Core Viewpoint - Marathon Petroleum exceeded Wall Street's profit expectations for the fourth quarter, driven by robust refining margins [1] Group 1: Financial Performance - The company reported a significant increase in profits, attributed to strong refining margins [1] - The fourth-quarter results surpassed analysts' forecasts, indicating a positive trend in financial performance [1] Group 2: Industry Context - The refining sector is experiencing favorable conditions, contributing to improved margins for companies like Marathon Petroleum [1] - Strong demand for refined products has bolstered the overall profitability of the refining industry [1]

Financial Performance - For Q4 2025, Marathon Petroleum Corp. reported net income of $1.5 billion, or $5.12 per diluted share, compared to $371 million, or $1.15 per diluted share in Q4 2024, representing a significant increase [2]. - 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 [4]. - Net income attributable to MPC for Q4 2025 was $1,535 million, compared to $371 million in Q4 2024, representing a significant increase of 313% [33]. - Adjusted net income attributable to MPC for Q4 2025 was $1,220 million, compared to $249 million in Q4 2024 [47]. - Net income attributable to MPC for the twelve months ended December 31, 2025, was $4,047 million, compared to $3,445 million for the same period in 2024, reflecting a year-over-year increase of 17.5% [50]. Operational Performance - Adjusted EBITDA for Q4 2025 was $3,489 million, a significant increase from $2,120 million in Q4 2024, representing a growth of 64.4% [50]. - Adjusted EBITDA for Q4 2025 was $3.5 billion, up from $2.1 billion in Q4 2024, indicating strong operational performance [3]. - Refining & Marketing segment adjusted EBITDA for Q4 2025 was $1,997 million, up from $559 million in Q4 2024, indicating a substantial increase of 257.6% [52]. - The company achieved an adjusted EBITDA of $7.15 per barrel for Q4 2025, compared to $2.03 per barrel in Q4 2024, reflecting enhanced operational performance [35]. - MPC's income from operations for Q4 2025 was $2,694 million, a substantial increase from $1,141 million in Q4 2024, showcasing strong operational results [33]. Revenue and Sales - Total revenues for Q4 2025 were $33,422 million, a slight decrease from $33,466 million in Q4 2024 [33]. - Refining & Marketing refined product sales volume for Q4 2025 was 3,803 mbpd, an increase from 3,747 mbpd in Q4 2024 [36]. - Refining & Marketing margin for Q4 2025 reached $5,214 million, compared to $3,566 million in Q4 2024, marking a 46.2% increase [52]. - The Gulf Coast region contributed $2,111 million to the Refining & Marketing margin in Q4 2025, up from $1,483 million in Q4 2024, a growth of 42.3% [52]. Capital Expenditures and Investments - Capital expenditures for Q4 2025 totaled $1,462 million, up from $921 million in Q4 2024, indicating increased investment in operations [34]. - The company reported a total of $4,693 million in capital expenditures for the full year 2025, compared to $3,076 million in 2024, highlighting a strategic focus on growth [34]. - MPC's 2026 standalone capital spending outlook is $1.5 billion, with 65% focused on value-enhancing capital and 35% on sustaining capital [15]. - The company plans to invest $350 million in 2026 for a distillate hydrotreater at Galveston Bay, aimed at upgrading high-sulfur distillate to ultra-low sulfur diesel [20]. - MPLX's 2026 capital spending outlook is $2.7 billion, with 90% allocated to growth capital and 10% to maintenance capital [20]. Costs and Expenses - Cash provided by operating activities for 2025 was $8.3 billion, slightly down from $8.7 billion in 2024, while adjusted EBITDA for the full year was $12.0 billion, up from $11.3 billion [4]. - The company incurred refining planned turnaround costs of $412 million in Q4 2025, compared to $281 million in Q4 2024, reflecting a 46.6% increase [52]. - Total net interest and other financial costs for the twelve months ended December 31, 2025, were $1,276 million, compared to $839 million in 2024, representing a 52.2% increase [50]. - The company reported a provision for income taxes of $372 million for Q4 2025, significantly higher than $111 million in Q4 2024, an increase of 235.1% [50]. Refining and Marketing Metrics - Refining & Marketing margin increased to $18.65 per barrel in Q4 2025 from $12.93 per barrel in Q4 2024, reflecting improved profitability [35]. - Refining operating costs per barrel are projected to be $5.85 for Q1 2026, with total refinery throughputs expected to be 2,740 mbpd [23]. - Crude oil refining capacity utilization reached 95% in Q4 2025, up from 94% in Q4 2024, demonstrating operational efficiency [36]. - The Mid-Continent Region's refining & marketing margin rose to $18.19 per barrel in Q4 2025, compared to $11.31 in Q4 2024, marking a 60.5% increase [40]. - The West Coast Region reported a refining & marketing margin of $21.94 per barrel in Q4 2025, up from $15.70 in Q4 2024, a 39.8% increase [41]. Cash and Debt Position - Total cash and cash equivalents increased to $3,672 million as of December 31, 2025, compared to $2,654 million at the end of Q3 2025 [44]. - The total consolidated debt as of December 31, 2025, was $32,876 million, slightly up from $32,844 million at the end of Q3 2025 [44].

