third quarter of 2026
Filed Nov 3, 2026Marathon Petroleum Corp. Reports Third-Quarter 2026 Results
Third-quarter net income attributable to MPC was $7.4 billion and adjusted EBITDA was $11.7 billion, led by Refining & Marketing segment adjusted EBITDA of $9.9 billion as higher market crack spreads lifted results in all regions.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Third-quarter sales and other operating revenuesGAAP | $56.03B | – | – |
| Third-quarter total revenues and other incomeGAAP | $56.49B | – | – |
| Third-quarter cost of revenuesGAAP | $43.80B | – | – |
| Third-quarter total costs and expensesGAAP | $46.04B | – | – |
| Third-quarter income from operationsGAAP | $10.45B | – | – |
| Third-quarter income before income taxesGAAP | $10.16B | – | – |
| Third-quarter net incomeGAAP | $7.88B | – | – |
| Third-quarter net income attributable to MPCGAAP | $7.45B | – | – |
| Third-quarter diluted net income attributable to MPC per shareGAAP | $26.59 | – | – |
| Third-quarter adjusted net income attributable to MPCnon-GAAP | $7.54B | – | – |
| Third-quarter adjusted diluted income per sharenon-GAAP | $26.93 | – | – |
| Third-quarter adjusted EBITDAnon-GAAP | $11.73B | – | – |
| Third-quarter Refining & Marketing segment adjusted EBITDAnon-GAAP | $9.89B | – | – |
| Third-quarter Midstream segment adjusted EBITDAnon-GAAP | $1.88B | – | – |
| Third-quarter Renewable Diesel segment adjusted EBITDAnon-GAAP | $254M | – | – |
| Third-quarter corporate adjusted EBITDAnon-GAAP | −$328M | – | – |
| Third-quarter Refining & Marketing gross marginnon-GAAP | $9.91B | – | – |
| Third-quarter Refining & Marketing marginnon-GAAP | $13.24B | – | – |
| Third-quarter Refining & Marketing margin per barrel of net refinery throughputnon-GAAP | $45.70 | – | – |
| Third-quarter Refining & Marketing segment adjusted EBITDA per barrelnon-GAAP | $34.15 | – | – |
| Third-quarter Renewable Diesel gross marginnon-GAAP | $154M | – | – |
| Third-quarter Renewable Diesel marginnon-GAAP | $304M | – | – |
| Third-quarter capital expenditures and investmentsother | $1.44B | – | – |
| Nine months sales and other operating revenuesGAAP | $142.2B | – | – |
| Nine months total revenues and other incomeGAAP | $143.4B | – | – |
| Nine months income from operationsGAAP | $19.18B | – | – |
| Nine months net income attributable to MPCGAAP | $13.10B | – | – |
| Nine months diluted net income attributable to MPC per shareGAAP | $45.40 | – | – |
| Nine months adjusted net income attributable to MPCnon-GAAP | $13.17B | – | – |
| Nine months adjusted diluted income per sharenon-GAAP | $45.64 | – | – |
| Nine months adjusted EBITDAnon-GAAP | $22.95B | – | – |
| Nine months capital expenditures and investmentsother | $4.08B | – | – |
Fourth-Quarter 2026 Outlook outlook
- NoteRefining operating costs per barrel: $5.60
- NoteDistribution costs: $1,725 million
- NoteRefining planned turnaround costs: $230 million
- NoteDepreciation and amortization: $390 million
- NoteCrude oil refined: 2,830 mbpd
- NoteOther charge and blendstocks: 250 mbpd
- NoteTotal refinery throughputs: 3,080 mbpd
- NoteCorporate (includes $60 million of D&A): $300 million
Capital returns
- In the third quarter, the company returned $3.3 billion of capital to shareholders.
- The Board of Directors approved an incremental $5 billion share repurchase authorization.
- As of September 30, 2026, the company had $3.1 billion remaining under its share repurchase authorizations.
- With the addition of this new authorization, the company would have had $8.1 billion available under its share repurchase authorizations as of September 30, 2026.
- Announced a 10% increase in MPC’s quarterly dividend.
- MPLX increased its quarterly distribution by 12.5% for the third consecutive year, resulting in $3.1 billion of expected annual distributions to MPC.
What drove it
- Refining & Marketing results were driven primarily by higher market crack spreads in all regions.
- Crude capacity utilization was 100% in the third quarter of 2026, compared with 95% in the third quarter of 2025.
- Total refinery throughput was 3.2 million barrels per day (bpd) in the third quarter of 2026.
- Refining operating costs were $5.60 per barrel in the third quarter of 2026, versus $5.59 per barrel in the third quarter of 2025.
- Refining planned turnaround costs totaled $294 million in the third quarter of 2026 and $400 million in the third quarter of 2025.
- Midstream results were driven by increased rates and throughputs, increased income from equity affiliates, and growth from acquisitions.
- Renewable Diesel results reflected a stronger margin environment, improved regulatory credit values, and higher throughputs.
- Third-quarter pipeline throughputs were 6,053 mbpd, terminal throughputs were 3,375 mbpd, gathering system throughputs were 7,216 million cubic feet per day, natural gas processed was 9,941 million cubic feet per day, and C2 (ethane) + NGLs fractionated was 696 mbpd.
Concerns
- Corporate expenses totaled $328 million in the third quarter of 2026, compared with $238 million in the third quarter of 2025, primarily due to higher expenses related to incentive compensation.
