At a glance
Marathon Petroleum Corp is worth $120.86B, about 33 times its fiscal 2025 earnings. Revenue fell 4.4% to $132.70B in fiscal 2025, with 3.0% kept as profit; over 5 years it has grown 13.7% a year. It pays a 0.93% dividend yield, raised every year for at least 4 years, and returned $47.14B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +124.5% over the past year with dividends reinvested and +49.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 72.4% in the 2020 crash (S&P 500: 33.7%) and 30.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 4 months after the lows.
The business in plain English
Marathon Petroleum turns crude oil into gasoline, diesel and other fuels. It runs one of the largest U.S. refining systems, with about 3.0 million barrels a day of crude capacity across the Gulf Coast, Mid-Continent and West Coast. Its largest plant is Galveston Bay in Texas, and its Los Angeles refinery is the biggest on the West Coast. Profit hinges on the refining margin: the gap between what it pays for crude and what its fuels fetch.
It sells mainly to resellers, not drivers. As of December 31, 2025, independent owners ran 7,882 Marathon-branded outlets in 40 states, the District of Columbia and Mexico. Marathon also had long-term supply contracts with 1,162 dealer sites, mainly ARCO stations in Southern California. It also exports fuel and sells on the spot market (one-off deals at going prices). It sold its Speedway gas stations to 7-Eleven in 2021.
It reports three segments. Refining & Marketing is the core. Midstream (pipelines, terminals, barges and gas-processing plants linking producers with markets) mainly reflects MPLX, a publicly traded partnership. Marathon owned MPLX's general partner and about 64% of its units as of December 31, 2025. Renewable Diesel, among the largest such businesses in the U.S., makes diesel from renewable feedstocks. Total revenue was $132.7 billion in fiscal 2025.
Price history
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MPC +124.5% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $51.99B, up 53.8% from a year earlier, and net income was $5.14B (+322.5%).
- For fiscal 2025, revenue was $132.70B (-4.4% year over year; +13.7% a year from FY2020 to FY2025) with a 3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +13.7% good |
|---|---|
| Operating margin | 6.2% watch |
| Free cash flow margin | 3.6% watch |
| Return on equity (FY2025) | 23.4% good |
| Return on assets (FY2025) | 4.8% watch |
| Net cash (cash minus debt) | $-25.05B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $69.78B | $-9.83B | $-368.0M |
| FY2021 | $119.98B | $9.74B | $2.90B |
| FY2022 | $177.45B | $14.52B | $13.94B |
| FY2023 | $148.38B | $9.68B | $12.23B |
| FY2024 | $138.86B | $3.44B | $6.13B |
| FY2025 | $132.70B | $4.05B | $4.77B |
Valuation snapshot
| Market value | $120.86B |
|---|---|
| P/E ratio | 32.6 |
| Dividend yield | 0.93% |
Rank among 1514 US companies
Market value at each year end
Marathon Petroleum’s market value went from $26.58B at the end of 2016 to $120.86B on Nov 2, 2026, about 4.5 times as much; since the end of 2025 it is up 147%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $120.86B | +147.2% |
| 2025 | $48.89B | +9.0% |
| 2024 | $44.83B | -20.4% |
| 2023 | $56.33B | +3.3% |
| 2022 | $54.55B | +38.5% |
| 2021 | $39.39B | +46.4% |
| 2020 | $26.91B | -31.2% |
| 2019 | $39.12B | -4.0% |
| 2018 | $40.77B | +26.5% |
| 2017 | $32.23B | +21.3% |
| 2016 | $26.58B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MPC price data to Nov 2, 2026 | +167.7% | +124.5% | +43.1% | +49.4% | +30.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +167.7% |
| 2025 | +19.2% |
| 2024 | -4.0% |
| 2023 | +30.5% |
| 2022 | +86.6% |
| 2021 | +61.0% |
| 2020 | -27.4% |
| 2019 | +6.1% |
| 2018 | -8.2% |
| 2017 | +34.8% |
| 2016 | +0.7% |
| 2015 | +17.3% |
| 2014 | +0.4% |
| 2013 | +48.6% |
| 2012 | +94.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 71.2% over that stretch · deepest drop along the way 72.4%, back to its old high 11.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 63% over that stretch · deepest drop along the way 30.2%, back to its old high 3.7 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 16 sales ($12.8M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 17, 2026 | Molly R Benson Chief Legal Ofc & Corp Sec | sell (plan) | $2.6M |
| Aug 12, 2026 | Michael A II Henschen Ex VP, Refining | sell | $2.1M |
| Aug 17, 2026 | Molly R Benson Chief Legal Ofc & Corp Sec | sell (plan) | $1.8M |
| Aug 17, 2026 | Molly R Benson Chief Legal Ofc & Corp Sec | sell (plan) | $1.8M |
| Jun 4, 2026 | Michael A II Henschen Ex VP, Refining | sell | $1.3M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.9% | Sep 30, 2026 |
| Vanguard Capital Management | 7.52% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.35% | Mar 31, 2026 |
ETFs with the most weight in MPC
| CRAK VanEck Oil Refiners ETF | 7.11% |
| IEO iShares U.S. Oil & Gas Exploration & Production ETF | 6.01% |
| PXE Invesco Energy Exploration & Production ETF | 5.08% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 4.63% |
| DRLL Strive U.S. Energy ETF | 4.12% |
| WEEI Westwood Salient Enhanced Energy Income ETF | 3.38% |
| LSAT Leadershares Alphafactor Tactical Focused ETF | 3.15% |
| XLE Energy Select Sector SPDR Fund | 3.1% |
What could go wrong
- Refining margins swing widely. Profits ride on the gap between crude costs and fuel prices, which shifts with inventories, rival refinery closures, tariffs and weather. The 10-K warns weak margins could force a rethink of buybacks, spending and dividends.
