Filing Flows › Marathon Petroleum (MPC) › Q4 2025
Marathon Petroleum (MPC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Marathon Petroleum (MPC) reported revenue of $32.6B for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and -6% from the quarter before. Operating margin was 8.3%, net earnings $1.5B (4.7% of revenue).
Marathon Petroleum, Q4 2025: revenue $32.6B (-2% year over year), operating margin 8.3%, net earnings $1.5B, operating cash flow $3.1B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $32.6B | -6% | -2% |
| Operating profit | $2.7B | -0.7% | +136% |
| Net earnings | $1.5B | +12% | +314% |
| Operating cash flow | $3.1B | +18% | +39% |
| Free cash flow | $1.9B | +14% | +35% |
What changed
Revenue was $32.6B in Q4 2025, down 2% year over year and down 6% from the previous quarter. Refining & Marketing was the largest line at 93% of revenue.
Operating profit was $2.7B, a 8.3% margin (up 4.8 points year over year). Total costs fell 7% while revenue fell 2%. Net earnings were $1.5B, up 314% year over year. The effective tax rate was 15.8%.
Operating cash flow was $3.1B (up 39% year over year), 155% of net income including minority interests. Non-cash charges added back $0.83B of depreciation and amortization. Working capital and other items added $0.26B. Capital expenditures of $1.2B left free cash flow of $1.9B.
Questions
What was Marathon Petroleum's revenue in the fourth quarter 2025?
Marathon Petroleum (MPC) reported revenue of $32.6B for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and -6% from the quarter before.
Was Marathon Petroleum profitable in the fourth quarter 2025?
Operating profit was $2.7B (8.3% of revenue) and net earnings $1.5B.
Source: Marathon Petroleum 10-K on SEC EDGAR.