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Total assets reported in FY2025.
Total liabilities reported in FY2025.
Shareholders' equity reported in FY2025.
Equity as a share of the latest capital base.
Review the reported balance sheet and jump directly to the source filing for any fiscal year.
Marathon Petroleum’s balance sheet over the last five years shows a fairly stable but somewhat shrinking asset base, with total assets moving from $85.4B in 2021 to a peak of $89.9B in 2022, then declining to $86.0B in 2023, $78.9B in 2024, and recovering modestly to $84.0B in 2025. This pattern suggests the company has been managing its capital base actively rather than expanding aggressively, which is consistent with the cyclical nature of refining and marketing businesses where asset intensity can remain high but investment levels may vary with commodity cycles and maintenance needs. Liabilities have increased moderately over the period, rising from $51.8B in 2021 to $59.9B in 2025, with the largest jump occurring in 2025 after relatively flat levels in 2022–2024. In contrast, stockholders’ equity has fallen sharply from $32.6B in 2021 and a high of $34.1B in 2022 to $17.3B in 2025, after dropping to $30.5B in 2023 and $17.7B in 2024. The combination of lower equity and higher liabilities indicates leverage has increased materially, which may reflect shareholder returns, earnings volatility, asset revaluations, or balance-sheet actions. For an integrated refining company, this shift is not unusual during periods of strong cash generation and capital distributions, but it does mean the company is operating with a thinner equity cushion than earlier in the period.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.