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Marathon Petroleum

MPC Q4 2025 Earnings

Reported Feb 3, 2026 at 6:33 AM ET · SEC Source

Q4 25 EPS

$4.07

BEAT +50.18%

Est. $2.71

Q4 25 Revenue

$33.42B

vs S&P Since Q4 25

+34.0%

BEATING MARKET

MPC +38.5% vs S&P +4.5%

Full Year 2025 Results

FY 25 EPS

$10.70

BEAT +13.54%

Est. $9.42

FY 25 Revenue

$135.22B

BEAT +2.26%

Est. $132.23B

Market Reaction

Did MPC Beat Earnings? Q4 2025 Results

Marathon Petroleum delivered a blowout fourth quarter of 2025, posting adjusted earnings of $4.07 per diluted share against a Wall Street consensus of $2.71, a 50.18% beat, as the company's refining operations roared back to life on the strength of s… Read more Marathon Petroleum delivered a blowout fourth quarter of 2025, posting adjusted earnings of $4.07 per diluted share against a Wall Street consensus of $2.71, a 50.18% beat, as the company's refining operations roared back to life on the strength of sharply wider crack spreads. Revenue came in at $33.42 billion for the quarter, while adjusted EBITDA of $3.49 billion nearly doubled from $2.12 billion a year earlier. The single biggest driver was the Refining & Marketing segment, where adjusted EBITDA surged to $2.00 billion from just $559 million in Q4 2024, with margins expanding to $18.65 per barrel as crude utilization hit 95% and total throughput reached 3.0 million barrels per day. MPC returned approximately $1.30 billion to shareholders in the quarter alone, capping a full-year total of $4.50 billion in capital returns. Looking ahead, management has set 2026 standalone capital spending at $1.50 billion, with nearly two-thirds earmarked for value-enhancing projects, a forward posture that makes the refining sector competition worth watching closely.

Key Takeaways

  • • Higher crack spreads drove R&M margin expansion to $18.65 per barrel from $12.93 per barrel year-over-year
  • • Crude capacity utilization of 95% in Q4 2025 resulting in 3.0 million bpd throughput
  • • Full-year refining utilization of 94% and margin capture of 105%
  • • Strong operational and commercial execution across refining system

MPC Forward Guidance & Outlook

MPC's 2026 standalone (excluding MPLX) capital spending outlook is $1.5 billion, with approximately 65% focused on value-enhancing capital and 35% on sustaining capital. MPLX's 2026 capital spending outlook is $2.7 billion, with approximately 90% focused on growth capital. For Q1 2026, the company expects refining operating costs of $5.85 per barrel, distribution costs of $1,625 million, refining planned turnaround costs of $465 million, D&A of $385 million, and total refinery throughputs of 2,740 mbpd (including 2,540 crude oil refined and 200 other charge and blendstocks). Corporate costs are expected at $240 million (including $30 million D&A). MPLX's growing distribution is expected to more than fund MPC's 2026 dividend and standalone capital.

24/7 Wall St

MPC YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

“In 2025, strong refining operational performance and commercial execution drove cash flow generation. The deployment of MPC capital enhances our competitiveness in each of the regions where we operate. In Midstream, MPLX is investing to execute its natural gas and NGL growth strategies. Growing MPLX distributions differentiates MPC from peers and supports our commitment to industry-leading capital return.”

— Maryann Mannen, Q4 2025 Earnings Press Release

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