Marathon Petroleum (MPC) Q1 FY2026 earnings: revenue $34.2 billion, up 8.5% on the year

Marathon Petroleum Corp. (MPC) reported revenue of $34.2 billion for Q1 FY2026, the quarter ended 31 March 2026, up 8.5% on the same quarter a year earlier. Net income was $511 million, and diluted earnings per share $1.73. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2026.

Revenue

$34.2 billion

+8.5% on the year · +5.0% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

4.1%

2.2% a year earlier

Q2 FY2024Q1 FY2026

Net income

$511 million

-66.7% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.73

-66.2% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new, 1 kept.

Net income attributable to MPC: The company reported net income attributable to MPC of $511 million, or $1.73 per diluted share, against a net loss of $(74) million, or $(0.24) per diluted share, a year earlier. Adjusted net income was $487 million, or $1.65 per diluted share.
Operating cash flow of $1.1B: Cash provided by operating activities was $1.1 billion, compared with $(64) million in the first quarter of 2025.
R&M earnings per barrel rose: R&M segment adjusted EBITDA was $1.4 billion, or $5.37 per barrel, versus $489 million, or $1.91 per barrel, a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	34,200	32,574	31,517	+5.0%	+8.5%
Cost of revenue	31,261	28,861	29,360	+8.3%	+6.5%
Gross profit	2,939	3,713	2,157	-20.8%	+36.3%
Gross margin	8.6%	11.4%	6.8%
Selling, general and administrative	867	836	783	+3.7%	+10.7%
Operating income	1,404	2,694	687	-47.9%	+104.4%
Operating margin	4.1%	8.3%	2.2%
Interest expense	420	410	352	+2.4%	+19.3%
Pre-tax income	1,034	2,351	383	-56.0%	+170.0%
Income tax	183	372	37.0	-50.8%	+394.6%
Effective tax rate	17.7%	15.8%	9.7%
Net income	511	1,535	-74.0	-66.7%
Net margin	1.5%	4.7%	-0.2%
Diluted EPS	$1.73	$5.12	-$0.24	-66.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,121	3,069	-64.0	-63.5%
Capital expenditure	913	1,181	663	-22.7%	+37.7%
Free cash flow	208	1,888	-727	-89.0%
Free cash flow margin	0.6%	5.8%	-2.3%
Cash from investing	-1,047	-214	-923
Cash from financing	-1,596	-1,836	1,589
Depreciation and amortisation	809	828	793	-2.3%	+2.0%
Buybacks	750	1,001	1,057	-25.1%	-29.0%
Dividends paid	295	300	285	-1.7%	+3.5%
Dividend per share	$1.00	n/a	$0.91		+9.9%
Diluted shares, weighted	295m	300m	313m	-1.7%	-5.8%
Shares outstanding at period end	292m	295m	307m	-1.0%	-5.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	16,753	17,314	16,396	-3.2%	+2.2%
Non-controlling interest	6,674	6,772	6,669	-1.4%	+0.1%
Redeemable equity	n/a	0.0	0.0
Debt	32,825	32,876	30,910	-0.2%	+6.2%
Operating lease liabilities	1,000	993	817	+0.7%	+22.4%
Finance lease liabilities	n/a	590	n/a
Other liabilities	30,935	25,410	26,841	+21.7%	+15.3%
Total liabilities and equity	88,187	83,955	81,633	+5.0%	+8.0%
Goodwill	9,335	9,354	8,244	-0.2%	+13.2%
Intangible assets	2,658	2,714	n/a	-2.1%
Investments	n/a	0.0	n/a
Cash and equivalents	2,151	3,672	3,812	-41.4%	-43.6%
Receivables	14,629	10,317	12,114	+41.8%	+20.8%
Inventory	10,764	10,129	10,488	+6.3%	+2.6%
Other assets	48,650	47,769	46,975	+1.8%	+3.6%
Total assets	88,187	83,955	81,633	+5.0%	+8.0%

Questions

What was Marathon Petroleum's revenue in Q1 FY2026?

