Marathon Petroleum Corp. ( MPC ) stock fell Tuesday after the company reported mixed third-quarter fiscal 2025 results.

Details

The company reported revenue of $35.85 billion, up from $35.37 billion in the prior-year period. Sales exceeded the analyst estimate of $32.55 billion.

Adjusted EPS rose to $3.01 from $1.87 a year ago, missing the $3.15 analyst estimate.

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Net income attributable to Marathon Petroleum ( MPC ) was $1.4 billion, or $4.51 per diluted share, compared with $622 million, or $1.87 per diluted share, in the same quarter last year.

Adjusted EBITDA came in at $3.2 billion, higher than $2.5 billion a year ago.

The company returned approximately $650 million to shareholders in share repurchases. As of quarter-end, $5.4 billion remained available under existing share repurchase authorizations.

As of September 30, 2025, the company reported $2.7 billion in cash and cash equivalents, including $1.8 billion at MPLX ( MPLX ) .

Segment Performance

In the Refining & Marketing segment, crude capacity utilization reached 95%, with throughput volumes of approximately 3.0 million barrels per day.

Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $400 million in the third quarter of 2025 and $287 million in the third quarter of 2024.

The segment generated adjusted EBITDA of $1.8 billion, up from $1.1 billion in the third quarter of 2024.

Segment EBITDA per barrel was $6.37, compared with $4.15 in the prior-year period.

The R&M margin was $17.60 per barrel, up from $14.63 a year ago, led by higher crack spreads.   

Refining operating costs rose to $5.59 per barrel from $5.23 a year ago quarter.

The Midstream segment reported adjusted EBITDA of $1.7 billion, up 5% vs. the year-ago quarter. This was aided by higher rates and throughputs, as well as contributions from recent acquisitions.

Renewable Diesel operations reported an adjusted EBITDA loss of $56 million in the third quarter of 2025, an improvement from the $61 million loss in the prior-year period. The business benefited from higher utilization rates, reaching 86%, but a softer margin environment continued to weigh on results.

Strategic Updates

In the third quarter, the company finalized the sale of its stake in an ethanol production joint venture to its partner for gross proceeds of $427 million.

Management Commentary

President and CEO Maryann Mannen said, “In Midstream, we took actions to grow and optimize the portfolio, strengthening the durability of mid-single digit segment adjusted EBITDA growth. MPLX ( MPLX ) will provide $2.8 billion of annualized distributions to MPC that we expect to cover our dividends and standalone capital spending, and to be a source of capital allocation, a differentiator in the energy industry.”

Dividend 

On October 29, the board raised the quarterly dividend by 10% to 1.00 per share on the company’s common stock.

The dividend is payable on December 10, 2025, to shareholders of record as of the close of business on November 19, 2025.

Outlook

For the fourth quarter of 2025, the company expects a total refinery throughput of 2.91 million barrels per day, including 2.68 million barrels of crude oil and 230,000 barrels of other charge and blendstocks.

Projected refining operating costs are $5.80 per barrel, with planned turnaround costs of $420 million, distribution costs of $1.575 billion, and depreciation and amortization of $400 million.

Price Action: MPC shares were trading lower by 6.79% to $182.50 premarket at last check Tuesday.

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