Q2 26 EPS
$17.73
BEAT +27.08%
Est. $13.95
Q2 26 Revenue
$51.99B
BEAT +25.48%
Est. $41.44B
vs S&P Since Q2 26
-3.0%
TRAILING MARKET
MPC -3.1% vs S&P 0.0%
Market Reaction
Did MPC Beat Earnings? Q2 2026 Results
Marathon Petroleum Corp delivered a blowout second quarter for 2026, posting earnings per share of $17.73 and revenue of $51.99 billion, beating the consensus estimates of $13.95 and $41.44 billion by 27.08% and 25.48%, respectively. The driving forc… Read more Marathon Petroleum Corp delivered a blowout second quarter for 2026, posting earnings per share of $17.73 and revenue of $51.99 billion, beating the consensus estimates of $13.95 and $41.44 billion by 27.08% and 25.48%, respectively. The driving force behind the beat was a dramatic recovery in refining margins, with the Refining and Marketing segment generating adjusted EBITDA of $6.66 billion, up from $1.89 billion a year earlier, as R&M margin nearly doubled to $36.33 per barrel from $17.58. Net income attributable to MPC surged to $5.14 billion from $1.22 billion in Q2 2025, while total adjusted EBITDA more than doubled to $8.46 billion. Crude utilization ran at a robust 94% with throughput of 2.9 million barrels per day. The company returned over $2.80 billion to shareholders during the quarter, consistent with its aggressive capital return posture that investors had been closely watching ahead of results. Looking ahead, MPC guided Q3 total refinery throughput of 3,005 thousand barrels per day, with refining operating costs of $5.60 per barrel.
Key Takeaways
- • Higher crack spreads in all refining regions drove significant margin expansion
- • R&M margin increased to $36.33/bbl from $17.58/bbl year-over-year
- • Strong commercial and operational execution across the system
- • Resilient consumer demand supported refining volumes
- • Renewable Diesel benefited from stronger margin environment, higher throughputs, and improved regulatory credit values
- • Midstream growth driven by increased rates, throughputs, and acquisitions
MPC Forward Guidance & Outlook
For Q3 2026, MPC expects refining operating costs of $5.60 per barrel, distribution costs of $1,650 million, refining planned turnaround costs of $290 million, and depreciation and amortization of $390 million. Total refinery throughputs are expected to be 3,005 mbpd (2,820 mbpd crude oil refined plus 185 mbpd other charge and blendstocks). Corporate costs are expected to be $260 million (including $30 million of D&A). MPC's 2026 capital spending outlook (excluding MPLX) is $1.5 billion, with approximately 65% focused on value-enhancing investments and 35% on sustaining operations. MPLX increased its 2026 growth capital spending outlook by $500 million to $2.9 billion. MPLX's distribution growth strategy is expected to support 12.5% annual distribution growth in 2026 and 2027.
MPC YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“Strong planning, commercial, and operational execution enabled safe and reliable operations to meet resilient consumer demand. Our results reflect the differentiated capabilities of our value chains and the execution of our optimization strategies.”
— Maryann Mannen, Q2 2026 Earnings Press Release
MPC Earnings Trends
MPC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MPC EPS Trend
Earnings per share: estimate vs actual
MPC Revenue Trend
Quarterly revenue: estimate vs actual
MPC Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $13.95 | $17.73 | +27.08% | $51.99B | +25.48% |
| Q1 26 BEAT | $0.75 | $1.65 | +120.62% | $34.20B | +10.93% |
| Q4 25 BEAT FY | $2.71 | $4.07 | +50.13% | $33.42B | +9.56% |
| FY Full Year | $9.42 | $10.70 | +13.54% | $135.22B | +2.26% |
| Q3 25 MISS | $3.16 | $3.01 | -4.86% | $34.81B | +9.78% |
| Q2 25 BEAT | $3.23 | $3.96 | +22.45% | $34.10B | +7.55% |
| Q1 25 BEAT | $-0.54 | $-0.24 | +55.72% | $31.52B | +4.54% |