Marathon Petroleum (MPC) Q2 2026 earnings summary

Executive summary

• Net income attributable to shareholders reached $5.14 billion ($17.73 per diluted share) in Q2 2026, up from $1.22 billion ($3.96 per share) in Q2 2025, driven by strong commercial and operational performance, higher refining margins, and increased product prices amid global supply disruptions.

• Adjusted EBITDA was $8.5 billion in Q2 2026, more than doubling year-over-year, reflecting strong operational reliability and commercial execution across all segments.

• Over $2.8 billion was returned to shareholders in Q2 2026, including $2.5 billion in share repurchases, demonstrating disciplined capital allocation and robust cash generation.

• Value-enhancing capital projects at El Paso and Robinson refineries were completed, boosting competitive positioning and targeting 25%+ returns.

• Maintained a constructive outlook for U.S. refining and midstream, supported by resilient consumer demand and integrated value chains.

Financial highlights

• Q2 2026 sales and other operating revenues: $51.99 billion; net income attributable to shareholders: $5.14 billion; diluted EPS: $17.73; adjusted EBITDA: $8.5 billion; cash flow from operations (excluding working capital): $6.6 billion.

• Refining & Marketing segment adjusted EBITDA: $6.7 billion in Q2 2026, up from $1.9 billion in Q2 2025, with margin per barrel at $36.33 (vs. $17.58 prior year).

• Midstream segment adjusted EBITDA was $1.78 billion, up 20% year-over-year, driven by higher rates, throughput, and acquisitions.

• Renewable Diesel segment adjusted EBITDA was $258 million, reversing a loss of $19 million in Q2 2025, with 95% utilization and improved regulatory credits.

• Cash and cash equivalents at June 30, 2026: $7.8 billion.

Outlook and guidance

• Expect to remain in an enhanced mid-cycle environment through 2027, with continued strong demand for gasoline, diesel, and jet.

• Q3 2026 crude throughput expected at 2.8–3.0 million bpd at 94% utilization; turnaround expenses of ~$290 million focused on Gulf Coast and MidCon.

• MPLX capital growth spending outlook raised by $500 million to $2.9 billion for 2026, supporting mid-single-digit adjusted EBITDA growth and 12.5% annual distribution growth in 2026 and 2027.

• 2026 capital spending outlook (excluding MPLX) is $1.5 billion, with 65% allocated to value-enhancing investments.

• Management expects continued constructive market conditions for U.S. refiners, supported by global demand growth and U.S. structural advantages.