Marathon Petroleum Corp
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
16. Goodwill and Intangibles
- Goodwill and Intangibles
Goodwill
MPC annually evaluates goodwill for impairment as of November 30, as well as whenever events or changes in circumstances indicate it is more likely than not that the fair value of a reporting unit with goodwill is less than its carrying amount. There were no impairments of goodwill required based on our annual test of goodwill in 2025 and 2024.
At December 31, 2025, MPC had five reporting units with goodwill totaling approximately $9.35 billion. For the annual impairment assessment as of November 30, 2025, management performed only qualitative assessments for all five reporting units as we determined it was more likely than not that the fair values of the reporting units exceeded their carrying values.
The changes in the carrying amount of goodwill for 2025 were as follows:
| (Millions of dollars) | Refining & Marketing | Midstream | Total |
|---|---|---|---|
| Balance as of December 31, 2023 | $561 | $7,683 | $8,244 |
| Impairment losses | — | — | — |
| Balance as of December 31, 2024 | 561 | 7,683 | 8,244 |
| Acquisitions | — | 1,110 | 1,110 |
| Impairment losses | — | — | — |
| Balance as of December 31, 2025 | $561 | $8,793 | $9,354 |
| Gross goodwill as of December 31, 2025 | $6,141 | $11,934 | $18,075 |
| Accumulated impairment losses | (5,580) | (3,141) | (8,721) |
| Balance as of December 31, 2025 | $561 | $8,793 | $9,354 |
Intangible Assets
Our definite lived intangible assets as of December 31, 2025 and 2024 are as shown below.
| December 31, 2025 | December 31, 2024 | |||||
|---|---|---|---|---|---|---|
| (Millions of dollars) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net |
| Customer contracts and relationships | $5,245 | $2,623 | $2,622 | $4,111 | $2,446 | $1,665 |
| Brand rights and tradenames | 100 | 100 | — | 101 | 89 | 12 |
| Royalty agreements | 142 | 126 | 16 | 141 | 120 | 21 |
| Other | 38 | 33 | 5 | 36 | 31 | 5 |
| Total | $5,525 | $2,882 | $2,643 | $4,389 | $2,686 | $1,703 |
At both December 31, 2025 and 2024, we had indefinite lived intangible assets of $71 million, which are emission allowance credits.
Amortization expense was $271 million in 2025 and $266 million in 2024. Estimated future amortization expense for the next five years related to the intangible assets at December 31, 2025 is as follows:
| (Millions of dollars) | |
|---|---|
| 2026 | $283 |
| 2027 | 254 |
| 2028 | 238 |
| 2029 | 91 |
| 2030 | 91 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.