01—Abstract
Summary
Summary of the 10-K filed February 26, 2026. Cited figures are marked; the original filing is the authoritative source.
Marathon Petroleum Corporation (MPC) reported strong financial performance in 2025, driven by robust refining margins and continued growth in its Midstream segment, primarily through MPLX.
The company's integrated downstream and midstream operations demonstrated resilience, with refining throughput increasing and contributing to higher segment adjusted EBITDA. Strategic acquisitions in the Midstream segment, including Northwind Midstream and BANGL, have enhanced MPLX's Permian to Gulf Coast value chain, positioning it for future growth. The Renewable Diesel segment, while still generating negative adjusted EBITDA, showed improvements due to increased volumes and higher regulatory benefits.
MPC continues to prioritize safety, operational excellence, and disciplined capital allocation. The company returned significant capital to shareholders through share repurchases and dividends, demonstrating a commitment to enhancing shareholder value.
MPC's liquidity remains strong, supported by its credit facilities and cash flow generation. The company is actively managing its portfolio, as evidenced by the divestiture of Rockies operations and strategic acquisitions, while also navigating a dynamic regulatory environment and evolving energy transition trends.
02—Key points
Key Highlights
- Refining & Marketing segment adjusted EBITDA increased to $6,138 million in 2025 from $5,703 million in 2024, driven by higher realized refining margins and increased throughput.
- Midstream segment adjusted EBITDA grew to $6,750 million in 2025 from $6,544 million in 2024, boosted by strategic acquisitions like Northwind Midstream and BANGL, enhancing its Permian to Gulf Coast value chain.
- Net income attributable to MPC increased to $4,047 million in 2025, or $13.22 per diluted share, up from $3,445 million, or $10.08 per diluted share, in 2024.
- MPC repurchased approximately $3.4 billion of its common stock in 2025, continuing its strategy of returning capital to shareholders.
- MPLX completed significant Midstream acquisitions, including Northwind Midstream for $2.4 billion and BANGL for $703 million, strengthening its infrastructure and market position.
- The company generated $8,253 million in net cash from operating activities in 2025, showcasing strong operational cash flow generation.
- Despite negative adjusted EBITDA, the Renewable Diesel segment showed improvement, with segment adjusted EBITDA increasing to $(110) million from $(150) million in 2024, driven by increased sales volumes and regulatory benefits.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Marathon Petroleum kept $0.03.
- Revenue$132.70B100.0%
- Cost of revenue−$119.45B90.0%
- Gross profit$13.25B10.0%
- Operating costs−$4.96B3.7%
- Operating income$8.29B6.2%
- Interest, other & tax−$4.24B3.2%
- Net income$4.05B3.0%
Where FY2025 revenue went
$132.70B- Cost of revenue: $119.45B, 90% of revenue
- Net income: $4.05B, 3.0% of revenue
- SG&A: $3.35B, 2.5% of revenue
- Other operating costs: $1.61B, 1.2% of revenue
- Interest, other & tax: $4.24B, 3.2% of revenue
Kept 3.0% as net incomeNet income $4.05B · 3.0%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 26, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $132.70B$138.86B | −4.4% |
| Cost of Revenue | $119.45B$126.24B | −5.4% |
| Gross Profit | $13.25B$12.62B | +5.0% |
| SG&A Expenses | $3.35B$3.22B | +4.0% |
| Operating Expenses | $126.93B$133.62B | −5.0% |
| Operating Income | $8.29B$6.80B | +22.0% |
| Interest Expense | $1.49B$1.36B | +9.1% |
| Net Income | $4.05B$3.44B | +17.5% |
| EPS (Basic) | $13.24$10.11 | +31.0% |
| EPS (Diluted) | $13.22$10.08 | +31.2% |
| Shares Outstanding (Basic) | 305.00M340.00M | −10.3% |
| Shares Outstanding (Diluted) | 306.00M341.00M | −10.3% |
05—Questions
Frequently Asked Questions
What were the key drivers of Marathon Petroleum's (MPC) financial performance in 2025?
MPC's 2025 performance was driven by strong refining margins in its Refining & Marketing segment and continued growth in its Midstream segment, largely through MPLX. Increased refinery throughput and strategic midstream acquisitions, such as Northwind Midstream and BANGL, contributed positively to segment adjusted EBITDA. The company also benefited from higher regulatory credits and increased sales volumes in its Renewable Diesel segment, although this segment still reported negative adjusted EBITDA.
How has MPC managed its capital and shareholder returns in 2025?
MPC actively managed its capital in 2025 by investing approximately $3.49 billion in property, plant, and equipment, including strategic growth projects and maintenance. The company also returned significant capital to shareholders through approximately $3.4 billion in share repurchases and $1.14 billion in dividends paid. MPLX also repurchased $400 million of its common units.
What are MPC's strategic priorities moving forward?
MPC's strategic priorities include maintaining a commitment to safety, reliability, and sustainability across its operations. It focuses on achieving operational excellence through cost reduction and efficiency improvements, leveraging its integrated value chain for optimization, and driving commercial performance through dynamic market strategies and technological advancements. The company is also investing in renewables and sustainable technologies to navigate the evolving energy landscape.
What impact have recent acquisitions and divestitures had on MPC's business?
Recent acquisitions, particularly in the Midstream segment (Northwind Midstream, BANGL, Whiptail Midstream), have significantly enhanced MPLX's integrated value chain and market position. The divestiture of Rockies operations represents a strategic streamlining of the portfolio. These transactions are expected to support long-term growth and operational synergies.
06—Continue