Marathon Petroleum (MPC) FY2019 results: revenue $111.1 billion, up 29.1% on the year
Marathon Petroleum Corp. (MPC) reported revenue of $111.1 billion for fiscal 2019, the year ended 31 December 2019, up 29.1% on the year before. Net income was $2.6 billion, down 5.1%, and diluted earnings per share $3.97. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$111.1 billion
+29.1% on the year
FY2012FY2019
Operating margin
4.0%
5.4% a year earlier
FY2012FY2019
Net income
$2.6 billion
-5.1% on the year
FY2012FY2019
Diluted EPS
$3.97
-24.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
111,148
86,086
74,733
+29.1%
Cost of revenue
99,228
77,047
67,089
+28.8%
Gross profit
11,920
9,039
7,644
+31.9%
Gross margin
10.7%
10.5%
10.2%
Selling, general and administrative
3,192
2,276
1,694
+40.2%
Operating income
4,462
4,690
4,018
-4.9%
Operating margin
4.0%
5.4%
5.4%
Interest expense
1,389
1,026
688
+35.4%
Pre-tax income
3,233
3,697
3,344
-12.6%
Income tax
784
764
-460
+2.6%
Effective tax rate
24.2%
20.7%
-13.8%
Net income
2,637
2,780
3,432
-5.1%
Net margin
2.4%
3.2%
4.6%
Diluted EPS
$3.97
$5.28
$6.70
-24.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
9,441
6,158
6,609
+53.3%
Capital expenditure
4,810
3,179
2,732
+51.3%
Free cash flow
4,631
2,979
3,877
+55.5%
Free cash flow margin
4.2%
3.5%
5.2%
Cash from investing
-6,261
-7,670
-3,394
Cash from financing
-3,376
222
-1,091
Depreciation and amortisation
3,225
2,170
2,114
+48.6%
Share-based compensation
153
127
51.0
+20.5%
Buybacks
1,950
3,287
2,372
-40.7%
Dividends paid
1,398
954
773
+46.5%
Dividend per share
$2.12
$1.84
$1.52
+15.2%
Diluted shares, weighted
664m
526m
512m
+26.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
33,694
35,175
14,033
-4.2%
Non-controlling interest
8,445
8,874
6,795
-4.8%
Redeemable equity
968
1,004
1,000
-3.6%
Debt
28,724
27,524
12,946
+4.4%
Operating lease liabilities
1,300
0.0
n/a
Finance lease liabilities
537
n/a
n/a
Other liabilities
24,888
20,363
14,273
+22.2%
Total liabilities and equity
98,556
92,940
49,047
+6.0%
Fixed assets
40,870
45,058
26,443
-9.3%
Goodwill
15,650
15,834
3,586
-1.2%
Intangible assets
2,806
3,314
631
-15.3%
Cash and equivalents
1,393
1,687
3,011
-17.4%
Receivables
7,233
5,853
4,695
+23.6%
Inventory
9,804
9,837
5,550
-0.3%
Other assets
20,800
11,357
5,131
+83.1%
Total assets
98,556
92,940
49,047
+6.0%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.