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Side-by-side financial comparison of Marathon Petroleum (MPC) and AT&T (T). Click either name above to swap in a different company.
Marathon Petroleum is the larger business by last-quarter revenue ($32.6B vs $31.5B, roughly 1.0× AT&T). AT&T runs the higher net margin — 13.3% vs 4.7%, a 8.6% gap on every dollar of revenue. On growth, AT&T posted the faster year-over-year revenue change (2.9% vs -1.7%). AT&T produced more free cash flow last quarter ($2.5B vs $1.9B). Over the past eight quarters, AT&T's revenue compounded faster (2.8% 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.
AT&T Inc., an abbreviation of its predecessor's original name, the American Telephone and Telegraph Company, is an American multinational telecommunications conglomerate headquartered at the Whitacre Tower in Downtown Dallas, Texas. AT&T is the world’s third-largest telecommunications company by revenue, the third largest wireless carrier in the United States behind T-Mobile and Verizon, and the nation's biggest fiber internet provider.
MPC vs T — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $32.6B | $31.5B |
| Net Profit | $1.5B | $4.2B |
| Gross Margin | 11.4% | — |
| Operating Margin | 8.3% | 21.1% |
| Net Margin | 4.7% | 13.3% |
| Revenue YoY | -1.7% | 2.9% |
| Net Profit YoY | 313.7% | -10.9% |
| EPS (diluted) | $4.99 | $0.54 |
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 | — | $31.5B | ||
| Q4 25 | $32.6B | $33.5B | ||
| Q3 25 | $34.8B | $30.7B | ||
| Q2 25 | $33.8B | $30.8B | ||
| Q1 25 | $31.5B | $30.6B | ||
| Q4 24 | $33.1B | $32.3B | ||
| Q3 24 | $35.1B | $30.2B | ||
| Q2 24 | $37.9B | $29.8B |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $1.5B | $3.8B | ||
| Q3 25 | $1.4B | $9.3B | ||
| Q2 25 | $1.2B | $4.5B | ||
| Q1 25 | $-74.0M | $4.4B | ||
| Q4 24 | $371.0M | $4.1B | ||
| Q3 24 | $622.0M | $-174.0M | ||
| Q2 24 | $1.5B | $3.6B |
| Q1 26 | — | — | ||
| 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 26 | — | 21.1% | ||
| Q4 25 | 8.3% | 17.3% | ||
| Q3 25 | 7.8% | 19.9% | ||
| Q2 25 | 6.5% | 21.1% | ||
| Q1 25 | 2.2% | 18.8% | ||
| Q4 24 | 3.4% | 16.5% | ||
| Q3 24 | 3.8% | 7.0% | ||
| Q2 24 | 6.7% | 19.3% |
| Q1 26 | — | 13.3% | ||
| Q4 25 | 4.7% | 11.3% | ||
| Q3 25 | 3.9% | 30.3% | ||
| Q2 25 | 3.6% | 14.6% | ||
| Q1 25 | -0.2% | 14.2% | ||
| Q4 24 | 1.1% | 12.6% | ||
| Q3 24 | 1.8% | -0.6% | ||
| Q2 24 | 4.0% | 12.1% |
| Q1 26 | — | $0.54 | ||
| Q4 25 | $4.99 | $0.52 | ||
| Q3 25 | $4.51 | $1.29 | ||
| Q2 25 | $3.96 | $0.62 | ||
| Q1 25 | $-0.24 | $0.61 | ||
| Q4 24 | $1.30 | $0.56 | ||
| Q3 24 | $1.87 | $-0.03 | ||
| Q2 24 | $4.33 | $0.49 |
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 | $12.0B |
| Total DebtLower is stronger | $30.5B | $131.6B |
| Stockholders' EquityBook value | $17.3B | $125.6B |
| Total Assets | $84.0B | $421.2B |
