Marathon Petroleum Corp
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.55%.
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 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 <a href="https://247wallst.com/investing/2026/02/18/marathon-petroleum-vs-phillips-66-which-refining-giant-wins-as-energy-sector-dominates-2026/">Marathon a compelling refining comparison</a> 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.
- 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
“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.”
Marathon Petroleum CEO, on the earnings call
Forward Guidance & Outlook
For Q4 2025, MPC guides Refining & Marketing refining operating costs at $5.80 per barrel, distribution costs of $1,575 million, refining planned turnaround costs of $420 million, D&A of $400 million, and total refinery throughputs of 2,905 mbpd (crude oil refined 2,675 mbpd, other charge and blendstocks 230 mbpd). Corporate costs are guided at $240 million including $20 million of D&A. The company expects MPLX to provide $2.8 billion of annualized distributions to MPC, expected to cover dividends and standalone capital spending.
MPC YoY Financials
Figures from SEC filings and company reports. Not investment advice.