Short answer
Marathon Petroleum (MPC) filed its Q3 2025 10-Q quarterly report on Nov 4, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $34.8B (down 0.8% year over year) with net income of $1.4B.
Q3 2025 key financials · XBRL
- Revenue
- $34.8B
- −0.8% YoY · +3.0% QoQ
- Net income
- $1.4B
- +120.3% YoY · +12.7% QoQ
- Operating margin
- 7.8%
- EPS (diluted)
- $4.47
- +129.2% YoY · +14.0% QoQ
Source: XBRL data from the Marathon Petroleum (MPC) Q3 2025 10-Q on SEC EDGAR. USD.
Marathon Petroleum Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
Other Marathon Petroleum quarterly reports
Ask about this quarter
Compare quarters, check guidance or see what insiders and funds did around the report.