Marathon Petroleum Corporation · MPC · Next earnings

Marathon Petroleum Corporation reports Tuesday, Nov 3, 2026

MPC reports before market open with consensus EPS at $23.15 and revenue at $45.15B. Last quarter: Marathon Petroleum Q1 2026: Record Operations, $5B Buyback, EPS Doubles Estimates

Reports Before market open44 days awayDate estimated Energy

What the street expects

Consensus for the coming report
Consensus EPS $23.15 Calendar consensus
Consensus revenue $45.15B Calendar consensus
Report date Nov 3, 2026 Tuesday, date estimated
Session Before market open 44 days away

Where MPC left off: FY2026 Q1

Full report

Marathon Petroleum Q1 2026: Record Operations, $5B Buyback, EPS Doubles Estimates

EPS surprise +123.3% Reported $1.65 vs $0.74
Revenue surprise +3.4% Reported $34.57B vs $33.42B
Stock move +3.2% Event window
Subsequent drift +2.6% Up to 20 sessions

Management maintained full-year guidance and guided Q2 2026 refinery utilization to 94%. Guidance sentiment is unchanged from the prior quarter (maintained). No upward or downward revision to financial targets was indicated.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Geopolitical uncertainty could reverse if offline global refining capacity returns, pressuring crack spreads.
  • $500 million in unrealized derivative losses may continue to impact reported earnings.
  • Secondary product and derivative market volatility could erode capture rates.
  • Execution risk on large capital projects and timing of MPLX fractionation facility startups (2028-2029).
  • Inventory build-up and commodity price swings could pressure margins.

Questions analysts left open

  • Whether 94% Q2 utilization guidance is achievable and what assumptions underlie it.
  • Pacing and magnitude of future share buybacks and dividend growth.
  • Sustainability of the 100% capture target amid secondary product volatility.
  • Impact of $500 million unrealized derivative losses on earnings quality.
  • Renewable diesel margin outlook and D4 RIN pricing dynamics.

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Recent MPC quarters

All MPC earnings
+3.2%FY2026 Q1

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q1

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.