Marathon Petroleum Q3 2026: Refining Margins Fuel a Blowout Quarter
As seen on the 24/7 Wall St. homepage on November 3, 2026.
Refining margins drove R&M adjusted EBITDA to $9.9 billion from $1.8 billion a year ago. Management is handing the windfall straight back, raising the dividend 10% and adding $5 billion in buyback authorization.
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Refining and marketing adjusted EBITDA vaulted to $9.9 billion from $1.8 billion a year earlier as crack spreads widened across every region. Margin leverage this steep rarely lasts long.
Revenue of $56.49 billion and adjusted EPS of $26.93 both came in ahead of expectations, with net income up 283% year over year. Renewable Diesel swung to a profit as well.
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Management moved quickly to share the windfall, returning $3.3 billion to shareholders and raising the dividend 10%. That signals confidence the margin environment is not a one-quarter anomaly.
Fourth-quarter guidance holds throughput near current levels, and the pending $4.2 billion refinery divestiture should close by year-end. Proceeds go mainly into Gulf Coast capacity.
Sources
Mentioned: MPC