Marathon Petroleum (MPC): financials, SEC filings and peers
Marathon Petroleum (MPC) is an oil & gas refining & marketing company in the Energy sector of the S&P 500, headquartered in Findlay, Ohio.
It was founded in 2009 and joined the S&P 500 on July 1, 2011.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Petroleum Refining”.
Marathon Petroleum at a glance
- Revenue (12 months)
- $174.8B
- Revenue growth
- +31.2%
- Operating margin
- 12.5%
- Net income (12 months)
- $14.6B
- Free cash flow (12 months)
- $20.8B
- Cash
- $12.8B
- Debt
- $33.0B
- Diluted EPS (12 months)
- $51.12
Twelve months to September 30, 2026, from the 10-Q filed November 3, 2026.
Latest twelve months
Over the twelve months to September 30, 2026, Marathon Petroleum reported revenue of $174.8 billion, up a strong 31.2% from $133.3 billion a year earlier.
Its operating margin was 12.5%, up 7.5 percentage points from a year earlier: for every $100 of sales, about $13 was left as operating profit.
Net income was $14.6 billion (8.4% of revenue), 407.5% higher than a year earlier.
Operating cash flow was $25.2 billion and capital spending $4.4 billion, leaving free cash flow of $20.8 billion (11.9% of revenue).
At the end of the period it held $12.8 billion in cash and $33.0 billion in debt, a net debt position of $20.2 billion.
The diluted share count fell 7.9% in a year, typically the result of buybacks.
Five-year trend
- Revenue went from $69.8 billion in fiscal 2020 to $132.7 billion in fiscal 2025, about 13.7% a year.
- Operating margin widened from -17.6% to 6.2% over the same years.
- Free cash flow was negative in 1 of the last 6 fiscal years.
- Marathon Petroleum reported a net loss in 1 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $120.0B | $177.5B | $148.4B | $138.9B | $132.7B |
| Revenue growth | 71.9% | 47.9% | -16.4% | -6.4% | -4.4% |
| Operating margin | 3.6% | 12.1% | 9.8% | 4.9% | 6.2% |
| Net income | $9.7B | $14.5B | $9.7B | $3.4B | $4.0B |
| Free cash flow | $2.9B | $13.9B | $12.2B | $6.1B | $4.8B |
| Diluted EPS | $15.24 | $28.12 | $23.63 | $10.08 | $13.22 |
Fiscal years as reported in Marathon Petroleum’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 10-Q filed November 3, 2026 — quarterly report
- 8-K filed November 3, 2026 — Earnings results
- 8-K filed October 29, 2026 — Executive or director change; Other event
- 10-Q filed August 4, 2026 — quarterly report
- 8-K filed August 4, 2026 — Earnings results
- 8-K filed June 29, 2026 — Other event
- 10-Q filed May 5, 2026 — quarterly report
- 8-K filed May 5, 2026 — Earnings results
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Questions about Marathon Petroleum
Is Marathon Petroleum's revenue growing?
Yes. Revenue for the twelve months to September 30, 2026 was $174.8 billion, up 31.2% from a year earlier, according to its SEC filings.
Is Marathon Petroleum profitable?
Yes. It earned $14.6 billion in net income over the twelve months to September 30, 2026, a net margin of 8.4%.
Does Marathon Petroleum have more cash or more debt?
At September 30, 2026 it had $12.8 billion in cash and $33.0 billion in debt, so more debt than cash.
When did Marathon Petroleum last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on November 3, 2026.
Which companies are similar to Marathon Petroleum?
In the S&P 500, Marathon Petroleum is grouped in Oil & Gas Refining & Marketing within the Energy sector. Phillips 66 (PSX), Valero Energy (VLO) are in the same group.
Understand the numbers
Source: Marathon Petroleum’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 12, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.