Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2011
- Analysis of Debt
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Marathon Petroleum Corp., consolidated cash flow statement (quarterly data)
US$ in millions
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).
- Net Income (Loss)
- The net income demonstrates significant volatility over the periods presented, including a pronounced loss of -$10.2 billion in Q1 2020, likely related to external industry or economic disruptions. Subsequent quarters show recovery with positive earnings resuming from mid-2020 onward. Notably, net income peaks in Q2 2021 at $8.8 billion, followed by a gradual downward trend with fluctuations, ending at $1.0 billion in Q3 2024, indicating variability influenced by market or operational factors.
- Depreciation, Amortization, and Impairment
- Depreciation and amortization expense remains relatively stable across all quarters, fluctuating modestly between $794 million and $978 million, suggesting consistent asset usage and investment levels. Impairment expenses spike sharply in Q1 and Q2 2020 with values of $7.8 billion and $25 million respectively, thereafter diminishing, reflecting significant asset write-downs possibly due to market conditions during that period.
- Amortization of Deferred Financing Costs and Debt Discount
- These costs increase steadily from Q2 2019, peaking at -$27 million in Q4 2023 before declining toward Q3 2024, suggesting refinancing or restructuring activities with fluctuating associated costs over time.
- Inventory and LCM Valuation Adjustment
- Inventory values vary widely, with swings from negative to positive values, indicating fluctuations in stock levels or valuation. The Lower of Cost or Market (LCM) inventory valuation adjustments spiked notably in Q1 2020 at $3.2 billion and swung negative in subsequent quarters to -$1.5 billion by Q4 2020, reflecting inventory revaluation challenges, possibly influenced by market price declines or excess inventory.
- Pension and Postretirement Benefits, Net
- Amounts associated with pension and postretirement benefits fluctuate without a clear directional trend, ranging from positive $82 million to negative $235 million, signaling varying actuarial or funding adjustments across quarters.
- Deferred Income Taxes
- Deferred income taxes exhibit fluctuations between positive and negative values, peaking negatively at -$691 million in Q1 2020 and subsequently recovering with no sustained trend, indicative of variable taxable income and tax planning impacts.
- Operating Cash Flow and Adjustments
- Net cash provided by operating activities parallels net income trends with negative flows in Q1 2020 (-$1.2 billion) but recoveries thereafter, reaching highs such as $4.9 billion in Q4 2023. Adjustments to reconcile net income to operating cash also show high variability, reflecting non-cash items and working capital changes impacting operating cash generation.
- Investing Activities
- Capital expenditures (additions to property, plant, and equipment) show a steady level of investment, typically around $400-$700 million per quarter, decreasing slightly post-2021. Acquisitions and disposals activities are sporadic with no consistent pattern, including notable negative acquisitions values in some quarters, suggestive of asset sales or divestitures. Purchases and sales of short-term investments reflect active portfolio management with net cash used for investing varying substantially, with some quarters showing inflows such as Q3 2021 ($1.4 billion).
- Financing Activities
- Financing cash flows show considerable activity in debt issuance and repayments. Noteworthy is the issuance of commercial paper and long-term debt spikes in select quarters (e.g., Q1 2021 commercial paper issuance of $6 billion), offset by repayments. The company maintains substantial common stock repurchases each quarter, peaking around $3 billion in late 2021 and early 2022, indicating shareholder return emphasis. Dividends paid remain relatively stable per quarter, ranging approximately $270-$380 million. Financing cash flows overall show outflows consistent with debt repayments and stock repurchases.
- Other Items
- Equity method investment-related amounts demonstrate consistent distributions to the company, with occasional losses recognized, possibly reflecting affiliate performance variability. Changes in operating assets and liabilities (working capital impacts) fluctuate markedly, influencing operating cash flow timing and magnitude. Discontinued operations show cash flow effects primarily during 2020 and early 2021, reflecting divested or held-for-sale segments with large cash inflows and outflows concentrated in those quarters.
- Cash Position Changes
- The net change in cash and equivalents illustrates volatility with large positive impact from mid-2021 ($11 billion increase in Q2 2021) followed by significant decreases in subsequent quarters, reflecting the combined effects of operating performance, investing outflows, and financing activity. The fluctuations suggest cyclical financial strategies and responses to market conditions.