Marathon Petroleum Corp
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
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18. Revenue
- Revenue
The following table presents our revenues from external customers disaggregated by segment and product line:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (In millions) | 2026 | 2025 | 2026 | 2025 |
| Refining & Marketing | ||||
| Refined products | $50,298 | $30,525 | $126,952 | $87,897 |
| Crude oil | 2,198 | 1,586 | 6,115 | 4,570 |
| Services and other | 598 | 536 | 1,652 | 1,465 |
| Total revenues from external customers | 53,094 | 32,647 | 134,719 | 93,932 |
| Midstream | ||||
| Refined products | 674 | 527 | 1,714 | 1,529 |
| Services and other | 902 | 922 | 2,619 | 2,701 |
| Total revenues from external customers | 1,576 | 1,449 | 4,333 | 4,230 |
| Renewable Diesel | ||||
| Refined products | 1,360 | 709 | 3,164 | 1,953 |
| Services and other | 2 | 4 | 10 | 10 |
| Total revenues from external customers | 1,362 | 713 | 3,174 | 1,963 |
| Sales and other operating revenues | $56,032 | $34,809 | $142,226 | $100,125 |
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 September 30, 2026, 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 September 30, 2026 and December 31, 2025 include matching buy/sell receivables of $7.3 billion and $4.1 billion, respectively.
Our contract liabilities primarily represent advances from our customers prior to product or service delivery. At September 30, 2026 and December 31, 2025, contract liabilities were $357 million and $215 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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