Marathon Petroleum (MPC) FY2020 results: revenue $69.8 billion, down 37.2% on the year
Marathon Petroleum Corp. (MPC) reported revenue of $69.8 billion for fiscal 2020, the year ended 31 December 2020, down 37.2% on the year before. Net income was -$9.8 billion, and diluted earnings per share $-15.13. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$69.8 billion
-37.2% on the year
FY2013FY2020
Operating margin
-17.6%
4.0% a year earlier
FY2013FY2020
Net income
-$9.8 billion
FY2013FY2020
Diluted EPS
-$15.13
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
69,779
111,148
86,086
-37.2%
Cost of revenue
65,733
99,228
77,047
-33.8%
Gross profit
4,046
11,920
9,039
-66.1%
Gross margin
5.8%
10.7%
10.5%
Selling, general and administrative
2,710
3,192
2,276
-15.1%
Operating income
-12,247
4,462
4,690
Operating margin
-17.6%
4.0%
5.4%
Interest expense
1,462
1,389
1,026
+5.3%
Pre-tax income
-13,612
3,233
3,697
Income tax
-2,430
784
764
Effective tax rate
n/a
24.2%
20.7%
Net income
-9,826
2,637
2,780
Net margin
-14.1%
2.4%
3.2%
Diluted EPS
-$15.13
$3.97
$5.28
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,419
9,441
6,158
-74.4%
Capital expenditure
2,787
4,810
3,179
-42.1%
Free cash flow
-368
4,631
2,979
Free cash flow margin
-0.5%
4.2%
3.5%
Cash from investing
-3,257
-6,261
-7,670
Cash from financing
-135
-3,376
222
Depreciation and amortisation
3,375
3,225
2,170
+4.7%
Share-based compensation
100
153
127
-34.6%
Buybacks
0.0
1,950
3,287
Dividends paid
1,510
1,398
954
+8.0%
Dividend per share
$2.32
$2.12
$1.84
+9.4%
Diluted shares, weighted
649m
664m
526m
-2.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
22,199
33,694
35,175
-34.1%
Non-controlling interest
7,053
8,445
8,874
-16.5%
Redeemable equity
968
968
1,004
0.0%
Debt
31,584
28,724
27,524
+10.0%
Operating lease liabilities
1,014
1,300
0.0
-22.0%
Finance lease liabilities
576
537
n/a
+7.3%
Other liabilities
21,764
24,888
20,363
-12.6%
Total liabilities and equity
85,158
98,556
92,940
-13.6%
Fixed assets
39,035
40,870
45,058
-4.5%
Goodwill
8,256
15,650
15,834
-47.2%
Intangible assets
2,360
2,806
3,314
-15.9%
Cash and equivalents
415
1,393
1,687
-70.2%
Receivables
5,760
7,233
5,853
-20.4%
Inventory
7,999
9,804
9,837
-18.4%
Other assets
21,333
20,800
11,357
+2.6%
Total assets
85,158
98,556
92,940
-13.6%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.