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Marathon Petroleum MPC Midstream — Segment expenses

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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:CostsAndExpenses.

The source filing: Marathon Petroleum’s 10-Q, filed May 5, 2026.

Filed
May 5, 2026, 1:03 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001510295-26-000042
(Millions of dollars)Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Refining & Marketing segment expenses$30,956$29,013
Midstream
Other segment items(b)1,4331,399
Midstream segment expenses$1,433$1,399
Renewable Diesel
Operating costs6770
Distribution costs2822
Other segment items(c)417592

Item 1. Financial Statements

FAQ

What is Marathon Petroleum's midstream — segment expenses?
Marathon Petroleum (MPC) reported midstream — segment expenses of $1.43B in Q1 2026.
How has Marathon Petroleum's midstream — segment expenses changed year-over-year?
Marathon Petroleum's midstream — segment expenses increased by 2.4% year-over-year, from $1.4B to $1.43B.
What is the long-term trend for Marathon Petroleum's midstream — segment expenses?
Over 3 years (2022 to 2025), Marathon Petroleum's midstream — segment expenses has grown at a 0.8% compound annual growth rate (CAGR), from $5.44B to $5.58B.
What does midstream — segment expenses mean?
The total operating costs incurred to maintain and operate the midstream infrastructure, including labor, maintenance, energy costs for pumping, and administrative overhead. It excludes depreciation and interest expenses.

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