Marathon Petroleum Corp. (MPC) has released its financial results for the fourth quarter and full year of 2025. The company reported significant growth in net income and operational performance, reflecting strong refining and marketing activities.

Financial Highlights

For the fourth quarter of 2025, MPC reported a net income attributable to the company of $1.5 billion, or $5.12 per diluted share, compared to $371 million, or $1.15 per diluted share, in the same period of 2024. Adjusted net income for the quarter was $1.2 billion, or $4.07 per diluted share, up from $249 million, or $0.77 per diluted share, in the fourth quarter of 2024.

For the full year 2025, net income attributable to MPC was $4.0 billion, or $13.22 per diluted share, compared to $3.4 billion, or $10.08 per diluted share, in 2024. Adjusted net income for the year was $3.3 billion, or $10.70 per diluted share, compared to $3.3 billion, or $9.51 per diluted share, in 2024.

Cash provided by operating activities was $8.3 billion for the full year 2025, compared to $8.7 billion in 2024. Adjusted EBITDA for the year was $12.0 billion, up from $11.3 billion in 2024.

Business and Operational Highlights

The Refining & Marketing segment reported an adjusted EBITDA of $1.997 billion for the fourth quarter of 2025, a significant increase from $559 million in the same period of 2024. The segment’s margin was $18.65 per barrel, up from $12.93 per barrel in the fourth quarter of 2024. Crude capacity utilization was 95%, with total throughput of 3.0 million barrels per day.
The Midstream segment’s adjusted EBITDA remained stable at $1.7 billion for the fourth quarter of 2025. The Renewable Diesel segment reported an adjusted EBITDA of $7 million, down from $28 million in the fourth quarter of 2024.

Strategic Initiatives and Corporate Developments

MPC returned approximately $1.3 billion of capital to shareholders in the fourth quarter of 2025. As of December 31, 2025, the company had $4.4 billion available under its share repurchase authorizations. The company also announced a 2026 standalone capital spending outlook of $1.5 billion, with significant investments planned for its refineries and midstream operations.

Management’s Perspective

Maryann Mannen, Chairman, President, and CEO of MPC, stated, “In 2025, strong refining operational performance and commercial execution drove cash flow generation. The deployment of MPC capital enhances our competitiveness in each of the regions where we operate. Growing MPLX distributions differentiates MPC from peers and supports our commitment to industry-leading capital return.”

Future Outlook

MPC’s 2026 capital spending outlook includes continued high-return investments at its Galveston Bay, Robinson, El Paso, and Garyville refineries. The company is also executing shorter-term projects that offer high returns through margin enhancement and cost reduction. MPLX’s 2026 capital spending outlook is $2.7 billion, focusing on growth capital and maintenance capital.
Source: Marathon Petroleum Corp. (MPC)