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Marathon Petroleum (MPC) stock

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NYSE: MPC NYSE Oil & Gas Refining & Marketing Next results ~November 3, 2026

B Fundamentals grade

Marathon Petroleum is a US-listed company in the oil & gas refining & marketing industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$490

Valuation models combined (3)

Base case. Range ~$390–$600. Weighted average of 3 models (forward price-to-earnings vs peers, residual income, justified price-to-book), the forward price-to-earnings vs peers counting double.

Price vs value

Modestly undervalued

The price is inside our value range, 11% below our base value.

Price used: $430.39, November 2, 2026

Marathon Petroleum valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Marathon Petroleum files

Where Marathon Petroleum stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $153.6bn, up 15.0% on a year earlier, faster than -1.7% a quarter earlier. Free-cash-flow margin rose to 8.4% from 2.7% a year earlier. Operating margin widened to 9.2% from 4.0%. The diluted share count is down 6.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 3 financial-health checks. Our cash-flow model value is $674 a share, against a share price of $472. At that price, our model says the market is pricing in about 0.3% a year of cash-flow growth for five years, slower than the 5.1% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Marathon Petroleum's trailing-twelve-month revenue grew 15.0% year on year, with a free-cash-flow margin of 8.4%. Where it stands out: change in share count of -6.5% ranks 1 of 15 oil & gas refining & marketing companies we cover. Where it lags: days sales outstanding of 37 days ranks 13 of 13 oil & gas refining & marketing companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 253.7% while net income grew 300.7%: a 47pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 16.7 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 5.2 points on a year ago.
  • Shrinking share count. Diluted shares fell 6.5% in a year, so each share owns more of the business.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 117.2% over 90 days.

Things to watch

  • Insiders selling. 5 insiders sold $12M of stock over the past 365 days and none bought (36% under pre-set trading plans).
  • Below peers: days sales outstanding. Days sales outstanding of 37 days ranks 13 of 13 oil & gas refining & marketing companies we cover (median 26 days).
  • Earnings expected to fall. The consensus expects earnings per share to fall 9% next year.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$17.73 against an average estimate of $13.95: beat by 27.1%
Revenue
$51.99bn, up 53.8% on a year earlier
Share reaction
-3.0% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
2026 capital spending outlook (excluding MPLX) $1.5bn (2026); 2026 growth capital spending outlook $2.9bn (2026)
Next report
November 3, 2026; average EPS estimate $26.00

Marathon Petroleum's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.2%
  • 1 week-8.6%
  • 1 month+1.9%
  • This year+167.7%
  • 1 year+124.5%
  • 5 years+655.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$154B
Operating margin
9.2%
Net margin
5.6%
EPS (TTM, diluted)
$28.78

Growth

Revenue growth
+15.0%
Change in growth rate
+16.7 pts
Share count change
−6.5%

Cash

Free cash flow (TTM)
$12.9B
FCF margin
8.4%

Earnings

Last results
November 3, 2026
Next results (est.)
February 2, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Deal
  2. Results
  3. Leadership
  4. Dividend
  5. Insider trade
  6. Insider trade
  7. Results
  8. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Marathon Petroleum valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$490
Price used
$423.67close November 3, 2026
Implied change
▲ +15%
Uncertainty
Low

