Income StatementBalance SheetCash FlowSegments
Marathon Petroleum logo

Marathon Petroleum Business Segments

Business, geographic, and product segment breakdowns

Marathon Petroleum generates $135.38B in annual revenue across 2 key segments: Midstream ($11.9B), and Refining & Marketing ($6.1B). The company-wide operating margin is 6.65%. Based on the Q1 2026 filing.

Midstream$11.9BRefining & Marketing$6.1B
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$74.3B
P/E Ratio16.05
ROE27.95%

Products & Services

Sales and other operating revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refined products$30.2B$28.6B$31.0B$31.8B$29.9B$31.3B
Services and other$1.4B$1.4B$1.3B$1.5B$1.4B$1.3B

Business Segments

Accumulated Depreciation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining & Marketing$19.0B$19.4B$19.8B$20.1B$20.5B$20.8B
Midstream$10.8B$11.1B$11.4B$11.4B$11.7B$12.0B
Renewable Diesel$338.0M$347.0M$364.0M$380.0M$396.0M$411.0M

Adjusted EBITDA

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Midstream$1.7B$1.7B$1.6B$1.7B$1.7B$1.6B
Refining & Marketing$559.0M$489.0M$1.9B$1.8B$2.0B$1.4B
Renewable Diesel—-$42.0M-$19.0M-$56.0M$0.0$38.0M

Capital Expenditures And Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Midstream$379.0M$386.0M$691.0M$919.0M$979.0M$892.0M
Refining & Marketing$484.0M$362.0M$347.0M$423.0M$448.0M$328.0M
Renewable Diesel$2.0M$1.0M$1.0M$16.0M$1.0M$62.0M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining & Marketing$422.0M$406.0M$405.0M$426.0M$390.0M$387.0M
Midstream$364.0M$351.0M$349.0M$369.0M$381.0M$382.0M
Renewable Diesel$25.0M$18.0M$18.0M$17.0M$16.0M$16.0M

Equity Method Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Midstream$5.3B———$5.5B—
Refining And Marketing$282.0M———$98.0M—
Renewable Diesel$1.3B———$1.2B—

Equity method investments, ownership percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Midstream67.0%———67.0%—
Refining & Marketing50.0%———50.0%—
Renewable Diesel50.0%———50.0%—

Goodwill, Acquired During Period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Midstream—$277.5M$277.5M$277.5M$277.5M—
Refining And Marketing—$0.0$0.0$0.0$0.0—

Goodwill, Impaired, Accumulated Impairment Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Midstream$3.1B———$3.1B—
Refining & Marketing$5.6B———$5.6B—

Gross goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Midstream$10.8B———$11.9B—
Refining & Marketing$6.1B———$6.1B—

Gross PP&E

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Midstream$30.7B$31.0B$31.3B$33.4B$34.1B$34.7B
Refining & Marketing$33.0B$33.3B$33.5B$34.0B$34.4B$34.7B
Renewable Diesel$976.0M$968.0M$969.0M$969.0M$970.0M$970.0M

Income (Loss) from Equity Method Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Midstream$210.0M$209.0M$191.0M$213.0M$180.0M$207.0M
Renewable Diesel$31.0M$16.0M$18.0M$22.0M$26.0M-$29.0M
Refining & Marketing$11.0M$5.0M$3.0M$3.0M—-$2.0M

Other segment item

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Midstream$1.4B$1.4B$1.4B$1.4B$1.4B$1.4B
Renewable Diesel$514.0M$592.0M$579.0M$705.0M$771.0M$417.0M
Refining & Marketing$514.0M$405.0M$366.0M$422.0M$400.0M$341.0M

Property, plant and equipment, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Midstream$19.9B$19.9B$19.9B$22.0B$22.4B$22.7B
Refining & Marketing$14.0B$13.9B$13.8B$13.8B$13.9B$13.8B
Renewable Diesel$638.0M$621.0M$605.0M$589.0M$574.0M$559.0M

Sales and other operating revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining & Marketing$31.2B$29.5B$31.8B$32.7B$30.3B$32.3B
Midstream$2.9B$2.9B$2.8B$2.9B$2.9B$2.8B
Renewable Diesel$607.0M$626.0M$633.0M$716.0M$855.0M$579.0M

Segment expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining & Marketing$30.7B$29.0B$29.9B$30.9B$28.3B$31.0B
Midstream$1.4B$1.4B$1.4B$1.4B$1.4B$1.4B
Renewable Diesel$610.0M$684.0M$670.0M$794.0M$874.0M$512.0M

Cost of purchases

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining & Marketing$27.2B$25.7B$26.6B$27.4B$24.7B$27.4B

Distribution costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining & Marketing$1.5B$1.5B$1.5B$1.6B$1.6B$1.6B
Renewable Diesel$28.0M$22.0M$25.0M$22.0M$32.0M$28.0M

Operating costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining & Marketing$1.4B$1.5B$1.5B$1.5B$1.6B$1.6B
Renewable Diesel$68.0M$70.0M$66.0M$67.0M$71.0M$67.0M

Renewable Diesel JV depreciation and amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Renewable Diesel$22.0M$22.0M$23.0M$22.0M—$22.0M