | -35.2% |
| FY2019 | 2.4% | 1.16× | 2.78× | 7.7% |
| FY2018 | 3.2% | 1.21× | 2.89× | 11.3% |
| FY2017 | 4.6% | 1.60× | 3.39× | 24.9% |
| FY2016 | 1.9% | 1.45× | 3.27× | 8.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$4.05B
- Cash generatingOperating cash flow above zero$8.25B
- Return on assets improvedROA up on the prior year4.0% → 5.1%
- Earnings backed by cashOperating cash flow above net income$8.25B vs $4.05B
- Less leverageLong-term debt to assets fell31.0% → 36.3%
- Better liquidityCurrent ratio rose1.17 → 1.26
- No dilutionShare count did not rise341M → 306M
- Gross margin improvedGross margin up on the prior year9.09% → 9.99%
- More efficientAsset turnover rose1.61 → 1.68