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
+11.0%
BEATING MARKET
MPC +17.9% vs S&P +6.8%
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 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
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% |