$MPC · Marathon Petroleum Corp
Marathon Petroleum reported Q3 2026 results: net income attributable to MPC of $7.4B ($26.59 diluted EPS) versus $1.4B ($4.51) a year earlier, and adjusted net income of $7.5B ($26.93 adjusted EPS) versus $915M ($3.01). Adjusted EBITDA was $11.7B versus $3.2B, driven by R&M segment adjusted EBITDA of $9.9B (up from $1.8B) on higher crack spreads and 100% crude utilization. The company returned $3.3B to shareholders, announced a 10% dividend increase, and added a $5B incremental buyback authorization.
- Net income attributable to MPC was $7.4B in Q3 2026, up from $1.4B in Q3 2025.
- Adjusted EBITDA reached $11.7B versus $3.2B a year earlier.
- R&M segment adjusted EBITDA was $9.9B, up from $1.8B, on higher crack spreads.
- Announced a 10% quarterly dividend increase and a $5B incremental buyback authorization.
- Divesting St. Paul Park and Mandan refineries for $4.2B; MPC receives $3.45B.
Extended-hours last trade $437.06, +1.55% vs regular close but -1.72% vs price-at-filing; regular session down 3.22% to $430.39. The after-hours uptick suggests the blowout earnings are being absorbed positively despite a weak regular session.
A nearly 5x jump in quarterly net income plus a dividend hike and expanded buyback signal exceptional refining profitability and shareholder returns.
MPC's refining margin surge (R&M margin $45.70/bbl vs $17.60) reflects a broad crack-spread upcycle benefiting downstream peers.
Results hinge on volatile crack spreads and crude differentials; refining turnaround costs and incentive-compensation-driven corporate expense increases ($328M vs $238M) are ongoing.