Marathon Petroleum (MPC) Q4 2025 earnings summary

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.