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Side-by-side financial comparison of Marathon Petroleum (MPC) and Merck & Co. (MRK). Click either name above to swap in a different company.
Marathon Petroleum is the larger business by last-quarter revenue ($32.6B vs $16.3B, roughly 2.0× Merck & Co.). Marathon Petroleum runs the higher net margin — 4.7% vs 0.9%, a 3.8% gap on every dollar of revenue. On growth, Merck & Co. posted the faster year-over-year revenue change (4.9% vs -1.7%). Over the past eight quarters, Merck & Co.'s revenue compounded faster (0.5% CAGR vs -0.2%).
Marathon Petroleum Corporation is an American petroleum refining, marketing, and transportation company headquartered in Findlay, Ohio. The company was a wholly owned subsidiary of Marathon Oil until a corporate spin-off in 2011.
Merck & Co., Inc. is an American multinational pharmaceutical company headquartered in Rahway, New Jersey. The company does business as Merck Sharp & Dohme or MSD outside the United States and Canada. The company is ranked fourth on the list of largest biomedical companies by revenue.
MPC vs MRK — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $32.6B | $16.3B |
| Net Profit | $1.5B | $141.0M |
| Gross Margin | 11.4% | 74.2% |
| Operating Margin | 8.3% | — |
| Net Margin | 4.7% | 0.9% |
| Revenue YoY | -1.7% | 4.9% |
| Net Profit YoY | 313.7% | -9.5% |
| EPS (diluted) | $4.99 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $16.3B | ||
| Q4 25 | $32.6B | $16.4B | ||
| Q3 25 | $34.8B | $17.3B | ||
| Q2 25 | $33.8B | $15.8B | ||
| Q1 25 | $31.5B | $15.5B | ||
| Q4 24 | $33.1B | $15.6B | ||
| Q3 24 | $35.1B | $16.7B | ||
| Q2 24 | $37.9B | $16.1B |
| Q1 26 | — | $141.0M | ||
| Q4 25 | $1.5B | $3.0B | ||
| Q3 25 | $1.4B | $5.8B | ||
| Q2 25 | $1.2B | $4.4B | ||
| Q1 25 | $-74.0M | $5.1B | ||
| Q4 24 | $371.0M | $3.7B | ||
| Q3 24 | $622.0M | $3.2B | ||
| Q2 24 | $1.5B | $5.5B |
| Q1 26 | — | 74.2% | ||
| Q4 25 | 11.4% | 66.2% | ||
| Q3 25 | 10.4% | 77.7% | ||
| Q2 25 | 11.2% | 77.5% | ||
| Q1 25 | 6.8% | 78.0% | ||
| Q4 24 | 7.8% | 75.5% | ||
| Q3 24 | 8.4% | 75.5% | ||
| Q2 24 | 10.5% | 76.8% |
| Q1 26 | — | — | ||
| Q4 25 | 8.3% | 20.9% | ||
| Q3 25 | 7.8% | 39.0% | ||
| Q2 25 | 6.5% | 31.6% | ||
| Q1 25 | 2.2% | 38.0% | ||
| Q4 24 | 3.4% | 26.7% | ||
| Q3 24 | 3.8% | 24.6% | ||
| Q2 24 | 6.7% | 37.3% |
| Q1 26 | — | 0.9% | ||
| Q4 25 | 4.7% | 18.1% | ||
| Q3 25 | 3.9% | 33.5% | ||
| Q2 25 | 3.6% | 28.0% | ||
| Q1 25 | -0.2% | 32.7% | ||
| Q4 24 | 1.1% | 24.0% | ||
| Q3 24 | 1.8% | 19.0% | ||
| Q2 24 | 4.0% | 33.9% |
| Q1 26 | — | — | ||
| Q4 25 | $4.99 | $1.19 | ||
| Q3 25 | $4.51 | $2.32 | ||
| Q2 25 | $3.96 | $1.76 | ||
| Q1 25 | $-0.24 | $2.01 | ||
| Q4 24 | $1.30 | $1.49 | ||
| Q3 24 | $1.87 | $1.24 | ||
| Q2 24 | $4.33 | $2.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.7B | — |
| Total DebtLower is stronger | $30.5B | — |
| Stockholders' EquityBook value | $17.3B | — |
