Stock Analysis on Net
Stock Analysis on Net

Marathon Petroleum Corp. (NYSE:MPC)

$22.49

This company has been moved to the archive! The financial data has not been updated since November 5, 2024.

Common-Size Income Statement

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Marathon Petroleum Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Sales and other operating revenues
Cost of revenues
Gross margin
Income (loss) from equity method investments
Net gain on disposal of assets
Other income
Impairment expense
Depreciation and amortization
Selling, general and administrative expenses
Restructuring expenses
Other taxes
Income (loss) from operations
Interest income
Interest expense, net of interest capitalized
Pension and other postretirement non-service costs
Gain (loss) on extinguishment of debt
Investments, net (premium) discount amortization
Other financial costs
Net interest and other financial costs
Income (loss) from continuing operations before income taxes
(Provision) benefit for income taxes on continuing operations
Income (loss) from continuing operations, net of tax
Income from discontinued operations, net of tax
Net income (loss)
Net (income) loss attributable to noncontrolling interests
Net income (loss) attributable to MPC

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Cost of Revenues
The cost of revenues as a percentage of sales decreased from 2019 to 2023, showing a significant spike in 2020 at 94.2%, then a reduction to 86.65% in 2023. This suggests improved cost efficiency after the 2020 peak.
Gross Margin
Gross margin exhibited a decreasing trend in 2020, dropping to 5.8%, followed by a recovery and growth, reaching 13.35% in 2023. This reflects enhanced profitability at the gross profit level post-2020.
Income from Equity Method Investments
There was a negative result in 2020 (-1.34%) contrasting with positive values in other years, indicating a temporary decline in profitability from equity investments that was subsequently recovered.
Net Gain on Disposal of Assets
This income component fluctuated with a notable peak in 2022 (0.6%) and smaller values in other years, showing occasional benefits from asset disposals.
Other Income
Other income steadily increased from 0.13% in 2019 to 0.65% in 2023, indicating a growing contribution from miscellaneous income sources outside core operations.
Impairment Expense
Significant impairment was recorded in 2020 (-12.08%) compared to a minor amount in 2019 (-0.97%). No data appears for subsequent years, which may reflect the absence or lack of such expenses after 2020.
Depreciation and Amortization
This expense peaked in 2020 (-4.84%) and then declined over the following years, stabilizing around -2.23% by 2023, indicating fluctuations in asset base usage or amortization policies.
Selling, General and Administrative Expenses
SG&A expenses as a percentage decreased substantially from 2020 (-3.88%) to 2022 (-1.56%) but saw some increase again in 2023 (-2.05%), suggesting cost control measures were effective but slightly relaxed in the latest year.
Restructuring Expenses
Restructuring costs were only reported in 2020 (-0.53%), indicating a discrete event during that year without recurring expenses in other periods.
Other Taxes
Other taxes remained relatively stable between -0.46% and -0.96%, with a slight decrease trend towards 2022, followed by a minor increase in 2023, reflecting consistent tax obligations other than income tax.
Income from Operations
Operating income underwent a sharp decline in 2020 (-17.55%), followed by recovery to 12.1% in 2022 and a slight decrease to 9.78% in 2023, indicating operational challenges in 2020 then improved profitability.
Net Interest and Financial Costs
Net interest and financial costs nearly doubled in 2020 (-1.96%) compared to 2019, then improved markedly, decreasing to -0.35% by 2023, reflecting better financial management or lower debt costs over time.
Income Before Income Taxes
Pre-tax income dropped sharply below zero in 2020 (-19.51%), consistent with operating losses, but rebounded to 9.43% by 2023, indicating a significant turnaround in profitability before tax.
Income Taxes
The tax provision fluctuated, showing a tax benefit in 2020 (3.48%) likely due to losses, with provisions increasing to -1.9% in 2023, aligning with profitability resumption.
Net Income
Net income was negative in 2020 (-14.3%) but returned to positive territory from 2021 onward, peaking at 9.17% in 2021 and stabilizing around 7.53% in 2023, demonstrating recovery and sustainable earnings.
Net Income Attributable to MPC
The net income attributable to the company followed a similar pattern to total net income, turning from negative in 2020 (-14.08%) to consistent positive earnings around 6.52% by 2023.