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Marathon Petroleum MPC Midstream — Gross goodwill

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Other financials

Income statement

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Revenue$52.0B+53.8%
Gross profit$8.9B+137%
Operating income$7.3B+233%
Net income$5.1B+323%
EPS (diluted)$17.73+348%

Balance sheet

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Cash & equivalents$7.8B+364%
Total debt$32.8B+2,276%
Total equity$16.8B+2.2%
Total assets$88.2B+8.0%

Cash flow

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Operating cash flow$1.1B+1,852%
CapEx$913.0M+37.7%
Free cash flow$208.0M+129%

Valuation

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Market cap$83.62B+69.3%
Enterprise value$82.97B+121%
P/E9.8×-13.4×
P/S0.5×+0.2×

Profitability

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Gross margin12.5%+3.9pp
Operating margin9.2%+5.2pp
Net margin5.6%+4.0pp
FCF margin4.2%+1.0pp

Returns & leverage

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Return on equity27.9%+15.6pp
Debt / equity0.1×0.0×
Current ratio1.2×0.0×

Where this comes from

Reported directly by Marathon Petroleum in its filing.

Tagged under the XBRL concept us-gaap:GoodwillGross.

The source filing: Marathon Petroleum’s 10-K, filed February 26, 2026.

Filed
Feb 26, 2026, 1:30 PM EST
Fiscal year
FY2025
Accession
0001510295-26-000009
(Millions of dollars)Refining & MarketingMidstreamTotal
Impairment losses
Balance as of December 31, 20245617,6838,244
Acquisitions1,1101,110
Impairment losses
Balance as of December 31, 2025$561$8,793$9,354
Gross goodwill as of December 31, 2025$6,141$11,934$18,075
Accumulated impairment losses(5,580)(3,141)(8,721)
Balance as of December 31, 2025$561$8,793$9,354

Item 8. Financial Statements and Supplementary Data

FAQ

What is Marathon Petroleum's midstream — gross goodwill?
Marathon Petroleum (MPC) reported midstream — gross goodwill of $11.93B in Q4 2025.
What does midstream — gross goodwill mean?
The total carrying value of goodwill allocated to the midstream segment, representing the aggregate premium paid for all historical acquisitions in this segment that has not yet been impaired. It reflects the cumulative value of intangible assets like market position and synergies acquired over time.

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