| Total Assets | $84.0B | — |
| Debt / EquityLower = less leverage | 1.76× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.7B | $14.6B | ||
| Q3 25 | $2.7B | $18.2B | ||
| Q2 25 | $1.7B | $8.6B | ||
| Q1 25 | $3.8B | $9.2B | ||
| Q4 24 | $3.2B | $13.7B | ||
| Q3 24 | $5.1B | $14.6B | ||
| Q2 24 | $8.5B | $11.4B |
| Q1 26 | — | — | ||
| Q4 25 | $30.5B | — | ||
| Q3 25 | $31.2B | — | ||
| Q2 25 | $26.8B | — | ||
| Q1 25 | $26.8B | — | ||
| Q4 24 | $24.4B | — | ||
| Q3 24 | $24.1B | — | ||
| Q2 24 | $24.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | $17.3B | $52.6B | ||
| Q3 25 | $17.1B | $51.9B | ||
| Q2 25 | $16.6B | $49.0B | ||
| Q1 25 | $16.4B | $48.3B | ||
| Q4 24 | $17.7B | $46.3B | ||
| Q3 24 | $18.9B | $44.5B | ||
| Q2 24 | $21.3B | $43.6B |
| Q1 26 | — | — | ||
| Q4 25 | $84.0B | $136.9B | ||
| Q3 25 | $83.2B | $129.5B | ||
| Q2 25 | $78.5B | $117.5B | ||
| Q1 25 | $81.6B | $115.1B | ||
| Q4 24 | $78.9B | $117.1B | ||
| Q3 24 | $79.8B | $117.5B | ||
| Q2 24 | $85.2B | $112.6B |
| Q1 26 | — | — | ||
| Q4 25 | 1.76× | — | ||
| Q3 25 | 1.83× | — | ||
| Q2 25 | 1.61× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 1.38× | — | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.13× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.1B | — |
| Free Cash FlowOCF − Capex | $1.9B | — |
| FCF MarginFCF / Revenue | 5.8% | — |
| Capex IntensityCapex / Revenue | 3.6% | — |
| Cash ConversionOCF / Net Profit | 2.00× | — |
| TTM Free Cash FlowTrailing 4 quarters | $4.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $2.9B | ||
| Q3 25 | $2.6B | $7.8B | ||
| Q2 25 | $2.6B | $3.3B | ||
| Q1 25 | $-64.0M | $2.5B | ||
| Q4 24 | $2.2B | $3.5B | ||
| Q3 24 | $1.7B | $9.3B | ||
| Q2 24 | $3.2B | $5.6B |
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $1.8B | ||
| Q3 25 | $1.7B | $6.8B | ||
| Q2 25 | $1.9B | $2.5B | ||
| Q1 25 | $-727.0M | $1.2B | ||
| Q4 24 | $1.4B | $2.5B | ||
| Q3 24 | $1.0B | $8.5B | ||
| Q2 24 | $2.8B | $4.8B |
| Q1 26 | — | — | ||
| Q4 25 | 5.8% | 11.1% | ||
| Q3 25 | 4.8% | 39.6% | ||
| Q2 25 | 5.8% | 16.0% | ||
| Q1 25 | -2.3% | 7.5% | ||
| Q4 24 | 4.2% | 16.1% | ||
| Q3 24 | 2.9% | 51.1% | ||
| Q2 24 | 7.3% | 30.1% |
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | 6.3% | ||
| Q3 25 | 2.7% | 5.7% | ||
| Q2 25 | 2.1% | 4.8% | ||
| Q1 25 | 2.1% | 8.6% | ||
| Q4 24 | 2.4% | 6.0% | ||
| Q3 24 | 1.9% | 4.7% | ||
| Q2 24 | 1.3% | 4.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.00× | 0.96× | ||
| Q3 25 | 1.90× | 1.35× | ||
| Q2 25 | 2.17× | 0.74× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | 5.95× | 0.92× | ||
| Q3 24 | 2.71× | 2.94× | ||
| Q2 24 | 2.14× | 1.03× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MPC
| Refined Products | $28.6B | 88% |
| Midstream | $1.4B | 4% |
| Crude Oil | $1.2B | 4% |
| Renewable Diesel | $851.0M | 3% |
| Related Party | $536.0M | 2% |
| Services & Other | $466.0M | 1% |
MRK
Segment breakdown not available.