- Midstream growth was partially offset by the divestiture of non-core gathering and processing assets and higher operating expenses, including incentive compensation.
- The announced divestiture of the St. Paul Park and Mandan refineries, inclusive of related midstream assets, is expected to close at the end of 2026.
- The company states that repurchase timing will depend upon market and business conditions and that repurchases may be suspended or discontinued at any time.
What to watch
- Closing of the $4.2 billion divestiture of the St. Paul Park and Mandan refineries and related midstream assets, expected at the end of 2026.
- MPC’s reinvestment of its $3.45 billion of divestiture proceeds, primarily in the Gulf Coast.
- Fourth-quarter refinery throughputs outlook of 3,080 mbpd and refining operating costs per barrel outlook of $5.60.
- Galveston Bay Distillate Hydrotreater, Garyville Feedstock Optimization, and Garyville Product Export Flexibility projects, each expected in service YE27.
- MPLX organic growth capital of $2.9 billion, with over 90% allocated to natural gas and NGL infrastructure.
- Bay Runner, BANGL Pipeline, Titan Complex, Blackcomb Pipeline, and Traverse Pipeline expected in service in 4Q26.
Balance sheet and cash flow
- As of September 30, 2026, MPC had $13.6 billion of cash, cash equivalents, and short-term investments, including $1.3 billion of cash at MPLX.
- Cash and cash equivalents were $12,805 million as of September 30, 2026, compared with $7,768 million as of June 30, 2026.
- Short-term investments were $804 million as of September 30, 2026.
- Total consolidated debt was $33,022 million as of September 30, 2026, compared with $32,816 million as of June 30, 2026.
- MPC debt was $6,414 million as of September 30, 2026, compared with $7,176 million as of June 30, 2026.
- MPLX debt was $26,608 million as of September 30, 2026, compared with $25,640 million as of June 30, 2026.
- MPC had no borrowings outstanding under its $5 billion five-year bank revolving credit facility.
- On September 15, 2026, MPC redeemed all of its outstanding $749 million senior notes due December 2026.
- Equity was $29,852 million as of September 30, 2026, compared with $25,720 million as of June 30, 2026.
Analysis
MPC reported a substantially stronger third quarter. Net income attributable to MPC was $7.4 billion, or $26.59 per diluted share, compared with $1.4 billion, or $4.51 per diluted share, in the third quarter of 2025. Adjusted net income was $7.5 billion, or $26.93 per diluted share, compared with $915 million, or $3.01 per diluted share. Adjusted EBITDA was $11.7 billion, compared with $3.2 billion.
Refining & Marketing was the principal earnings driver. Segment adjusted EBITDA was $9.9 billion versus $1.8 billion, while segment adjusted EBITDA per barrel was $34.15 versus $6.37. R&M margin was $45.70 per barrel versus $17.60 per barrel, driven primarily by higher market crack spreads in all regions. Crude capacity utilization reached 100%, compared with 95%, and refining operating costs were effectively unchanged at $5.60 per barrel versus $5.59 per barrel. The Gulf Coast, Mid-Continent, and West Coast each reported materially higher R&M adjusted EBITDA per barrel.
Midstream segment adjusted EBITDA was $1.9 billion versus $1.7 billion, supported by increased rates and throughputs, equity affiliate income, and acquisition growth. Renewable Diesel segment adjusted EBITDA improved to $254 million from $(56) million, with stronger margins, improved regulatory credit values, and higher throughputs. Corporate expenses increased to $328 million from $238 million, primarily due to incentive compensation. Third-quarter capital expenditures and investments were $1.4 billion, including $1.1 billion in Midstream.
Capital allocation included $3.3 billion returned to shareholders, a 10% increase in MPC’s quarterly dividend, and an incremental $5 billion share repurchase authorization. MPC reported $13.6 billion of cash, cash equivalents, and short-term investments, redeemed $749 million of senior notes, and had no borrowings under its $5 billion revolving credit facility. The company also announced a $4.2 billion divestiture of the St. Paul Park and Mandan refineries and related midstream assets, with MPC to receive $3.45 billion of proceeds for reinvestment primarily in the Gulf Coast.
Fourth-quarter operating guidance calls for total refinery throughputs of 3,080 mbpd, refining operating costs of $5.60 per barrel, refining planned turnaround costs of $230 million, and corporate costs of $300 million including $60 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 is investing $2.9 billion of organic growth capital, with over 90% allocated to natural gas and NGL infrastructure.
Management, verbatim
Our value chain capabilities remain a defining advantage for us, capturing opportunities to enhance margins across dynamic market conditions. Strong planning, commercial, and operational execution generated significant cash flows, supporting high-return investments while delivering substantial returns to shareholders. MPLX’s durable growth and increasing cash flow to MPC delivers a differentiated value proposition.
Maryann Mannen, Chairman, President and Chief Executive Officer
Not in the filing
stated, not guessed- Operating cash flow was not reported in the provided filing text.
- Free cash flow was not reported in the provided filing text.
- A quarterly dividend per-share amount was not reported in the provided filing text.
- Segment revenue was not reported in the provided filing text.
- Prior-quarter comparisons were not reported for the income statement, adjusted EBITDA, segment adjusted EBITDA, or operating metrics.
- Year-over-year percentage changes were not printed for the reported financial metrics.
- Fourth-quarter revenue, gross margin, tax rate, and total operating-expense guidance were not reported in the provided filing text.
- Previous-period outlook was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.