Marathon Petroleum Corporation stock research
FY2024 Q1
Marathon Petroleum (MPC) Gross Margin — Quarter Ended Mar 31, 2024
Revenue and gross profit both decreased compared to the prior quarter and the same quarter last year. Cost of revenue declined less than revenue, resulting in a lower gross margin.
Gross margin takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue and gross profit both decreased compared to the prior quarter and the same quarter last year. Cost of revenue declined less than revenue, resulting in a lower gross margin.
- The gross margin weakened sequentially and year-over-year, driven by a proportionally smaller decline in cost of revenue relative to revenue.
- Compared to the prior quarter, revenue and gross profit were lower, and gross margin weakened. Compared to the same quarter last year, revenue was lower, gross profit was substantially lower, and gross margin weakened notably.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
9.5%
Gross profit
$3.1B
Revenue
$32.7B
Cost of revenue
$29.6B
Quarter-over-quarter change
-0.6 pts
Year-over-year change
-6.5 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2023 | $36.3B | $4.6B | $31.8B | 12.6% |
| Sep 30, 2023 | $40.9B | $6.0B | $34.9B | 14.6% |
| Dec 31, 2023 | $36.3B | $3.7B | $32.6B | 10.1% |
| Mar 31, 2024 | $32.7B | $3.1B | $29.6B | 9.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2023
-0.6 pts
Year-over-year change
Mar 31, 2023
-6.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin weakened sequentially and year-over-year, driven by a proportionally smaller decline in cost of revenue relative to revenue.
Compared to the prior quarter, revenue and gross profit were lower, and gross margin weakened. Compared to the same quarter last year, revenue was lower, gross profit was substantially lower, and gross margin weakened notably.
Monitor the trend in cost of revenue relative to revenue, as its slower decline compressed gross margin.