How we got here: the combined value of 3 valuation models built for a business like Marathon Petroleum (see the models table below and how they are combined) , with a 8.12% cost of equity. The models span ~$390–~$600; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Marathon Petroleum as an operating company, with every model that fits that kind of business. Cost of equity 8.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.71 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$480 ~$440–$590 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$600 ~$420–$880 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$390 ~$330–$490 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$490 ~$390–$600 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Marathon Petroleum with Oil & Gas Refining & Marketing in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$37.39$37.66$50.76$46.58$49.40$35.87$57.75$107.78$140.61$134.90$160.76$430.39
Market value$20.3bn$20.0bn$26.0bn$24.5bn$32.8bn$23.3bn$36.8bn$55.6bn$57.5bn$46.0bn$49.2bn$127.9bn
+ Net debt (− = net cash)$11.3bn$10.2bn$10.4bn$26.3bn$27.8bn$31.6bn$20.7bn$18.5bn$22.2bn$24.6bn$29.6bn$25.5bn
Enterprise value$31.6bn$30.1bn$36.4bn$50.8bn$60.6bn$54.9bn$57.5bn$74.1bn$79.7bn$70.6bn$78.8bn$153.4bn
Multiples
Price / sales 0.3x0.3x0.3x0.3x0.3x0.3x0.3x0.3x0.4x0.3x0.4x0.8x
Price / earnings 7.1x17.0x7.6x8.8x12.4x—3.8x3.8x5.9x13.4x12.2x15.0x
Price / free cash flow 9.8x17.7x6.7x8.2x7.1x—12.7x4.0x4.7x7.5x10.3x9.9x
EV / EBITDA 5.1x6.9x5.9x7.4x7.9x—7.5x3.0x4.5x7.0x6.8x8.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

59 /100

Moderate moat

How hard Marathon Petroleum's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.4% of total assets over 9 years.

  • Pricing power 6 / 20

    Gross margin has been a median 11.6%, moving by 3.6 percentage points (standard deviation) across 9 years.

  • Durability 0 / 20

    Operating margin has been a median 5.4%; its worst year was -9.7%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 4.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 54.3% over five years; stock-based pay has been a median 0.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $43.8bn and EPS of $26.00 (range $24.36 to $28.12) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $66.48 +521% $172.4bn +28%
Next $60.31 −9% $154.5bn −10%

Next year's EPS estimate has moved +117.2% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +70.1% on 90 days ago. In the last 30 days, 11 analysts raised Marathon Petroleum's forecast and 0 cut it.

Consensus EPS forecast Marathon Petroleum, last 90 days
$20.00 $30.00 $40.00 $50.00 $60.00 $70.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $39.08 Current fiscal year, 60 days ago: $50.78 Current fiscal year, 30 days ago: $56.56 Current fiscal year, 7 days ago: $66.42 Current fiscal year, Now: $66.48 $66.48 Next fiscal year, 90 days ago: $27.77 Next fiscal year, 60 days ago: $32.61 Next fiscal year, 30 days ago: $48.38 Next fiscal year, 7 days ago: $59.81 Next fiscal year, Now: $60.31 $60.31

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $39.08$27.77
60 days ago $50.78$32.61
30 days ago $56.56$48.38
7 days ago $66.42$59.81
Now $66.48$60.31

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $13.95 $17.73 +27.1%
Mar 2026 $0.75 $1.65 +120.6%
Dec 2025 $2.71 $4.07 +50.1%
Sept 2025 $3.16 $3.01 −4.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • 2026 capital spending outlook (excluding MPLX) 2026 about $1.5bn
    “MPC's 2026 capital spending outlook (excluding MPLX) is $1.5 billion.” source
  • 2026 growth capital spending outlook · MPLX / Midstream 2026 about $2.9bn Raised
    “MPLX is increasing its 2026 growth capital spending outlook by $500 million, to $2.9 billion, primarily reflecting the accelerated execution of the Gulf Coast fractionation project to meet global demand for U.S. energy.” source
  • annual distribution growth · MPLX distributions 2026 and 2027 about 12.5% growth
    “Advancing MPLX Natural Gas and NGL value chain growth strategy, expected to support 12.5% annual distribution growth in 2026 and 2027” source
  • Refining operating costs per barrel · Refining & Marketing Third-Quarter 2026 about 5.6
    “Refining operating costs per barrel (a) $ 5.60” source
  • Distribution costs · Refining & Marketing Third-Quarter 2026 about $1,650m
    “Distribution costs (in millions) $ 1,650” source
  • Refining planned turnaround costs · Refining & Marketing Third-Quarter 2026 about $290m
    “Refining planned turnaround costs (in millions) $ 290” source
Show 4 more items
  • Depreciation and amortization · Refining & Marketing Third-Quarter 2026 about $390m
    “Depreciation and amortization (in millions) $ 390” source
  • Refinery throughputs - Crude oil refined (mbpd) · Refining & Marketing Third-Quarter 2026 about 2,820
    “Crude oil refined 2,820” source
  • Refinery throughputs - Other charge and blendstocks (mbpd) · Refining & Marketing Third-Quarter 2026 about 185
    “Other charge and blendstocks 185” source
  • Corporate expenses (includes D&A) Third-Quarter 2026 about $260m
    “Corporate (includes $30 million of D&A) $ 260” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

