Jun 2026 (Q2 FY26) — Aug 4, 2026
Marathon Petroleum Q2 FY26 — Strong Refining Performance and Midstream Growth
Read the full callMarathon Petroleum (MPC) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Marathon Petroleum earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 51,994 | +53.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 14.1 | +7.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 5,138 | +322.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
19 of 24 judged targets kept · 40 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| El Paso yield improvement project in service | In service in the second quarter of 2026, $30 million of 2026 capital | Dec 2025 | the El Paso yield improvement investment enhances the refinery's ability to produce specialty gasoline for key markets | Achieved |
| MPLX growth capital investment | $2.4 billion of growth capital, 90% to Natural Gas and NGL Services | Dec 2025 | MPLX announced it is increasing its 2026 capital growth spending outlook by $500 million to $2.9 billion. | Revised Up |
| Blackcomb natural gas pipeline in service | 2.5 Bcf pipeline in service in the second half of 2026 | Jun 2024 | In July, the Blackcomb natural gas pipeline began commissioning activities, the joint venture partners continue to progress the pipeline as planned with Blackcomb expected to achieve full commercial service in the fourth quarter. | On Track |
5 of Marathon Petroleum Corp's 64 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 61 more targets are in the full ledger.
Claimed
- Delivered $8.5 billion of adjusted EBITDA, reflecting strong market conditions and operational execution.
- Achieved R&M margin capture of 112% in Q2, with year-to-date capture at 108%, driven by crude optimization and strong product margins.
- Gulf Coast refineries ran at 100% utilization, delivering $27 of adjusted EBITDA per barrel.
- MPLX increased its 2026 capital growth spending outlook by $500 million to $2.9 billion, supporting 12.5% annual distribution growth in '26 and '27.
- Returned $2.8 billion of capital to shareholders, including $2.5 billion in share repurchases, demonstrating disciplined capital allocation.
Qualified
- Secondary products remain a market-driven headwind, with prices lagging higher clean product prices.
- Third quarter R&M turnaround expenses are projected to be approximately $290 million, mainly focused on conversion units, creating a headwind to capture.
- The RVO market has seen volatility, though management believes the market remains short on RIN balances.
Price
$473.69 −0.92% · −$4.38
Performance +156.8% 1Y
1Y: $184.47 on 17 Oct 2025 → $473.69. High $484.92 (14 Oct 2026), low $162.63 (31 Dec 2025).
- Previous close
- $478.07
- 52-week range
- $162.63 – $484.92
- One year
- +154.30%
Overview
- Symbol
- MPC
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
19 of 24 judged targets kept · 40 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| El Paso yield improvement project in service | In service in the second quarter of 2026, $30 million of 2026 capital | Dec 2025 | the El Paso yield improvement investment enhances the refinery's ability to produce specialty gasoline for key markets | Achieved |
| MPLX growth capital investment | $2.4 billion of growth capital, 90% to Natural Gas and NGL Services | Dec 2025 | MPLX announced it is increasing its 2026 capital growth spending outlook by $500 million to $2.9 billion. | Revised Up |
| Blackcomb natural gas pipeline in service | 2.5 Bcf pipeline in service in the second half of 2026 | Jun 2024 | In July, the Blackcomb natural gas pipeline began commissioning activities, the joint venture partners continue to progress the pipeline as planned with Blackcomb expected to achieve full commercial service in the fourth quarter. | On Track |
Claimed
- Delivered $8.5 billion of adjusted EBITDA, reflecting strong market conditions and operational execution.
- Achieved R&M margin capture of 112% in Q2, with year-to-date capture at 108%, driven by crude optimization and strong product margins.
- Gulf Coast refineries ran at 100% utilization, delivering $27 of adjusted EBITDA per barrel.
- MPLX increased its 2026 capital growth spending outlook by $500 million to $2.9 billion, supporting 12.5% annual distribution growth in '26 and '27.
- Returned $2.8 billion of capital to shareholders, including $2.5 billion in share repurchases, demonstrating disciplined capital allocation.
Qualified
- Secondary products remain a market-driven headwind, with prices lagging higher clean product prices.
- Third quarter R&M turnaround expenses are projected to be approximately $290 million, mainly focused on conversion units, creating a headwind to capture.
- The RVO market has seen volatility, though management believes the market remains short on RIN balances.
