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 
Quarterly Data

Marathon Petroleum Corp., common-size consolidated income statement (quarterly data)

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3 months ended: Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Sales and other operating revenues 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of revenues -91.56 -89.53 -90.48 -89.87 -85.36 -87.40 -84.02 -84.33 -84.79 -82.18 -92.14 -91.08 -91.47 -91.77 -92.84 -95.79 -95.78 -94.32 -91.61 -87.81 -87.94 -88.48 -91.84
Gross margin 8.44% 10.47% 9.52% 10.13% 14.64% 12.60% 15.98% 15.67% 15.21% 17.82% 7.86% 8.92% 8.53% 8.23% 7.16% 4.21% 4.22% 5.68% 8.39% 12.19% 12.06% 11.52% 8.16%
Income (loss) from equity method investments 0.62 0.98 0.62 0.54 0.53 0.55 0.38 0.47 0.39 0.27 0.37 0.43 0.38 0.31 0.40 0.57 0.67 0.65 -5.55 0.21 0.40 0.32 0.35
Net gain (loss) on disposal of assets -0.01 0.00 0.06 0.25 0.27 0.04 0.01 -0.03 2.30 0.07 -0.05 0.05 0.00 0.00 0.01 0.36 0.01 0.02 0.01 0.27 0.01 0.01 0.76
Other income 0.14 0.20 0.86 0.78 0.83 0.74 0.22 0.26 0.48 0.48 0.53 0.29 0.53 0.40 0.34 0.27 0.13 0.20 0.10 0.22 0.10 0.09 0.12
LCM inventory valuation adjustment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.59 3.04 12.05 -14.34 0.00 0.00 0.00 0.00
Impairment expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.81 -2.49 -0.21 -35.23 -3.85 0.00 0.00 0.00
Depreciation and amortization -2.41 -2.21 -2.53 -2.28 -2.07 -2.29 -2.29 -2.00 -1.73 -1.52 -2.12 -2.30 -2.59 -2.94 -3.72 -4.72 -4.77 -6.83 -3.89 -3.15 -2.75 -2.64 -3.25
Selling, general and administrative expenses -2.32 -2.17 -2.38 -2.26 -2.01 -1.94 -1.98 -1.92 -1.56 -1.29 -1.58 -1.86 -2.11 -2.11 -2.53 -3.51 -3.87 -5.45 -3.34 -2.54 -2.68 -2.69 -3.12
Restructuring expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.11 -2.00 0.00 0.00 0.00 0.00 0.00 0.00
Other taxes -0.62 -0.62 -0.70 -0.55 -0.57 -0.60 -0.66 -0.55 -0.49 -0.35 -0.50 -0.50 -0.60 -0.64 -0.71 -0.68 -1.02 -1.39 -0.89 -0.65 -0.61 -0.52 -0.66
Income (loss) from operations 3.84% 6.65% 5.45% 6.61% 11.62% 9.09% 11.65% 11.90% 14.60% 15.48% 4.51% 5.03% 4.15% 3.26% 0.96% 2.17% -6.07% 4.72% -54.74% 2.70% 6.52% 6.09% 2.37%
Net interest and other financial costs -0.63 -0.51 -0.55 -0.31 -0.29 -0.39 -0.44 -0.47 -0.52 -0.58 -0.69 -1.22 -1.01 -1.26 -1.55 -1.85 -2.06 -2.80 -1.50 -0.97 -1.02 -0.96 -1.08
Income (loss) from continuing operations before income taxes 3.21% 6.14% 4.91% 6.30% 11.33% 8.70% 11.21% 11.44% 14.08% 14.90% 3.82% 3.81% 3.13% 2.00% -0.60% 0.32% -8.13% 1.92% -56.24% 1.73% 5.50% 5.13% 1.28%
(Provision) benefit for income taxes on continuing operations -0.32 -0.98 -0.90 -1.12 -2.45 -1.60 -2.36 -2.47 -3.11 -3.34 -0.74 -0.69 0.06 -0.02 -0.15 1.07 2.50 -1.23 8.79 -0.89 -1.10 -1.05 -0.37
Income (loss) from continuing operations, net of tax 2.89% 5.16% 4.01% 5.18% 8.87% 7.10% 8.85% 8.96% 10.96% 11.56% 3.08% 3.13% 3.19% 1.99% -0.75% 1.39% -5.63% 0.69% -47.45% 0.84% 4.40% 4.07% 0.92%
Income from discontinued operations, net of tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.18 0.00 0.00 0.00 0.00 0.00 27.74 1.03 1.80 2.13 1.57 1.43 0.00 0.00 0.00 0.00
Net income (loss) 2.89% 5.16% 4.01% 5.18% 8.87% 7.10% 8.85% 9.15% 10.96% 11.56% 3.08% 3.13% 3.19% 29.72% 0.28% 3.19% -3.50% 2.26% -46.02% 0.84% 4.40% 4.07% 0.92%
Net (income) loss attributable to noncontrolling interests -1.12 -1.16 -1.15 -1.18 -0.86 -0.97 -1.03 -0.80 -1.19 -0.64 -0.86 -0.94 -1.04 -0.98 -1.35 -1.61 -1.59 -2.19 4.43 0.58 -0.88 -0.78 -0.94
Net income (loss) attributable to MPC 1.77% 4.00% 2.86% 4.00% 8.02% 6.12% 7.81% 8.34% 9.78% 10.92% 2.22% 2.19% 2.15% 28.74% -1.07% 1.59% -5.09% 0.07% -41.59% 1.42% 3.53% 3.30% -0.02%

