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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8. Earnings Per Share
- Earnings Per Share
We compute basic earnings per share by dividing net income attributable to MPC less income allocated to participating securities by the weighted average number of shares of common stock outstanding. Since MPC has granted certain incentive compensation awards to employees and non-employee directors that are considered to be participating securities, we have calculated our earnings per share using the two-class method. Diluted income per share assumes exercise of certain share-based compensation awards, provided the effect is not anti-dilutive.
| (In millions, except per share data) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Basic earnings per share: | |||
| Allocation of earnings | |||
| Net income attributable to MPC | $4,047 | $3,445 | $9,681 |
| Income allocated to participating securities | (4) | (3) | (7) |
| Redemption of preferred units | — | — | (2) |
| Income available to common stockholders - basic | $4,043 | $3,442 | $9,672 |
| Weighted average common shares outstanding | 305 | 340 | 407 |
| Basic earnings per share | $13.24 | $10.11 | $23.73 |
| Diluted earnings per share: | |||
| Allocation of earnings | |||
| Net income attributable to MPC | $4,047 | $3,445 | $9,681 |
| Income allocated to participating securities | (4) | (3) | (7) |
| Redemption of preferred units | — | — | (2) |
| Income available to common stockholders - diluted | 4,043 | 3,442 | 9,672 |
| Weighted average common shares outstanding | 305 | 340 | 407 |
| Effect of dilutive securities | 1 | 1 | 2 |
| Weighted average common shares, including dilutive effect | 306 | 341 | 409 |
| Diluted earnings per share | $13.22 | $10.08 | $23.63 |
Potential common shares which were anti-dilutive and, therefore, omitted from the diluted share calculation, were immaterial for all periods.
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