Marathon Petroleum (NYSE:MPC) reported fourth-quarter and full-year 2025 results on Tuesday, February 3, 2026, punctuated by a massive rebound in refining profitability and a peer-leading capital return program.
The Findlay, Ohio-based refiner posted fourth-quarter net income of $1.5 billion, or $5.12 per diluted share, nearly quadruple the profit from the same period in 2024.
For the full year, net income reached $4 billion ($13.22 per share), supported by a robust 94% refining utilization rate and a 105% margin capture.
The company’s performance was driven by a high-margin refining environment and the reliability of its midstream affiliate, MPLX.
Cash provided by operating activities totaled $8.3 billion for 2025, enabling Marathon to return $4.5 billion to shareholders through dividends and share repurchases.
Management noted that MPLX’s growing distributions are now expected to more than cover MPC’s standalone capital requirements and its own dividend for 2026, a structural advantage that CEO Maryann Mannen described as a "source of differentiation."
Looking toward 2026, Marathon unveiled a disciplined $1.5 billion standalone capital spending plan, focusing on high-return refining projects like the Robinson refinery product flexibility upgrade and the Galveston Bay distillate hydrotreater.