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Marathon Petroleum Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Achieved strong operational and financial performance in 2025, with 94% utilization and 114% margin capture in refining, driving robust cash flow and $4.5B in capital returns to shareholders.
Delivered industry-leading cash generation and capital returns, supported by a fully integrated value chain and strategic investments.
Focused on value-enhancing investments, with $1.5B standalone capital spend in 2026, prioritizing refining upgrades and midstream growth.
Maintained a focus on safety, reliability, and environmental performance, achieving record process safety and lowest OSHA injury rates in four years.
Fourth-quarter 2025 net income attributable to shareholders was $1.5B ($5.12 per share), up from $371M in Q4 2024; full-year net income was $4.0B ($13.22 per share).
Financial highlights
Q4 2025 adjusted EPS was $4.07; full-year adjusted EPS reached $10.70.
Q4 2025 adjusted EBITDA was $3.5B, up from $2.1B in Q4 2024; full-year adjusted EBITDA was $12B, up from $11.3B in 2024.
Cash flow from operations (excluding working capital) was $2.7B for Q4 and $8.7B for FY 2025.
Returned $4.5B to shareholders in 2025, reducing shares outstanding by 6.5%.
Sales and other operating revenues for Q4 2025 were $32.6B; full-year revenues were $132.7B.
Outlook and guidance
2026 standalone capital spending (excluding MPLX) is projected at $1.5B, with 65% for value-enhancing and 35% for sustaining capital.
MPLX's 2026 capital spending outlook is $2.7B, with $2.4B allocated to growth projects.
Refined product demand expected to remain strong in 2026, with gasoline and distillates up ~1% and jet fuel up ~4% year-over-year.
2026 refining capital spend planned at $700M, a 20% reduction from 2025, with further reductions expected in 2027 and 2028.
Q1 2026 refining operating costs are expected at $5.85 per barrel, with planned turnaround costs of $465M.
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Next Marathon Petroleum earnings date
Q1 20265 May, 2026
Marathon Petroleum
Next Marathon Petroleum earnings date
Q1 20265 May, 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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