Marathon Petroleum (MPC) Q3 2026 earnings summary

Executive summary

• Adjusted EBITDA was $11.729B and adjusted diluted EPS was $26.93; attributable net income was $7.447B, or $26.59 diluted EPS.

• Refinery crude capacity utilization reached 100%, with total throughput of 3.2M bpd and strong results across regions.

• Strong cash generation supported $3.284B in Q3 capital returns and a $4.2B sale of two Mid-Continent refineries and related midstream assets.

Financial highlights

• Q3 revenue and other income was $56.487B, operating income was $10.450B, and attributable net income was $7.447B.

• Operating cash flow was $10.732B, including a $2.257B working-capital benefit; excluding working-capital changes, it was $8.475B.

• Adjusted EBITDA of $11.729B comprised Refining & Marketing $9.895B, Midstream $1.882B, Renewable Diesel $254M and Corporate $(302)M.

• Adjusted net income was $7.541B, excluding $123M of pre-tax tax and legal settlement adjustments, net of a $29M tax impact.

• Nine-month adjusted EBITDA was $22.952B; attributable net income was $13.096B.

Outlook and guidance

• Q4 refining crude throughput guidance was 2.830M bpd, with 95% overall utilization; regional utilization was guided at 94% Gulf Coast, 97% Mid-Continent and 92% West Coast.

• Q4 Refining & Marketing guidance included $230M turnaround costs, $5.60/bbl operating costs and $390M D&A; Renewable Diesel utilization was expected at 85%, with $65M of turnaround costs.

• Elevated refining margins were expected through at least mid-2027; 2027 refining turnaround activity was expected to be lighter than 2026.

• Midstream Q4 adjusted EBITDA was expected to exceed Q3, with 2027 growth expected to be stronger than 2026.

• MPLX raised 2026 growth capital spending outlook by $500M to $2.9B, primarily accelerating Gulf Coast fractionation and export expansions.