Stock Analysis on Net
Stock Analysis on Net

Marathon Petroleum Corp. (NYSE:MPC)

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

Common-Size Income Statement 

Marathon Petroleum Corp., common-size consolidated income statement

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Sales and other operating revenues 100.00 100.00 100.00 100.00 100.00
Cost of revenues -86.65 -85.47 -91.69 -94.20 -88.94
Gross margin 13.35% 14.53% 8.31% 5.80% 11.06%
Income (loss) from equity method investments 0.50 0.37 0.38 -1.34 0.32
Net gain on disposal of assets 0.15 0.60 0.02 0.10 0.25
Other income 0.65 0.44 0.39 0.17 0.13
Impairment expense 0.00 0.00 0.00 -12.08 -0.97
Depreciation and amortization -2.23 -1.81 -2.80 -4.84 -2.94
Selling, general and administrative expenses -2.05 -1.56 -2.11 -3.88 -2.75
Restructuring expenses 0.00 0.00 0.00 -0.53 0.00
Other taxes -0.59 -0.46 -0.60 -0.96 -0.61
Income (loss) from operations 9.78% 12.10% 3.58% -17.55% 4.50%
Interest income 0.36 0.11 0.01 0.01 0.03
Interest expense, net of interest capitalized -0.85 -0.67 -1.06 -1.91 -1.00
Pension and other postretirement non-service costs 0.06 0.00 -0.05 -0.02 0.00
Gain (loss) on extinguishment of debt -0.01 0.00 -0.11 0.01 0.00
Investments, net (premium) discount amortization 0.10 0.02 0.00 0.00 0.00
Other financial costs -0.01 -0.01 -0.03 -0.06 -0.04
Net interest and other financial costs -0.35% -0.56% -1.24% -1.96% -1.01%
Income (loss) from continuing operations before income taxes 9.43% 11.53% 2.35% -19.51% 3.49%
(Provision) benefit for income taxes on continuing operations -1.90 -2.53 -0.22 3.48 -0.87
Income (loss) from continuing operations, net of tax 7.53% 9.00% 2.13% -16.02% 2.63%
Income from discontinued operations, net of tax 0.00 0.04 7.04 1.73 0.00
Net income (loss) 7.53% 9.04% 9.17% -14.30% 2.63%
Net (income) loss attributable to noncontrolling interests -1.00 -0.86 -1.05 0.22 -0.50
Net income (loss) attributable to MPC 6.52% 8.18% 8.12% -14.08% 2.13%

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.