19 analysts, Oct 2026
Buy947%
Hold947%
Sell15%

Monthly trend

  1. Oct 202645919
  2. Sep 202645919
  3. Aug 202646819
  4. Jul 202646719

Counts of recommendations published by analysts covering Marathon Petroleum, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.0%
of tradable shares
Days to cover
2.59
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
80%
of shares
Held by insiders
0.3%
of shares
Employees
18,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +124.5%

$191.71 on October 31, 2025 to $430.39

ThenNowEffect
Revenue (last 12 months) $133.6bn $153.6bn +15.0%
Net margin 1.6% 5.6% +248.4%
P/E multiple 28.6x 15.0x −47.6%
Share count 318m 297m +7.0%

Biggest factor: net margin.

Last 3 years +202.8%

$142.12 on November 3, 2023 to $430.39

ThenNowEffect
Revenue (last 12 months) $156.8bn $153.6bn −2.1%
Net margin 8.1% 5.6% −31.5%
P/E multiple 5.1x 15.0x +193.9%
Share count 457m 297m +53.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MPC+61%+87%+31%−4%+19%+168%
Industry peers (median)+29%+41%+10%−18%+18%+62%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MPC67%75%50%50%67%91%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MPC−21%−30%−23%−39%−25%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 80% from October 3, 2018 to March 23, 2020. Getting back needed a 392% gain, reached on February 2, 2022, 681 days after the low.

Price behaviour

52-week range
$160.76 – $484.92
From 52-week high
−11.2%
vs 50-day average
+2.7%
vs 200-day average
+48.0%
Volatility (1 year)
37%
Beta vs S&P 500
-0.27

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 5 down
typical move ±5.0%
After a week
7 up, 4 down
typical move ±7.4%
After a month
8 up, 3 down
typical move ±10.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −3.0% +1.6% +9.6% +26.4%
May 5, 2026 −2.7% +2.2% −0.2% +6.1%
April 13, 2026 +0.6% +2.2% −3.8% +13.2%
February 3, 2026 +10.7% −1.3% +15.4% +23.5%
November 4, 2025 −4.9% −0.8% +2.2% −2.4%
August 5, 2025 −3.3% +0.3% −5.3% +7.2%
May 6, 2025 +0.9% −0.4% +13.6% +11.0%
February 4, 2025 +7.0% +1.1% +5.6% −5.9%
November 5, 2024 +7.1% +3.7% +7.1% +4.2%
August 6, 2024 +4.5% +0.2% +8.5% +4.5%
April 30, 2024 −10.7% −1.9% −9.8% −13.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Marathon Petroleum’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.40× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

MPC Marathon Petroleum Grade B $434.82

Own 100 shares, sell the $510 call expiring December 18, 2026 (46 days) for $9.40 a share — $940 per contract.

Previous session · Bid $9.40, ask $10.50, quoted Mon 2 Nov, 17:30 New York time with MPC at $434.82. Option prices move with the shares: check the live chain at your broker before trading.

