Name: Marathon Petroleum Corp. (NYSE:MPC) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Download chart

Marathon Petroleum Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Sales and other operating revenues	148,379)	177,453)	119,983)	69,779)	123,949)
Cost of revenues	(128,566)	(151,671)	(110,008)	(65,733)	(110,243)
Gross margin	19,813)	25,782)	9,975)	4,046)	13,706)
Income (loss) from equity method investments	742)	655)	458)	(935)	394)
Net gain on disposal of assets	217)	1,061)	21)	70)	307)
Other income	969)	783)	468)	118)	163)
Impairment expense	—)	—)	—)	(8,426)	(1,197)
Depreciation and amortization	(3,307)	(3,215)	(3,364)	(3,375)	(3,638)
Selling, general and administrative expenses	(3,039)	(2,772)	(2,537)	(2,710)	(3,408)
Restructuring expenses	—)	—)	—)	(367)	—)
Other taxes	(881)	(825)	(721)	(668)	(751)
Income (loss) from operations	14,514)	21,469)	4,300)	(12,247)	5,576)
Interest income	530)	191)	14)	9)	40)
Interest expense, net of interest capitalized	(1,265)	(1,195)	(1,267)	(1,333)	(1,238)
Pension and other postretirement non-service costs	89)	(3)	(64)	(11)	(3)
Gain (loss) on extinguishment of debt	(9)	(2)	(133)	9)	—)
Investments, net (premium) discount amortization	142)	30)	1)	—)	—)
Other financial costs	(12)	(21)	(34)	(39)	(46)
Net interest and other financial costs	(525)	(1,000)	(1,483)	(1,365)	(1,247)
Income (loss) from continuing operations before income taxes	13,989)	20,469)	2,817)	(13,612)	4,329)
(Provision) benefit for income taxes on continuing operations	(2,817)	(4,491)	(264)	2,430)	(1,074)
Income (loss) from continuing operations, net of tax	11,172)	15,978)	2,553)	(11,182)	3,255)
Income from discontinued operations, net of tax	—)	72)	8,448)	1,205)	—)
Net income (loss)	11,172)	16,050)	11,001)	(9,977)	3,255)
Net (income) loss attributable to noncontrolling interests	(1,491)	(1,534)	(1,263)	151)	(618)
Net income (loss) attributable to MPC	9,681)	14,516)	9,738)	(9,826)	2,637)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The financial performance from 2019 to 2023 is characterized by significant volatility in revenue and net income, with a notable recovery period following a sharp contraction in 2020.

Revenue and Gross Margin Trends: Sales and other operating revenues experienced a substantial decline in 2020, falling to 69,779 million US$ from 123,949 million US$ in 2019. A strong recovery followed, peaking at 177,453 million US$ in 2022 before moderating to 148,379 million US$ in 2023. Gross margin followed a similar trajectory, reaching a peak of 25,782 million US$ in 2022, reflecting a significant expansion in profitability relative to the cost of revenues during that period.
Operational Profitability and Asset Impairments: Income from operations shifted from a profit of 5,576 million US$ in 2019 to a loss of 12,247 million US$ in 2020. This deficit was primarily driven by a substantial impairment expense of 8,426 million US$ in 2020. Operational results returned to positive territory in 2021 and peaked in 2022 at 21,469 million US$, before declining to 14,514 million US$ in 2023.
Financial Costs and Interest Income: Net interest and other financial costs demonstrated a consistent downward trend over the five-year period, improving from a peak cost of 1,483 million US$ in 2021 to 525 million US$ in 2023. This improvement is closely linked to a marked increase in interest income, which grew from 40 million US$ in 2019 to 530 million US$ in 2023, effectively offsetting a portion of the net interest expenses.
Net Income and Non-Recurring Impacts: Net income attributable to the company exhibited extreme variance, ranging from a net loss of 9,826 million US$ in 2020 to a peak profit of 14,516 million US$ in 2022. The overall net income figures for 2020 and 2021 were significantly bolstered by income from discontinued operations, which contributed 1,205 million US$ and 8,448 million US$ in those respective years. By 2023, net income attributable to the company settled at 9,681 million US$, reflecting a stabilization compared to the 2022 peak.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.

How can I help you?