# Marathon Petroleum Corporation (MPC) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MPC/thesis · /stocks/MPC/memo

## Financial Snapshot

---
ticker: MPC
step: 04
generated: 2026-05-12
source: quick-research
---

### Marathon Petroleum Corporation (MPC) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|--------|--------|--------|--------|--------|----------|
| Revenue | $180.0B | $148.4B | $138.9B | $132.7B | -4.4% |
| Throughput (MMbbl/d) | 2.9 | 2.9 | 2.9 | 3.0 | +3% |
| R&M Margin per bbl | $30.21 | $19.69 | $14.20 | $16.40 | +15% |
| Adj EBITDA | $24.7B | $17.7B | $11.4B | $12.0B | +5% |
| Net Income | $14.5B | $9.7B | $3.4B | $4.0B | +18% |
| Diluted EPS | $25.16 | $23.63 | $10.08 | $13.22 | +31% |

Q4 25 R&M margin $18.65/bbl (vs $12.93 Q4 24); Q1 26 strong on Middle East geopolitical premium. Crack spread normalization underpins 2026 EPS ~$21 consensus.

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | $8.3B |
| Capex | ~$2.5B |
| Free Cash Flow | ~$5.8B |
| Cash & Equivalents | ~$5.5B |
| Total Debt (including MPLX) | ~$30B |
| MPLX Distributions to MPC | ~$2.8B annually (2025); $3.5B+ target |

#### Key Ratios (approximate)
- P/E: ~11x | EV/EBITDA: ~7x | FCF Yield: ~7%
- Revenue Growth (TTM): -4.4% | Op Margin: ~5%
- Dividend Yield: ~2.0% | Dividend: $4.20/share
- $4.5B 2025 capital returns; $5B new buyback auth + $8.6B total

#### Growth Profile
Refining cycle driver: crack spreads + sour crude differentials. 2026 EPS doubling potential ($10.70 → $21) based on Gulf Coast tightness + Venezuelan crude optionality. MPLX distributions stable + growing ($2.8B → $3.5B annual to MPC). Capital allocation: $8.6B buyback authorization = ~10% market cap. Aggressive return of capital with refining cycle.

#### Forward Estimates
- **FY 2026**: Adj EPS $17-21 (range reflects crack spread variability)
- **FY 2027**: Normalize toward $13-15 (mid-cycle crack assumption)
- Bull case: $244 mean price target, $331 high (Gulf Coast tight); Bear: $174 (crack normalization)
- MPC has unmatched earnings leverage to crack spreads in absolute dollars

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MPC/fundamental

## Navigation

- Overview: /stocks/MPC
- Financials (this page): /stocks/MPC/financials
- Thesis: /stocks/MPC/thesis
- Investment Memo: /stocks/MPC/memo
- Coverage universe: /stocks