Marathon Petroleum (MPC) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA reached $8.5 billion in Q2 2026, more than doubling year-over-year, reflecting strong operational execution, commercial performance, and market conditions.

• Net income attributable to shareholders rose to $5.14 billion ($17.73 per diluted share), up from $1.22 billion ($3.96 per share) in Q2 2025, driven by higher refining margins and increased product prices amid global supply disruptions.

• Over $2.8 billion was returned to shareholders in Q2 2026 through dividends and share repurchases, demonstrating disciplined capital allocation and robust cash generation.

• Value-enhancing capital projects at El Paso and Robinson refineries were completed, boosting competitive positioning and specialty product output.

• Industry-leading capital return and durable midstream growth were maintained, with new processing plants coming online.

Financial highlights

• Q2 2026 sales and other operating revenues reached $52.3 billion, up from $34.1 billion in Q2 2025.

• Earnings per diluted share reached $17.73; adjusted EBITDA was $8.5 billion, up significantly year-over-year.

• Cash and cash equivalents at June 30, 2026, totaled $7.8 billion.

• Cash flow from operations (excluding working capital) was $6.6 billion; working capital provided a $3.8 billion source of cash.

• Segment adjusted EBITDA: Refining & Marketing $6.7 billion, Midstream $1.8 billion, Renewable Diesel $258 million.

Outlook and guidance

• Expect to remain in an enhanced mid-cycle environment through 2027, supported by strong demand and advantaged crude supply.

• Q3 2026 guidance: crude throughput of 2.8–3.0 million bpd at 94% utilization, operating costs of $5.60 per barrel, and $290 million in turnaround expenses.

• MPLX capital growth spending outlook increased by $500 million to $2.9 billion for 2026, with mid-single-digit adjusted EBITDA growth expected.

• MPLX expects 12.5% annual distribution growth in 2026 and 2027, supported by natural gas and NGL value chain expansion.

• Capital investment outlook includes expansion of refining and midstream assets, focusing on high-return projects and Gulf Coast export capacity.