Marathon Petroleum Corp
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
MPC$389.55-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| (Millions of dollars) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Operating activities: | |||
| Net income | $5,878 | $5,067 | $11,172 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Amortization of deferred financing costs and debt discount | 39 | (31) | (78) |
| Depreciation and amortization | 3,251 | 3,337 | 3,307 |
| Pension and other postretirement benefits, net | 16 | 59 | (191) |
| Deferred income taxes | 282 | (124) | (28) |
| Net gain on disposal of assets | (173) | (28) | (217) |
| Income from equity method investments | (1,622) | (1,048) | (742) |
| Distributions from equity method investments | 1,255 | 1,215 | 941 |
| Changes in the fair value of derivative instruments | (16) | 71 | 70 |
| Changes in: | |||
| Current receivables | 890 | 1,117 | 2,109 |
| Inventories | (596) | (270) | (489) |
| Current liabilities and other current assets | (776) | (438) | (1,318) |
| Right of use assets and operating lease liabilities, net | 13 | (10) | (7) |
| All other, net | (188) | (252) | (412) |
| Net cash provided by operating activities | 8,253 | 8,665 | 14,117 |
| Investing activities: | |||
| Additions to property, plant and equipment | (3,486) | (2,533) | (1,890) |
| Acquisitions, net of cash acquired | (3,316) | (688) | (246) |
| Disposal of assets | 1,005 | 35 | 36 |
| Investments – acquisitions and contributions | (1,064) | (509) | (480) |
| Investments – redemptions, repayments, return of capital and sales proceeds | 721 | 161 | 275 |
| Purchases of short-term investments | — | (2,949) | (8,622) |
| Sales of short-term investments | — | 3,295 | 2,082 |
| Maturities of short-term investments | — | 4,526 | 5,048 |
| All other, net | 273 | 196 | 702 |
| Net cash provided by (used in) investing activities | (5,867) | 1,534 | (3,095) |
| Financing activities: | |||
| Commercial paper – issued | 5,055 | — | — |
| Commercial paper– repayments | (5,055) | — | — |
| Long-term debt – borrowings | 11,166 | 1,631 | 1,589 |
| Long-term debt – repayments | (6,463) | (1,984) | (1,079) |
| Debt issuance costs | (80) | (15) | (15) |
| Issuance of common stock | 24 | 25 | 62 |
| Common stock repurchased | (3,488) | (9,189) | (11,572) |
| Dividends paid | (1,140) | (1,154) | (1,261) |
| Distributions to noncontrolling interests | (1,513) | (1,377) | (1,281) |
| Repurchases of noncontrolling interests | (400) | (326) | — |
| Redemption of noncontrolling interests - preferred units | — | — | (600) |
| All other, net | (30) | (45) | (50) |
| Net cash used in financing activities | (1,924) | (12,434) | (14,207) |
| Net change in cash, cash equivalents and restricted cash | $462 | $(2,235) | $(3,185) |
| Cash, cash equivalents and restricted cash at beginning of period(a) | 3,211 | 5,446 | 8,631 |
| Cash, cash equivalents and restricted cash at end of period(a) | $3,673 | $3,211 | $5,446 |
(a) Restricted cash is included in other current assets on our consolidated balance sheets.
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