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Side-by-side financial comparison of Marathon Petroleum (MPC) and United Parcel Service (UPS). Click either name above to swap in a different company.
Marathon Petroleum is the larger business by last-quarter revenue ($32.6B vs $21.2B, roughly 1.5× United Parcel Service). Marathon Petroleum runs the higher net margin — 4.7% vs 4.1%, a 0.6% gap on every dollar of revenue. On growth, United Parcel Service posted the faster year-over-year revenue change (-1.6% vs -1.7%). Marathon Petroleum produced more free cash flow last quarter ($1.9B vs $1.3B). Over the past eight quarters, Marathon Petroleum's revenue compounded faster (-0.2% CAGR vs -1.4%).
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.
United Parcel Service, Inc. (UPS) is an American multinational shipping & receiving and supply chain management company founded in 1907. Originally known as the American Messenger Company specializing in telegraphs, UPS has expanded to become a Fortune 500 company and one of the world's largest shipping couriers. UPS today is primarily known for its ground shipping services as well as the UPS Store, a retail chain which assists UPS shipments and provides tools for small businesses.
MPC vs UPS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $32.6B | $21.2B |
| Net Profit | $1.5B | $864.0M |
| Gross Margin | 11.4% | — |
| Operating Margin | 8.3% | 6.0% |
| Net Margin | 4.7% | 4.1% |
| Revenue YoY | -1.7% | -1.6% |
| Net Profit YoY | 313.7% | — |
| EPS (diluted) | $4.99 | $1.02 |
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 | — | $21.2B | ||
| Q4 25 | $32.6B | $24.5B | ||
| Q3 25 | $34.8B | $21.4B | ||
| Q2 25 | $33.8B | $21.2B | ||
| Q1 25 | $31.5B | $21.5B | ||
| Q4 24 | $33.1B | $25.3B | ||
| Q3 24 | $35.1B | $22.2B | ||
| Q2 24 | $37.9B | $21.8B |
| Q1 26 | — | $864.0M | ||
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $-74.0M | $1.2B | ||
| Q4 24 | $371.0M | $1.7B | ||
| Q3 24 | $622.0M | $1.5B | ||
| Q2 24 | $1.5B | $1.4B |
| 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 | — | 6.0% | ||
| Q4 25 | 8.3% | 10.5% | ||
| Q3 25 | 7.8% | 8.4% | ||
| Q2 25 | 6.5% | 8.6% | ||
| Q1 25 | 2.2% | 7.7% | ||
| Q4 24 | 3.4% | 11.6% | ||
| Q3 24 | 3.8% | 8.9% | ||
| Q2 24 | 6.7% | 8.9% |
| Q1 26 | — | 4.1% | ||
| Q4 25 | 4.7% | 7.3% | ||
| Q3 25 | 3.9% | 6.1% | ||
| Q2 25 | 3.6% | 6.0% | ||
| Q1 25 | -0.2% | 5.5% | ||
| Q4 24 | 1.1% | 6.8% | ||
| Q3 24 | 1.8% | 6.9% | ||
| Q2 24 | 4.0% | 6.5% |
| Q1 26 | — | $1.02 | ||
| Q4 25 | $4.99 | $2.10 | ||
| Q3 25 | $4.51 | $1.55 | ||
| Q2 25 | $3.96 | $1.51 | ||
| Q1 25 | $-0.24 | $1.40 | ||
| Q4 24 | $1.30 | $2.00 | ||
| Q3 24 | $1.87 | $1.80 | ||
| Q2 24 | $4.33 | $1.65 |
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 | $5.8B |
| Total DebtLower is stronger | $30.5B | $23.7B |
| Stockholders' EquityBook value | $17.3B | — |