  • If MPC ends below $510: you keep your shares and the $940 — 2.2% extra on the position, 17.2% a year at that pace.
  • If it ends above $510: your shares are sold at $510, a total return of 19.5% including the premium — at or above our value of ~$490.
$8.5k $0 −$8.5k Break-even $425.42 Price $434.82 Our value $490
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$940
Annualised
17.2%
Break-even
$425.42
Max gain
$8,458
Chance of selling
~24%

Results are expected around November 3, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Marathon Petroleum in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Marathon Petroleum
$130B $140B $150B $160B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $151.9B Revenue (TTM), FY23 Q4: $148.4B Revenue (TTM), FY24 Q1: $146.2B Revenue (TTM), FY24 Q2: $147.8B Revenue (TTM), FY24 Q3: $142B Revenue (TTM), FY24 Q4: $138.9B Revenue (TTM), FY25 Q1: $137.7B Revenue (TTM), FY25 Q2: $133.6B Revenue (TTM), FY25 Q3: $133.3B Revenue (TTM), FY25 Q4: $132.7B Revenue (TTM), FY26 Q1: $135.4B Revenue (TTM), FY26 Q2: $153.6B $153.6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $151.9B
FY23 Q4 $148.4B
FY24 Q1 $146.2B
FY24 Q2 $147.8B
FY24 Q3 $142B
FY24 Q4 $138.9B
FY25 Q1 $137.7B
FY25 Q2 $133.6B
FY25 Q3 $133.3B
FY25 Q4 $132.7B
FY26 Q1 $135.4B
FY26 Q2 $153.6B
Revenue growth, TTM YoY Marathon Petroleum
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -12.2% Revenue growth, TTM YoY, FY23 Q4: -16.4% Revenue growth, TTM YoY, FY24 Q1: -16.1% Revenue growth, TTM YoY, FY24 Q2: -5.7% Revenue growth, TTM YoY, FY24 Q3: -6.6% Revenue growth, TTM YoY, FY24 Q4: -6.4% Revenue growth, TTM YoY, FY25 Q1: -5.8% Revenue growth, TTM YoY, FY25 Q2: -9.6% Revenue growth, TTM YoY, FY25 Q3: -6.1% Revenue growth, TTM YoY, FY25 Q4: -4.4% Revenue growth, TTM YoY, FY26 Q1: -1.7% Revenue growth, TTM YoY, FY26 Q2: 15.0% 15.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -12.2%
FY23 Q4 -16.4%
FY24 Q1 -16.1%
FY24 Q2 -5.7%
FY24 Q3 -6.6%
FY24 Q4 -6.4%
FY25 Q1 -5.8%
FY25 Q2 -9.6%
FY25 Q3 -6.1%
FY25 Q4 -4.4%
FY26 Q1 -1.7%
FY26 Q2 15.0%
Operating margin (TTM) Marathon Petroleum
4% 6% 8% 10% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 11.1% Operating margin (TTM), FY23 Q4: 9.8% Operating margin (TTM), FY24 Q1: 8.4% Operating margin (TTM), FY24 Q2: 7.8% Operating margin (TTM), FY24 Q3: 5.7% Operating margin (TTM), FY24 Q4: 4.9% Operating margin (TTM), FY25 Q1: 4.1% Operating margin (TTM), FY25 Q2: 4.0% Operating margin (TTM), FY25 Q3: 5.1% Operating margin (TTM), FY25 Q4: 6.2% Operating margin (TTM), FY26 Q1: 6.7% Operating margin (TTM), FY26 Q2: 9.2% 9.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 11.1%
FY23 Q4 9.8%
FY24 Q1 8.4%
FY24 Q2 7.8%
FY24 Q3 5.7%
FY24 Q4 4.9%
FY25 Q1 4.1%
FY25 Q2 4.0%
FY25 Q3 5.1%
FY25 Q4 6.2%
FY26 Q1 6.7%
FY26 Q2 9.2%
FCF margin (TTM) Marathon Petroleum
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 10.1% FCF margin (TTM), FY23 Q4: 8.2% FCF margin (TTM), FY24 Q1: 6.5% FCF margin (TTM), FY24 Q2: 6.0% FCF margin (TTM), FY24 Q3: 3.8% FCF margin (TTM), FY24 Q4: 4.4% FCF margin (TTM), FY25 Q1: 3.2% FCF margin (TTM), FY25 Q2: 2.7% FCF margin (TTM), FY25 Q3: 3.2% FCF margin (TTM), FY25 Q4: 3.6% FCF margin (TTM), FY26 Q1: 4.2% FCF margin (TTM), FY26 Q2: 8.4% 8.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 10.1%
FY23 Q4 8.2%
FY24 Q1 6.5%
FY24 Q2 6.0%
FY24 Q3 3.8%
FY24 Q4 4.4%
FY25 Q1 3.2%
FY25 Q2 2.7%
FY25 Q3 3.2%
FY25 Q4 3.6%
FY26 Q1 4.2%
FY26 Q2 8.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Marathon Petroleum took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $133B
  2. Cost of revenue $119B · 90.0%
  3. Gross profit $13.3B · 10.0%
  4. Selling, general and admin $3.3B · 2.5%
  5. Other operating costs $1.6B · 1.2%
  6. Operating income $8.3B · 6.2%
  7. Income tax $1.1B · 0.9%
  8. Interest and other $3.1B · 2.3%
  9. Net income $4B · 3.0%

