Marathon Petroleum Corp. reported third‑quarter 2025 earnings on 2025‑11‑04, delivering a net income of $1.4 billion, or $4.51 per diluted share, compared with $622 million ($1.87 per share) in the same quarter a year earlier. Adjusted net income rose to $915 million, or $3.01 per diluted share, reflecting a $500 million increase in adjusted earnings.
The company’s adjusted EBITDA for the quarter was $3.2 billion. Refining‑marketing margin reached $17.60 per barrel, and the company processed 3.0 million barrels per day at a 97 % crude‑capacity utilization rate. Adjusted EBITDA was $1.762 billion for Refining & Marketing and $1.709 billion for Midstream; the Renewable Diesel segment posted a $56 million loss.
Capital allocation remained robust. Marathon returned $926 million to shareholders through dividends and share repurchases. MPLX distributed $1.0765 per unit, covering 1.3× its distributable cash flow. The company held $2.7 billion in cash and $1.8 billion at MPLX, with no borrowings under its $5 billion revolving credit facility.
Comparing to the immediately preceding quarter, Q2 2025 net income was $1.2 billion, or $3.96 per diluted share. Management reiterated its full‑year outlook, expecting adjusted EBITDA of $12‑13 billion and net income of $5‑6 billion, and did not provide specific guidance for Q4 2025.
The strong refining‑marketing margin was driven by higher gasoline demand, lower crude costs, and efficient operations. The Renewable Diesel loss was attributed to higher feedstock costs and a weaker margin environment. Marathon’s integrated model and midstream assets continue to support its capital allocation strategy and financial resilience.
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