Marathon Petroleum (MPC) Q2 FY2026 earnings: revenue $52.0 billion, up 53.8% on the year

Marathon Petroleum Corp. (MPC) reported revenue of $52.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 53.8% on the same quarter a year earlier. Net income was $5.1 billion, up 322.5% on the year, and diluted earnings per share $17.73. The figures are the company's own, from the 10-Q it filed with the SEC on 4 August 2026.

Revenue

$52.0 billion

+53.8% on the year · +52.0% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

14.1%

6.5% a year earlier

Q3 FY2024Q2 FY2026

Net income

$5.1 billion

+322.5% on the year · +905.5% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$17.73

+347.7% on the year · +924.9% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 1 raised, 8 new, 5 kept.

Net income rose to $5.1 billion: Net income attributable to MPC was $5.1 billion, or $17.73 per diluted share, against $1.2 billion, or $3.96 per diluted share, a year earlier.
Adjusted EBITDA reached $8.5 billion: Adjusted EBITDA was $8.5 billion, against $3.3 billion a year earlier. For the six months it was $11.2 billion, against $5.3 billion.
Refining & Marketing led the gain: R&M segment adjusted EBITDA accounted for most of the increase, moving from $1.9 billion to $6.7 billion, while the other segments changed less.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	51,994	34,200	33,799	+52.0%	+53.8%
Cost of revenue	43,064	31,261	30,025	+37.8%	+43.4%
Gross profit	8,930	2,939	3,774	+203.8%	+136.6%
Gross margin	17.2%	8.6%	11.2%
Selling, general and administrative	894	867	867	+3.1%	+3.1%
Operating income	7,322	1,404	2,197	+421.5%	+233.3%
Operating margin	14.1%	4.1%	6.5%
Interest expense	433	420	359	+3.1%	+20.6%
Pre-tax income	6,982	1,034	1,878	+575.2%	+271.8%
Income tax	1,444	183	268	+689.1%	+438.8%
Effective tax rate	20.7%	17.7%	14.3%
Net income	5,138	511	1,216	+905.5%	+322.5%
Net margin	9.9%	1.5%	3.6%
Diluted EPS	$17.73	$1.73	$3.96	+924.9%	+347.7%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	10,327	1,121	2,639	+821.2%	+291.3%
Capital expenditure	1,186	913	695	+29.9%	+70.6%
Free cash flow	9,141	208	1,944	+4,294.7%	+370.2%
Free cash flow margin	17.6%	0.6%	5.8%
Cash from investing	-1,394	-1,047	-974
Cash from financing	-3,316	-1,596	-3,804
Depreciation and amortisation	838	809	789	+3.6%	+6.2%
Buybacks	2,533	750	780	+237.7%	+224.7%
Dividends paid	290	295	279	-1.7%	+3.9%
Dividend per share	$1.00	$1.00	$0.91	0.0%	+9.9%
Diluted shares, weighted	290m	295m	307m	-1.7%	-5.5%
Shares outstanding at period end	281m	292m	304m	-3.8%	-7.6%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	19,077	16,753	16,624	+13.9%	+14.8%
Non-controlling interest	6,643	6,674	6,640	-0.5%	+0.0%
Redeemable equity	n/a	n/a	0.0
Debt	32,816	32,825	28,654	-0.0%	+14.5%
Operating lease liabilities	977	1,000	935	-2.3%	+4.5%
Other liabilities	34,797	30,935	25,631	+12.5%	+35.8%
Total liabilities and equity	94,310	88,187	78,484	+6.9%	+20.2%
Goodwill	9,335	9,335	8,244	0.0%	+13.2%
Intangible assets	2,593	2,658	n/a	-2.4%
Cash and equivalents	7,768	2,151	1,673	+261.1%	+364.3%
Receivables	15,740	14,629	11,128	+7.6%	+41.4%
Inventory	9,973	10,764	10,106	-7.3%	-1.3%
Other assets	48,901	48,650	47,333	+0.5%	+3.3%
Total assets	94,310	88,187	78,484	+6.9%	+20.2%

Questions

What was Marathon Petroleum's revenue in Q2 FY2026?

Marathon Petroleum (MPC) reported revenue of $52.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 53.8% on the same quarter a year earlier.

How much did Marathon Petroleum earn in Q2 FY2026?

Net income for Q2 FY2026 was $5.1 billion, up 322.5% on the year, and diluted earnings per share $17.73.

When did Marathon Petroleum report Q2 FY2026 results?

Marathon Petroleum filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 4 August 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 30 June 2026, filed 4 August 2026: the filing.