The full ledger
Open Marathon Petroleum Corp’s full ledger
A free account opens 5 company ledgers a month. All 64 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Marathon Petroleum Q1 FY26 — Strong Operational Performance and Enhanced Shareholder Returns
Read the full callDec 2025 (Q4 FY25) — Feb 3, 2026
Marathon Petroleum Q4 FY25 — Strong R&M Performance & Disciplined Capital Returns
Read the full callEvery analysed call
Marathon Petroleum earnings calls (MPC)
Financials
What the filings say
Net profit, year on year: +323% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 35,107 | 33,137 | 31,517 | 33,799 | 34,809 | 32,574 | 34,200 | 51,994 |
| Expenses | 34,024 | 32,325 | 31,163 | 31,904 | 33,136 | 30,728 | 33,164 | 45,015 |
| Operating profit | 1,349 | 1,141 | 687 | 2,197 | 2,713 | 2,694 | 1,404 | 7,322 |
| Operating margin | 3.8% | 3.4% | 2.2% | 6.5% | 7.8% | 8.3% | 4.1% | 14.1% |
| Profit before tax | 1,128 | 896 | 383 | 1,878 | 2,403 | 2,351 | 1,034 | 6,982 |
| Tax rate | 10.0% | 12.4% | 9.7% | 14.3% | 19.1% | 15.8% | 17.7% | 20.7% |
| Net profit | 622 | 371 | -74 | 1,216 | 1,370 | 1,535 | 511 | 5,138 |
| EPS ($ per share) | 1.88 | — | -0.24 | 3.96 | 4.51 | — | 1.73 | 17.76 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 14,755 | 15,990 | 4,650 | 12,905 | 26,142 | 34,562 | 36,848 | 39,751 |
| Total liabilities | 47,887 | 55,449 | 54,938 | 51,792 | 54,817 | 54,588 | 54,352 | 59,869 |
| Fixed assets | 45,058 | 40,870 | 39,035 | 37,440 | 35,657 | 35,112 | 35,028 | 37,397 |
| Investments | — | — | — | 5,548 | 3,145 | 4,781 | 0 | — |
| Total assets | 92,940 | 98,556 | 85,158 | 85,373 | 89,904 | 85,987 | 78,858 | 83,955 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 6,158 | 9,441 | 2,419 | 4,360 | 16,361 | 14,117 | 8,665 | 8,253 |
| Cash from investing | -7,670 | -6,261 | -3,257 | 14,797 | 623 | -3,095 | 1,534 | -5,867 |
| Cash from financing | 222 | -3,376 | -135 | -14,419 | -13,647 | -14,207 | -12,434 | -1,924 |
| Capital expenditure | -3,179 | -4,810 | -2,787 | -1,464 | -2,420 | -1,890 | -2,533 | -3,486 |
| Free cash flow | 2,979 | 4,631 | -368 | 2,896 | 13,941 | 12,227 | 6,132 | 4,767 |
MPC revenue by segment
Refining and Marketing shrank from 96% to 95% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Refining and Marketing | 96% | 90% | 93% | 94% | 94% | 93% | 95% | 95% | +54.9% |
| Midstream | 4% | 4% | 5% | 4% | 4% | 4% | 4% | 3% | +8.6% |
| Renewable Diesel | — | — | 2% | 2% | 2% | 3% | 2% | 2% | +96.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
MPC operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Refinery utilization | 94%Our refineries ran at 94% utilization, processing nearly 2.8 million barrels of crude per day and refining operating costs were $5.26 per barrel in the fourth quarter.Source: earnings call transcript | 95%Utilization in the quarter was 95% as we executed our planned refinery turnarounds safely and on time.Source: earnings call transcript | 95%Our refineries ran at 95% utilization with total throughput just over 3 million barrels per day.Source: earnings call transcript | 89%Our refineries ran at 89% utilization with nearly 100% capture.Source: earnings call transcript | — | -6 pt |
