Marathon Petroleum Beats Estimates With $26.93 Adjusted EPS on $56.0 Billion Revenue

Marathon Petroleum Corp. (NYSE: MPC) reported third-quarter revenue of $56.0 billion, above the $43.8 billion analysts expected, and adjusted earnings of $26.93 per diluted share against the $26.00 average analyst estimate, according to an 8-K filed Tuesday. Revenue was up from $34.8 billion a year earlier. Net income attributable to MPC was $7.4 billion, or $26.59 per diluted share, compared with $1.4 billion, or $4.51 per share, in the third quarter of 2025.

Refining and midstream results

Refining & Marketing segment adjusted EBITDA was $9.9 billion, versus $1.8 billion a year earlier, or $34.15 per barrel against $6.37. Crude capacity utilization was 100%, with total throughput of 3.2 million barrels per day. Midstream segment adjusted EBITDA rose to $1.9 billion from $1.7 billion. Renewable Diesel segment adjusted EBITDA was $254 million, compared with a loss of $56 million. Total adjusted EBITDA was $11.7 billion, against $3.2 billion a year earlier.

Capital returns and portfolio moves

MPC returned $3.3 billion of capital to shareholders in the quarter. The board approved an incremental $5 billion share repurchase authorization, which would bring the total available to $8.1 billion as of Sept. 30. The company also announced a 10% increase in its quarterly dividend. MPLX raised its quarterly distribution by 12.5%, its third consecutive annual increase.

MPC agreed to divest the St. Paul Park and Mandan refineries, including related midstream assets, for $4.2 billion. MPC will receive $3.45 billion of the proceeds and intends to reinvest primarily in the Gulf Coast. The transaction is expected to close at the end of 2026.

Outlook

For the fourth quarter, the company expects refining operating costs of $5.60 per barrel and total refinery throughput of 3,080 thousand barrels per day. Planned turnaround costs are guided at $230 million. For the fourth quarter, analysts expected EPS of $21.77 and revenue of $42.34 billion. For the full year 2026, the consensus estimate is EPS of $66.48 on revenue of $172.36 billion.

MPC shares closed at $430.39 on Monday, Nov. 2, the last close before the filing.