MPC Q3 2025 Earnings
Reported Nov 4, 2025 at 6:34 AM ET · SEC Source
Q3 25 EPS
$3.01
MISS 4.86%
Est. $3.16
Q3 25 Revenue
$34.81B
BEAT +9.78%
Est. $31.71B
vs S&P Since Q3 25
+29.8%
BEATING MARKET
MPC +36.5% vs S&P +6.7%
Market Reaction
Did MPC Beat Earnings? Q3 2025 Results
Marathon Petroleum delivered a mixed third quarter for 2025, posting adjusted earnings of $3.01 per diluted share, a 4.86% miss against the $3.16 consensus estimate, while revenue of $34.81 billion ran 9.78% ahead of the $31.71 billion Wall Street ha… Read more Marathon Petroleum delivered a mixed third quarter for 2025, posting adjusted earnings of $3.01 per diluted share, a 4.86% miss against the $3.16 consensus estimate, while revenue of $34.81 billion ran 9.78% ahead of the $31.71 billion Wall Street had penciled in. The earnings shortfall was largely attributable to elevated maintenance and turnaround expenses, which weighed on refining profitability even as the segment showed underlying strength, with Refining & Marketing adjusted EBITDA climbing to $1.76 billion as crack spreads widened and crude utilization hit a robust 95%. Midstream added another $1.71 billion in adjusted EBITDA, up 5% year-over-year, reinforcing the diversified earnings base that makes Marathon a compelling refining comparison heading into 2026. The company returned $926 million to shareholders in the quarter, including $650 million in buybacks, and raised its quarterly dividend 10%. Looking ahead, MPC guided Q4 total throughputs of 2,905 thousand barrels per day with planned turnaround costs of $420 million.
Key Takeaways
- • Higher crack spreads drove Refining & Marketing margin to $17.60 per barrel vs $14.63 in Q3 2024
- • 95% crude capacity utilization with 3.0 million bpd total throughput
- • Midstream growth of 5% YoY driven by higher rates, throughputs, and contributions from recent acquisitions
- • $738 million gain on sale of assets including ethanol JV divestiture for $427 million gross proceeds
- • MPLX annualized distributions to MPC of $2.8 billion
MPC YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“In the third quarter, Refining & Marketing delivered strong cash generation. In Midstream, we took actions to grow and optimize the portfolio, strengthening the durability of mid-single digit segment adjusted EBITDA growth. MPLX will provide $2.8 billion of annualized distributions to MPC that we expect to cover our dividends and standalone capital spending, and to be a source of capital allocation, a differentiator in the energy industry. Our integrated value chains and geographically diversified assets position us to lead in capital allocation.”
— Maryann Mannen, Q3 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% |