| Debt / EquityLower = less leverage | 1.76× | 1.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.0B | ||
| Q4 25 | $3.7B | $18.2B | ||
| Q3 25 | $2.7B | $20.3B | ||
| Q2 25 | $1.7B | $10.5B | ||
| Q1 25 | $3.8B | $6.9B | ||
| Q4 24 | $3.2B | $3.3B | ||
| Q3 24 | $5.1B | $2.6B | ||
| Q2 24 | $8.5B | $3.1B |
| Q1 26 | — | $131.6B | ||
| Q4 25 | $30.5B | $127.1B | ||
| Q3 25 | $31.2B | $128.1B | ||
| Q2 25 | $26.8B | $123.1B | ||
| Q1 25 | $26.8B | $117.3B | ||
| Q4 24 | $24.4B | $118.4B | ||
| Q3 24 | $24.1B | $126.4B | ||
| Q2 24 | $24.0B | $125.4B |
| Q1 26 | — | $125.6B | ||
| Q4 25 | $17.3B | $126.5B | ||
| Q3 25 | $17.1B | $126.8B | ||
| Q2 25 | $16.6B | $121.4B | ||
| Q1 25 | $16.4B | $119.9B | ||
| Q4 24 | $17.7B | $118.2B | ||
| Q3 24 | $18.9B | $116.3B | ||
| Q2 24 | $21.3B | $119.3B |
| Q1 26 | — | $421.2B | ||
| Q4 25 | $84.0B | $420.2B | ||
| Q3 25 | $83.2B | $423.2B | ||
| Q2 25 | $78.5B | $405.5B | ||
| Q1 25 | $81.6B | $397.5B | ||
| Q4 24 | $78.9B | $394.8B | ||
| Q3 24 | $79.8B | $393.7B | ||
| Q2 24 | $85.2B | $398.0B |
| Q1 26 | — | 1.05× | ||
| Q4 25 | 1.76× | 1.00× | ||
| Q3 25 | 1.83× | 1.01× | ||
| Q2 25 | 1.61× | 1.01× | ||
| Q1 25 | 1.64× | 0.98× | ||
| Q4 24 | 1.38× | 1.00× | ||
| Q3 24 | 1.27× | 1.09× | ||
| Q2 24 | 1.13× | 1.05× |
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 | $7.6B |
| Free Cash FlowOCF − Capex | $1.9B | $2.5B |
| FCF MarginFCF / Revenue | 5.8% | 8.0% |
| Capex IntensityCapex / Revenue | 3.6% | 15.5% |
| Cash ConversionOCF / Net Profit | 2.00× | 1.82× |
| TTM Free Cash FlowTrailing 4 quarters | $4.8B | $17.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $7.6B | ||
| Q4 25 | $3.1B | $11.3B | ||
| Q3 25 | $2.6B | $10.2B | ||
| Q2 25 | $2.6B | $9.8B | ||
| Q1 25 | $-64.0M | $9.0B | ||
| Q4 24 | $2.2B | $11.9B | ||
| Q3 24 | $1.7B | $10.2B | ||
| Q2 24 | $3.2B | $9.1B |
| Q1 26 | — | $2.5B | ||
| Q4 25 | $1.9B | $4.5B | ||
| Q3 25 | $1.7B | $5.3B | ||
| Q2 25 | $1.9B | $4.9B | ||
| Q1 25 | $-727.0M | $4.8B | ||
| Q4 24 | $1.4B | $5.1B | ||
| Q3 24 | $1.0B | $4.9B | ||
| Q2 24 | $2.8B | $4.7B |
| Q1 26 | — | 8.0% | ||
| Q4 25 | 5.8% | 13.6% | ||
| Q3 25 | 4.8% | 17.1% | ||
| Q2 25 | 5.8% | 15.8% | ||
| Q1 25 | -2.3% | 15.6% | ||
| Q4 24 | 4.2% | 15.6% | ||
| Q3 24 | 2.9% | 16.3% | ||
| Q2 24 | 7.3% | 15.9% |
| Q1 26 | — | 15.5% | ||
| Q4 25 | 3.6% | 20.3% | ||
| Q3 25 | 2.7% | 15.9% | ||
| Q2 25 | 2.1% | 15.9% | ||
| Q1 25 | 2.1% | 14.0% | ||
| Q4 24 | 2.4% | 21.2% | ||
| Q3 24 | 1.9% | 17.5% | ||
| Q2 24 | 1.3% | 14.6% |
| Q1 26 | — | 1.82× | ||
| Q4 25 | 2.00× | 2.99× | ||
| Q3 25 | 1.90× | 1.09× | ||
| Q2 25 | 2.17× | 2.17× | ||
| Q1 25 | — | 2.08× | ||
| Q4 24 | 5.95× | 2.92× | ||
| Q3 24 | 2.71× | — | ||
| Q2 24 | 2.14× | 2.53× |
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% |
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
