Marathon Petroleum (MPC) Q4 FY2025 earnings: revenue $32.6 billion, down 1.7% on the year

Marathon Petroleum Corp. (MPC) reported revenue of $32.6 billion for Q4 FY2025, the quarter ended 31 December 2025, down 1.7% on the same quarter a year earlier. Net income was $1.5 billion, up 313.7% on the year, and diluted earnings per share $5.12. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$32.6 billion

-1.7% on the year · -6.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

8.3%

3.4% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.5 billion

+313.7% on the year · +12.0% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$5.12

+345.2% on the year · +13.5% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 11 new, 2 kept.

Fourth-quarter earnings rose year over year: Net income attributable to MPC was $1,535 million, or $5.12 per diluted share, against $371 million, or $1.15. Adjusted net income was $1,220 million, or $4.07, against $249 million, or $0.77.
Adjusted EBITDA higher than a year earlier: Fourth-quarter adjusted EBITDA was $3,489 million against $2,120 million. Full-year adjusted EBITDA was $11,956 million against $11,323 million.
R&M segment adjusted EBITDA rose: R&M segment adjusted EBITDA was $1,997 million, versus $559 million, or $7.15 per barrel against $2.03 a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	32,574	34,809	33,137	-6.4%	-1.7%
Cost of revenue	28,861	31,200	30,558	-7.5%	-5.6%
Gross profit	3,713	3,609	2,579	+2.9%	+44.0%
Gross margin	11.4%	10.4%	7.8%
Selling, general and administrative	836	863	804	-3.1%	+4.0%
Operating income	2,694	2,713	1,141	-0.7%	+136.1%
Operating margin	8.3%	7.8%	3.4%
Interest expense	410	368	331	+11.4%	+23.9%
Pre-tax income	2,351	2,403	896	-2.2%	+162.4%
Income tax	372	460	111	-19.1%	+235.1%
Effective tax rate	15.8%	19.1%	12.4%
Net income	1,535	1,370	371	+12.0%	+313.7%
Net margin	4.7%	3.9%	1.1%
Diluted EPS	$5.12	$4.51	$1.15	+13.5%	+345.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	3,069	2,609	2,207	+17.6%	+39.1%
Capital expenditure	1,181	947	810	+24.7%	+45.8%
Free cash flow	1,888	1,662	1,397	+13.6%	+35.1%
Free cash flow margin	5.8%	4.8%	4.2%
Cash from investing	-214	-3,756	307
Cash from financing	-1,836	2,127	-3,307
Depreciation and amortisation	828	841	826	-1.5%	+0.2%
Buybacks	1,001	650	1,374	+54.0%	-27.1%
Dividends paid	300	276	292	+8.7%	+2.7%
Dividend per share	n/a	$0.91	n/a
Diluted shares, weighted	300m	304m	321m	-1.3%	-6.5%
Shares outstanding at period end	295m	301m	313m	-2.0%	-5.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	17,314	17,097	17,745	+1.3%	-2.4%
Non-controlling interest	6,772	6,792	6,558	-0.3%	+3.3%
Redeemable equity	0.0	0.0	203
Debt	32,876	32,844	27,481	+0.1%	+19.6%
Operating lease liabilities	993	918	860	+8.2%	+15.5%
Finance lease liabilities	590	n/a	630		-6.3%
Other liabilities	25,410	25,589	25,381	-0.7%	+0.1%
Total liabilities and equity	83,955	83,240	78,858	+0.9%	+6.5%
Goodwill	9,354	9,331	8,244	+0.2%	+13.5%
Intangible assets	2,714	2,749	1,703	-1.3%	+59.4%
Investments	0.0	n/a	0.0
Cash and equivalents	3,672	2,654	3,210	+38.4%	+14.4%
Receivables	10,317	10,487	11,145	-1.6%	-7.4%
Inventory	10,129	9,829	9,568	+3.1%	+5.9%
Other assets	47,769	48,190	44,988	-0.9%	+6.2%
Total assets	83,955	83,240	78,858	+0.9%	+6.5%

Questions

What was Marathon Petroleum's revenue in Q4 FY2025?

