This outcome is visible in the filings: FY2024 reported revenue fell to $138.52 billion from $148.46 billion in 2023, a -6.71% decline, while GAAP net income declined sharply to $3.44 billion from $9.67 billion, a -64.44% change. Those top-line and bottom-line inflections underpin the cash-flow dynamics that allowed large buybacks in a year of weaker profitability.

Put simply, MPC returned about three times the company’s reported 2024 net income to shareholders — an aggressive capital allocation posture that levers operational upside but raises near-term liquidity and leverage questions if refining margins remain depressed.

Financial performance and trend analysis (2021–2024)#

A review of four years of income-statement data shows MPC’s refining cyclicality and the impact on margins and cash flow. Revenue contracted in 2024 while gross and operating margins compressed materially versus the 2022–2023 peaks. The following table summarizes the key income-statement series that drive cash and valuation.