Financial Performance - Marathon Petroleum Corp. reported a net income of $1.5 billion, or $5.12 per diluted share, for Q4 2025, a significant increase from $371 million, or $1.15 per diluted share, in Q4 2024 [1][7] - Adjusted net income for Q4 2025 was $1.2 billion, or $4.07 per diluted share, compared to $249 million, or $0.77 per diluted share, in Q4 2024 [1][3] - For the full year 2025, net income attributable to MPC was $4.0 billion, or $13.22 per diluted share, up from $3.4 billion, or $10.08 per diluted share, in 2024 [3][7] - Adjusted EBITDA for Q4 2025 was $3.5 billion, compared to $2.1 billion in Q4 2024 [2][5] - Full-year adjusted EBITDA for 2025 was $12.0 billion, an increase from $11.3 billion in 2024 [3][5] Operational Highlights - Refining & Marketing segment adjusted EBITDA was $1,997 million in Q4 2025, up from $559 million in Q4 2024, with a margin of $7.15 per barrel compared to $2.03 per barrel in the prior year [6][8] - Full-year refining utilization was 94% with a margin capture of 105%, indicating strong operational performance [7] - Crude capacity utilization was 95%, resulting in total throughput of 3.0 million barrels per day for Q4 2025 [8] Cash Flow and Capital Returns - Cash provided by operating activities was $8.3 billion for the full year 2025, slightly down from $8.7 billion in 2024 [3][7] - The company returned approximately $1.3 billion of capital to shareholders in Q4 2025, with a total of $4.5 billion in capital returns for the year [7][13] Strategic Initiatives - The company plans to allocate $1.5 billion for standalone capital spending in 2026, focusing 65% on value-enhancing projects and 35% on sustaining capital [14][17] - Key investments include high-return projects at various refineries, with specific capital expenditures outlined for refining and marketing segments [17][20] Financial Position - As of December 31, 2025, the company had $3.7 billion in cash and cash equivalents, with no borrowings under its $5 billion revolving credit facility [13][49] - Total consolidated debt stood at $32.9 billion, with MPC debt at $7.2 billion and MPLX debt at $25.7 billion [49]

Negotiators for the United Steelworkers union (USW) and Marathon Petroleum continued to meet on Saturday, just hours ahead of a deadline for possible strikes at multiple U.S. refineries and chemical p... ...

FINDLAY, Ohio, Jan. 30, 2026 /PRNewswire/ -- Marathon Petroleum Corp. (NYSE: MPC) announced today that its annual meeting of shareholders will take place April 29, 2026, at 10 a.m. ET in a virtual-only format via live webcast. Shareholders of record as of March 3, 2026, are entitled to notice of and to vote at the annual meeting. The company's proxy statement will include additional information regarding how shareholders may access and participate in the virtual annual meeting. About Marathon Petroleum Cor ...

The United Steelworkers union rejected a comprehensive contract offer from Marathon Petroleum in talks for a national pattern agreement for U.S. refinery and chemical plant workers, the union said on Wednesday night. ...

Key Takeaways MPC is set to report Q4 earnings on Feb. 3, with estimated EPS at $2.71 on $29.6B in revenue.MPC's Q4 EPS estimates were cut 31% in 60 days, even as projections point to sharp year-over-year growth.MPC faces margin pressure from lower utilization, higher turnaround costs and weaker refining capture rates.Marathon Petroleum Corporation (MPC) is set to release fourth-quarter 2025 earnings on Feb. 3, 2026. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at a profit of $2.71 ...

The market expects Marathon Petroleum (MPC) to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended December 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be r ...

The United Steelworkers union and Marathon Petroleum began negotiating on Friday a new multi-year contract for U.S. refinery and chemical plant workers with only a week to go before the current contra... ...

Group 1 - Marathon Petroleum Corporation (NYSE:MPC) is considered one of the best large-cap value stocks to buy in 2026 [1] - Scotiabank analyst Paul Cheng lowered the price target for Marathon Petroleum to $174 from $189 while maintaining an Outperform rating, indicating a shift in focus to 2026 guidance and cost-saving measures [1] - Citi also lowered its price target for Marathon Petroleum to $182 from $185, maintaining a Neutral rating, as part of a Q4 2025 preview [2] Group 2 - Mizuho increased its price target for Marathon Petroleum to $205 from $198 with a Neutral rating, anticipating strong Q4 results but expressing caution regarding high market consensus estimates for 2026 [3] - Marathon Petroleum operates as an integrated downstream energy company in the US, with three segments: Refining & Marketing, Midstream, and Renewable Diesel [4]