MPC Q2 2025 Earnings
Reported Aug 5, 2025 at 6:34 AM ET · SEC Source
Q2 25 EPS
$3.96
BEAT +22.45%
Est. $3.23
Q2 25 Revenue
$34.10B
BEAT +7.55%
Est. $31.71B
vs S&P Since Q2 25
+34.7%
BEATING MARKET
MPC +49.4% vs S&P +14.8%
Market Reaction
Did MPC Beat Earnings? Q2 2025 Results
Marathon Petroleum delivered a strong second-quarter 2025 earnings beat, posting diluted EPS of $3.96 against a Wall Street consensus of $3.23, a 22.45% positive surprise, while revenue of $34.10 billion topped estimates by 7.55%, even as both figure… Read more Marathon Petroleum delivered a strong second-quarter 2025 earnings beat, posting diluted EPS of $3.96 against a Wall Street consensus of $3.23, a 22.45% positive surprise, while revenue of $34.10 billion topped estimates by 7.55%, even as both figures came in below the year-ago period due to softer commodity prices. The standout driver was operational execution in refining: the company achieved 97% crude capacity utilization and an impressive 105% margin capture rate despite a weaker margin environment, underscoring why Marathon remains a benchmark among independent refining peers. On the midstream front, MPLX's $2.38 billion acquisition of Northwind Midstream, adding Permian Basin sour gas processing capacity, signals continued strategic expansion. Looking ahead, management guided Q3 2025 refinery throughputs of 2,940 mbpd with planned turnaround costs rising to $400 million, while wider Western Canadian Select crude differentials are expected to provide a meaningful earnings tailwind in the coming quarter.
Key Takeaways
- • 97% crude capacity utilization and 105% margin capture in Refining & Marketing
- • Higher R&M margin capture despite weaker year-over-year margin environment
- • Midstream strength driven by higher rates and throughputs
- • Improved Renewable Diesel results from increased utilization and higher margins
- • Share repurchases reducing weighted average diluted shares from 350 million to 307 million year-over-year
MPC YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“Our second quarter results reflect actions we have taken to deliver on our strategic commitments. In refining, our team delivered 97% utilization and 105% margin capture; and we remain constructive on the long-term outlook. We have advanced our portfolio optimization for today and the future with MPLX's announcement of a $2.375 billion midstream acquisition in the Permian and MPC's $425 million divestiture of its partial interest in ethanol production facilities. We believe execution of our strategic commitments will position our integrated system to deliver industry-leading capital returns and offer a compelling value proposition for our shareholders.”
— Maryann Mannen, Q2 2025 Earnings Press Release
MPC Earnings Trends
MPC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MPC EPS Trend
Earnings per share: estimate vs actual
MPC Revenue Trend
Quarterly revenue: estimate vs actual
MPC Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $2.71 | $4.07 | +50.18% | $33.42B | — |
| FY Full Year | $9.42 | $10.70 | +13.54% | $135.22B | +2.26% |
| Q3 25 MISS | $3.16 | $3.01 | -4.86% | $34.81B | +9.78% |
| Q2 25 BEAT | $3.23 | $3.96 | +22.45% | $34.10B | +7.55% |
| Q1 25 BEAT | $-0.54 | $-0.24 | +55.72% | $31.52B | +4.54% |