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Sep 30, 2025
Marathon Petroleum Q3 2025 Earnings Report
Marathon Petroleum reported strong Q3 results with increased net income and EPS driven by Refining & Marketing and Midstream segments.
Key Takeaways
Marathon Petroleum delivered a solid third quarter with net income of $1.4B and adjusted EBITDA of $3.2B, benefiting from robust execution in its core segments and disciplined capital return.
Net income rose to $1.4B, with EPS of $4.51.
Refining & Marketing segment EBITDA reached $1.76B, boosted by high crack spreads.
Midstream EBITDA increased to $1.71B, reflecting higher rates and throughput.
Returned $926M to shareholders and announced a 10% dividend increase.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
MPC anticipates steady performance with elevated turnaround costs and operating expenses in Q4 2025.
Positive Outlook
- Crude oil refined expected at 2,675,000 bpd.
- Robust capital investments continue in LA, Galveston Bay, and Robinson refineries.
- Midstream segment expanding long-haul pipeline infrastructure.
- Expected $2.8B in annualized distributions from MPLX.
- MPLX's 12.5% distribution hike to support dividend and capital spending.
Challenges Ahead
- Higher refining operating costs projected at $5.80 per barrel.
- Q4 planned turnaround costs estimated at $420M.
- Distribution costs projected at $1.575B.
- Corporate expenses estimated at $240M.
- Depreciation and amortization of $400M anticipated.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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