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Marathon Petroleum Corp. Q3 FY2023 results: revenue $40.9 billion, down 10.6% on the year

Marathon Petroleum Corp. (MPC) reported revenue of $40.9 billion for Q3 FY2023, the quarter ended 30 September 2023, down 10.6% on the same quarter a year earlier. Net income was $3.3 billion, down 26.7% on the year, and diluted earnings per share $8.28. The figures are the company's own, from the 10-Q it filed with the SEC on 31 October 2023.

Revenue$40.9 billiondown 10.6%
Net income$3.3 billiondown 26.7%
Diluted EPS$8.28
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue40,917n/an/an/a
Cost of revenue34,928n/an/an/a
Gross profit5,989n/an/an/a
Gross margin14.6%n/an/a
Selling, general and administrative824n/an/an/a
Operating income4,753n/an/an/a
Operating margin11.6%n/an/a
Interest expense331n/an/an/a
Pre-tax income4,635n/an/an/a
Income tax1,004n/an/an/a
Effective tax rate21.7%n/an/a
Net income3,280n/an/an/a
Net margin8.0%n/an/a
Diluted EPS$8.28n/an/an/a

$ million except per share. Free 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 and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow4,953n/an/an/a
Capital expenditure420n/an/an/a
Free cash flow4,533n/an/an/a
Free cash flow margin11.1%n/an/a
Depreciation and amortisation845n/an/an/a
Buybacks2,819n/an/an/a
Dividends paid297n/an/an/a
Dividend per share$0.75n/an/an/a
Diluted shares, weighted396mn/an/an/a
Shares outstanding at period end380mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Total assets89,969n/an/an/a
Cash and equivalents8,452n/an/an/a
Receivables12,469n/an/an/a
Inventory10,143n/an/an/a
Goodwill8,244n/an/an/a
Long-term debt including finance leases26,463n/an/an/a
Operating lease liabilities848n/an/an/a
Shareholders' equity25,862n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue40,91736,25532,70637,91435,10733,13731,51733,79934,80932,57434,20051,994
Cost of revenue34,92832,58229,59333,94532,14430,55829,36030,02531,20028,86131,26143,064
Gross profit5,9893,6733,1133,9692,9632,5792,1573,7743,6093,7132,9398,930
Gross margin15%10%10%10%8%8%7%11%10%11%9%17%
SG&A824820779823815804783867863836867894
Operating income4,7532,3951,7842,5221,3491,1416872,1972,7132,6941,4047,322
Operating margin12%7%5%7%4%3%2%7%8%8%4%14%
Interest expense331331341341352331352359368410420433
Pre-tax income4,6352,2841,6052,3281,1288963831,8782,4032,3511,0346,982
Tax rate22%18%18%16%10%12%10%14%19%16%18%21%
Net income3,2801,4519371,515622371-74.01,2161,3701,5355115,138
Net margin8%4%3%4%2%1%-0%4%4%5%1%10%
Diluted EPS$8.28$3.94$2.58$4.33$1.87$1.30-$0.24$3.96$4.51$4.99$1.73$17.73
Operating cash flow4,9531,1231,5323,2421,6842,207-64.02,6392,6093,0691,12110,327
Capital expenditure4205325854876518106636959471,1819131,186
Free cash flow4,5335919472,7551,0331,397-7271,9441,6621,8882089,141
Buybacks2,8192,5052,2182,8962,7011,3741,0577806501,0017502,533
Dividends paid297311299290273292285279276300295290
Shares outstanding380m361m352m335m321m313m307m304m301m295m292m281m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 31 October 2023, accession 0001510295-23-000078: the filing on EDGAR. All of Marathon Petroleum Corp.'s filings: EDGAR company page.

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