Marathon Petroleum Corporation earnings overview

MPC FY2026 Q1 · Calendar Q2 2026

Marathon Petroleum Corporation

Marathon Petroleum delivered Q1 2026 adjusted EPS of $1.65, more than double the $0.74 consensus, on $2.8 billion in adjusted EBITDA. Refinery utilization reached 89% with 99% margin capture and record-low unplanned downtime. Capital deployment is accelerating: $330 million into refining projects (jet fuel capacity at Garyville and Robinson, yield improvements at El Paso) and $2.4 billion via MPLX into natural-gas and NGL infrastructure. Shareholder returns remain front and center with $1 billion returned in Q1 plus a new $5 billion buyback authorization. Management reaffirmed its full-year outlook and guided 94% Q2 utilization, citing a tight global refining market with roughly 6 million bpd of capacity offline due to Middle East conflict. The stock traded 2.35% above benchmark on the report and drifted 2.57% subsequently, with the current price of $306.05 sitting near the analyst…