MPN Balance Sheet - Marathon Petroleum Corp

Watchlist Manager

Watchlist

Price: 347.75 EUR 0.74%

Market Cap: €84.6B

Financial profile · Q3 FY2026

A cyclical refiner with pronounced operating leverage and active cash returns

MPC's earnings are exposed to volatile refining margins, with throughput and operating costs that can make profits move sharply as market conditions change. Its asset-intensive operations require ongoing capital spending, while cash generation has also supported substantial share repurchases.

What is developing

The latest results extended a sharp recovery in earnings and cash generation, which the company attributed primarily to higher refining crack spreads. This is a meaningful move within MPC's cyclical model, not yet evidence of a durable change in its economics; working-capital inflows also contributed to cash generation.

What matters next

Whether refining margins and operating cash flow excluding working-capital changes remain elevated as market spreads normalize.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash & Cash Equivalents	887m	3B	1.7B	1.4B	415m	5.3B	8.6B	5.4B	3.2B	3.7B
Cash	—	—	—	—	—	—	—	4.4B	—	—
Cash Equivalents	887m	3B	1.7B	1.4B	415m	5.3B	8.6B	1.1B	3.2B	3.7B
Short-Term Investments	—	—	—	—	—	5.5B	3.1B	4.8B	0	—
Total Receivables	3.6B	4.7B	5.9B	7.2B	5.8B	11B	13.5B	11.6B	11.1B	10.3B
Accounts Receivables	3.6B	4.7B	5.9B	7.2B	5.8B	11B	13.5B	11.6B	11.1B	10.3B
Other Receivables	0	0	0	0	0	0	0	0	0	0
Inventory	5.7B	5.6B	9.8B	9.8B	8B	8.1B	8.8B	9.3B	9.6B	10.1B
Other Current Assets	241m	145m	646m	12B	14.1B	568m	1.2B	971m	524m	662m
Total Current Assets	10.4B	13.4B	18B	30.5B	28.3B	30.5B	35.2B	32.1B	24.4B	24.8B
PP&E Net	25.8B	26.4B	45.1B	42.7B	40.6B	38.8B	36.9B	36.3B	36.3B	38.9B
PP&E Gross	25.8B	26.4B	45.1B	42.7B	40.6B	38.8B	36.9B	36.3B	36.3B	38.9B
Accumulated Depreciation	(12.2B)	(14.1B)	(16.2B)	(16.7B)	(20.3B)	(23.2B)	(25.8B)	(28.6B)	(31.3B)	(33.6B)
Intangible Assets	—	—	—	—	—	—	—	—	—	2.7B
Goodwill	3.6B	3.6B	20.2B	15.7B	8.3B	8.3B	8.2B	8.2B	8.2B	9.4B
Long-Term Investments	3.8B	4.8B	5.9B	6.6B	5.4B	5.4B	6.5B	6.3B	6.9B	6.8B
Other Long-Term Assets	833m	830m	3.8B	3.2B	2.6B	2.4B	3.1B	3B	3B	1.4B
Other Assets	3.6B	3.6B	20.2B	15.7B	8.3B	8.3B	8.2B	8.2B	8.2B	9.4B
Total Assets	44.4B	49B	92.9B	98.6B	85.2B	85.4B	89.9B	86B	78.9B	84B
Accounts Payable	5.6B	8.3B	9.4B	11.2B	7.8B	13.7B	15.3B	13.8B	13.9B	13B
Accrued Liabilities	994m	1.1B	1.2B	1.5B	1.2B	1.3B	1.3B	1.9B	1.8B	2B
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Current Portion of Long-Term Debt	28m	624m	544m	704m	2.9B	571m	1.1B	2B	3B	2.4B
Other Current Liabilities	531m	465m	2.2B	3.5B	3.8B	2.3B	2.3B	2.6B	2B	2.3B
Total Current Liabilities	7.1B	10.5B	13.2B	16.9B	15.7B	17.9B	20B	20.2B	20.8B	19.7B
Long-Term Debt	10.5B	12.3B	27B	28B	28.7B	25B	25.6B	25.3B	24.4B	30.5B
Deferred Income Tax	3.9B	2.7B	4.9B	6.4B	6.2B	5.6B	5.9B	5.8B	5.8B	6B
Minority Interest	7.6B	7.8B	9.9B	9.4B	8B	7.4B	7.4B	7B	6.8B	6.8B
Other Liabilities	1.7B	1.8B	2.8B	4.1B	4.3B	3.3B	3.3B	3.3B	3.3B	3.7B
Total Liabilities	30.9B	35B	57.8B	64.9B	63B	59.2B	62.2B	61.6B	61.1B	66.6B
Common Stock	7m	7m	10m	10m	10m	10m	10m	10m	10m	10m
Retained Earnings	10.2B	12.9B	14.8B	16B	4.7B	12.9B	26.1B	34.6B	36.8B	39.8B
Additional Paid In Capital	11.1B	11.3B	33.7B	33.2B	33.2B	33.3B	33.4B	33.5B	33.6B	33.7B
Treasury Stock	(7.5B)	(9.9B)	(13.2B)	(15.1B)	(15.2B)	(19.9B)	(31.8B)	(43.5B)	(52.6B)	(56B)
Other Equity	(234m)	(231m)	(144m)	(320m)	(512m)	(67m)	2m	(131m)	(114m)	(105m)
Total Equity	13.6B	14B	35.2B	33.7B	22.2B	26.2B	27.7B	24.4B	17.7B	17.3B
Total Liabilities & Equity	44.4B	49B	92.9B	98.6B	85.2B	85.4B	89.9B	86B	78.9B	84B
Common Shares Outstanding	528m	486m	680m	649m	651m	579m	454m	368m	316m	295m