Income Statement
Quarterly Data
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.
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Marathon Petroleum Corp. pages available for free this week:
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2011
- Analysis of Revenues
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Marathon Petroleum Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Sales and other operating revenues
- Revenues show considerable fluctuations, with a notable decline starting in early 2020, reaching a low point in June 2020. Subsequently, there is a recovery and strong increase through 2021 and especially in the first half of 2022, peaking in June 2022. Revenues then decline again through 2023 into early 2024, indicating volatility likely linked to external market factors.
- Cost of revenues
- Costs mirror the revenue trend, declining sharply in early 2020 and then increasing markedly in 2021 and 2022, peaking in June 2022. A decline follows in late 2022 and 2023, which corresponds to the revenue pattern but costs show a slightly less volatile pattern compared to sales.
- Gross margin
- The gross margin experienced a steep drop in the first half of 2020, reflecting lower profitability during that period. Improved margins are seen in 2021 and peak significantly in early 2022, notably in March and June, before decreasing again toward 2024. This indicates profit performance was strongly affected by the pandemic and then partially recovered.
- Income (loss) from equity method investments
- This income shows variability with negative impact in March 2020, followed by improvement and relatively stable positive results from mid-2020 onward, with a noticeable increase in the latter periods of 2023 and 2024, potentially indicating successful performance of associated entities.
- Net gain (loss) on disposal of assets
- Asset disposal gains vary widely, including substantial gains in September 2022 and some losses in other quarters, signaling opportunistic asset management or non-recurring transaction impacts.
- Other income
- Other income generally trends upward over the periods presented, with spikes in late 2021 and again during 2023, indicating improving non-core income sources.
- LCM inventory valuation adjustment
- Significant negative adjustment occurred in March 2020, with positive adjustments in subsequent quarters through 2020, suggesting inventory write-downs and subsequent recoveries linked to market price changes.
- Impairment expense
- Impairment charges appear only around late 2019 and early 2020, indicating asset value write-downs during that period, with no further impairments recorded afterwards.
- Depreciation and amortization
- Depreciation and amortization expenses remain fairly stable over the period, with only minor fluctuations, indicating consistent asset utilization and capitalization policies.
- Selling, general and administrative expenses
- SG&A expenses slightly decrease during early 2020 before rising again steadily from 2021 through 2024, reflecting either increased operational costs or strategic investments in administrative functions.
- Restructuring expenses
- Restructuring charges are limited to a few quarters in 2020, indicating specific cost-reduction or organizational change initiatives during that period.
- Other taxes
- Other tax expenses remain relatively stable across all quarters, with minor fluctuations, suggesting steady tax obligations irrespective of operating performance changes.
- Income (loss) from operations
- Operating income shows a sharp and significant loss in early 2020, followed by recovery and returns to profitability with peaks in early 2022. There is a declining trend in operating income since mid-2022 into 2024, reflecting operational challenges or market pressures post-peak recovery.
- Net interest and other financial costs
- Financial costs remain generally stable, with a slight decrease trend starting in 2022, reflecting possibly lower debt levels or improved financing terms.
- Income (loss) from continuing operations before income taxes
- Pre-tax income follows the pattern of operating income, with steep losses in early 2020, recovery through 2021 and peaks in early 2022, followed by declining pre-tax earnings into 2024, indicating volatility in profitability largely driven by core operations.
- Provision (benefit) for income taxes on continuing operations
- Tax provisions show wide variability, with benefits recorded in some 2020 quarters corresponding to operating losses, and increased tax expenses aligned with profitability in subsequent years. The variation reflects changes in taxable income and tax strategies.
- Income (loss) from continuing operations, net of tax
- Net income from continuing operations mirrors overall profitability trends, with steep declines in early 2020 and recovery thereafter, peaking strongly in early 2022. A decline is again apparent through late 2022 into 2024, consistent with operational income patterns.
- Income from discontinued operations, net of tax
- Discontinued operations income is reported only during 2020 and early 2021, including an extraordinary high figure in June 2021, indicating a major divestiture impacting net income during that time frame.
- Net income (loss)
- Net income experiences drastic fluctuations, with significant losses in early 2020 followed by recovery and a peak in mid-2021 mainly due to income from discontinued operations. From 2022 onward, net income returns to more typical levels, with a downward trend evident again into 2024.
- Net income (loss) attributable to noncontrolling interests
- Amounts attributable to noncontrolling interests are consistently negative, with occasional spikes corresponding to net income fluctuations. This suggests variable minority interest stakes performance but generally a small portion relative to total income.
- Net income (loss) attributable to Marathon Petroleum Corp.
- Net income attributable to the company shows a steep loss in early 2020, significant recovery and strong positive results in mid-2021 and early 2022, followed by a gradual decline through 2023 into 2024. The pattern highlights the impact of market disruptions and subsequent recovery efforts on core shareholder earnings.