Marathon Petroleum (MPC) Q4 2025 earnings summary

Executive summary

• Achieved strong 2025 results with 94% refining utilization, 105% margin capture, and robust operational performance, driving record cash flow and $4.5 billion in capital returns to shareholders, including a 10% dividend increase and 12.5% MPLX distribution growth.

• Full-year net income was $4.0 billion ($13.22 per share), with adjusted net income of $3.3 billion ($10.70 per share); Q4 net income was $1.5 billion ($5.12 per share).

• Focused on value-enhancing investments, with $1.5 billion standalone capital spend planned for 2026, prioritizing refining upgrades and midstream growth.

• Achieved best process safety and lowest OSHA injury rate in four years, with minimal environmental incidents.

Financial highlights

• Q4 2025 adjusted EPS was $4.07; full-year adjusted EPS reached $10.70; Q4 adjusted EBITDA was $3.5 billion, and full-year adjusted EBITDA was $12 billion.

• Cash flow from operations (excluding working capital) was $2.7 billion for Q4 and $8.7 billion for the year.

• Refining & Marketing Q4 adjusted EBITDA was $2 billion, with 95% refinery utilization and throughput over 3 million bpd.

• Midstream Q4 adjusted EBITDA was $1.7 billion; full-year was $6.8 billion, up from $6.5 billion.

• Ended the year with $3.7 billion in cash and $32.9 billion in consolidated debt.

Outlook and guidance

• 2026 standalone capital spending is projected at $1.5 billion, with $700 million for refining value enhancement; MPLX capital outlook is $2.7 billion, with $2.4 billion for growth.

• Refined product demand expected to remain strong in 2026, with gasoline and distillates up ~1% and jet fuel up ~4% year-over-year.

• Global refining system expected to remain tight, with limited new capacity and regional closures tightening U.S. markets.

• Q1 2026 refining throughput expected at 2,740 MBPD with 85% utilization; operating costs projected at $5.85/bbl.

• Turnaround expenses for 2026 guided at $1.35 billion, with continued reductions planned.