Marathon Petroleum Corp. Q4 FY2023 results: revenue $36.3 billion, down 8.9% on the year

Marathon Petroleum Corp. (MPC) reported revenue of $36.3 billion for Q4 FY2023, the quarter ended 31 December 2023, down 8.9% on the same quarter a year earlier. Net income was $1.5 billion, down 56.3% on the year, and diluted earnings per share $3.94. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue$36.3 billiondown 8.9%

Net income$1.5 billiondown 56.3%

Diluted EPS$3.94

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	36,255	40,917	n/a	n/a
Cost of revenue	32,582	34,928	n/a	n/a
Gross profit	3,673	5,989	n/a	n/a
Gross margin	10.1%	14.6%	n/a
Selling, general and administrative	820	824	n/a	n/a
Operating income	2,395	4,753	n/a	n/a
Operating margin	6.6%	11.6%	n/a
Interest expense	331	331	n/a	n/a
Pre-tax income	2,284	4,635	n/a	n/a
Income tax	407	1,004	n/a	n/a
Effective tax rate	17.8%	21.7%	n/a
Net income	1,451	3,280	n/a	n/a
Net margin	4.0%	8.0%	n/a
Diluted EPS	$3.94	$8.28	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,123	4,953	n/a	n/a
Capital expenditure	532	420	n/a	n/a
Free cash flow	591	4,533	n/a	n/a
Free cash flow margin	1.6%	11.1%	n/a
Depreciation and amortisation	828	845	n/a	n/a
Buybacks	2,505	2,819	n/a	n/a
Dividends paid	311	297	n/a	n/a
Dividend per share	n/a	$0.75	n/a	n/a
Diluted shares, weighted	409m	396m	n/a	n/a
Shares outstanding at period end	361m	380m	n/a	n/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

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	85,987	89,969	n/a	n/a
Cash and equivalents	5,443	8,452	n/a	n/a
Receivables	11,619	12,469	n/a	n/a
Inventory	9,317	10,143	n/a	n/a
Goodwill	8,244	8,244	n/a	n/a
Long-term debt including finance leases	25,329	26,463	n/a	n/a
Operating lease liabilities	764	848	n/a	n/a
Finance lease liabilities	401	n/a	n/a	n/a
Shareholders' equity	24,404	25,862	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	40,917	36,255	32,706	37,914	35,107	33,137	31,517	33,799	34,809	32,574	34,200	51,994
Cost of revenue	34,928	32,582	29,593	33,945	32,144	30,558	29,360	30,025	31,200	28,861	31,261	43,064
Gross profit	5,989	3,673	3,113	3,969	2,963	2,579	2,157	3,774	3,609	3,713	2,939	8,930
Gross margin	15%	10%	10%	10%	8%	8%	7%	11%	10%	11%	9%	17%
SG&A	824	820	779	823	815	804	783	867	863	836	867	894
Operating income	4,753	2,395	1,784	2,522	1,349	1,141	687	2,197	2,713	2,694	1,404	7,322
Operating margin	12%	7%	5%	7%	4%	3%	2%	7%	8%	8%	4%	14%
Interest expense	331	331	341	341	352	331	352	359	368	410	420	433
Pre-tax income	4,635	2,284	1,605	2,328	1,128	896	383	1,878	2,403	2,351	1,034	6,982
Tax rate	22%	18%	18%	16%	10%	12%	10%	14%	19%	16%	18%	21%
Net income	3,280	1,451	937	1,515	622	371	-74.0	1,216	1,370	1,535	511	5,138
Net margin	8%	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 flow	4,953	1,123	1,532	3,242	1,684	2,207	-64.0	2,639	2,609	3,069	1,121	10,327
Capital expenditure	420	532	585	487	651	810	663	695	947	1,181	913	1,186
Free cash flow	4,533	591	947	2,755	1,033	1,397	-727	1,944	1,662	1,888	208	9,141
Buybacks	2,819	2,505	2,218	2,896	2,701	1,374	1,057	780	650	1,001	750	2,533
Dividends paid	297	311	299	290	273	292	285	279	276	300	295	290
Shares outstanding	380m	361m	352m	335m	321m	313m	307m	304m	301m	295m	292m	281m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-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-K for the period ended 31 December 2023, filed 28 February 2024, accession 0001510295-24-000015: the filing on EDGAR. All of Marathon Petroleum Corp.'s filings: EDGAR company page.

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