Shares of revenue. Source: Marathon Petroleum's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 45.5 62.5 78.6 82.2 100.2 97.8 72.1 63.3 74.7 86.1 111.1 69.8 120.0 177.5 148.4 138.9 132.7 153.6
Gross profit — — — — — — — 6.6 7.6 9.0 11.9 4.0 10.0 25.8 19.8 12.6 13.3 19.2
EBITDA 1.5 2.0 4.6 6.3 4.6 5.4 6.2 4.4 6.1 6.9 7.7 −8.9 7.7 24.7 17.8 10.1 11.5 17.4
Operating income 0.8 1.0 3.7 5.3 3.4 4.1 4.7 2.4 4.0 4.7 4.5 −12.2 4.3 21.5 14.5 6.8 8.3 14.1
Net income 0.4 0.6 2.4 3.4 2.1 2.5 2.9 1.2 3.4 2.8 2.6 −9.8 9.7 14.5 9.7 3.4 4.0 8.6
Diluted EPS $0.63 $0.87 $3.33 $4.95 $3.32 $4.39 $5.26 $2.21 $6.70 $5.28 $3.97 −$15.13 $15.24 $28.12 $23.63 $10.08 $13.22 $28.78
Growth (year on year)
Revenue — +37.2% +25.8% +4.6% +21.8% −2.3% −26.3% −12.2% +18.1% +15.2% +29.1% −37.2% +71.9% +47.9% −16.4% −6.4% −4.4% +15.0%
EBITDA — +29.6% +137.5% +36.8% −26.8% +15.8% +15.2% −29.2% +39.8% +11.9% +12.1% −215.4% — +222.1% −27.8% −43.1% +13.9% +102.2%
Operating income — — — +42.8% −35.9% +18.3% +15.8% −49.1% +68.4% +16.7% −4.9% −374.5% — +399.3% −32.4% −53.2% +22.0% +163.0%
Net income — — — +41.9% −37.7% +19.5% +13.0% −58.8% — −19.0% −5.1% −472.6% — +49.1% −33.3% −64.4% +17.5% —
Diluted EPS — — — +48.3% −32.9% +32.2% +19.8% −58.0% — −21.2% −24.8% −481.1% — +84.5% −16.0% −57.3% +31.2% —
Margins
Gross margin — — — — — — — 10.4% 10.2% 10.5% 10.7% 5.8% 8.3% 14.5% 13.4% 9.1% 10.0% 12.5%
EBITDA margin 3.3% 3.1% 5.9% 7.7% 4.6% 5.5% 8.6% 6.9% 8.2% 8.0% 6.9% −12.7% 6.4% 13.9% 12.0% 7.3% 8.7% 11.4%
Operating margin 1.8% 1.6% 4.8% 6.5% 3.4% 4.1% 6.5% 3.8% 5.4% 5.4% 4.0% −17.6% 3.6% 12.1% 9.8% 4.9% 6.2% 9.2%
Net margin 1.0% 1.0% 3.0% 4.1% 2.1% 2.6% 4.0% 1.9% 4.6% 3.2% 2.4% −14.1% 8.1% 8.2% 6.5% 2.5% 3.0% 5.6%
Free-cash-flow margin −1.0% 1.6% 2.7% 3.8% 2.2% 1.7% 2.9% 1.8% 5.2% 3.5% 4.2% −0.5% 2.4% 7.9% 8.2% 4.4% 3.6% 8.4%
Cash flow
Cash from operations 2.5 2.2 3.3 4.5 3.4 3.1 4.1 4.0 6.6 6.2 9.4 2.4 4.4 16.4 14.1 8.7 8.3 17.1
Capital spending 2.9 1.2 1.2 1.4 1.2 1.5 2.0 2.9 2.7 3.2 4.8 2.8 1.5 2.4 1.9 2.5 3.5 4.2
Free cash flow −0.4 1.0 2.1 3.1 2.2 1.6 2.1 1.1 3.9 3.0 4.6 −0.4 2.9 13.9 12.2 6.1 4.8 12.9
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.1 0.1 0.2 0.2 0.1 0.2 —
Free cash flow after stock pay −0.5 1.0 2.1 3.1 2.2 1.6 2.0 1.1 3.8 2.9 4.5 −0.5 2.8 13.8 12.0 6.0 4.6 —
Balance sheet
Cash 0.1 0.1 3.1 4.9 2.3 1.5 1.1 0.9 3.0 1.7 1.4 0.4 5.3 8.6 5.4 3.2 3.7 7.8
Total debt 0.0 0.3 3.3 3.4 3.4 6.7 12.5 11.1 13.4 28.0 29.2 32.0 25.9 27.1 27.6 27.8 33.3 33.3
Net debt (negative = net cash) −0.1 0.2 0.2 −1.5 1.1 5.2 11.3 10.2 10.4 26.3 27.8 31.6 20.7 18.5 22.2 24.6 29.6 25.5
Diluted shares 716m 716m 714m 684m 634m 574m 542m 530m 512m 526m 664m 649m 638m 516m 409m 341m 306m 297m
Returned to shareholders
Dividends — — 0.2 0.4 0.5 0.5 0.6 0.7 0.8 1.0 1.4 1.5 1.5 1.3 1.3 1.2 1.1 1.2
Buybacks — — 0.0 1.4 2.8 2.1 1.0 0.2 2.4 3.3 2.0 0.0 4.7 11.9 11.6 9.2 3.5 4.9
Total returned — — 0.2 1.8 3.3 2.7 1.6 0.9 3.1 4.2 3.3 1.5 6.1 13.2 12.8 10.3 4.6 6.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $94.3bn
Short-term assets $34.3bnLonger-term assets $60.0bn
What it owes, and who funded it · $87.7bn
Short-term liabilities $27.4bnLonger-term liabilities $41.2bnShareholders' equity $19.1bn
  • Short-term assets cover short-term liabilities $34.3bn of assets due within a year against $27.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $34.3bn short-term assets against $41.2bn of longer-dated liabilities.
  • More cash than debt $7.8bn of cash against $32.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 172% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 95% to 172% over five years.
  • A year's operating cash flow covers at least 20% of debt $17.1bn of operating cash flow against $32.8bn of debt.
  • Operating profit covers interest at least five times over Operating income of $14.1bn against $1.6bn of interest.

