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Side-by-side financial comparison of Marathon Petroleum (MPC) and Valero Energy (VLO), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Marathon Petroleum is the larger business by last-quarter revenue ($32.6B vs $30.4B, roughly 1.1× Valero Energy). Marathon Petroleum runs the higher net margin — 4.7% vs 3.7%, a 1.0% gap on every dollar of revenue. On growth, Valero Energy posted the faster year-over-year revenue change (-1.2% vs -1.7%). Over the past eight quarters, Marathon Petroleum's revenue compounded faster (-0.2% CAGR vs -2.2%).
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.
Valero Energy Corporation is an American-based fuels producer mostly involved in manufacturing and marketing transportation fuels and other related products. It is headquartered in San Antonio, Texas, United States. Throughout the United States, Canada, and the United Kingdom, the company owns and operates 15 refineries with a combined throughput capacity of approximately 3.2 million barrels per day, two renewable diesel plants that produce approximately 1.
MPC vs VLO — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $32.6B | $30.4B |
| Net Profit | $1.5B | $1.1B |
| Gross Margin | 11.4% | 6.3% |
| Operating Margin | 8.3% | 5.2% |
| Net Margin | 4.7% | 3.7% |
| Revenue YoY | -1.7% | -1.2% |
| Net Profit YoY | 313.7% | 303.6% |
| EPS (diluted) | $4.99 | $3.66 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $32.6B | $30.4B | ||
| Q3 25 | $34.8B | $32.2B | ||
| Q2 25 | $33.8B | $29.9B | ||
| Q1 25 | $31.5B | $30.3B | ||
| Q4 24 | $33.1B | $30.8B | ||
| Q3 24 | $35.1B | $32.9B | ||
| Q2 24 | $37.9B | $34.5B | ||
| Q1 24 | $32.7B | $31.8B |
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.2B | $714.0M | ||
| Q1 25 | $-74.0M | $-595.0M | ||
| Q4 24 | $371.0M | $281.0M | ||
| Q3 24 | $622.0M | $364.0M | ||
| Q2 24 | $1.5B | $880.0M | ||
| Q1 24 | $937.0M | $1.2B |
| Q4 25 | 11.4% | 6.3% | ||
| Q3 25 | 10.4% | 5.5% | ||
| Q2 25 | 11.2% | 4.2% | ||
| Q1 25 | 6.8% | 1.7% | ||
| Q4 24 | 7.8% | 2.0% | ||
| Q3 24 | 8.4% | 2.3% | ||
| Q2 24 | 10.5% | 4.2% | ||
| Q1 24 | 9.5% | 6.2% |
| Q4 25 | 8.3% | 5.2% | ||
| Q3 25 | 7.8% | 4.7% | ||
| Q2 25 | 6.5% | 3.3% | ||
| Q1 25 | 2.2% | -3.0% | ||
| Q4 24 | 3.4% | 1.1% | ||
| Q3 24 | 3.8% | 1.5% | ||
| Q2 24 | 6.7% | 3.5% | ||
| Q1 24 | 5.5% | 5.3% |
| Q4 25 | 4.7% | 3.7% | ||
| Q3 25 | 3.9% | 3.4% | ||
| Q2 25 | 3.6% | 2.4% | ||
| Q1 25 | -0.2% | -2.0% | ||
| Q4 24 | 1.1% | 0.9% | ||
| Q3 24 | 1.8% | 1.1% | ||
| Q2 24 | 4.0% | 2.6% | ||
| Q1 24 | 2.9% | 3.9% |
| Q4 25 | $4.99 | $3.66 | ||
| Q3 25 | $4.51 | $3.53 | ||
| Q2 25 | $3.96 | $2.28 | ||
| Q1 25 | $-0.24 | $-1.90 | ||
| Q4 24 | $1.30 | $0.98 | ||
| Q3 24 | $1.87 | $1.14 | ||
| Q2 24 | $4.33 | $2.71 | ||
| Q1 24 | $2.58 | $3.75 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.7B | $4.7B |
| Total DebtLower is stronger | $30.5B | $9.7B |
| Stockholders' EquityBook value | $17.3B | $23.7B |
| Total Assets | $84.0B | $58.0B |
| Debt / EquityLower = less leverage | 1.76× | 0.41× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $3.7B | $4.7B | ||
