The earnings call highlighted strong operational and financial performance with record utilization and strategic growth initiatives. However, challenges in the renewable diesel segment and high turnaround expenses were noted. The sentiment is overall positive due to the significant achievements outweighing the challenges.

Company Guidance -

Q3 2025

During the Marathon Petroleum Corporation's second quarter 2025 earnings call, the company provided guidance for the third quarter, projecting crude throughput volumes of 2.7 million barrels per day, representing a 92% utilization rate. The company anticipates turnaround expenses to be approximately $400 million for the quarter, with a full-year projection similar to last year at around $1.4 billion. Operating costs are expected to be $5.70 per barrel, while distribution costs are forecasted at $1.5 billion. Corporate costs are projected to be $240 million. This guidance reflects a focus on maintaining strong operational performance across their refining and marketing segments, which achieved a 97% utilization rate and 105% margin capture in the second quarter, driven by strong diesel demand and tight inventory levels.

Record Utilization and Margin Capture

Achieved 97% utilization at refineries and a 105% margin capture. Sequential growth across gasoline, diesel, and jet fuel.

Strategic Acquisitions and Divestitures

MPLX acquired Northwind Midstream for under $2.4 billion, enhancing growth opportunities in the Permian. MPC divested its partial interest in ethanol production facilities for $425 million.

Strong Financial Performance

Reported second quarter net income of $3.96 per share and returned $1 billion to shareholders. Adjusted EBITDA increased by $1.3 billion sequentially.

Midstream Growth

Midstream business delivered 5% year-over-year segment adjusted EBITDA growth. MPLX's financial flexibility supports development plans and significant distribution growth.

Cash Flow and Capital Management

Operating cash flow excluding changes in working capital was $2.6 billion. MPC maintains an investment-grade credit profile supported by MPLX distributions.

Marathon Petroleum (MPC) Earnings, Revenues Date & History

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MPC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 04, 2025	2025 (Q3)	3.12 / -	1.87	―	―	―
Aug 05, 2025	2025 (Q2)	3.24 / 3.96	4.12	-3.88% (-0.16)
May 06, 2025	2025 (Q1)	-0.54 / -0.12	2.58	-104.73% (-2.70)
Feb 04, 2025	2024 (Q4)	0.02 / 0.77	3.98	-80.65% (-3.21)
Nov 05, 2024	2024 (Q3)	0.99 / 1.87	8.14	-77.03% (-6.27)
Aug 06, 2024	2024 (Q2)	3.09 / 4.12	5.32	-22.56% (-1.20)
Apr 30, 2024	2024 (Q1)	2.54 / 2.58	6.09	-57.64% (-3.51)
Jan 30, 2024	2023 (Q4)	2.19 / 3.98	6.65	-40.15% (-2.67)
Oct 31, 2023	2023 (Q3)	7.75 / 8.14	7.81	4.23% (+0.33)
Aug 01, 2023	2023 (Q2)	4.55 / 5.32	10.61	-49.86% (-5.29)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MPC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 05, 2025	$167.96	$168.92	+0.57%
May 06, 2025	$142.52	$143.74	+0.86%
Feb 04, 2025	$145.34	$155.13	+6.74%
Nov 05, 2024	$142.48	$147.02	+3.19%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.