Name: Marathon Petroleum Corp. (NYSE:MPC) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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

US$ in millions

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	35,107)	37,914)	32,706)	36,255)	40,917)	36,343)	34,864)	39,813)	45,787)	53,795)	38,058)	35,336)	32,321)	29,615)	22,711)	17,972)	17,408)	12,195)	22,204)	31,092)	31,043)	33,547)	28,267)
Cost of revenues	(32,144)	(33,945)	(29,593)	(32,582)	(34,928)	(31,762)	(29,294)	(33,575)	(38,821)	(44,207)	(35,068)	(32,184)	(29,563)	(27,177)	(21,084)	(17,216)	(16,673)	(11,502)	(20,342)	(27,301)	(27,300)	(29,682)	(25,960)
Gross margin	2,963)	3,969)	3,113)	3,673)	5,989)	4,581)	5,570)	6,238)	6,966)	9,588)	2,990)	3,152)	2,758)	2,438)	1,627)	756)	735)	693)	1,862)	3,791)	3,743)	3,865)	2,307)
Income (loss) from equity method investments	219)	373)	204)	195)	215)	199)	133)	186)	180)	147)	142)	152)	122)	93)	91)	102)	117)	79)	(1,233)	64)	124)	107)	99)
Net gain (loss) on disposal of assets	(2)	(1)	20)	91)	110)	13)	3)	(11)	1,051)	39)	(18)	18)	—)	—)	3)	64)	1)	2)	3)	85)	4)	4)	214)
Other income	49)	76)	281)	282)	341)	269)	77)	105)	219)	257)	202)	102)	170)	119)	77)	49)	22)	24)	23)	67)	31)	30)	35)
LCM inventory valuation adjustment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,185)	530)	1,470)	(3,185)	—)	—)	—)	—)
Impairment expense	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(146)	(433)	(25)	(7,822)	(1,197)	—)	—)	—)
Depreciation and amortization	(846)	(838)	(827)	(828)	(845)	(834)	(800)	(797)	(794)	(819)	(805)	(813)	(836)	(871)	(844)	(849)	(830)	(833)	(863)	(978)	(855)	(886)	(919)
Selling, general and administrative expenses	(815)	(823)	(779)	(820)	(824)	(704)	(691)	(763)	(712)	(694)	(603)	(656)	(681)	(625)	(575)	(630)	(673)	(665)	(742)	(790)	(833)	(904)	(881)
Restructuring expenses	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(19)	(348)	—)	—)	—)	—)	—)	—)
Other taxes	(219)	(234)	(228)	(198)	(233)	(219)	(231)	(219)	(224)	(190)	(192)	(177)	(193)	(189)	(162)	(122)	(178)	(170)	(198)	(201)	(190)	(174)	(186)
Income (loss) from operations	1,349)	2,522)	1,784)	2,395)	4,753)	3,305)	4,061)	4,739)	6,686)	8,328)	1,716)	1,778)	1,340)	965)	217)	390)	(1,057)	575)	(12,155)	841)	2,024)	2,042)	669)
Net interest and other financial costs	(221)	(194)	(179)	(111)	(118)	(142)	(154)	(186)	(240)	(312)	(262)	(430)	(328)	(372)	(353)	(333)	(359)	(341)	(332)	(302)	(317)	(322)	(306)
Income (loss) from continuing operations before income taxes	1,128)	2,328)	1,605)	2,284)	4,635)	3,163)	3,907)	4,553)	6,446)	8,016)	1,454)	1,348)	1,012)	593)	(136)	57)	(1,416)	234)	(12,487)	539)	1,707)	1,720)	363)
(Provision) benefit for income taxes on continuing operations	(113)	(373)	(293)	(407)	(1,004)	(583)	(823)	(984)	(1,426)	(1,799)	(282)	(243)	18)	(5)	(34)	193)	436)	(150)	1,951)	(277)	(340)	(353)	(104)
Income (loss) from continuing operations, net of tax	1,015)	1,955)	1,312)	1,877)	3,631)	2,580)	3,084)	3,569)	5,020)	6,217)	1,172)	1,105)	1,030)	588)	(170)	250)	(980)	84)	(10,536)	262)	1,367)	1,367)	259)
Income from discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	—)	72)	—)	—)	—)	—)	—)	8,214)	234)	324)	371)	192)	318)	—)	—)	—)	—)
Net income (loss)	1,015)	1,955)	1,312)	1,877)	3,631)	2,580)	3,084)	3,641)	5,020)	6,217)	1,172)	1,105)	1,030)	8,802)	64)	574)	(609)	276)	(10,218)	262)	1,367)	1,367)	259)
Net (income) loss attributable to noncontrolling interests	(393)	(440)	(375)	(426)	(351)	(354)	(360)	(320)	(543)	(344)	(327)	(331)	(336)	(290)	(306)	(289)	(277)	(267)	984)	181)	(272)	(261)	(266)
Net income (loss) attributable to MPC	622)	1,515)	937)	1,451)	3,280)	2,226)	2,724)	3,321)	4,477)	5,873)	845)	774)	694)	8,512)	(242)	285)	(886)	9)	(9,234)	443)	1,095)	1,106)	(7)

The financial performance from early 2019 through late 2024 is characterized by significant volatility in revenue and net income, reflecting high sensitivity to external market conditions and one-time accounting events. A cyclical pattern is evident, with a severe contraction in 2020 followed by an aggressive expansion in 2022 and a subsequent moderation through 2024.

Revenue Trends: Sales and other operating revenues experienced a sharp decline in the first half of 2020, reaching a period low of 12,195 million US dollars in June 2020. This was followed by a sustained recovery, culminating in a peak of 53,795 million US dollars in June 2022. Since that peak, revenues have trended downward, stabilizing between 32,000 million and 41,000 million US dollars throughout 2023 and 2024.
Gross Margin and Operational Profitability: Gross margins mirrored revenue volatility, dropping to 693 million US dollars in June 2020 before surging to a high of 9,588 million US dollars in June 2022. Income from operations showed extreme variance, most notably a loss of 12,155 million US dollars in March 2020, primarily driven by a 7,822 million US dollar impairment expense and a 3,185 million US dollar LCM inventory valuation adjustment. Following this, operational income remained positive, peaking at 8,328 million US dollars in June 2022 and gradually descending to 1,349 million US dollars by September 2024.
Expense Analysis: Depreciation and amortization expenses remained remarkably consistent over the six-year period, generally fluctuating within a narrow band between 794 million and 978 million US dollars. Selling, general, and administrative expenses also showed relative stability, though a slight increase is noted in later quarters, moving from approximately 600 million US dollars in 2021 to over 800 million US dollars in 2024. Net interest and other financial costs exhibited a downward trend, decreasing from peaks above 400 million US dollars in late 2021 to a range of 111 million to 221 million US dollars between 2023 and 2024.
Net Income and Non-Recurring Impacts: Net income attributable to MPC was heavily influenced by non-recurring items. A massive net loss of 9,234 million US dollars occurred in March 2020. Conversely, June 2021 reported a spike in net income to 8,512 million US dollars, largely attributed to 8,214 million US dollars in income from discontinued operations. Excluding these anomalies, the company maintained strong profitability throughout 2022, with net income attributable to MPC peaking at 5,873 million US dollars in June 2022 before moderating to 622 million US dollars by September 2024.

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Marathon Petroleum Corp. (NYSE:MPC)

Income StatementQuarterly Data

Income Statement
Quarterly Data