10-Q · August 4, 2026
MPC delivered an exceptionally strong Q2, with revenue of $52.337 billion, diluted EPS of $17.73, and operating income of $7.322 billion, driven primarily by a $36.33-per-barrel refining margin and substantially higher…
Earnings analysis · 10-Q
MPC earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
MPC reported an exceptionally strong third quarter, with revenue of $56.032 billion and diluted EPS of $26.59, both materially above consensus and well above the prior-year and sequential periods. Management attributed…
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MPC reported an exceptionally strong third quarter, with revenue of $56.032 billion and diluted EPS of $26.59, both materially above consensus and well above the prior-year and sequential periods. Management attributed the performance to sharply higher refining margins, while continuing substantial capital returns through $3.3 billion of reported returns and 8,486,487 share repurchases. The principal negatives are a $1.083 billion nine-month derivative loss, $29.774 billion of fixed-rate debt fair value, and $230 million of planned fourth-quarter turnaround costs. No material changes to the previously disclosed 2025 Form 10-K risk factors were reported, and no revenue or EPS guidance was provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $26.59
What stood out
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Revenue materially exceeded estimates
Sales and other operating revenues were $56.032 billion, up from $34.81 billion in Q3 2025 and $51.99 billion in Q2 2026. Revenue exceeded the $41.762 billion consensus estimate.
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EPS surged and beat consensus
Diluted EPS was $26.59 versus $4.51 in Q3 2025 and $17.73 in Q2 2026, exceeding the $25.95 consensus estimate. The year-over-year increase was $22.08 per share, or approximately 490%.
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Higher refining margins drove earnings
Management attributed the earnings performance to sharply higher refining margins. The reported Q3 EPS of $26.59 was approximately $0.64 above the $25.95 consensus estimate.
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Capital returns remain substantial
MPC repurchased 8,486,487 shares during the quarter at a weighted average price of $354.17. The company also announced an additional $5.0 billion repurchase authorization on November 3, 2026.
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Q4 operating outlook is quantified
The fourth-quarter operating outlook provides quantitative operating targets of 3.080 million barrels per day of refinery throughput and $5.60 per barrel of refining operating costs.
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No reported control deficiencies
Disclosure controls and procedures were concluded to be effective as of September 30, 2026, and the company reported no changes in internal control that materially affected, or were reasonably likely to materially affect, financial reporting.
What to watch
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Derivative losses increased sharply
Commodity derivative positions generated a net loss of $1.083 billion for the nine months ended September 30, 2026, compared with a $37 million net loss in the prior-year period. Realized losses were $966 million versus $59 million previously.
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Large fixed-rate debt exposure
Long-term debt was entirely fixed-rate, with a fair value of $29.774 billion at September 30, 2026. A hypothetical 100-basis-point decline in yields would increase debt fair value by $2.364 billion, creating potential exposure if debt is repurchased or retired above carrying value.
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Turnaround costs remain a headwind
The filing states that there were no material changes to the risk factors previously disclosed in the 2025 Form 10-K. The Q4 operating outlook nevertheless includes $230 million of planned turnaround costs, which may weigh on near-term refining results.
Management's outlook
No quantitative revenue or EPS guidance was provided. The fourth-quarter operating outlook calls for total refinery throughput of 3.080 million barrels per day, refining operating costs of $5.60 per barrel, and planned turnaround costs of $230 million.
Earlier filings 4
10-Q · May 5, 2026
Marathon Petroleum Corporation reported Q1 2026 results with notable improvements, showcasing a revenue of $34.20 billion and an EPS of $1.73, both exceeding analyst expectations. The significant ramp-up in…
10-K · February 26, 2026
Marathon Petroleum (MPC) positions itself as a large, integrated downstream and midstream operator with ~2.99 million barrels per day of crude refining capacity and three reportable segments (Refining & Marketing,…
10-Q · November 5, 2024
Marathon Petroleum reported total revenues and other income of $35,373 million and diluted EPS of $1.87 for the three months ended September 30, 2024. Results show a material year-over-year decline in profitability…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.