DMARC (Domain-based Message Authentication, Reporting and Conformance) is a policy in a DNS TXT record that tells receiving servers how to handle mail that fails the SPF and DKIM checks.
When a message arrives, the server runs the SPF and DKIM checks and then compares the result against the domain's DMARC policy. The policy sets one of three actions: p=none — only monitor, p=quarantine — move to spam, p=reject — refuse the message. It also names an address where aggregate reports about the checks should be sent.
DMARC closes the gap that SPF and DKIM leave on their own:
This protects the domain from spoofing and phishing, while all legitimate mail keeps arriving through the configured MX records.