Marathon Petroleum (MPC) reported revenue of $32.6 billion for Q4 FY2025, the quarter ended 31 December 2025, down 1.7% on the same quarter a year earlier.

How much did Marathon Petroleum earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.5 billion, up 313.7% on the year, and diluted earnings per share $5.12.

When did Marathon Petroleum report Q4 FY2025 results?

Marathon Petroleum filed its 10-K for the year that ended with the quarter on 26 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	35,336	38,058	53,795	45,787	39,813	34,864	36,343	40,917	36,255	32,706	37,914	35,107	33,137	31,517	33,799	34,809	32,574	34,200	51,994	56,032
Cost of revenue	32,184	35,068	44,207	38,821	33,575	29,294	31,762	34,928	32,582	29,593	33,945	32,144	30,558	29,360	30,025	31,200	28,861	31,261	43,064	43,795
Gross profit	3,152	2,990	9,588	6,966	6,238	5,570	4,581	5,989	3,673	3,113	3,969	2,963	2,579	2,157	3,774	3,609	3,713	2,939	8,930	12,237
Gross margin	9%	8%	18%	15%	16%	16%	13%	15%	10%	10%	10%	8%	8%	7%	11%	10%	11%	9%	17%	22%
SG&A	656	603	694	712	763	691	704	824	820	779	823	815	804	783	867	863	836	867	894	1,100
Operating income	1,778	1,716	8,328	6,686	4,739	4,061	3,305	4,753	2,395	1,784	2,522	1,349	1,141	687	2,197	2,713	2,694	1,404	7,322	10,450
Operating margin	5%	5%	15%	15%	12%	12%	9%	12%	7%	5%	7%	4%	3%	2%	7%	8%	8%	4%	14%	19%
Interest expense	321	310	324	332	333	334	329	331	331	341	341	352	331	352	359	368	410	420	433	432
Pre-tax income	1,348	1,454	8,016	6,446	4,553	3,907	3,163	4,635	2,284	1,605	2,328	1,128	896	383	1,878	2,403	2,351	1,034	6,982	10,163
Tax rate	18%	19%	22%	22%	22%	21%	18%	22%	18%	18%	16%	10%	12%	10%	14%	19%	16%	18%	21%	22%
Net income	774	845	5,873	4,477	3,321	2,724	2,226	3,280	1,451	937	1,515	622	371	-74.0	1,216	1,370	1,535	511	5,138	7,447
Net margin	2%	2%	11%	10%	8%	8%	6%	8%	4%	3%	4%	2%	1%	-0%	4%	4%	5%	1%	10%	13%
Diluted EPS	$1.52	$1.49	$10.95	$9.06	$7.09	$6.09	$5.32	$8.28	$3.84	$2.58	$4.33	$1.87	$1.15	-$0.24	$3.96	$4.51	$5.12	$1.73	$17.73	$26.59
Operating cash flow	3,674	2,513	6,952	2,514	4,382	4,057	3,984	4,953	1,123	1,532	3,242	1,684	2,207	-64.0	2,639	2,609	3,069	1,121	10,327	10,732
Capital expenditure	481	495	498	701	726	457	481	420	532	585	487	651	810	663	695	947	1,181	913	1,186	1,127
Free cash flow	3,193	2,018	6,454	1,813	3,656	3,600	3,503	4,533	591	947	2,755	1,033	1,397	-727	1,944	1,662	1,888	208	9,141	9,605
Buybacks	2,742	2,846	3,331	3,908	1,837	3,180	3,068	2,819	2,505	2,218	2,896	2,701	1,374	1,057	780	650	1,001	750	2,533	3,005
Dividends paid	354	330	313	285	351	337	316	297	311	299	290	273	292	285	279	276	300	295	290	279
Shares outstanding	565m	541m	499m	469m	446m	424m	400m	380m	361m	352m	335m	321m	313m	307m	304m	301m	295m	292m	281m	272m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 26 February 2026: the filing.