Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Marathon Petroleum's shares outstanding for the quarter that ended in Mar. 2026 was 293 Mil.
Marathon Petroleum's quarterly shares outstanding
declined
from Dec. 2025 (295 Mil) to Mar. 2026 (293 Mil).
It means Marathon Petroleumbought back shares from Dec. 2025 to Mar. 2026 .
Marathon Petroleum's annual shares outstanding
declined
from Dec. 2024 (316 Mil) to Dec. 2025 (295 Mil).
It means Marathon Petroleumbought back shares from Dec. 2024 to Dec. 2025 .
A company may buy back shares or issue shares in any fiscal period. If a company buys back shares, we should observe that the total number of shares decline. If the company issues new shares, the number of shares outstanding increases.
Usually the presence of treasury shares and a history of buyback are good indicators that company has competitive advantage. But studies have shown that companies usually buy back at wrong time. Buying back shares below its intrinsic value increases value for remaining shareholders. Buying back overvalued shares destroys value for existing shareholders.
Be Aware
Warren Buffett looks for consistency and upward long term trend. Because of share repurchase it is possible for net earnings trend to differ from EPS trend. He preferred net income over EPS. The companies with durable competitive advantage companies report higher % net earnings to total revenues.
Important: If a company is showing net earnings history greater than 20% on total revenues, it is probably benefiting from a long term competitive advantage.
If net earnings is less than 10%, likely to be in a highly competitive business.
Marathon Petroleum Shares Outstanding (EOP) Related Terms
Marathon Petroleum Shares Outstanding (EOP) Historical Data
* Premium members only.
The historical data trend for Marathon Petroleum's Shares Outstanding (EOP) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MEX:MPC vs VLO, PSX, DINO: Shares Outstanding (EOP) Comparison
For the Oil & Gas Refining & Marketing subindustry, Marathon Petroleum's Shares Outstanding (EOP), along with its competitors' market caps and Shares Outstanding (EOP) data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Marathon Petroleum Shares Outstanding (EOP) vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Marathon Petroleum's Shares Outstanding (EOP) distribution charts can be found below:
* The bar in red indicates where Marathon Petroleum's Shares Outstanding (EOP) falls into.
Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. They have voting rights and represent ownership in the corporation by the person that holds the shares. They should be distinguished from treasury shares, which are shares held by the corporation itself, having no exercisable rights.
Shares outstanding can be calculated as either basic or fully diluted. The fully diluted shares outstanding count includes diluting securities, such as options, warrants or convertibles.
What does a Shares Outstanding (EOP) of 293 Mil mean?
Marathon Petroleum (MEX:MPC) has a Shares Outstanding (EOP) of 293 Mil as of Mar. 2026. The total shares a company has outstanding, at period-end. View historical data on Marathon Petroleum and its competitors.
Is Marathon Petroleum's Shares Outstanding (EOP) too high?
Marathon Petroleum's current Shares Outstanding (EOP) is 293 Mil. Overall, Marathon Petroleum has a GF Score™ of 64/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Marathon Petroleum's Shares Outstanding (EOP) compare to VLO and PSX?
Marathon Petroleum's Shares Outstanding (EOP) of 293 Mil can be compared against companies in the Oil & Gas industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Shares Outstanding (EOP) for an Oil & Gas company?
A good Shares Outstanding (EOP) depends on the Oil & Gas industry context. However, Shares Outstanding (EOP) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Shares Outstanding (EOP) mean?
A high Shares Outstanding (EOP) can signal that a stock is expensive relative to its fundamentals. The total shares a company has outstanding, at period-end. View historical data on Marathon Petroleum and its competitors. Marathon Petroleum's current Shares Outstanding (EOP) is 293 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Marathon Petroleum stock overvalued right now?
Based on GuruFocus' analysis, Marathon Petroleum (MEX:MPC) is currently considered Modestly Overvalued. The stock's GF Value™ is MXN3,663.33, compared to a current price of MXN4,496.00 — trading 22.7% above its estimated fair value. The current Shares Outstanding (EOP) is 293 Mil. Marathon Petroleum's overall GF Score™ is 64/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Shares Outstanding (EOP) calculated?
Shares Outstanding (EOP) is calculated from a company's financial statements. For Marathon Petroleum (MEX:MPC), the current Shares Outstanding (EOP) is 293 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Marathon Petroleum (MEX:MPC) Overvalued in 2026?
Based on GuruFocus' analysis, Marathon Petroleum stock appears to be overvalued.
The current stock price of MXN4,496.00 is trading 22.7% above its estimated GF Value™ of MXN3,663.33.
GuruFocus considers Marathon Petroleum to be Modestly Overvalued.
Key valuation signals for MEX:MPC:
Shares Outstanding (EOP): 293 Mil
GF Value™: MXN3,663.33 vs. price of MXN4,496.00 (22.7% above fair value)
No single metric tells the full story. See the MEX:MPC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Marathon Petroleum is a leading integrated downstream and midstream energy company that operates 13 refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States with an aggregate crude oil refining capacity of 3.0 million barrels per day. The company is one of the largest producers of renewable diesel in the US; its Dickinson, North Dakota facility has the capacity to produce 184 million gallons per year, and its Martinez, California, joint venture facility (a 50/50 partnership with Neste) reached its full capacity of 730 million gallons per year in late 2024. Marathon also owns the general partner and approximately 64% of MPLX LP, a large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets.
64GF Score
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Shares Outstanding (EOP) is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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