Filing Flows › Marathon Petroleum (MPC) › Q3 2025
Marathon Petroleum (MPC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Marathon Petroleum (MPC) reported revenue of $34.8B for the third quarter 2025 (Q3 2025), -0.8% from a year earlier and +3% from the quarter before. Operating margin was 7.8%, net earnings $1.4B (3.9% of revenue).
Marathon Petroleum, Q3 2025: revenue $34.8B (-0.8% year over year), operating margin 7.8%, net earnings $1.4B, operating cash flow $2.6B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $34.8B | +3% | -0.8% |
| Operating profit | $2.7B | +23% | +101% |
| Net earnings | $1.4B | +13% | +120% |
| Operating cash flow | $2.6B | -1% | +55% |
| Free cash flow | $1.7B | -15% | +61% |
What changed
Revenue was $34.8B in Q3 2025, down 1% year over year and up 3% from the previous quarter. Refining & Marketing was the largest line at 94% of revenue. Refining & Marketing lost $0.65B year over year (down 2%), 218% of the total change.
Operating profit was $2.7B, a 7.8% margin (up 4.0 points year over year). Total costs fell 5% while revenue fell 1%. Net earnings were $1.4B, up 120% year over year. The effective tax rate was 19.1%.
Operating cash flow was $2.6B (up 55% year over year), 134% of net income including minority interests. Non-cash charges added back $0.84B of depreciation and amortization. Working capital and other items used $0.17B. Capital expenditures of $0.95B left free cash flow of $1.7B.
Questions
What was Marathon Petroleum's revenue in the third quarter 2025?
Marathon Petroleum (MPC) reported revenue of $34.8B for the third quarter 2025 (Q3 2025), -0.8% from a year earlier and +3% from the quarter before.
Was Marathon Petroleum profitable in the third quarter 2025?
Operating profit was $2.7B (7.8% of revenue) and net earnings $1.4B.
Source: Marathon Petroleum 10-Q on SEC EDGAR.