Refined Products was Marathon Petroleum’s largest segment in fiscal 2025, bringing in $116.50B of $125.93B (93%).
| Segment | FY 2009 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Refined Products | $160.74B | $132.68B | $122.43B | $116.50B | ||||||||
| Merchandise | — | — | — | — | ||||||||
| Crude Oil | $8.96B | $7.42B | $7.30B | $5.82B | ||||||||
| Crude Oil & Refinery Feedstocks | — | — | — | — | ||||||||
| Services & Other | $3.15B | $3.24B | $3.53B | $3.61B | ||||||||
| Midstream Services & Other | — | — | — | — | ||||||||
| Service, Transportation & Other | — | — | — | — | ||||||||
| Midstream Services, Transportation & Other | — | — | — | — | ||||||||
| Transportation & Other | — | — | — | — | ||||||||
| Total | $172.85B | $143.33B | $133.26B | $125.93B |
Marathon Petroleum brought in $125.93B from its three segments in fiscal 2025, the year ended December 31, 2025. That was down 5.5% from $133.26B in fiscal 2024. Refined Products was the largest at $116.50B (92.5%), ahead of Crude Oil at $5.82B (4.6%) and Services & Other at $3.61B (2.9%).
Compared with fiscal 2024, Services & Other grew fastest, up 2.2% to $3.61B, while Crude Oil fell the most, down 20.3% to $5.82B. From fiscal 2022 to 2025, combined revenue from these segments fell from $172.85B to $125.93B, a compound annual decline of 10.0%. Refined Products' share held steady at about 92.5%.
Refining Marketing was Marathon Petroleum’s largest segment in fiscal 2021, bringing in $114.62B of $117.66B (97%).
| Statement Business Segments (2) | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | — | — | |||||||||
| Refining Marketing | $78.95B | $102.32B | $61.72B | $114.62B | |||||||||
| Refining &Amp; Marketing | — | — | — | — | |||||||||
| Retail | — | — | — | — | |||||||||
| Speedway | — | — | — | — | |||||||||
| Midstream | $9.99B | $3.03B | $2.96B | $3.04B | |||||||||
| Pipeline Transportation | — | — | — | — | |||||||||
| Total | $88.94B | $105.34B | $64.67B | $117.66B |
Marathon Petroleum brought in $117.66B from its two segments in fiscal 2021, the year ended December 31, 2021. That was up 81.9% from $64.67B in fiscal 2020. Refining Marketing was the largest at $114.62B (97.4%), ahead of Midstream at $3.04B (2.6%).
Compared with fiscal 2020, Refining Marketing grew 85.7% to $114.62B and Midstream grew 2.9% to $3.04B. From fiscal 2018 to 2021, combined revenue from these segments grew from $88.94B to $117.66B, a compound annual growth rate of 9.8%. Refining Marketing's share of the total rose from 88.8% to 97.4%.
Marathon Petroleum (MPC) reports its revenue by segment and by statement business segments (2). In fiscal 2025, Refined Products was its largest segment, bringing in $116.50B (92.5% of the total), followed by Crude Oil at $5.82B (4.6%).
Refined Products was Marathon Petroleum's largest segment in fiscal 2025, bringing in $116.50B, or 92.5% of the $125.93B total across its three segments.
Among Marathon Petroleum's segments that make up at least 2% of revenue, Services & Other grew fastest in fiscal 2025, up 2.2% from $3.53B to $3.61B.
Every figure comes from Marathon Petroleum's annual financial filings, as reported. Each line keeps the name Marathon Petroleum gives it, and years follow its fiscal calendar.
Marathon Petroleum's revenue by segment goes back to fiscal 2009, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.