Marathon Petroleum (MPC) Q3 2025 10-Q Quarterly Report
Marathon Petroleum (MPC) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 4, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Marathon Petroleum Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Revenue $34.8B Q3 2025 vs $35.1B Q3 2024 (-$0.3B), with Refining & Marketing sales revenues down $687M due to lower average sales prices partially offset by sales volume growth
- • Operating margin improved; Refining & Marketing adj. EBITDA $1.762B Q3 2025 vs $1.136B Q3 2024; segment adj. EBITDA per barrel 6.37$ vs 4.15$, margin $17.60/barrel vs $14.63/barrel YoY
- • Best segment: Refining & Marketing EBITDA up $626M YoY; worst: Renewable Diesel loss $(56)M Q3 2025 vs $(61)M Q3 2024 despite revenue growth due to lower margins
- • Cash decreased $557M YTD, operating cash flow down $1.27B YTD, investing cash flow outflow $5.65B driven by acquisitions and higher capex
- • Management anticipates constructive US refining environment supported by structural advantages; Midstream growth from strategic acquisitions (Northwind $2.4B, BANGL $703M); ongoing challenges from lower product margins and costs
Risk Factors
- • Continued exposure to commodity price volatility impacting refining margins and profitability
- • Regulatory risks including environmental compliance with evolving emissions standards and regulations
- • Competitive pressures from renewable energy and alternative fuels affecting market share and demand
- • Operational risks from refining capacity utilization rates and potential supply chain disruptions
- • Financial risk from debt maturities and liquidity management amid fluctuating cash flows
Marathon Petroleum Q3 2025 Quarterly FinancialsXBRL
Revenue
$34.8B
▼ -0.8% YoY▲ +3.0% QoQ
Net Income
$1.4B
▲ +120.3% YoY▲ +12.7% QoQ
Operating Margin
7.8%
▲ +395bp YoY▲ +129bp QoQ
Net Margin
3.9%
▲ +216bp YoY▲ +34bp QoQ
ROE
8.0%
Total Assets
$83.2B
EPS (Diluted)
$4.47
▲ +129.2% YoY▲ +14.0% QoQ
Operating Cash Flow
$2.6B
▲ +54.9% YoY▼ -1.1% QoQ
Source: XBRL data from Marathon Petroleum Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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