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% |
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.