Marathon Petroleum (MPC) Q1 2026 earnings summary

Executive summary

• Net income attributable to shareholders was $511 million for Q1 2026, reversing a prior-year loss, driven by higher refining margins, increased sales volumes, and strong operational performance with 89% refinery utilization and nearly 100% capture.

• Revenues rose to $34.6 billion, up 8.5% year-over-year, primarily due to higher refined product prices and volumes.

• Adjusted EBITDA increased to $3.01 billion from $2.17 billion, with significant improvement in Refining & Marketing and Renewable Diesel segments.

• Over $1 billion was returned to shareholders in Q1, and a new $5 billion share repurchase authorization was announced.

• Proactively advanced maintenance, completing 40% of full-year activity in Q1 to position for higher Q2 utilization and demand.

Financial highlights

• Adjusted EPS was $1.73, compared to $(0.24) in Q1 2025; adjusted EBITDA reached $3.01 billion, and cash flow from operations (excluding working capital) was $1.7 billion.

• Operating income more than doubled to $1.4 billion from $687 million year-over-year.

• Cash and cash equivalents at quarter-end were $2.2 billion.

• Capital expenditures and investments totaled $1.25 billion, up from $776 million.

• Refining & Marketing segment adjusted EBITDA per barrel was $17.74, up from $13.38 in Q1 2025.

Outlook and guidance

• Q2 2026 refinery utilization is guided at 94%, with crude throughput expected at 2.99 million barrels per day and operating costs projected at $5.65 per barrel.

• Full-year planned turnaround expense remains at $1.35 billion.

• Management expects global demand growth to outpace refining capacity additions through the decade, supporting a constructive environment for U.S. refiners.

• MPLX expects 12.5% distribution growth over the next two years, with mid-single-digit adjusted EBITDA growth.