Marathon Petroleum Corp. (NYSE:MPC) stock rose Tuesday after the company reported strong fourth-quarter fiscal 2025 earnings results.
The company reported revenue of $33.42 billion, versus $33.47 billion in the prior-year period. Sales exceeded the analyst estimate of $31.981 billion.
Adjusted EPS rose significantly to $4.07 from 77 cents a year ago, exceeding the $2.90 analyst estimate.
Net income attributable to Marathon Petroleum was $1.54 billion, or $5.12 per share, compared with $371 million, or $1.15 per share, in the same quarter last year.
Adjusted EBITDA came in at $3.49 billion, higher than $2.12 billion a year ago.
The company returned approximately $1.3 billion to shareholders in share repurchases. As of year-end, $4.4 billion remained available under existing share repurchase authorizations.
As of December 31, 2025, the company reported $3.7 billion in cash and cash equivalents, including $2.1 billion at MPLX LP (NYSE:MPLX).
Segment Performance
In the Refining & Marketing segment, crude capacity utilization reached 95%, with throughput volumes of approximately 3.0 million barrels per day.
Segment adjusted EBITDA excludes refining planned turnaround costs, which stood at $410 million in the fourth quarter of 2025 and $281 million in the fourth quarter of 2024.
The segment generated adjusted EBITDA of $2.0 billion, up from $559 million in the fourth quarter of 2024.
The R&M margin was $18.65 per barrel, up from $12.93 a year ago. Marathon Petroleum refining margins jumped 44%, reflecting a rebound from multi-year lows hit in 2024 after the Russia-Ukraine war-driven supply shock eased, a Reuters report said.
Refining operating costs rose to $5.70 per barrel from $5.26 a year ago quarter.
The Midstream segment reported adjusted EBITDA of $1.7 billion, flat year over year. Increased operating expenses and the divestiture of non-core gathering and processing assets offset the higher rates and throughputs, as well as contributions from recent acquisitions.
Renewable Diesel operations reported an adjusted EBITDA of $7 million in the fourth quarter of 2025, a decline from the $28 million in the prior-year period. The business benefited from higher utilization rates, reaching 94%, but a softer margin environment continued to weigh on results.
Management Commentary
President and CEO Maryann Mannen stated, “The deployment of MPC capital enhances our competitiveness in each of the regions where we operate. In Midstream, MPLX is investing to execute its natural gas and NGL growth strategies. Growing MPLX distributions differentiates MPC from peers and supports our commitment to industry-leading capital return.”
Dividend
On January 31, the board declared the quarterly dividend of 1.00 per share payable on March 10, 2026, to shareholders of record as of February 18, 2026.
Outlook
For the first quarter of 2026, the company expects a total refinery throughput of 2.74 million barrels per day, including 2.54 million barrels of crude oil and 200,000 barrels of other charge and blendstocks.
Projected refining operating costs are $5.85 per barrel, with planned turnaround costs of $465 million, distribution costs of $1.625 billion, and depreciation and amortization of $385 million.
For fiscal 2026, the company projects capital spending of $1.5 billion, with Refining and Marketing coming in at $1.41 billion.
MPC Price Action: Marathon Petroleum shares were up 4.00% at $183.99 during premarket trading on Tuesday, according to Benzinga Pro data.
Photo by Jonathan Weiss via Shutterstock
