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Marathon Petroleum (MPC) investor relations material
Marathon Petroleum Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 net income attributable to shareholders rose to $1.4 billion ($4.51 per diluted share), more than doubling year-over-year, driven by strong Refining & Marketing and Midstream performance, with adjusted net income at $915 million ($3.01 per share).
Adjusted EBITDA reached $3.2 billion, supported by high refinery utilization (95%), robust cash generation ($2.4 billion), and continued Midstream growth.
Returned $926 million to shareholders in Q3, including $650 million in share repurchases, and announced a 10% dividend increase, with MPLX distributions up 12.5% to $2.8 billion annually.
Completed strategic transactions, including the sale of ethanol JV interest for $427 million, major Midstream acquisitions (Northwind, BANGL, Whiptail), and announced divestiture of Rockies operations for $1.0 billion.
Market fundamentals remain constructive, with tight supply, supportive demand, and stable U.S. gasoline and distillate inventories expected to persist into 2026.
Financial highlights
Q3 2025 adjusted net income was $3.01 per share; adjusted EBITDA reached $3.2 billion; net income attributable to shareholders was $1.4 billion; operating cash flow (excluding working capital) was $2.4 billion.
Revenues for Q3 2025 were $34.8 billion, nearly flat year-over-year; income from operations was $2.7 billion, up from $1.3 billion in Q3 2024.
Share repurchases totaled $2.49 billion in the first nine months of 2025, with $5.4 billion remaining authorized.
Cash and cash equivalents at quarter-end were $2.7 billion; total consolidated debt was $32.8 billion.
Capital expenditures for Q3 2025 were $1.39 billion, up from $950 million in Q3 2024.
Outlook and guidance
Q4 2025 guidance includes refining operating costs of $5.80 per barrel, $1.58 billion in distribution costs, $240 million in corporate costs, and $420 million in planned turnaround costs, with refinery throughput expected at 2,905 mbpd (90% utilization).
Galveston Bay Hydrocracker to be fully operational by month-end.
Capital spending in 2026 expected to be below 2025 levels.
Management expects global demand growth to outpace net refining capacity additions through the decade, supporting U.S. refiners.
Galveston Bay DHT project's strategic importance?
MPLX's role in future capital allocation strategy?
Renewable Diesel path to profitability?
Q3 capture rate drivers and Q4 outlook?
West Coast market dynamics and MPC strategy?
MPC dividend growth and capital return plan?
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Next Marathon Petroleum earnings date
Q4 20253 Feb, 2026
Next Marathon Petroleum earnings date
Q4 20253 Feb, 2026
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Frequently asked questions
Marathon Petroleum Corporation, operates as an integrated downstream energy company primarily in the United States. It operates in two segments, Petroleum and Refining. The Petroleum segment operates retail and wholesale businesses, including Marathon brand products, convenience stores and gasoline stations; crude oil gathering and marketing activities; and wholesale transportation activities. The Refining segment includes crude oil, intermediates, and refined products operations; and terminals activities. The company was founded in 1887 and is headquartered in Findlay, Ohio.
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