From Marathon Petroleum's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$4.9B
Dividends (TTM)
$1.2B
Returned to shareholders
47%
of free cash flow
Buybacks, last 3 fiscal years
$24.2B
Diluted share count
−6.5%
year over year
Total shareholder yield
4.9%
dividends 0.9% + buybacks 4.0% of market value
Dividend payout ratio
14%
of net income paid out
Sales & admin spending
2.3%
of revenue
Days sales outstanding
37 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas refining & marketing
Last 12 months unless stated MPC VLO PSX WKC PBF DINO Median
Revenue, last 12 months $153.6bn $153.3bn $168.2bn $45.6bn $38.9bn $34.8bn $10.3bn
Revenue growth, last 12 months 15.0% 24.6% 27.5% 21.1% 31.5% 29.5% 13.0%
Revenue growth, 3-year average −0.7% 0.5% 4.0% −2.8% −1.0% 1.5% −0.8%
Revenue growth, latest quarter 53.8% 43.3% 46.4% 41.3% 58.6% 49.7% 46.4%
Gross margin 12.5% 12.3% 15.1% 2.5% 8.9% 18.5% 8.0%
Operating margin 9.2% 11.5% — −0.1% 9.8% 13.5% 2.9%
Operating margin, 3-year average 7.0% 5.6% — −0.1% 2.3% 5.8% 2.3%
Net margin 5.6% 8.4% 7.5% −0.4% 7.0% 10.1% 1.8%
Cash from operations / revenue 11.2% 10.4% 8.9% 0.3% 9.0% 10.8% 5.1%
Free-cash-flow margin 8.4% 9.3% 7.4% 0.2% 6.8% 9.4% 4.8%
Free-cash-flow margin, 3-year average 5.7% 4.7% 3.2% 0.4% 1.1% 5.2% 2.4%
Stock pay / revenue 0.1% 0.1% — 0.1% 0.1% 0.1% 0.1%
Change in share count −6.5% −5.8% −1.3% −6.3% 4.3% −4.3% −1.4%

