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Marathon Petroleum cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$9.6B in Q3 2026 · $20.8B over twelve months

Operating cash flow$10.7B
Capital spending−$1.1B
Free cash flow+$9.6B
Cash / net income1.4×
Cash conversion cycle7 days

Analysis

In Q3 2026, Marathon Petroleum generated $10.7B of operating cash flow and spent $1.1B on capital projects, leaving free cash flow of $9.6B. That is $7.9B more than in Q3 2025 ($1.7B).

Over the twelve months to Sep 30, 2026, operating cash flow was $25.2B; the largest uses were buybacks ($7.3B), capital spending ($4.4B), partners ($1.6B); besides operations, cash came from asset & business sales ($1.0B), net borrowing (+) / repaid (−) ($94.0M); the cash balance rose by $10.2B.

Operating cash flow was $10.7B against net income of $7.9B — 1.4× profit, cash ran ahead of reported earnings. The largest differences: payables +$3.2B, receivables −$1.7B, depreciation & amortization +$836M.

Its cash conversion cycle was 7 days (receivables 27 + inventory 21 − payables 42).

Free cash flow

Marathon Petroleum: free cash flow by quarterMarathon Petroleum: free cash flow by quarter$1.4BQ4 2024−$727MQ1 2025$1.9BQ2 2025$1.7BQ3 2025$1.9BQ4 2025$208MQ1 2026$9.1BQ2 2026$9.6BQ3 2026
Operating cash flow less capital spending.
Marathon Petroleum: operating cash flow against capital spendingMarathon Petroleum: operating cash flow against capital spendingOperating cash flowCapital spending$2.2B$810MQ4 2024−$64.0M$663MQ1 2025$2.6B$695MQ2 2025$2.6B$947MQ3 2025$3.1B$1.2BQ4 2025$1.1B$913MQ1 2026$10.3B$1.2BQ2 2026$10.7B$1.1BQ3 2026
Latest (Q3 2026): Operating cash flow $10.7B, Capital spending $1.1B.

Capital allocation, year by year

Marathon Petroleum: where the cash came from (up) and went (down), by fiscal yearMarathon Petroleum: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $4.4BFY2021: Net borrowing −$6.3BFY2021: Shares issued $212MFY2021: Asset sales $153MFY2021: Capital spending −$1.5BFY2021: Buybacks −$4.7BFY2021: Dividends −$1.5B$4.7BFY2021FY2022: Operating cash flow $16.4BFY2022: Net borrowing $1.0BFY2022: Shares issued $486MFY2022: Asset sales $90.0MFY2022: Capital spending −$2.4BFY2022: Acquisitions −$413MFY2022: Buybacks −$11.9BFY2022: Dividends −$1.3B$18.0BFY2022FY2023: Operating cash flow $14.1BFY2023: Net borrowing $431MFY2023: Shares issued $124MFY2023: Asset sales $36.0MFY2023: Capital spending −$1.9BFY2023: Acquisitions −$246MFY2023: Buybacks −$11.6BFY2023: Dividends −$1.3B$14.7BFY2023FY2024: Operating cash flow $8.7BFY2024: Net borrowing −$435MFY2024: Shares issued $50.0MFY2024: Asset sales $35.0MFY2024: Capital spending −$2.5BFY2024: Acquisitions −$688MFY2024: Buybacks −$9.2BFY2024: Dividends −$1.2B$8.8BFY2024FY2025: Operating cash flow $8.3BFY2025: Net borrowing $4.6BFY2025: Shares issued $48.0MFY2025: Asset sales $1.0BFY2025: Capital spending −$3.5BFY2025: Acquisitions −$3.3BFY2025: Buybacks −$3.5BFY2025: Dividends −$1.1B$13.9BFY2025
Over these 5 years operating cash flow totalled $51.8B; the largest uses were buybacks ($40.8B) and capital spending ($11.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$13.6B
Debt$33.0B
Net debt$19.4B
Due within a year$2.3B

Marathon Petroleum funds itself: free cash flow was $20.8B over the last twelve months, and $13.6B of cash and investments stands against $33.0B of debt ($2.3B due within a year, 6.0× covered by cash).

Marathon Petroleum: debt maturities by year (FY2025)Marathon Petroleum: debt maturities by year (FY2025)$2.3BYear 1$2.0BYear 2$1.8BYear 3$764MYear 4$2.6BYear 5
Principal due in each year as disclosed in the annual report, against $13.6B of cash and investments now.

Where the cash came from and went

Marathon Petroleum: sources (+) and uses (−) of cash, Q3 2026Marathon Petroleum: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$10.7BCash drawn (+) / kept (−)−$5.0BBuybacks−$3.0BCapital spending−$1.1BOther investing−$1.0BPartners−$406MDividends−$279MNet borrowing (+) / repaid (−)$194MOther financing−$68.0MAsset & business sales$12.0MShares issued$1.0M
Marathon Petroleum: sources (+) and uses (−) of cash, TTM to Q3 2026Marathon Petroleum: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$25.2BCash drawn (+) / kept (−)−$10.2BBuybacks−$7.3BCapital spending−$4.4BPartners−$1.6BOther investing−$1.4BDividends−$1.2BAsset & business sales$1.0BOther financing−$327MNet borrowing (+) / repaid (−)$94.0MAcquisitions$14.0MShares issued$3.0M

From profit to cash

Marathon Petroleum: net income to operating cash flow, Q3 2026Marathon Petroleum: net income to operating cash flow, Q3 2026Net income$7.9BDepreciation & amortization$836MDeferred taxes−$127MReceivables−$1.7BInventory−$223MPayables$3.2BOperating cash flow$10.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20262721427
Q2 202627223910
Q1 202633304419
Q4 202529324121
Q3 202529293820
Q2 202531314320
Q1 202533314420
Q4 202430294019

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$10.7B−$1.1B—−$3.0B−$279M$194M$1.0M−$5.0B$9.6B
Q2 2026$10.3B−$1.2B—−$2.5B−$290M−$26.0M$1.0M−$5.6B$9.1B
Q1 2026$1.1B−$913M$14.0M−$750M−$295M−$49.0M$1.0M$1.5B$208M
Q4 2025$3.1B−$1.2B—−$1.0B−$300M−$25.0M—−$1.0B$1.9B
Q3 2025$2.6B−$947M−$3.1B−$650M−$276M$3.6B$1.0M−$980M$1.7B
Q2 2025$2.6B−$695M—−$780M−$279M−$2.3B—$2.1B$1.9B
Q1 2025−$64.0M−$663M−$237M−$1.1B−$285M$3.4B$23.0M−$602M−$727M
Q4 2024$2.2B−$810M−$66.0M−$1.4B−$292M−$1.2B$6.0M$793M$1.4B

Marathon Petroleum: income statement and cash flow

Marathon Petroleum, Q3 2026: revenue $56.0B (+61% year over year), operating margin 18.7%. The chart follows the revenue to costs, profit and cash.

Marathon Petroleum: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.