| Refinery utilization renewable diesel | — | 86%Our renewable diesel facilities operated at 86% utilization, reflecting improved operational reliability.Source: earnings call transcript | 94%Results reflect 94% utilization and a onetime benefit from the sale of credits by the Martinez joint venture in the fourth quarter, which were offset by a weaker margin environment compared to the prior year fourth quarter.Source: earnings call transcript | — | — | +8 pt |
| Refinery utilization Gulf Coast | — | — | 98%Regionally, our utilization was 98% in the Gulf Coast, 93% in the Mid-Con, 91% in the West Coast.Source: earnings call transcript | 89%Regionally, our utilization was 89% in the Gulf Coast, 88% in the Mid-Con, 92% in the West Coast region.Source: earnings call transcript | 100%On the US Gulf Coast, we ran at 100% utilization in the second quarter.Source: earnings call transcript | +11 pt |
| Refinery utilization Mid-Con | — | — | 93%Regionally, our utilization was 98% in the Gulf Coast, 93% in the Mid-Con, 91% in the West Coast.Source: earnings call transcript | 88%Regionally, our utilization was 89% in the Gulf Coast, 88% in the Mid-Con, 92% in the West Coast region.Source: earnings call transcript | 87%In the Mid-Con, we ran at 87% utilization as we completed plant turnaround and maintenance activity, delivering nearly $21 of adjusted EBITDA per barrel.Source: earnings call transcript | -1 pt |
| Refinery utilization West Coast | — | — | 91%Regionally, our utilization was 98% in the Gulf Coast, 93% in the Mid-Con, 91% in the West Coast.Source: earnings call transcript | 92%Regionally, our utilization was 89% in the Gulf Coast, 88% in the Mid-Con, 92% in the West Coast region.Source: earnings call transcript | 93%In the West Coast, we ran at 93% utilization and delivered over $27 of adjusted EBITDA per barrel, supported by strong regional value chain optimization.Source: earnings call transcript | +1 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
71 filings between Dec 12, 2025 and Aug 31, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$13.87M
17 sales by 5 insiders
18% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 19
- Award — granted as compensation
- 4
- Option exercise — converted options into shares
- 28
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Benson Molly R | — | $6.17M | Aug 17, 2026 |
| Henschen Michael A II | — | $4.83M | Aug 12, 2026 |
| Lyon Shawn M | — | $1.41M | Aug 31, 2026 |
| Hessling Ricky D. | — | $1.27M | May 13, 2026 |
| Brzezinski Erin M | — | $206.8K | Aug 27, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 31, 2026 | Lyon Shawn M SVP Log & Storage, MPLX GP LLC | Sale | 1,000 | $375.8K |
| Aug 28, 2026 | Lyon Shawn M SVP Log & Storage, MPLX GP LLC | Sale | 425 | $156.6K |
| Aug 27, 2026 | Brzezinski Erin M VP and Controller | Sale | 570 | $206.8K |
| Aug 17, 2026 | Benson Molly R Chief Legal Ofc & Corp Sec | Sale 10b5-1 plan | 7,196 | $2.58M |
| Aug 17, 2026 | Benson Molly R Chief Legal Ofc & Corp Sec | Option exercise 10b5-1 plan | 5,000 | $238.6K |
| Aug 17, 2026 | Benson Molly R Chief Legal Ofc & Corp Sec | Option exercise 10b5-1 plan | 5,000 | $238.6K |
| Aug 17, 2026 | Benson Molly R Chief Legal Ofc & Corp Sec | Sale 10b5-1 plan | 5,000 | $1.79M |
| Aug 17, 2026 | Benson Molly R Chief Legal Ofc & Corp Sec | Sale 10b5-1 plan | 5,000 | $1.79M |
| Aug 17, 2026 | Benson Molly R Chief Legal Ofc & Corp Sec | Option exercise 10b5-1 plan | 7,196 | $343.5K |
| Aug 13, 2026 | Lyon Shawn M SVP Log & Storage, MPLX GP LLC | Sale | 2,500 | $875.0K |
