Compiled 2026-09-26Data through 2025-12-312 min read
Dated source-based research · No live market data

Research summary

A two-period review of MPC revenue, profitability and cash conversion; reported revenue growth was -4.44%.

Period comparison

FY2025 ended 2025-12-31; the prior observation ended 2024-12-31. Revenue moved from USD 138.864 billion to USD 132.699 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 3.445 billion to USD 4.047 billion. Operating income moved from USD 6.796 billion to USD 8.291 billion. Net margin moved from 2.48% to 3.05%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 8.665 billion in the earlier period and USD 8.253 billion in the later period. Selected free cash flow was USD 6.132 billion and USD 4.767 billion, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

An earnings comparison provides a historical denominator, not a price target. A dated market price is deliberately absent from this static release.

What to monitor

Realized prices, production volumes, refining economics and capital expenditure.

Risks and uncertainties

Commodity cycles, project execution, reserve replacement, environmental liabilities and geopolitical exposure.

Sources & dates