Marathon Petroleum (MPC) Q1 2026 earnings summary

Executive summary

• Net income attributable to shareholders was $511 million for Q1 2026, reversing a prior year loss, driven by higher refining margins, increased sales volumes, and strong operational performance with 89% refinery utilization and nearly 100% capture.

• Generated $1.7 billion in cash from operations (excluding working capital changes), supporting stability and growth.

• Returned over $1 billion to shareholders in Q1 2026, including dividends and share repurchases, and announced an additional $5 billion share repurchase authorization.

• Strategic investments in refining and midstream assets, including jet fuel capacity expansions and LPG export infrastructure, position the company for growth and resilience.

• Safely completed 40% of planned 2026 turnaround activity, accelerating maintenance while maintaining full-year spend.

Financial highlights

• Adjusted earnings per share was $1.65 and adjusted EBITDA reached $2.8 billion for Q1 2026.

• Revenues rose to $34.6 billion, up from $31.9 billion year-over-year.

• Operating income more than doubled to $1.4 billion from $687 million year-over-year.

• Cash flow from operations, excluding working capital changes, was $1.7 billion.

• Capital expenditures and investments totaled $1.25 billion, up from $776 million.

Outlook and guidance

• Second quarter refinery utilization guidance is 94%, with crude throughput expected at 2,990 MBPD and operating costs projected at $5.65 per barrel.

• Full-year refining turnaround cost outlook remains at $1.35 billion.

• MPLX expects 12.5% distribution growth over the next two years, supported by mid-single-digit adjusted EBITDA growth.

• Management expects global demand growth to outpace refining capacity additions through the decade, supporting a constructive environment for U.S. refiners.