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Marathon Petroleum

MPC Q1 2026 Earnings

Reported May 5, 2026 at 6:48 AM ET · SEC Source

Q1 26 EPS

$1.65

BEAT +120.62%

Est. $0.75

Q1 26 Revenue

$34.20B

BEAT +10.93%

Est. $30.83B

vs S&P Since Q1 26

-3.9%

TRAILING MARKET

MPC -2.6% vs S&P +1.3%

Market Reaction

Did MPC Beat Earnings? Q1 2026 Results

Marathon Petroleum delivered a standout first quarter for 2026, with adjusted earnings per share of $1.65 beating the $0.75 consensus estimate by 120.62%, while revenue of $34.20 billion topped expectations of $30.83 billion by 10.93%, as a dramatic … Read more Marathon Petroleum delivered a standout first quarter for 2026, with adjusted earnings per share of $1.65 beating the $0.75 consensus estimate by 120.62%, while revenue of $34.20 billion topped expectations of $30.83 billion by 10.93%, as a dramatic recovery in refining margins powered the company back to solid profitability after a loss-making start to 2025. The primary engine behind the quarter was the Refining and Marketing segment, where adjusted EBITDA surged to $1.38 billion from $489.00 million a year earlier, with blended margins expanding to $17.74 per barrel from $13.38, and the West Coast region leading at $25.71 per barrel. Analysts have maintained a moderate buy consensus on the stock, citing the strength of crude sourcing insulated from ongoing Middle East supply pressures. MPC also announced a $5.00 billion incremental share repurchase authorization, lifting total buyback availability to $8.60 billion, while guiding for Q2 refinery throughputs of 2,990 thousand barrels per day and full-year turnaround expense of $1.35 billion.

Key Takeaways

  • • Higher crack spreads drove significantly improved Refining & Marketing margins ($17.74/bbl vs $13.38/bbl YoY)
  • • West Coast region posted strongest adjusted EBITDA per barrel at $11.61 vs $3.03 YoY
  • • Gulf Coast region adjusted EBITDA surged to $6.20/bbl from $0.74/bbl YoY
  • • Renewable Diesel benefited from stronger margin environment and 45Z clean fuel production tax credit recognition
  • • Safe and reliable refining operations at 89% crude capacity utilization
  • • Share count reduction from 313 million to 295 million weighted average diluted shares

MPC Forward Guidance & Outlook

MPC's 2026 capital spending outlook (excluding MPLX) is $1.5 billion, with approximately 65% focused on value-enhancing capital and 35% on sustaining capital. Full-year refining planned turnaround expense is estimated at $1.35 billion. For Q2 2026, the company expects refining operating costs of $5.65 per barrel, distribution costs of $1,625 million, refining planned turnaround costs of $300 million, D&A of $390 million, and total refinery throughputs of 2,990 mbpd (crude oil refined 2,795 mbpd, other charge and blendstocks 195 mbpd). Corporate costs are expected at $240 million (including $30 million D&A). MPLX's $2.4 billion organic growth capital plan is 90% directed toward natural gas and NGL infrastructure, with projects expected to support 12.5% annual distribution growth to MPC in 2026 and 2027.

24/7 Wall St

MPC YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

“Our first-quarter results underscore the strength and reliability of our integrated system and our disciplined approach to capital deployment. Accelerating our planned turnaround activity in the quarter enhances our operational readiness to supply the elevated levels of current market demand. MPLX progressed its mid-single digit growth strategy through expansions across its Natural Gas and NGL value chains, underpinning distribution growth and strengthening cash flow stability to MPC, positioning us to lead in capital return.”

— Maryann Mannen, Q1 2026 Earnings Press Release

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