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Dec 31, 2025
Marathon Petroleum Q4 2025 Earnings Report
Marathon Petroleum reported sharply higher fourth-quarter earnings driven by strong refining margins and high utilization.
Key Takeaways
Marathon Petroleum delivered a very strong Q4 2025 with significantly higher net income and operating income, supported by robust refining margins, high crude utilization, and improved commercial performance.
Net income attributable to MPC increased substantially versus the prior-year quarter.
Refining margins strengthened, driving higher operating income.
Crude oil capacity utilization remained high during the quarter.
Strong operational execution supported solid cash generation.
Forward Guidance
Marathon Petroleum expects continued strong operational performance supported by disciplined capital allocation and advantaged refining and midstream assets.
Positive Outlook
- High utilization across the refining system.
- Strong refining margins entering 2026.
- Midstream contributions supporting cash flow.
- Peer-leading capital return framework.
- Disciplined cost and turnaround management.
Challenges Ahead
- Exposure to commodity price volatility.
- Potential margin normalization from elevated levels.
- Regulatory and policy uncertainty.
- Turnaround and maintenance cost variability.
- Macroeconomic demand risks.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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