MPC · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A refining-margin windfall — net income attributable to MPC more than quadrupled to $5.1B as Refining & Marketing margin doubled to $36.33 per barrel, renewable diesel swung to profit, and MPLX kept delivering steady midstream growth; buybacks amplified EPS to +348%.
Net Income
$5,538M
up 244% y/y
Total Revenues & Other Income
$52,337M
up 53% y/y
Operating Profit
$7,322M
up 233% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Sales & Operating Revenues | $51,994 · +54% |
| Equity Method Income | $256 · +21% |
| Other Income | $87 |
| Total Revenues & Other Income | $52,337 · +53% |
| Cost of Revenues | $43,064 · +43% |
| D&A* | $838 · +6% |
| SG&A | $894 · +3% |
| Other Taxes | $219 · -2% |
| Operating Profit | $7,322 · +233% · 14.0% margin |
| Net Interest & Financial Costs | $340 · +7% |
| Pretax Income | $6,982 · +272% |
| Income Taxes | $1,444 · ETR 20.7% (was 14.3%) |
| Net Income | $5,538 · +244% |
| Noncontrolling Interests | $400 · +2% · MPLX public unitholders |
| Net Income to MPC | $5,138 · +323% · Diluted EPS $17.73 · +348% |
Verdict: a refining-margin windfall — net income attributable to MPC more than quadrupled to $5.1B as Refining & Marketing margin doubled to $36.33 per barrel, renewable diesel swung to profit, and MPLX kept delivering steady midstream growth; buybacks amplified EPS to +348%.
R&M margin $36.33/bbl (vs $17.58) · R&M adj. EBITDA $6.7B (vs $1.9B) · Midstream adj. EBITDA $1.8B (+8%) · Renewable Diesel $258M (vs −$19M) · capex $1.4B (Midstream $1.0B).
Source and notation
* marks non-cash / ≈ estimated. Source: Marathon Petroleum press release, 8-K EX-99.1 (SEC EDGAR).
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Chart: “MPC Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/mpc/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/mpc/q2-2026"><img src="https://whoreportstoday.com/t/mpc/q2-2026/sankey.png" alt="MPC Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/mpc/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/mpc/q2-2026">MPC Q2 2026 earnings chart (Who Reports Today)</a>
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- The profit explosion is almost entirely refining economics: Refining & Marketing margin jumped to $36.33/bbl from $17.58, lifting segment adjusted EBITDA to $6.7B from $1.9B — costs rose far more slowly than product spreads.
- Renewable Diesel finally turned profitable: $258M of segment adjusted EBITDA versus a $19M loss a year ago, on stronger margins, higher throughputs and improved regulatory credit values.
- Midstream (MPLX) is the steady base under the volatile refining business: $1.8B adjusted EBITDA (+8%) from higher rates, throughputs and acquisitions; $400M of net income goes to MPLX's public unitholders (the noncontrolling interest).
- EPS growth (+348%) outpaces net income growth because buybacks cut weighted shares 6% y/y to 289M — MPC continues to lead peers in capital return.
- Refining operating costs rose to $5.72/bbl (from $5.34) on planned Mid-Con turnaround downtime; $275M of planned turnaround costs are excluded from segment EBITDA.
- Two high-return, yield-enhancing refinery investments (El Paso and Robinson) came online during the quarter.
- The effective tax rate rose to 20.7% (from 14.3%) as profits shifted toward fully-taxed refining income.
What distorts the picture in this report and what to watch beyond the headlines.
MPC — Marathon Petroleum is an energy company engaged in refining, marketing, and transporting petroleum products.
It operates refineries and a retail network under brands like Speedway, headquartered in Findlay, Ohio.
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