Marathon Petroleum Corporation stock research
FY2025 Q3
Marathon Petroleum (MPC) Gross Margin — Quarter Ended Sep 30, 2025
Revenue increased compared to the prior quarter, while gross profit decreased, leading to a lower gross margin. Cost of revenue rose at a faster rate than revenue, compressing the margin.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue increased compared to the prior quarter, while gross profit decreased, leading to a lower gross margin. Cost of revenue rose at a faster rate than revenue, compressing the margin.
- The gross margin weakened from the prior quarter, as cost of revenue increased more than revenue. Compared to the same quarter last year, gross profit and gross margin both improved, driven by a lower cost of revenue relative to revenue.
- Compared to the immediately preceding quarter, gross margin was lower, with gross profit declining despite higher revenue. Versus the same quarter one year earlier, gross margin was higher, supported by a larger gross profit on slightly lower revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
10.4%
Gross profit
$3.6B
Revenue
$34.8B
Cost of revenue
$31.2B
Quarter-over-quarter change
-0.8 pts
Year-over-year change
+1.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $33.1B | $2.6B | $30.6B | 7.8% |
| Mar 31, 2025 | $31.5B | $2.2B | $29.4B | 6.8% |
| Jun 30, 2025 | $33.8B | $3.8B | $30.0B | 11.2% |
| Sep 30, 2025 | $34.8B | $3.6B | $31.2B | 10.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-0.8 pts
Year-over-year change
Sep 30, 2024
+1.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin weakened from the prior quarter, as cost of revenue increased more than revenue. Compared to the same quarter last year, gross profit and gross margin both improved, driven by a lower cost of revenue relative to revenue.
Compared to the immediately preceding quarter, gross margin was lower, with gross profit declining despite higher revenue. Versus the same quarter one year earlier, gross margin was higher, supported by a larger gross profit on slightly lower revenue.
Monitor the trajectory of cost of revenue relative to revenue, as its faster growth in the current quarter drove margin compression.