Marathon Petroleum (MPC) 10-K Summaries & Annual Filing History
Review Marathon Petroleum Corporation (MPC) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Marathon Petroleum Corporation operates in the petroleum refining and marketing industry. The fiscal year ended December 2025 saw a decline in revenue and profitability compared to the prior year.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$132.7B
Revenue reported for the fiscal year.
Operating income
$8.3B
Income from operations reported for the year.
Net income
$4B
Net income reported for the year.
Operating cash flow
$8.3B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $177.5B | +47.9% |
| Dec 31, 2023 | $148.4B | -16.4% |
| Dec 31, 2024 | $138.9B | -6.4% |
| Dec 31, 2025 | $132.7B | -4.4% |
Business overview
The company is engaged in refining crude oil into petroleum products and marketing those products. Its operations are subject to risks common in the energy sector, including commodity price fluctuations and regulatory changes.
Financial performance
Revenue decreased compared to the prior year, driven by lower energy commodity prices. Operating income and net income also declined, reflecting reduced margins and weaker demand.
Material risks
Key risks include volatility in crude oil and refined product prices, which can significantly affect earnings. The company also faces regulatory risks related to environmental laws and trade policies.
Liquidity and capital
Cash from operations decreased versus the prior year due to unfavorable working capital changes, partially offset by improved operating results. The company used cash for investing activities and financing activities, including capital expenditures and shareholder returns.
What to watch
Monitor how energy commodity price changes affect working capital and operating cash flow in the next filing.