Marathon Petroleum's stock surged 5.15% in pre-market trading following the release of its fourth-quarter 2025 financial results, which significantly exceeded analyst expectations.

The refiner reported adjusted earnings per share of $4.07, beating the consensus estimate of $2.88. Total revenue and other income came in at $33.42 billion, also above forecasts. The strong performance was primarily driven by a substantial increase in refining margins, with the refining and marketing margin reaching $18.65 per barrel, compared to $12.93 per barrel a year earlier.

This margin expansion led to a core profit of approximately $2 billion for the refining segment, a significant rise from $559 million in the prior-year quarter. The results reflect a rebound in U.S. refinery crack spreads during the period, showcasing the company's robust operational and commercial execution.