Marathon Petroleum (MPC) reported revenue of $34.2 billion for Q1 FY2026, the quarter ended 31 March 2026, up 8.5% on the same quarter a year earlier.

How much did Marathon Petroleum earn in Q1 FY2026?

Net income for Q1 FY2026 was $511 million, and diluted earnings per share $1.73.

When did Marathon Petroleum report Q1 FY2026 results?

Marathon Petroleum filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 5 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	35,336	38,058	53,795	45,787	39,813	34,864	36,343	40,917	36,255	32,706	37,914	35,107	33,137	31,517	33,799	34,809	32,574	34,200	51,994	56,032
Cost of revenue	32,184	35,068	44,207	38,821	33,575	29,294	31,762	34,928	32,582	29,593	33,945	32,144	30,558	29,360	30,025	31,200	28,861	31,261	43,064	43,795
Gross profit	3,152	2,990	9,588	6,966	6,238	5,570	4,581	5,989	3,673	3,113	3,969	2,963	2,579	2,157	3,774	3,609	3,713	2,939	8,930	12,237
Gross margin	9%	8%	18%	15%	16%	16%	13%	15%	10%	10%	10%	8%	8%	7%	11%	10%	11%	9%	17%	22%
SG&A	656	603	694	712	763	691	704	824	820	779	823	815	804	783	867	863	836	867	894	1,100
Operating income	1,778	1,716	8,328	6,686	4,739	4,061	3,305	4,753	2,395	1,784	2,522	1,349	1,141	687	2,197	2,713	2,694	1,404	7,322	10,450
Operating margin	5%	5%	15%	15%	12%	12%	9%	12%	7%	5%	7%	4%	3%	2%	7%	8%	8%	4%	14%	19%
Interest expense	321	310	324	332	333	334	329	331	331	341	341	352	331	352	359	368	410	420	433	432
Pre-tax income	1,348	1,454	8,016	6,446	4,553	3,907	3,163	4,635	2,284	1,605	2,328	1,128	896	383	1,878	2,403	2,351	1,034	6,982	10,163
Tax rate	18%	19%	22%	22%	22%	21%	18%	22%	18%	18%	16%	10%	12%	10%	14%	19%	16%	18%	21%	22%
Net income	774	845	5,873	4,477	3,321	2,724	2,226	3,280	1,451	937	1,515	622	371	-74.0	1,216	1,370	1,535	511	5,138	7,447
Net margin	2%	2%	11%	10%	8%	8%	6%	8%	4%	3%	4%	2%	1%	-0%	4%	4%	5%	1%	10%	13%
Diluted EPS	$1.52	$1.49	$10.95	$9.06	$7.09	$6.09	$5.32	$8.28	$3.84	$2.58	$4.33	$1.87	$1.15	-$0.24	$3.96	$4.51	$5.12	$1.73	$17.73	$26.59
Operating cash flow	3,674	2,513	6,952	2,514	4,382	4,057	3,984	4,953	1,123	1,532	3,242	1,684	2,207	-64.0	2,639	2,609	3,069	1,121	10,327	10,732
Capital expenditure	481	495	498	701	726	457	481	420	532	585	487	651	810	663	695	947	1,181	913	1,186	1,127
Free cash flow	3,193	2,018	6,454	1,813	3,656	3,600	3,503	4,533	591	947	2,755	1,033	1,397	-727	1,944	1,662	1,888	208	9,141	9,605
Buybacks	2,742	2,846	3,331	3,908	1,837	3,180	3,068	2,819	2,505	2,218	2,896	2,701	1,374	1,057	780	650	1,001	750	2,533	3,005
Dividends paid	354	330	313	285	351	337	316	297	311	299	290	273	292	285	279	276	300	295	290	279
Shares outstanding	565m	541m	499m	469m	446m	424m	400m	380m	361m	352m	335m	321m	313m	307m	304m	301m	295m	292m	281m	272m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 5 May 2026: the filing.