Marathon Petroleum Corp
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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20. Revenue
- Revenue
The following table presents our revenues from external customers disaggregated by segment and product line:
| (Millions of dollars) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Refining & Marketing | |||
| Refined products | $116,504 | $122,429 | $132,675 |
| Crude oil | 5,817 | 7,298 | 7,423 |
| Services and other | 1,931 | 1,861 | 1,737 |
| Total revenues from external customers | 124,252 | 131,588 | 141,835 |
| Midstream | |||
| Refined products | 2,022 | 1,668 | 1,675 |
| Services and other(a) | 3,606 | 3,529 | 3,236 |
| Total revenues from external customers | 5,628 | 5,197 | 4,911 |
| Renewable Diesel | |||
| Refined products | 2,799 | 2,073 | 1,628 |
| Services and other | 15 | 6 | 5 |
| Total revenues from external customers | 2,814 | 2,079 | 1,633 |
| Other service revenue | 5 | — | — |
| Sales and other operating revenues | $132,699 | $138,864 | $148,379 |
(a)Includes sales-type lease revenue. See Note 26.
We do not disclose information on the future performance obligations for any contract with expected duration of one year or less at inception. As of December 31, 2025, we do not have future performance obligations that are material to future periods.
Contract Balances
Our receivables primarily consist of customer receivables. Significant, non-customer balances included in our receivables at December 31, 2025 and December 31, 2024 include matching buy/sell receivables of $4.1 billion and $4.3 billion, respectively.
Our contract liabilities primarily represent advances from our customers prior to product of service delivery. At December 31, 2025 and December 31, 2024, contract liabilities were $215 million and $515 million, respectively. Contract liabilities are included in other current liabilities and deferred credits and other liabilities on our consolidated balance sheets. We classify contract liabilities as current or long-term based on the timing of when we expect to recognize revenue.
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