Marathon Petroleum (MPC) FY2023 results: revenue $148.4 billion, down 16.4% on the year
Marathon Petroleum Corp. (MPC) reported revenue of $148.4 billion for fiscal 2023, the year ended 31 December 2023, down 16.4% on the year before. Net income was $9.7 billion, down 33.3%, and diluted earnings per share $23.63. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.
Revenue
$148.4 billion
-16.4% on the year
FY2016FY2023
Operating margin
9.8%
12.1% a year earlier
FY2016FY2023
Net income
$9.7 billion
-33.3% on the year
FY2016FY2023
Diluted EPS
$23.63
-16.0% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
14,117
16,361
4,360
-13.7%
Capital expenditure
1,890
2,420
1,464
-21.9%
Free cash flow
12,227
13,941
2,896
-12.3%
Free cash flow margin
8.2%
7.9%
2.4%
Cash from investing
-3,095
623
14,797
Cash from financing
-14,207
-13,647
-14,419
Depreciation and amortisation
3,307
3,215
3,364
+2.9%
Share-based compensation
211
153
88.0
+37.9%
Buybacks
11,572
11,922
4,654
-2.9%
Dividends paid
1,261
1,279
1,484
-1.4%
Dividend per share
$3.08
$2.49
$2.32
+23.5%
Diluted shares, weighted
409m
516m
638m
-20.7%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
24,404
27,715
26,206
-11.9%
Non-controlling interest
6,100
6,404
6,410
-4.7%
Redeemable equity
895
968
965
-7.5%
Debt
27,283
26,700
25,539
+2.2%
Operating lease liabilities
764
841
927
-9.2%
Finance lease liabilities
401
451
525
-11.1%
Other liabilities
26,140
26,825
24,801
-2.6%
Total liabilities and equity
85,987
89,904
85,373
-4.4%
Goodwill
8,244
8,244
8,256
0.0%
Intangible assets
1,765
1,876
2,135
-5.9%
Investments
4,781
3,145
5,548
+52.0%
Cash and equivalents
5,443
8,625
5,291
-36.9%
Receivables
12,187
13,477
11,034
-9.6%
Inventory
9,317
8,827
8,055
+5.6%
Other assets
44,250
45,710
45,054
-3.2%
Total assets
85,987
89,904
85,373
-4.4%
10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.