Median of all 16 companies we cover in oil & gas refining & marketing. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

16 oil & gas refining & marketing companies
Measure Company Peer median Rank
Revenue growth Growth 15.0% 13.2% 7 of 16
Change in growth rate Growth +16.7pp +12.9pp 3 of 16
Gross margin Profitability 12.5% 7.1% 3 of 14
Operating margin Profitability 9.2% 4.8% 5 of 14
Net margin Profitability 5.6% 1.9% 7 of 16
Free-cash-flow margin Cash generation 8.4% 4.8% 3 of 15
Long-term debt as % of assets Balance sheet 32.5% 23.4% 9 of 12
Change in share count Balance sheet -6.5% -1.4% 1 of 15
Days sales outstanding Balance sheet 37 days 26 days 13 of 13

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Refining and Marketing $124B 93.6% ▼ 5.6%
Midstream $5.6B 4.2% ▲ 8.3%
Renewable Diesel $2.8B 2.1% ▲ 35.4%

From Marathon Petroleum's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$56B
Institutions reporting
1,926
Shares held vs prior quarter
▼ 0.8%
Positions opened / closed
148 / 93

Top buyers and sellers, Q2 2026: 830 institutions bought and 797 sold ; the biggest buyer was Blackrock, Inc (+1.6M shares) and the biggest seller Harris Associates L P (−2.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $6.6B 26.0M 11.9% ▲ 6.6%
Vanguard Capital Management LLC $4.9B 19.1M 8.7% ▼ 0.5%
State Street Corp $4.7B 18.5M 8.4% ▼ 2.9%
Vanguard Portfolio Management LLC $4B 15.6M 7.1% ▼ 0.3%
Geode Capital Management, LLC $2.1B 8.4M 3.8% ▲ 6.8%
Morgan Stanley $1.5B 5.9M 2.7% ▼ 3.1%
Raymond James Financial Inc $1.5B 5.7M 2.6% ▼ 1.5%
FMR LLC $1.4B 5.4M 2.5% ▲ 10.4%
Bank Of New York Mellon Corp $1B 4.0M 1.8% ▲ 1.9%
Boston Partners $906M 3.5M 1.6% ▼ 37.8%
Wellington Management Group LLP $831M 3.3M 1.5% ▼ 42.3%
Northern Trust Corp $799M 3.1M 1.4% ▼ 1.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Marathon Petroleum's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $12.1M 16 trades by 5 insiders · 36% under pre-set plans
Net ▼ $12.1M net selling
Insider Date Trade Shares Price Value
Lyon Shawn M SVP Log & Storage, MPLX GP LLC August 31, 2026 Sell 1,000 $375.75 $375,750
Lyon Shawn M SVP Log & Storage, MPLX GP LLC August 28, 2026 Sell 425 $368.51 $156,617
Brzezinski Erin M VP and Controller August 27, 2026 Sell 570 $362.79 $206,790
Benson Molly R Chief Legal Ofc & Corp Sec August 17, 2026 Sell pre-set plan 5,000 $358.57 $1.8M
Benson Molly R Chief Legal Ofc & Corp Sec August 17, 2026 Sell pre-set plan 7,196 $358.57 $2.6M
Lyon Shawn M SVP Log & Storage, MPLX GP LLC August 13, 2026 Sell 2,500 $350.00 $875,000
Henschen Michael A Ii Ex VP, Refining August 12, 2026 Sell 6,011 $341.56 $2.1M
Henschen Michael A Ii Ex VP, Refining June 4, 2026 Sell 4,964 $268.85 $1.3M
Henschen Michael A Ii Ex VP, Refining June 4, 2026 Sell 1,372 $268.75 $368,725
Hessling Ricky D. Chief Commercial Officer May 13, 2026 Sell 1,000 $250.00 $250,000
Hessling Ricky D. Chief Commercial Officer March 13, 2026 Sell 1,626 $228.18 $371,021
Hessling Ricky D. Chief Commercial Officer March 12, 2026 Sell 559 $230.00 $128,570