| Total Assets | $84.0B | $71.8B |
| Debt / EquityLower = less leverage | 1.76× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.8B | ||
| Q4 25 | $3.7B | $5.9B | ||
| Q3 25 | $2.7B | $6.8B | ||
| Q2 25 | $1.7B | $6.3B | ||
| Q1 25 | $3.8B | $5.1B | ||
| Q4 24 | $3.2B | $6.3B | ||
| Q3 24 | $5.1B | $6.1B | ||
| Q2 24 | $8.5B | $6.5B |
| Q1 26 | — | $23.7B | ||
| Q4 25 | $30.5B | $23.5B | ||
| Q3 25 | $31.2B | $23.9B | ||
| Q2 25 | $26.8B | $23.8B | ||
| Q1 25 | $26.8B | $19.5B | ||
| Q4 24 | $24.4B | $19.4B | ||
| Q3 24 | $24.1B | $20.3B | ||
| Q2 24 | $24.0B | $20.2B |
| Q1 26 | — | — | ||
| Q4 25 | $17.3B | $16.2B | ||
| Q3 25 | $17.1B | $15.8B | ||
| Q2 25 | $16.6B | $15.8B | ||
| Q1 25 | $16.4B | $15.7B | ||
| Q4 24 | $17.7B | $16.7B | ||
| Q3 24 | $18.9B | $16.9B | ||
| Q2 24 | $21.3B | $17.0B |
| Q1 26 | — | $71.8B | ||
| Q4 25 | $84.0B | $73.1B | ||
| Q3 25 | $83.2B | $71.4B | ||
| Q2 25 | $78.5B | $70.9B | ||
| Q1 25 | $81.6B | $68.5B | ||
| Q4 24 | $78.9B | $70.1B | ||
| Q3 24 | $79.8B | $68.3B | ||
| Q2 24 | $85.2B | $69.4B |
| Q1 26 | — | — | ||
| Q4 25 | 1.76× | 1.45× | ||
| Q3 25 | 1.83× | 1.51× | ||
| Q2 25 | 1.61× | 1.51× | ||
| Q1 25 | 1.64× | 1.25× | ||
| Q4 24 | 1.38× | 1.16× | ||
| Q3 24 | 1.27× | 1.21× | ||
| Q2 24 | 1.13× | 1.19× |
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 | $1.3B |
| FCF MarginFCF / Revenue | 5.8% | 6.0% |
| Capex IntensityCapex / Revenue | 3.6% | 4.9% |
| Cash ConversionOCF / Net Profit | 2.00× | — |
| TTM Free Cash FlowTrailing 4 quarters | $4.8B | $4.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $3.3B | ||
| Q3 25 | $2.6B | $2.5B | ||
| Q2 25 | $2.6B | $348.0M | ||
| Q1 25 | $-64.0M | $2.3B | ||
| Q4 24 | $2.2B | $3.3B | ||
| Q3 24 | $1.7B | $1.5B | ||
| Q2 24 | $3.2B | $2.0B |
| Q1 26 | — | $1.3B | ||
| Q4 25 | $1.9B | $2.6B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.9B | $-775.0M | ||
| Q1 25 | $-727.0M | $1.4B | ||
| Q4 24 | $1.4B | $2.2B | ||
| Q3 24 | $1.0B | $655.0M | ||
| Q2 24 | $2.8B | $1.1B |
| Q1 26 | — | 6.0% | ||
| Q4 25 | 5.8% | 10.6% | ||
| Q3 25 | 4.8% | 7.1% | ||
| Q2 25 | 5.8% | -3.7% | ||
| Q1 25 | -2.3% | 6.7% | ||
| Q4 24 | 4.2% | 8.8% | ||
| Q3 24 | 2.9% | 2.9% | ||
| Q2 24 | 7.3% | 4.9% |
| Q1 26 | — | 4.9% | ||
| Q4 25 | 3.6% | 2.9% | ||
| Q3 25 | 2.7% | 4.5% | ||
| Q2 25 | 2.1% | 5.3% | ||
| Q1 25 | 2.1% | 4.1% | ||
| Q4 24 | 2.4% | 4.3% | ||
| Q3 24 | 1.9% | 3.8% | ||
| Q2 24 | 1.3% | 4.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.00× | 1.84× | ||
| Q3 25 | 1.90× | 1.89× | ||
| Q2 25 | 2.17× | 0.27× | ||
| Q1 25 | — | 1.95× | ||
| Q4 24 | 5.95× | 1.93× | ||
| Q3 24 | 2.71× | 0.97× | ||
| Q2 24 | 2.14× | 1.41× |
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% |
UPS
| U.S. Domestic Package | $14.1B | 67% |
| International Package | $4.5B | 21% |
| Supply Chain Solutions | $2.5B | 12% |
