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Side-by-side financial comparison of Marathon Petroleum (MPC) and Shell plc (SHEL). Click either name above to swap in a different company.
Shell plc is the larger business by last-quarter revenue ($65.4B vs $32.6B, roughly 2.0× Marathon Petroleum). Shell plc runs the higher net margin — 5.6% vs 4.7%, a 0.9% gap on every dollar of revenue. On growth, Marathon Petroleum posted the faster year-over-year revenue change (-1.7% vs -12.2%). Over the past eight quarters, Marathon Petroleum's revenue compounded faster (-0.2% CAGR vs -11.9%).
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.
Shell plc is a British multinational oil and gas company, headquartered in London, England. Shell is a public limited company with a primary listing on the London Stock Exchange (LSE) and secondary listings on Euronext Amsterdam and the New York Stock Exchange. A core component of Big Oil, Shell is the second largest investor-owned oil and gas company in the world by revenue, and among the world's largest companies out of any industry. Measured by both its own emissions, and the emissions of ...
MPC vs SHEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $32.6B | $65.4B |
| Net Profit | $1.5B | $3.6B |
| Gross Margin | 11.4% | — |
| Operating Margin | 8.3% | — |
| Net Margin | 4.7% | 5.6% |
| Revenue YoY | -1.7% | -12.2% |
| Net Profit YoY | 313.7% | -0.2% |
| 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.
| Q4 25 | $32.6B | — | ||
| Q3 25 | $34.8B | — | ||
| Q2 25 | $33.8B | $65.4B | ||
| Q1 25 | $31.5B | $69.2B | ||
| Q4 24 | $33.1B | — | ||
| Q3 24 | $35.1B | — | ||
| Q2 24 | $37.9B | $74.5B | ||
| Q1 24 | $32.7B | $72.5B |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.2B | $3.6B | ||
| Q1 25 | $-74.0M | $4.9B | ||
| Q4 24 | $371.0M | — | ||
| Q3 24 | $622.0M | — | ||
| Q2 24 | $1.5B | $3.6B | ||
| Q1 24 | $937.0M | $7.4B |
| Q4 25 | 11.4% | — | ||
| Q3 25 | 10.4% | — | ||
| Q2 25 | 11.2% | — | ||
| Q1 25 | 6.8% | — | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | 8.4% | — | ||
| Q2 24 | 10.5% | — | ||
| Q1 24 | 9.5% | — |
| Q4 25 | 8.3% | — | ||
| Q3 25 | 7.8% | — | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 3.4% | — | ||
| Q3 24 | 3.8% | — | ||
| Q2 24 | 6.7% | — | ||
| Q1 24 | 5.5% | — |
| Q4 25 | 4.7% | — | ||
| Q3 25 | 3.9% | — | ||
| Q2 25 | 3.6% | 5.6% | ||
| Q1 25 | -0.2% | 7.0% | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 1.8% | — | ||
| Q2 24 | 4.0% | 4.9% | ||
| Q1 24 | 2.9% | 10.3% |
| Q4 25 | $4.99 | — | ||
| Q3 25 | $4.51 | — | ||
| Q2 25 | $3.96 | — | ||
| Q1 25 | $-0.24 | — | ||
| Q4 24 | $1.30 | — | ||
| Q3 24 | $1.87 | — | ||
| Q2 24 | $4.33 | — | ||
| Q1 24 | $2.58 | — |
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 | $32.7B |
| Total DebtLower is stronger | $30.5B | — |
| Stockholders' EquityBook value | $17.3B | $183.1B |
| Total Assets | $84.0B | $387.9B |
| Debt / EquityLower = less leverage | 1.76× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.7B | — | ||
| Q3 25 | $2.7B | — | ||
| Q2 25 | $1.7B | $32.7B | ||
| Q1 25 | $3.8B | $35.6B | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $8.5B | $38.1B | ||
| Q1 24 | $7.6B | $39.9B |
| 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 24 | $24.8B | — |
| Q4 25 | $17.3B | — | ||
| Q3 25 | $17.1B | — | ||
| Q2 25 | $16.6B | $183.1B | ||
| Q1 25 | $16.4B | — | ||
| Q4 24 | $17.7B | — | ||
| Q3 24 | $18.9B | — | ||
| Q2 24 | $21.3B | $187.2B | ||
| Q1 24 | $22.9B | — |
| Q4 25 | $84.0B | — | ||
| Q3 25 | $83.2B | — | ||
| Q2 25 | $78.5B | $387.9B | ||
| Q1 25 | $81.6B | — | ||
| Q4 24 | $78.9B | — | ||
| Q3 24 | $79.8B | — | ||
| Q2 24 | $85.2B | $394.8B | ||
| Q1 24 | $85.5B | — |
| 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× | — | ||
| Q1 24 | 1.08× | — |
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 | $11.9B |
| Free Cash FlowOCF − Capex | $1.9B | — |
| FCF MarginFCF / Revenue | 5.8% | — |
| Capex IntensityCapex / Revenue | 3.6% | — |
| Cash ConversionOCF / Net Profit | 2.00× | 3.28× |
| TTM Free Cash FlowTrailing 4 quarters | $4.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.1B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | $11.9B | ||
| Q1 25 | $-64.0M | $9.3B | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $3.2B | $13.5B | ||
| Q1 24 | $1.5B | $13.3B |
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $-727.0M | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $2.8B | — | ||
| Q1 24 | $947.0M | — |
| Q4 25 | 5.8% | — | ||
| Q3 25 | 4.8% | — | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | -2.3% | — | ||
| Q4 24 | 4.2% | — | ||
| Q3 24 | 2.9% | — | ||
| Q2 24 | 7.3% | — | ||
| Q1 24 | 2.9% | — |
| Q4 25 | 3.6% | — | ||
| Q3 25 | 2.7% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 2.1% | — | ||
| Q4 24 | 2.4% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 1.8% | — |
| Q4 25 | 2.00× | — | ||
| Q3 25 | 1.90× | — | ||
| Q2 25 | 2.17× | 3.28× | ||
| Q1 25 | — | 1.90× | ||
| Q4 24 | 5.95× | — | ||
| Q3 24 | 2.71× | — | ||
| Q2 24 | 2.14× | 3.70× | ||
| Q1 24 | 1.64× | 1.79× |
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% |
SHEL
Segment breakdown not available.
