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Marathon Petroleum Corporation Balance Sheet 2025-2008 | MPC
Brief balance sheet overview of Marathon Petroleum Corporation
The balance sheet is assessed across five available annual reports spanning 2021 to 2025.
Assets changed little, standing at $85.4 billion initially and $84 billion at the end. The balance sheet stayed close to its former scale.
Funding shifted toward liabilities: they gained +15.6%, compared with -1.7% for assets.
The equity ratio is 20.6%, compared with 38.2% before. Low autonomy increases reliance on liabilities.
Net debt to equity is high at 1.58x; refinancing risk and borrowing costs become more important.
The cash share moved from 6.2% to 4.4%. A higher figure generally provides more room in an adverse scenario.
Retained earnings reached $39.8 billion, changing +208% over the period. A positive accumulated result supports equity.
Balance sheet takeaway
Taken together, Marathon Petroleum Corporation's balance sheet indicators point to elevated risk. Asset growth does not offset weak funding sources.
Annual Balance Sheet Marathon Petroleum Corporation
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
27.3 B | 21.6 B | 20.3 B | 17.4 B | 20.1 B | 28.8 B | 27.3 B | 25.8 B | 9.94 B | 9.68 B | 10.8 B | 5.14 B | 1.1 B | -1.5 B | 228 M | 161 M | - | - |
Long Term Debt |
30.5 B | 24.4 B | 25.3 B | 25.6 B | 25 B | 28.7 B | 28.1 B | 27 B | 12.3 B | 10.5 B | 11.9 B | 6.61 B | 3.37 B | 3.34 B | 3.29 B | 268 M | - | - |
Long Term Debt Current |
489 M | 417 M | 454 M | 368 M | 438 M | 497 M | 604 M | - | - | - | - | - | - | - | 15 M | 11 M | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 40.3 B | 35.7 B | 17.7 B | 17.1 B | 17.1 B | 10.5 B | 7.23 B | 6.92 B | 6.65 B | - | - | - |
Total Current Liabilities |
19.7 B | 20.8 B | 20.2 B | 20 B | 17.9 B | 15.7 B | 16.1 B | 13.2 B | 10.5 B | 7.15 B | 6.34 B | 8.58 B | 9.82 B | 8.2 B | 9.59 B | 8.62 B | - | - |
Total Liabilities |
59.9 B | 54.4 B | 54.6 B | 54.8 B | 51.8 B | 55.9 B | 56.4 B | 48.9 B | 28.2 B | 24.2 B | 23.4 B | 19.1 B | 17.1 B | 15.1 B | 16.2 B | 15 B | - | - |
Retained Earnings |
39.8 B | 36.8 B | 34.6 B | 26.1 B | 12.9 B | 4.65 B | 16 B | 14.8 B | 12.9 B | 10.2 B | 9.75 B | 7.52 B | 5.51 B | 3.88 B | 898 M | - | - | - |
Total Assets |
84 B | 78.9 B | 86 B | 89.9 B | 85.4 B | 85.2 B | 98.6 B | 92.9 B | 49 B | 44.4 B | 43.1 B | 30.5 B | 28.4 B | 27.2 B | 25.7 B | 23.2 B | - | - |
Cash and Cash Equivalents |
3.67 B | 3.21 B | 5.44 B | 8.62 B | 5.29 B | 416 M | 1.53 B | 1.69 B | 3.01 B | 887 M | 1.13 B | 1.49 B | 2.29 B | 4.86 B | 3.08 B | 118 M | 128 M | 108 M |
Book Value |
24.1 B | 24.5 B | 31.4 B | 35.1 B | 33.6 B | 29.3 B | 42.1 B | 44 B | 20.8 B | 20.2 B | 19.7 B | 11.4 B | 11.3 B | 12.1 B | 9.5 B | 8.24 B | - | - |
Total Shareholders Equity |
17.3 B | 17.7 B | 24.4 B | 27.7 B | 32.6 B | 29.3 B | 33.7 B | 35.2 B | 14 B | 13.6 B | 13.2 B | 10.8 B | 10.9 B | 11.7 B | 9.5 B | 8.24 B | 9.17 B | 8.94 B |
All numbers in USD currency
Quarterly Balance Sheet Marathon Petroleum Corporation
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
30.7 B | 30.7 B | 31.2 B | 26.8 B | 26.8 B | 24.1 B | 24 B | 24.8 B | 26.5 B | 27.2 B | 27.2 B | 25.6 B | 25.6 B | - | 25.6 B | 25 B | 27.3 B | 28.2 B | 30.7 B | 28.7 B | 28.7 B | 28.7 B | 28.7 B | 28 B | 28 B | 28.1 B | 28.1 B | 27 B | 27 B | 27 B | 27 B | 12.3 B | 12.3 B | 12.3 B | 12.3 B | 10.5 B | 10.5 B | 10.5 B | 10.5 B | 11.9 B | 11.9 B | 11.9 B | 11.9 B | 6.58 B | 6.58 B | 6.58 B | 6.61 B | 3.37 B | 3.37 B | 3.37 B | 3.37 B | 3.34 B | 3.34 B | 3.34 B | 3.3 B | 3.29 B | 3.28 B | 3.26 B | - |
