Marathon Petroleum (MPC) FY2018 results: revenue $86.1 billion, up 15.2% on the year
Marathon Petroleum Corp. (MPC) reported revenue of $86.1 billion for fiscal 2018, the year ended 31 December 2018, up 15.2% on the year before. Net income was $2.8 billion, down 19.0%, and diluted earnings per share $5.28. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$86.1 billion
+15.2% on the year
FY2011FY2018
Operating margin
5.4%
5.4% a year earlier
FY2011FY2018
Net income
$2.8 billion
-19.0% on the year
FY2011FY2018
Diluted EPS
$5.28
-21.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
86,086
74,733
63,277
+15.2%
Cost of revenue
77,047
67,089
56,676
+14.8%
Gross profit
9,039
7,644
6,601
+18.2%
Gross margin
10.5%
10.2%
10.4%
Selling, general and administrative
2,276
1,694
1,597
+34.4%
Operating income
4,690
4,018
2,386
+16.7%
Operating margin
5.4%
5.4%
3.8%
Interest expense
1,026
688
602
+49.1%
Pre-tax income
3,697
3,344
1,822
+10.6%
Income tax
764
-460
609
Effective tax rate
20.7%
-13.8%
33.4%
Net income
2,780
3,432
1,174
-19.0%
Net margin
3.2%
4.6%
1.9%
Diluted EPS
$5.28
$6.70
$2.21
-21.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
6,158
6,609
4,017
-6.8%
Capital expenditure
3,179
2,732
2,892
+16.4%
Free cash flow
2,979
3,877
1,125
-23.2%
Free cash flow margin
3.5%
5.2%
1.8%
Cash from investing
-7,670
-3,394
-2,967
Cash from financing
222
-1,091
-1,294
Depreciation and amortisation
2,170
2,114
2,001
+2.6%
Share-based compensation
127
51.0
45.0
+149.0%
Buybacks
3,287
2,372
197
+38.6%
Dividends paid
954
773
719
+23.4%
Dividend per share
$1.84
$1.52
$1.36
+21.1%
Diluted shares, weighted
526m
512m
530m
+2.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
35,175
14,033
13,557
+150.7%
Non-controlling interest
8,874
6,795
6,646
+30.6%
Redeemable equity
1,004
1,000
1,000
+0.4%
Debt
27,524
12,946
10,544
+112.6%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
20,363
14,273
12,666
+42.7%
Total liabilities and equity
92,940
49,047
44,413
+89.5%
Fixed assets
45,058
26,443
25,765
+70.4%
Goodwill
15,834
3,586
3,587
+341.6%
Intangible assets
3,314
631
725
+425.2%
Cash and equivalents
1,687
3,011
887
-44.0%
Receivables
5,853
4,695
3,617
+24.7%
Inventory
9,837
5,550
5,656
+77.2%
Other assets
11,357
5,131
4,176
+121.3%
Total assets
92,940
49,047
44,413
+89.5%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.