Marathon Petroleum Corp Earnings Per Share Disclosure
| (In millions, except per share data) | 2025 | 2024 | 2023 | ||||||||||||||
| Basic earnings per share: | |||||||||||||||||
| Allocation of earnings | |||||||||||||||||
| Net income attributable to MPC | $ | 4,047 | $ | 3,445 | $ | 9,681 | |||||||||||
| Income allocated to participating securities | (4) | (3) | (7) | ||||||||||||||
| Redemption of preferred units | — | — | (2) | ||||||||||||||
| Income available to common stockholders - basic | $ | 4,043 | $ | 3,442 | $ | 9,672 | |||||||||||
| Weighted average common shares outstanding | 305 | 340 | 407 | ||||||||||||||
| Basic earnings per share | $ | 13.24 | $ | 10.11 | $ | 23.73 | |||||||||||
| Diluted earnings per share: | |||||||||||||||||
| Allocation of earnings | |||||||||||||||||
| Net income attributable to MPC | $ | 4,047 | $ | 3,445 | $ | 9,681 | |||||||||||
| Income allocated to participating securities | (4) | (3) | (7) | ||||||||||||||
| Redemption of preferred units | — | — | (2) | ||||||||||||||
| Income available to common stockholders - diluted | 4,043 | 3,442 | 9,672 | ||||||||||||||
| Weighted average common shares outstanding | 305 | 340 | 407 | ||||||||||||||
| Effect of dilutive securities | 1 | 1 | 2 | ||||||||||||||
| Weighted average common shares, including dilutive effect | 306 | 341 | 409 | ||||||||||||||
| Diluted earnings per share | $ | 13.22 | $ | 10.08 | $ | 23.63 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.