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The financial data reveals several notable trends and fluctuations for the periods analyzed.

Cost of Revenues and Gross Margin
Cost of revenues consistently represents a large majority of sales, fluctuating mostly between approximately -82% and -95%. The cost percentage spiked to higher levels during early 2020, exceeding -94%, before falling back to a lower range around -82% to -85% in 2022. Gross margin, inversely correlated, exhibits complementary trends. After a decline to lows around 4% during 2020, gross margin recovered significantly in 2022, reaching a peak of nearly 18%, before slightly tapering off toward 8-15% in the latest periods.
Equity Method Investments and Asset Disposal Gains
Income from equity method investments showed a marked negative deviation during March 2020 (-5.55%), followed by a return to positive values with steady growth in recent periods, peaking near 0.98% by mid-2024. Gains or losses on asset disposals were generally minimal and close to zero, except for a notable positive spike of 2.3% in late 2022, indicating an unusual gain in that quarter.
Other Income and Adjustments
Other income maintained low but gradually increasing positive values over time, reaching above 0.8% around 2023–2024. The LCM inventory valuation adjustment exhibited dramatic volatility around 2020, with a significant negative adjustment (-14.34%) followed by positive and moderate adjustments in subsequent quarters. Impairment expenses were considerable in the first half of 2020, with a peak negative impact of -35.23%, and became negligible thereafter.
Operating Expenses
Depreciation and amortization generally decreased as a percentage of revenues from around -3.25% in early 2019 to near -1.5% to -2.5% in later years, displaying some fluctuations. Selling, general and administrative expenses showed a downward trend from near -3.1% in Q1 2019 to about -1.3% to -2.3% in 2022–2024, indicating improved cost control or operational efficiency. Restructuring expenses were only significant during late 2020, at around -2%. Other taxes remained relatively stable near -0.5% to -0.7% across most periods.
Income from Operations, Interest, and Taxes
Income from operations witnessed severe deterioration in early 2020 (-54.74%), reflecting possible pandemic-related impacts, but quickly rebounded to positive territory and achieved elevated margins of around 10% to 15% during 2022, indicating a recovery. Net interest and financial costs peaked negatively around mid-2020 at nearly -2.8%, then steadily decreased to lows near -0.3% in recent quarters. Income taxes varied widely, with a notable positive tax benefit in March 2020 (8.79%) coinciding with losses, and a return to expected negative tax provisions in subsequent years.
Income from Continuing and Discontinued Operations
Income from continuing operations net of tax declined sharply in early 2020 to nearly -47.5%, before recovering to around 8-11% by 2022. Income from discontinued operations appeared only from March 2020 onward, with a peak of 27.74% in mid-2021, indicating significant one-time impacts or divestitures during that period. Net income mirrored these trends, with a large negative value in March 2020 (-46.02%) and notable recovery thereafter, though the variability remains high.
Net Income Attributable to Noncontrolling Interests and Company
Net income attributable to noncontrolling interests remained consistently negative but relatively modest around -0.6% to -1.2%. In contrast, net income attributable to the company showed dramatic swings, moving from a slight negative in early 2019 to a deep negative in early 2020 (-41.59%), then recovering to positive peaks exceeding 10% during 2022, and moderating in 2023–2024 to levels between 1.7% and 8%.

Overall, the data shows a significant negative shock during the early quarters of 2020, likely reflecting external market or operational disruptions. Following this, there is a pronounced recovery trend, particularly in gross margins, income from operations, and net income attributable to the company, peaking in 2022 before stabilizing somewhat at lower levels through mid-2024. Operational efficiencies appear to have improved given reductions in depreciation and selling expenses relative to revenues. Episodic adjustments such as inventory valuation and impairments notably impacted 2020 results but normalized in subsequent years. Discontinued operations contributed substantially and temporarily to net income in mid-2021.