Filing Flows › Marathon Petroleum (MPC) › Q2 2025
Marathon Petroleum (MPC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Marathon Petroleum (MPC) reported revenue of $33.8B for the second quarter 2025 (Q2 2025), -11% from a year earlier and +7% from the quarter before. Operating margin was 6.5%, net earnings $1.2B (3.6% of revenue).
Marathon Petroleum, Q2 2025: revenue $33.8B (-11% year over year), operating margin 6.5%, net earnings $1.2B, operating cash flow $2.6B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $33.8B | +7% | -11% |
| Operating profit | $2.2B | +220% | -13% |
| Net earnings | $1.2B | — | -20% |
| Operating cash flow | $2.6B | — | -19% |
| Free cash flow | $1.9B | — | -29% |
What changed
Revenue was $33.8B in Q2 2025, down 11% year over year and up 7% from the previous quarter. Refining & Marketing was the largest line at 94% of revenue. Refining & Marketing lost $4.3B year over year (down 12%), 105% of the total change.
Operating profit was $2.2B, a 6.5% margin (down 0.2 points year over year). Total costs fell 11% while revenue fell 11%. The fastest-growing cost line was Other operating costs (+14%). Net earnings were $1.2B, down 20% year over year. The effective tax rate was 14.3%.
Operating cash flow was $2.6B (down 19% year over year), 164% of net income including minority interests. Non-cash charges added back $0.79B of depreciation and amortization. Working capital and other items added $0.24B. Capital expenditures of $0.69B left free cash flow of $1.9B.
Questions
What was Marathon Petroleum's revenue in the second quarter 2025?
Marathon Petroleum (MPC) reported revenue of $33.8B for the second quarter 2025 (Q2 2025), -11% from a year earlier and +7% from the quarter before.
Was Marathon Petroleum profitable in the second quarter 2025?
Operating profit was $2.2B (6.5% of revenue) and net earnings $1.2B.
Source: Marathon Petroleum 10-Q on SEC EDGAR.