| Aug 12, 2026 | Henschen Michael A II Ex VP, Refining | Sale | 6,011 | $2.05M |
| Aug 3, 2026 | Mannen Maryann T. Chairman, President & CEO | Tax withheld | 908 | $283.1K |
| Jun 4, 2026 | Henschen Michael A II Ex VP, Refining | Sale | 1,372 | $368.7K |
| Jun 4, 2026 | Henschen Michael A II Ex VP, Refining | Sale | 4,964 | $1.33M |
| Jun 4, 2026 | Henschen Michael A II Ex VP, Refining | Option exercise | 4,964 | $247.9K |
| May 13, 2026 | Hessling Ricky D. Chief Commercial Officer | Sale | 1,000 | $250.0K |
| Apr 30, 2026 | Al Khayyal Abdulaziz Fahd Director | Award | 728 | $0 |
| Apr 30, 2026 | STICE J MICHAEL Director | Award | 728 | $0 |
| Apr 30, 2026 | SEMPLE FRANK M Director | Award | 728 | $0 |
| Apr 30, 2026 | Rucker Kim K.W. Director | Award | 728 | $0 |
| Apr 30, 2026 | Bayh Evan Director | Award | 728 | $0 |
| Apr 30, 2026 | Ellison-Taylor Kimberly N Director | Award | 728 | $0 |
| Apr 30, 2026 | CAMPBELL JEFFREY C Director | Award | 728 | $0 |
| Apr 30, 2026 | COHEN JONATHAN Z Director | Award | 728 | $0 |
| Apr 30, 2026 | SURMA JOHN P Director | Award | 728 | $0 |
| Apr 30, 2026 | Paterson Eileen P. Director | Award | 728 | $0 |
| Mar 13, 2026 | Hessling Ricky D. Chief Commercial Officer | Sale | 1,626 | $371.0K |
| Mar 12, 2026 | Hessling Ricky D. Chief Commercial Officer | Sale | 478 | $109.0K |
| Mar 12, 2026 | Hessling Ricky D. Chief Commercial Officer | Sale | 559 | $128.6K |
| Mar 11, 2026 | Hessling Ricky D. Chief Commercial Officer | Sale | 1,485 | $333.4K |
| Mar 11, 2026 | Lyon Shawn M SVP Log & Storage, MPLX GP LLC | Gift | 1,186 | $0 |
| Mar 11, 2026 | Hessling Ricky D. Chief Commercial Officer | Sale | 325 | $73.5K |
| Mar 2, 2026 | Brzezinski Erin M VP and Controller | Tax withheld | 59 | $12.2K |
| Mar 2, 2026 | Brzezinski Erin M VP and Controller | Tax withheld | 42 | $8.7K |
| Mar 2, 2026 | Floerke Gregory Scott Ex VP & COO, MPLX GP LLC | Tax withheld | 278 | $57.4K |
| Mar 2, 2026 | Henschen Michael A II Ex VP, Refining | Tax withheld | 167 | $34.5K |
| Mar 2, 2026 | Benson Molly R Chief Legal Ofc & Corp Sec | Tax withheld | 284 | $58.6K |
| Mar 2, 2026 | Benson Molly R Chief Legal Ofc & Corp Sec | Tax withheld | 348 | $71.8K |
| Mar 2, 2026 | Hessling Ricky D. Chief Commercial Officer | Tax withheld | 282 | $58.2K |
| Mar 2, 2026 | Benson Molly R Chief Legal Ofc & Corp Sec | Tax withheld | 171 | $35.3K |
| Mar 2, 2026 | Lyon Shawn M SVP Log & Storage, MPLX GP LLC | Tax withheld | 279 | $57.6K |
| Mar 2, 2026 | Lyon Shawn M SVP Log & Storage, MPLX GP LLC | Tax withheld | 237 | $48.9K |
| Mar 2, 2026 | Hessling Ricky D. Chief Commercial Officer | Tax withheld | 312 | $64.4K |
| Mar 2, 2026 | Lyon Shawn M SVP Log & Storage, MPLX GP LLC | Tax withheld | 257 | $53.0K |
| Mar 2, 2026 | Mannen Maryann T. Chairman, President & CEO | Tax withheld | 778 | $160.5K |
| Mar 2, 2026 | Brzezinski Erin M VP and Controller | Tax withheld | 49 | $10.1K |
| Mar 2, 2026 | Mannen Maryann T. Chairman, President & CEO | Tax withheld | 2,236 | $461.3K |
| Mar 2, 2026 | Floerke Gregory Scott Ex VP & COO, MPLX GP LLC | Tax withheld | 251 | $51.8K |
| Mar 2, 2026 | Mannen Maryann T. Chairman, President & CEO | Tax withheld | 952 | $196.4K |
| Mar 2, 2026 | Floerke Gregory Scott Ex VP & COO, MPLX GP LLC | Tax withheld | 278 | $57.4K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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