Energy and commodity pricesmixed · 5 filings
“Current receivables decreased primarily due to decreases in crude oil prices, partially offset by increases in crude oil volumes and refined product prices.”10-Q · Aug 4, 2026 ↗
Marathon Petroleum Corporation
MPC
Market read
Marathon Petroleum Corporation's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 13 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.
What changed
- Revenue increased 53.8% versus the comparable filing period.
Company-1.7% todayVolume comparison unavailable
Market group0 of 13 activeRenewable Fuels · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- MPC reported an $87 million increase in net interest and other financial costs, primarily from higher interest expense tied to MPLX borrowings.
- Monitor MPC-reported increase in interest expense tied to higher MPLX borrowings and any further changes in MPLX debt that affect MPC's net interest costs.
Invalidation: The isolated read changes if MPC's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 13 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 53.8% versus the comparable filing period.
- Operating margin improved 7.6 percentage points.
- Net income increased 322.5% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- MPC reported an $87 million increase in net interest and other financial costs, primarily from higher interest expense tied to MPLX borrowings.
- Monitor MPC-reported increase in interest expense tied to higher MPLX borrowings and any further changes in MPLX debt that affect MPC's net interest costs.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations601
Usable filing statements205
Verified relationships11
Evidence supporting the case
- Operating margin changed +1.4 percentage points in the latest annual period.
Evidence challenging the case
- Latest annual revenue changed -4.4% year over year.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 10, 2026
392.626m+73.2%12m+114.3%24m+133.1%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$120.0B+71.9%$15.24-1.7%
2022-12-31$177.5B+47.9%$28.12-19.1%
2023-12-31$148.4B-16.4%$23.63-20.7%
2024-12-31$138.9B-6.4%$10.08-16.6%
2025-12-31$132.7B-4.4%$13.22-10.3%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesmixed · 4 filings
“Net interest and other financial costs increased $87 million largely due to increased interest expense, primarily due to higher MPLX borrowings, partially offset by increased interest income and capitalized interest.”10-Q · Aug 4, 2026 ↗
Legal and regulatory exposuremixed · 3 filings
“41 Table of Contents Renewable Diesel Margin Renewable Diesel margin is defined as sales revenue plus value attributable to qualifying regulatory credits earned during the period less cost of renewable inputs and purchased product costs.”10-Q · May 5, 2026 ↗
Macroeconomic conditionsmixed · 3 filings
“Total share repurchases were as follows for the respective periods: Three Months Ended March 31, (In millions, except per share data) 2026 2025 Number of shares repurchased 4 7 Cash paid for shares repurchased $ 750 $ 1,057 Average cost per share (a) $ 213.45…”10-Q · May 5, 2026 ↗
Valuation discipline
Peer-relative valuation withheld
Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
392.62-1.7% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for MPC. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
Fundamentals strengthened in the latest filing
10-Q filed 2026-08-04 against the comparable filing from 2025-08-05.
OperationsconstructiveEvidence score +4
liquidityneutralEvidence score 0
valuationmixed
Capital and cash conversion
Reported investment and cash context
- Capital spending YoY
- +54.6%
- Capital spending / revenue
- +2.4%
- Free-cash-flow margin
- +10.8%
- FCF margin change
- +9.0 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 53.8% versus the comparable filing period.
- Operating margin improved 7.6 percentage points.
- Net income increased 322.5% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Net interest and other financial costs increased $87 million largely due to increased interest expense, primarily due to higher MPLX borrowings, partially offset by increased interest income and capitalized interest.”
“Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Corporate expenses increased $77 million in the first six months of 2026 primarily due to the fair-value remeasurement of outstanding performance-based stock compensation of $25 million driven by recent stock performance, environmental remediation expense related to historical operations at the Martinez refinery of $23 million and increased employee related costs of $18 million.”
“Costs and expenses increased $15.11 billion primarily due to: • increased cost of revenues of $14.94 billion mainly due to increased crude costs and finished product purchases; and • increased selling, general and administrative expenses of $111 million primarily due to increased employee related costs of $56 million and fair-value remeasurement of outstanding performance-based stock compensation of $45 million.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind MPC
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
MPLXMPLX LPpartnerMay 5, 2026 ▾
“See Note 16 to the unaudited consolidated financial statements for further discussion of MPLX’s debt.”
MPLXMPLX LPinvesteeMay 5, 2026 ▾
“We received limited partner distributions from MPLX of $697 million in the three months ended March 31, 2026 and $619 million in the three months ended March 31, 2025.”
Depended on by
CHRD12.0% of CHRDcustomerFeb 26, 2026 ▾
“For the year ended December 31, 2025, sales to Phillips 66 Company and Marathon Petroleum Supply & Trading LLC accounted for approximately 21 % and 12 %, respectively, of the Company’s total product sales.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 10 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
MPC is currently a Early Follower in the organic co-movement group Renewable Fuels. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.