Total Liabilities |
68.6 B | 64.8 B | 59.4 B | 55.2 B | 58.6 B | 54.1 B | 57.1 B | 55.8 B | 57.2 B | 53.9 B | 53.4 B | 54.8 B | 55.9 B | - | 59.7 B | 51.8 B | 53.3 B | 57.6 B | 57.2 B | 54.9 B | 54.9 B | 54.9 B | 54.9 B | 55.4 B | 55.4 B | 55.4 B | 55.4 B | 47.9 B | 47.9 B | 47.9 B | 47.9 B | 27.2 B | 27.2 B | 27.2 B | 27.2 B | 23.2 B | 23.2 B | 23.2 B | 23.2 B | 23.4 B | 23.4 B | 23.4 B | 23.4 B | 19 B | 19 B | 19 B | 19.1 B | 17.1 B | 17.1 B | 17.1 B | 17.1 B | 15.1 B | 15.1 B | 15.1 B | 15.1 B | 16.2 B | 16.2 B | 16.2 B | 16.2 B |
Retained Earnings |
44.8 B | 40 B | 38.5 B | 37.4 B | 36.5 B | 36.8 B | 36.4 B | 35.2 B | 33.4 B | 30.4 B | 28.5 B | 26.1 B | 23.2 B | - | 13.4 B | 12.9 B | 12.5 B | 12.2 B | 4.03 B | 4.65 B | 4.65 B | 4.65 B | 4.65 B | 16 B | 16 B | 16 B | 16 B | 14.8 B | 14.8 B | 14.8 B | 14.8 B | 12.9 B | 12.9 B | 12.9 B | 12.9 B | 10.2 B | 10.2 B | 10.2 B | 10.2 B | 9.75 B | 9.75 B | 9.75 B | 9.75 B | 7.52 B | 7.52 B | 7.52 B | 7.52 B | 5.51 B | 5.51 B | 5.51 B | 5.51 B | 3.88 B | 3.88 B | 3.88 B | 3.88 B | 898 M | 898 M | 898 M | 898 M |
Total Assets |
94.3 B | 88.2 B | 83.2 B | 78.5 B | 81.6 B | 79.8 B | 85.2 B | 85.5 B | 90 B | 86.4 B | 87 B | 89.9 B | 89.7 B | - | 91 B | 85.4 B | 89.3 B | 94.3 B | 86.7 B | 85.2 B | 85.2 B | 85.2 B | 85.2 B | 98.6 B | 98.6 B | 98.6 B | 98.6 B | 92.9 B | 92.9 B | 92.9 B | 92.9 B | 49 B | 49 B | 49 B | 49 B | 44.4 B | 44.4 B | 44.4 B | 44.4 B | 43.1 B | 43.1 B | 43.1 B | 43.1 B | 30.4 B | 30.4 B | 30.4 B | 30.5 B | 28.4 B | 28.4 B | 28.4 B | 28.4 B | 27.2 B | 27.2 B | 27.2 B | 27.2 B | 25.7 B | 25.7 B | 25.7 B | 25.7 B |
Cash and Cash Equivalents |
7.77 B | 2.15 B | 2.65 B | 1.67 B | 3.81 B | 4 B | 4.44 B | 3.18 B | 8.46 B | 7.35 B | 7.96 B | 8.62 B | 7.38 B | 9.08 B | 7.15 B | 5.29 B | 5.88 B | 11.8 B | 624 M | 415 M | 415 M | 415 M | 415 M | 1.39 B | 1.39 B | 1.53 B | 1.53 B | 1.69 B | 1.69 B | 1.69 B | 1.69 B | 3.01 B | 3.01 B | 3.01 B | 3.01 B | 887 M | 887 M | 887 M | 887 M | 1.13 B | 1.13 B | 1.13 B | 1.13 B | 1.49 B | 1.49 B | 1.49 B | 1.49 B | 2.29 B | 2.29 B | 2.29 B | 2.29 B | 4.86 B | 4.86 B | 4.86 B | 4.86 B | 3.08 B | 3.08 B | 3.08 B | 3.08 B |
Book Value |
25.7 B | 23.4 B | 23.9 B | 23.3 B | 23.1 B | 25.7 B | 28.1 B | 29.8 B | 32.8 B | 32.6 B | 33.7 B | 35.1 B | 33.8 B | - | 31.3 B | 33.6 B | 36 B | 36.7 B | 29.5 B | 30.2 B | 30.2 B | 30.2 B | 30.2 B | 43.1 B | 43.1 B | 43.1 B | 43.1 B | 45.1 B | 45.1 B | 45.1 B | 45.1 B | 21.8 B | 21.8 B | 21.8 B | 21.8 B | 21.2 B | 21.2 B | 21.2 B | 21.2 B | 19.7 B | 19.7 B | 19.7 B | 19.7 B | 11.4 B | 11.4 B | 11.4 B | 11.4 B | 11.3 B | 11.3 B | 11.3 B | 11.3 B | 12.1 B | 12.1 B | 12.1 B | 12.1 B | 9.5 B | 9.5 B | 9.5 B | 9.5 B |
Total Shareholders Equity |
19.1 B | 16.8 B | 17.1 B | 16.6 B | 23.1 B | 25.5 B | 27.9 B | 29.2 B | 31.8 B | 31.6 B | 32.7 B | 27.7 B | 32.8 B | 32.7 B | 30.3 B | 26.2 B | 35 B | 28.9 B | 21.6 B | 22.2 B | 22.2 B | 22.2 B | 22.2 B | 33.7 B | 33.7 B | 33.7 B | 33.7 B | 35.2 B | 35.2 B | 35.2 B | 35.2 B | 14 B | 14 B | 14 B | 14 B | 13.6 B | 13.6 B | 13.6 B | 13.6 B | 13.2 B | 13.2 B | 13.2 B | 13.2 B | 10.8 B | 10.8 B | 10.8 B | 10.8 B | 10.9 B | 10.9 B | 10.9 B | 10.9 B | 11.7 B | 11.7 B | 11.7 B | 11.7 B | 9.5 B | 9.5 B | 9.5 B | 9.5 B |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Marathon Petroleum Corporation, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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