MPCMEDIUM SIGNALFINANCIAL10-K

Marathon Petroleum delivered solid revenue and earnings growth while dramatically reducing share buybacks and increasing capital investments, signaling a strategic shift toward reinvestment in operations.

The company appears to be pivoting from aggressive capital returns to growth investments, with capex rising 38% while buybacks fell substantially from $9.2B to $3.5B. This rebalancing suggests management sees attractive reinvestment opportunities, though shareholders may question the reduced cash returns in the near term.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

MPC posted strong operational performance with revenue growing 26% to $78.6B and operating income advancing 22% to $8.3B, driving net income up 18% to $4.0B. The company maintained a healthy balance sheet with cash rising modestly to $3.7B, while the dramatic reduction in share buybacks funded a significant increase in capital expenditure to $3.5B. This financial profile reflects a company generating strong cash flows but choosing to reinvest more heavily in the business rather than returning maximum cash to shareholders.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-62%
$9.2B→$3.5B

Buyback activity reduced 62% — capital being redeployed elsewhere or cash conservation underway.

Capital Expenditure
Cash Flow
+37.6%
$2.5B→$3.5B

Capital expenditure jumped 37.6% — major investment cycle underway; assess returns on deployment.

Revenue
P&L
+25.8%
$62.5B→$78.6B

Revenue growing 25.8% — solid top-line momentum, watch margins for quality of growth.

Operating Income
P&L
+22%
$6.8B→$8.3B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Net Income
P&L
+17.5%
$3.4B→$4.0B

Net income grew 17.5% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+14.4%
$3.2B→$3.7B

Cash grew 14.4% — improving liquidity position supports investment and shareholder returns.

Total Liabilities
Balance Sheet
+10.2%
$54.4B→$59.9B

Liabilities increased 10.2% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
There were 294,740,164 shares of Marathon Petroleum Corporation common stock outstanding as of February 20, 2026.
Securities and Exchange Commission SOFR Secured overnight financing rate SRE Small Refinery Exemption credit under the Renewable Fuel Standard program ULSD Ultra-low sulfur diesel USGC U.S.
Business OVERVIEW MPC has nearly 140 years of history in the energy business, and is a leading, integrated, downstream and midstream energy company.
OUR OPERATIONS Refining Marketing Refineries We currently own and operate refineries in the Gulf Coast, Mid-Continent and West Coast regions of the United States with an aggregate crude oil refining capacity of 2,986 mbpcd.
During 2025, our refineries processed 2,787 mbpd of crude oil and 202 mbpd of other charge and blendstocks.
Following the completion of the South Texas Asset Repositioning ( STAR ) project in 2023, which added 40 mbpcd of capacity, it is now our largest refinery.
Approximately 49 percent of the power generated in 2025 was used at the refinery, with the remaining electricity being sold into the electricity grid.
Detroit, Michigan Refinery (146 mbpcd) Our Detroit refinery is located in southwest Detroit.
El Paso, Texas Refinery (133 mbpcd) Our El Paso refinery is located east of downtown El Paso.
Paul Park refinery processes sweet and heavy sour crude oils into gasoline, distillates, asphalt, propane, NGLs and petrochemicals and heavy fuel oil.
REMOVED
There were 312,575,833 shares of Marathon Petroleum Corporation common stock outstanding as of February 21, 2025.
T able of Contents Glossary of Terms Throughout this report, the following company or industry specific terms and abbreviations are used: ANS Alaska North Slope crude oil, an oil index benchmark price ASC Accounting Standards Codification ASU Accounting Standards Update ATB Articulated tug barges barrel One stock tank barrel, or 42 U.S.
Securities and Exchange Commission SOFR Secured overnight financing rate STAR South Texas Asset Repositioning ULSD Ultra-low sulfur diesel USGC U.S.
Business OVERVIEW MPC has more than 135 years of history in the energy business, and is a leading, integrated, downstream energy company.
In the fourth quarter of 2024, we established a Renewable Diesel segment, which includes renewable diesel activities and assets historically reported in the Refining Marketing segment.
Prior period segment information has been recast for comparability.
4 T able of Contents OUR OPERATIONS Refining Marketing Refineries We currently own and operate refineries in the Gulf Coast, Mid-Continent and West Coast regions of the United States with an aggregate crude oil refining capacity of 2,963 mbpcd.
During 2023, our refineries processed 2,677 mbpd of crude oil and 226 mbpd of other charge and blendstocks.
Our refineries include crude oil atmospheric and vacuum distillation, fluid catalytic cracking, hydrocracking, catalytic reforming, coking, desulfurization and sulfur recovery units.
Following the completion of the STAR project in 2023, which added 40 mbpcd of capacity, it is now our largest refinery.
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