Marathon Petroleum Corp (MPC) Form 10-Q — Aug 4, 2026

$MPCForm 10-QFiled Aug 4, 2026, 2:34 PM ET0001510295-26-000061Original filing

Marathon Petroleum's Q2 2026 net income attributable to MPC was $5.14 billion, or $17.73 per diluted share, versus $1.22 billion, or $3.96 per diluted share, in Q2 2025, on sales and other operating revenues of $51,994 million versus $33,799 million a year ago. The surge was driven by Refining & Marketing margins of $36.33 per barrel versus $17.58 a year earlier, lifting R&M segment adjusted EBITDA to $6,655 million from $1,890 million, which the company attributed to higher crack spreads amid global crude supply disruptions, particularly in the Middle East. Renewable Diesel swung to $258 million of adjusted EBITDA from a $19 million loss.

Key figures

Eps: $17.73 diluted Q2 2026 vs $3.96 Q2 2025 ($19.30 vs $3.68 six months)
Revenue: $51,994 million sales and other operating revenues Q2 2026 vs $33,799 million Q2 2025 ($86,194 million vs $65,316 million six months)
Net Income: $5,138 million attributable to MPC Q2 2026 vs $1,216 million Q2 2025 ($5,649 million vs $1,142 million six months)
Total Debt: ~$32.4 billion carrying value ($2,120 million due within one year; $30,696 million long-term)
Total Assets: $94,310 million at June 30, 2026
Cash Position: $7,768 million at June 30, 2026 vs $3,672 million at December 31, 2025
Shares Outstanding: 280,824,763 as of July 30, 2026
Rin expense: $683 million Q2 2026 vs $314 million Q2 2025
Spr exchange q2: 12.1 million barrels received; obligation to return 14.7 million barrels April 2027 through September 2028 (overall ~22 million barrels received in 2026, ~27 million barrels to return through July 2029)
Mplx units owned: ~647 million units, market value $36.47 billion at $56.33 per unit
Tax provision q2: $1.44 billion
Liquidity ex mplx: $11.7 billion at June 30, 2026
Dividend per share: $1.00 per quarter
Q2 share repurchases: $2,500 million cash for 9 million shares at average $258.36 ($3,250 million for 13 million shares six months at average $246.41)
Rm margin per barrel: $36.33 Q2 2026 vs $17.58 Q2 2025
Mplx senior notes 2026: $1.0 billion 5.300% notes due 2036 and $500 million 6.100% notes due 2056 issued February 2026; $1.5 billion 1.750% notes repaid at March 2026 maturity
Net refinery throughput: 2,944 mbpd Q2 2026 vs 3,060 mbpd Q2 2025
Mplx distribution to mpc: ~$697 million ($1.0765 per unit declared July 28, 2026)
Spr derivative liability: $973 million at June 30, 2026 for SPR crude return obligation
New buyback authorization: $5.0 billion approved May 5, 2026
Crude capacity utilization: 94% Q2 2026 vs 97% Q2 2025
Rm segment adjusted ebitda: $6,655 million Q2 2026 vs $1,890 million Q2 2025
Operating cash flow six months: $11,448 million vs $2,575 million year-ago
Remaining buyback authorization: $6.13 billion at June 30, 2026
Midstream segment adjusted ebitda: $1,778 million Q2 2026 vs $1,641 million Q2 2025
Rm segment adjusted ebitda per barrel: $24.84 Q2 2026 vs $6.79 Q2 2025
Renewable diesel segment adjusted ebitda: $258 million Q2 2026 vs $(19) million Q2 2025

Price after filing

1 day: -2.2%7 days: +7.1%30 days: +23.2%

Close on the filing date to close N calendar days later (from $314.08). Historical, not a forecast.

AI analysis

Red flags5 · Pro

The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.

Upgrade to Pro · $49/mo billed annually

AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.