AI Takeaway
MPC delivered a strong FY2025 with net income rising 17.5% to $4.05B and EPS surging 31% to $13.22 despite a 4.4% revenue decline, driven by improved operating margins and disciplined cost management.
Revenue
$132.7B
-4.44% YoY
EPS (Basic)
$13.24
++30.96% YoY
Operating Income
$8.29B
++22.00% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Revenue fell 4.4% YoY to $132.7B, largely due to lower commodity prices flowing through cost of revenue (down 5.4% to $119.4B), yet operating income surged 22.0% to $8.3B, pushing operating margin from 4.9% to 6.2%.
Source: Source: 10-K Income Statement
Net income grew 17.5% to $4.05B while diluted EPS jumped 31.2% to $13.22, with the outsized EPS gain relative to net income growth reflecting the impact of ongoing share buybacks reducing the share count.
Source: Source: 10-K Income Statement
MPC repurchased $3.49B in shares during FY2025, down significantly from $9.19B in the prior year, yet the cumulative reduction in shares outstanding continued to amplify per-share earnings growth.
Source: Source: 10-K Cash Flow Statement
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Upgrade to unlockMPC's debt-to-equity ratio stands at 3.46x, reflecting substantial financial leverage. Rising interest rates or a deterioration in operating cash flows could strain debt servicing capacity and limit financial flexibility.
Source: Source: 10-K Balance Sheet
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Upgrade to unlockReported EPS of $4.07 versus the $2.91 analyst consensus — a +40.0% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $132.7B | $138.86B | -4.44% |
Cost of Revenue | $119.45B | $126.24B | -5.38% |
Operating Income | $8.29B | $6.8B | +22.00% |
Net Income | $4.05B | $3.44B | +17.47% |
EPS (Basic) | $13.24 | $10.11 | +30.96% |
EPS (Diluted) | $13.22 | $10.08 | +31.15% |
SG&A Expense | $3.35B | $3.22B | +3.97% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $83.95B | $78.86B | +6.46% |
Current Assets | $24.78B | $24.45B | +1.36% |
Total Liabilities | $59.87B | $54.35B | +10.15% |
Current Liabilities | $19.68B | $20.83B | -5.52% |
Stockholders' Equity | $17.31B | $17.75B | -2.43% |
Cash & Equivalents | $3.67B | $3.21B | +14.39% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $8.25B | $8.66B | -4.75% |
Investing Cash Flow | $-5.87B | $1.53B | -482.46% |
Financing Cash Flow | $-1.92B | $-12.43B | +84.53% |
Share Buybacks | $3.49B | $9.19B | -62.04% |
D&A | $3.25B | $3.34B | -2.58% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 6.2% | 4.9% | +1.35% |
Net Margin | 3.0% | — | — |
ROE | 23.4% | — | — |
ROA | 4.8% | — | — |
Current Ratio | $1.259 | — | — |
Debt to Equity | $3.458 | — | — |
Other companies in Oil & Gas Refining & Marketing
MPC delivered strong FY2025 results with net income rising 17.5% to $4.05B and diluted EPS surging 31.2% to $13.22, despite a 4.4% revenue decline to $132.7B. The outperformance was driven by improved operating margins expanding from 4.9% to 6.2% and the continued impact of share buybacks on per-share metrics.
MPC's revenue declined 4.4% to $132.7B in FY2025, primarily reflecting lower commodity prices flowing through its refining and marketing operations rather than a loss of business volume. Notably, cost of revenue also fell 5.4% to $119.4B, meaning input costs dropped faster than revenues, which actually improved profitability.
MPC reported diluted EPS of $13.22 in FY2025, up 31.2% from $10.08 in the prior year. The EPS growth significantly outpaced net income growth of 17.5% because ongoing share buybacks of $3.49B reduced the total share count, amplifying per-share results.
MPC's financial health is mixed: the company generates strong cash flows ($8.25B operating cash flow) and improved profitability, but carries elevated leverage with a debt-to-equity ratio of 3.46x and total liabilities of $59.9B. The current ratio of 1.26x indicates adequate short-term liquidity, though the rising debt load warrants monitoring.
MPC repurchased $3.49B in shares during FY2025, a significant reduction from the $9.19B spent in the prior year, representing a 62% decline in buyback activity. Despite the lower buyback volume, the cumulative reduction in share count still drove diluted EPS up 31.2% to $13.22.