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 50 trades and filings

In the last 12 months, 2 members of Congress disclosed 0 purchases and 10 sales of Marathon Petroleum shares.

  • David J. Taylor(R-OH 2):Sale (full), $1,001 - $15,000, traded October 15, 2026, filed October 29, 2026
  • David J. Taylor(R-OH 2):Sale (full), $1,001 - $15,000, traded October 15, 2026, filed October 29, 2026
  • David J. Taylor(R-OH 2):Sale (full), $1,001 - $15,000, traded September 22, 2026, filed October 1, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • August 4, 2026
  • May 5, 2026
  • April 13, 2026
  • February 3, 2026
  • November 4, 2025

Recent SEC filings

Data status

When each part of this page on Marathon Petroleum was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Marathon Petroleum in brief

What does Marathon Petroleum do?
Marathon Petroleum is a US-listed company in the oil & gas refining & marketing industry. Its financial year ends in December.
What is Marathon Petroleum's stock ticker?
Marathon Petroleum trades under the ticker MPC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Marathon Petroleum's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Marathon Petroleum reported revenue of $154B, 15.0% higher than a year earlier, according to its SEC filings.
What is Marathon Petroleum's free cash flow?
Marathon Petroleum's free-cash-flow margin is 8.4% of revenue over the trailing twelve months, ranking 3 of the 15 oil & gas refining & marketing companies we cover.
Who are Marathon Petroleum's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Marathon Petroleum buying back stock, and does it pay a dividend?
Marathon Petroleum spent $4.9B on share repurchases over the trailing twelve months, and its diluted share count fell 6.5% over the year.
What is Marathon Petroleum's market cap?
On November 2, 2026, Marathon Petroleum's market capitalisation was about $128B, with a price-to-earnings ratio of 15.0 and net debt of $25.5B. Market figures come from third-party market data and may be delayed.
Does Marathon Petroleum pay a dividend?
Yes: Marathon Petroleum paid $1.2B in dividends over the trailing twelve months, a dividend yield of 0.93% and a payout ratio of 13.6%.
How much debt does Marathon Petroleum have?
Marathon Petroleum's debt-to-equity ratio is 172.0%, from its latest balance sheet (95.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Marathon Petroleum's competitors?
In our Oil & Gas Refining & Marketing peer group, the companies closest to Marathon Petroleum are Valero Energy, Phillips 66, World Kinect Corp, PBF Energy Inc. and HF Sinclair Corp. The side-by-side comparison below sets their revenue, margins and growth against Marathon Petroleum's.
Are insiders buying or selling Marathon Petroleum stock?
Over the last 12 months, Marathon Petroleum's directors and officers reported 0 open-market purchases and 16 sales on Form 4. The insider trading page charts every trade.
When is Marathon Petroleum's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Marathon Petroleum announces its own schedule.