| Q3 25 | $2.7B | $4.8B | ||
| Q2 25 | $1.7B | $4.5B | ||
| Q1 25 | $3.8B | $4.6B | ||
| Q4 24 | $3.2B | $4.7B | ||
| Q3 24 | $5.1B | $5.2B | ||
| Q2 24 | $8.5B | $5.2B | ||
| Q1 24 | $7.6B | $4.9B |
| Q4 25 | $30.5B | $9.7B | ||
| Q3 25 | $31.2B | $9.7B | ||
| Q2 25 | $26.8B | $10.3B | ||
| Q1 25 | $26.8B | $10.3B | ||
| Q4 24 | $24.4B | $9.7B | ||
| Q3 24 | $24.1B | $9.8B | ||
| Q2 24 | $24.0B | $9.7B | ||
| Q1 24 | $24.8B | $10.0B |
| Q4 25 | $17.3B | $23.7B | ||
| Q3 25 | $17.1B | $23.8B | ||
| Q2 25 | $16.6B | $24.1B | ||
| Q1 25 | $16.4B | $23.5B | ||
| Q4 24 | $17.7B | $24.5B | ||
| Q3 24 | $18.9B | $25.3B | ||
| Q2 24 | $21.3B | $25.4B | ||
| Q1 24 | $22.9B | $26.1B |
| Q4 25 | $84.0B | $58.0B | ||
| Q3 25 | $83.2B | $58.6B | ||
| Q2 25 | $78.5B | $59.4B | ||
| Q1 25 | $81.6B | $59.2B | ||
| Q4 24 | $78.9B | $60.1B | ||
| Q3 24 | $79.8B | $60.4B | ||
| Q2 24 | $85.2B | $63.6B | ||
| Q1 24 | $85.5B | $62.6B |
| Q4 25 | 1.76× | 0.41× | ||
| Q3 25 | 1.83× | 0.41× | ||
| Q2 25 | 1.61× | 0.43× | ||
| Q1 25 | 1.64× | 0.44× | ||
| Q4 24 | 1.38× | 0.40× | ||
| Q3 24 | 1.27× | 0.39× | ||
| Q2 24 | 1.13× | 0.38× | ||
| Q1 24 | 1.08× | 0.39× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.1B | $2.1B |
| Free Cash FlowOCF − Capex | $1.9B | — |
| FCF MarginFCF / Revenue | 5.8% | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 3.6% | — |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 2.00× | 1.81× |
| TTM Free Cash FlowTrailing 4 quarters | $4.8B | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $3.1B | $2.1B | ||
| Q3 25 | $2.6B | $1.9B | ||
| Q2 25 | $2.6B | $936.0M | ||
| Q1 25 | $-64.0M | $952.0M | ||
| Q4 24 | $2.2B | $1.1B | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $3.2B | $2.5B | ||
| Q1 24 | $1.5B | $1.8B |
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.9B | $529.0M | ||
| Q1 25 | $-727.0M | $293.0M | ||
| Q4 24 | $1.4B | $523.0M | ||
| Q3 24 | $1.0B | $866.0M | ||
| Q2 24 | $2.8B | $2.1B | ||
| Q1 24 | $947.0M | $1.2B |
| Q4 25 | 5.8% | — | ||
| Q3 25 | 4.8% | 4.6% | ||
| Q2 25 | 5.8% | 1.8% | ||
| Q1 25 | -2.3% | 1.0% | ||
| Q4 24 | 4.2% | 1.7% | ||
| Q3 24 | 2.9% | 2.6% | ||
| Q2 24 | 7.3% | 5.9% | ||
| Q1 24 | 2.9% | 3.7% |
| Q4 25 | 3.6% | — | ||
| Q3 25 | 2.7% | 1.3% | ||
| Q2 25 | 2.1% | 1.4% | ||
| Q1 25 | 2.1% | 2.2% | ||
| Q4 24 | 2.4% | 1.8% | ||
| Q3 24 | 1.9% | 1.3% | ||
| Q2 24 | 1.3% | 1.2% | ||
| Q1 24 | 1.8% | 2.1% |
| Q4 25 | 2.00× | 1.81× | ||
| Q3 25 | 1.90× | 1.72× | ||
| Q2 25 | 2.17× | 1.31× | ||
| Q1 25 | — | — | ||
| Q4 24 | 5.95× | 3.81× | ||
| Q3 24 | 2.71× | 3.56× | ||
| Q2 24 | 2.14× | 2.81× | ||
| Q1 24 | 1.64× | 1.48× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
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% |
VLO
| Distillates | $14.3B | 47% |
| Gasoline And Blendstocks | $12.5B | 41% |
| Manufactured Product Other | $1.8B | 6% |
| Ethanol Product | $784.0M | 3% |
| Renewable Diesel Product | $589.0M | 2% |
| Distillers Grains | $194.0M | 1% |
| Neat SAF | $118.0M | 0% |
| Renewable Naphtha Product | $24.0M | 0% |