- California could cap refining profits. California or other states could set a maximum refining margin with penalties, limit maintenance timing or require minimum fuel inventories. Marathon runs the West Coast's largest refinery in Los Angeles, so it is directly exposed.
- Heavy debt and reliance on MPLX. Total debt was $32.8 billion against $7.8 billion of cash as of June 30, 2026. A credit downgrade could raise borrowing costs, and lower U.S. oil and gas output could shrink MPLX's payouts to Marathon.
- Renewable fuel credit costs. Refiners must earn or purchase renewable identification numbers (RINs), credits proving renewable fuel was blended. Their price and supply, plus shifts in low carbon fuel programs, can raise costs and hurt results.
- Refinery accidents and outages. Fires, explosions, severe weather, cyberattacks or pipeline disruptions can shut units at large plants such as Galveston Bay or Garyville. Marathon does not insure against all losses, so a major incident could hit earnings hard.
- Electric cars could shrink fuel demand. Fuel-economy rules, electric vehicle mandates in California and other states, and rising sales of electric and hybrid cars could reduce long-term demand for gasoline and diesel, Marathon's main products.
Recent events
- Executive or board change; Other company announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Major agreement signed; Major agreement ended; Quarterly results released; New debt or financial obligation
- Quarterly results released
- Executive or board change; Other company announcement
- Executive or board change; Other company announcement
- Quarterly results released
For income and retirement investors
Marathon Petroleum has raised its regular dividend four years in a row, from $2.32 a share in 2020 and 2021 to $3.73 in fiscal 2025. That works out to roughly 10% a year over the stretch. It kept paying through a $9.8 billion loss in 2020. In fiscal 2025, dividends used 28.2% of earnings and 23.9% of free cash flow (cash left after capital spending). Buybacks matter more: from FY2021 to FY2025 it spent $40.8 billion on them versus $6.3 billion on dividends, though buybacks slowed to $3.5 billion in fiscal 2025. The share count fell 54.4% between October 2021 and July 2026. After a steep price rise, the yield was just 0.92% as of October 27, 2026.
The shares fell 72.4% in the 2020 COVID crash and took about 11.4 months to recover. In the 2022 bear market they gained 63% while the broad market fell, despite a 30.2% drop in mid-2022. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Marathon Petroleum make money?
Mostly by refining crude oil into gasoline, diesel and other fuels and selling them at wholesale. Its refineries can process about 3.0 million barrels of crude a day. As of December 31, 2025, its customers included independent owners of 7,882 Marathon-branded outlets and 1,162 dealer sites, mainly ARCO stations in Southern California. It also moves and processes oil and natural gas through MPLX and makes renewable diesel. Revenue was $132.7 billion in fiscal 2025. Net income was $4.0 billion, about 3% of sales.
Does Marathon Petroleum raise its dividend every year?
Not every year, but it has raised its regular dividend four years running. Dividends per share were $2.32 in both 2020 and 2021. They then rose to $2.49 in 2022, $3.075 in 2023, $3.385 in 2024 and $3.73 in fiscal 2025, about 10% a year on average since 2020. The 10-K warns that weak refining margins could lead the company to rethink dividends and buybacks, so the streak is not guaranteed.
Does Marathon Petroleum own MPLX?
It owns a controlling stake. As of December 31, 2025, Marathon owned MPLX's general partner, the entity that runs it, and about 64% of its common units. MPLX is a master limited partnership (a publicly traded partnership) formed in 2012. It owns pipelines, terminals, towboats and barges, and it processes natural gas. Much of its work moves crude oil and fuel for Marathon's refineries, and it mainly drives Marathon's Midstream results. Lower U.S. oil and gas output in its areas could cut the cash it pays Marathon.
Why is Marathon Petroleum's dividend yield so low?
Mainly because the share price climbed far faster than the dividend. The stock rose 171.2% year to date as of October 27, 2026, which left the yield at 0.92%. The company also returns more cash through buybacks than dividends: $40.8 billion versus $6.3 billion from FY2021 to FY2025. For someone living on portfolio income, that means little cash per dollar invested. Buybacks raise each remaining share's slice of profits but pay no cash directly.
Is Marathon Petroleum stock expensive?
Measured against fiscal 2025 profits, it looks expensive. As of October 27, 2026, its price-to-earnings ratio (share price divided by yearly profit per share) was 33. That was based on diluted earnings of $13.22 a share, and the company's market value was about $122.4 billion. Profits have since jumped: second-quarter 2026 net income was $5.1 billion, up 322.5% from a year earlier. Refining earnings swing widely, though. Diluted earnings per share fell from $28.12 in 2022 to $10.08 in 2024.