Marathon Petroleum Corp Revenue Disclosure
| (Millions of dollars) | 2025 | 2024 | 2023 | ||||||||||||||
| Refining & Marketing | |||||||||||||||||
| Refined products | $ | 116,504 | $ | 122,429 | $ | 132,675 | |||||||||||
| Crude oil | 5,817 | 7,298 | 7,423 | ||||||||||||||
| Services and other | 1,931 | 1,861 | 1,737 | ||||||||||||||
| Total revenues from external customers | 124,252 | 131,588 | 141,835 | ||||||||||||||
| Midstream | |||||||||||||||||
| Refined products | 2,022 | 1,668 | 1,675 | ||||||||||||||
Services and other(a) | 3,606 | 3,529 | 3,236 | ||||||||||||||
| Total revenues from external customers | 5,628 | 5,197 | 4,911 | ||||||||||||||
| Renewable Diesel | |||||||||||||||||
| Refined products | 2,799 | 2,073 | 1,628 | ||||||||||||||
| Services and other | 15 | 6 | 5 | ||||||||||||||
| Total revenues from external customers | 2,814 | 2,079 | 1,633 | ||||||||||||||
| Other service revenue | 5 | — | — | ||||||||||||||
| Sales and other operating revenues | $ | 132,699 | $ | 138,864 | $ | 148,379 | |||||||||||
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 Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.