---
title: "Marathon Petroleum: Business Model"
description: "Marathon Petroleum revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/marathon-petroleum/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Marathon Petroleum: Business Model & Revenue Engine

## Direct Answer

Marathon Petroleum reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Refining and Marketing is the largest, with $124 billion of revenue (94% of the total), followed by Midstream at $11.5 billion (9%).

## How Does Marathon Petroleum Make Money?

Refining and Marketing supplies 94% of revenue, so Marathon Petroleum's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Midstream grew fastest (+121.9%) and Refining and Marketing slowest (-5.6%), so the revenue mix tilts toward Midstream while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Refining and Marketing | $124 billion | $132 billion | 93.6% | -5.6% |
| Midstream | $11.5 billion | $5.2 billion | 8.7% | 121.9% |
| Renewable Diesel | $2.8 billion | $2.1 billion | 2.1% | 33.7% |

![Bar chart of Marathon Petroleum revenue by segment for fiscal 2025: Refining and Marketing 93.6%, Midstream 8.7%, Renewable Diesel 2.1%.](https://www.getswoopr.com/images/charts/marathon-petroleum-business-model-segment-mix.webp)
*Marathon Petroleum revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What the Segment Figures Do Not Show

The rows above add up to 104% of Marathon Petroleum's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Marathon Petroleum reported in the segment note and revenue disclosures of its Form 10-K filed February 26, 2026 (accession 0001510295-26-000009), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Marathon Petroleum's business segments?

In its fiscal 2025 Form 10-K, Marathon Petroleum reports revenue for Refining and Marketing, Midstream and Renewable Diesel.

### Which part of Marathon Petroleum brings in the most revenue?

Refining and Marketing, with $124 billion of revenue in fiscal 2025, or 94% of the total.

### Where does Marathon Petroleum report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 26, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: Marathon Petroleum Corp Form 10-K filed February 26, 2026](https://www.sec.gov/Archives/edgar/data/1510295/000151029526000009/mpc-20251231.htm)
- [SEC EDGAR: Marathon Petroleum Corp annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1510295&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

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**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).