Stock Analysis on Net

Marathon Petroleum Corp. (NYSE:MPC)

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.

Marathon Petroleum Corp., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Sales and other operating revenues 35,107 37,914 32,706 36,255 40,917 36,343 34,864 39,813 45,787 53,795 38,058 35,336 32,321 29,615 22,711 17,972 17,408 12,195 22,204 31,092 31,043 33,547 28,267
Cost of revenues (32,144) (33,945) (29,593) (32,582) (34,928) (31,762) (29,294) (33,575) (38,821) (44,207) (35,068) (32,184) (29,563) (27,177) (21,084) (17,216) (16,673) (11,502) (20,342) (27,301) (27,300) (29,682) (25,960)
Gross margin 2,963 3,969 3,113 3,673 5,989 4,581 5,570 6,238 6,966 9,588 2,990 3,152 2,758 2,438 1,627 756 735 693 1,862 3,791 3,743 3,865 2,307
Income (loss) from equity method investments 219 373 204 195 215 199 133 186 180 147 142 152 122 93 91 102 117 79 (1,233) 64 124 107 99
Net gain (loss) on disposal of assets (2) (1) 20 91 110 13 3 (11) 1,051 39 (18) 18 3 64 1 2 3 85 4 4 214
Other income 49 76 281 282 341 269 77 105 219 257 202 102 170 119 77 49 22 24 23 67 31 30 35
LCM inventory valuation adjustment 1,185 530 1,470 (3,185)
Impairment expense (146) (433) (25) (7,822) (1,197)
Depreciation and amortization (846) (838) (827) (828) (845) (834) (800) (797) (794) (819) (805) (813) (836) (871) (844) (849) (830) (833) (863) (978) (855) (886) (919)
Selling, general and administrative expenses (815) (823) (779) (820) (824) (704) (691) (763) (712) (694) (603) (656) (681) (625) (575) (630) (673) (665) (742) (790) (833) (904) (881)
Restructuring expenses (19) (348)
Other taxes (219) (234) (228) (198) (233) (219) (231) (219) (224) (190) (192) (177) (193) (189) (162) (122) (178) (170) (198) (201) (190) (174) (186)
Income (loss) from operations 1,349 2,522 1,784 2,395 4,753 3,305 4,061 4,739 6,686 8,328 1,716 1,778 1,340 965 217 390 (1,057) 575 (12,155) 841 2,024 2,042 669
Net interest and other financial costs (221) (194) (179) (111) (118) (142) (154) (186) (240) (312) (262) (430) (328) (372) (353) (333) (359) (341) (332) (302) (317) (322) (306)
Income (loss) from continuing operations before income taxes 1,128 2,328 1,605 2,284 4,635 3,163 3,907 4,553 6,446 8,016 1,454 1,348 1,012 593 (136) 57 (1,416) 234 (12,487) 539 1,707 1,720 363
(Provision) benefit for income taxes on continuing operations (113) (373) (293) (407) (1,004) (583) (823) (984) (1,426) (1,799) (282) (243) 18 (5) (34) 193 436 (150) 1,951 (277) (340) (353) (104)
Income (loss) from continuing operations, net of tax 1,015 1,955 1,312 1,877 3,631 2,580 3,084 3,569 5,020 6,217 1,172 1,105 1,030 588 (170) 250 (980) 84 (10,536) 262 1,367 1,367 259
Income from discontinued operations, net of tax 72 8,214 234 324 371 192 318
Net income (loss) 1,015 1,955 1,312 1,877 3,631 2,580 3,084 3,641 5,020 6,217 1,172 1,105 1,030 8,802 64 574 (609) 276 (10,218) 262 1,367 1,367 259
Net (income) loss attributable to noncontrolling interests (393) (440) (375) (426) (351) (354) (360) (320) (543) (344) (327) (331) (336) (290) (306) (289) (277) (267) 984 181 (272) (261) (266)
Net income (loss) attributable to MPC 622 1,515 937 1,451 3,280 2,226 2,724 3,321 4,477 5,873 845 774 694 8,512 (242) 285 (886) 9 (9,234) 443 1,095 1,106 (7)

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).

Income statement item Description The company
Sales and other operating revenues Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Marathon Petroleum Corp. sales and other operating revenues increased from Q1 2024 to Q2 2024 but then slightly decreased from Q2 2024 to Q3 2024 not reaching Q1 2024 level.
Income (loss) from operations The net result for the period of deducting operating expenses from operating revenues. Marathon Petroleum Corp. income (loss) from operations increased from Q1 2024 to Q2 2024 but then decreased significantly from Q2 2024 to Q3 2024.
Income (loss) from continuing operations before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Marathon Petroleum Corp. income (loss) from continuing operations before income taxes increased from Q1 2024 to Q2 2024 but then decreased significantly from Q2 2024 to Q3 2024.
Net income (loss) attributable to MPC The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Marathon Petroleum Corp. net income (loss) attributable to MPC increased from Q1 2024 to Q2 2024 but then decreased significantly from Q2 2024 to Q3 2024.