Marathon Petroleum Corporation (MPC)
NYSE:MPC
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Earnings Data
Report Date
Aug 04, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
10.18Last Year’s EPS
3.96Same Quarter Last Year
Moderate Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a positive operational and financial outlook driven by strong refining execution, margin capture, sizable capital projects coming online (Garyville, Robinson), and substantial MPLX-driven midstream growth. Management emphasized robust cash generation and an aggressive capital-return posture (over $1B returned in Q1 and a new $5B buyback authorization). Key near-term negatives included significant derivative-related unrealized losses (~$500M), working capital usage (~$573M), midstream EBITDA decline (~$122M), and elevated turnaround costs ($530M). Management highlighted commercial and operational flexibility, strong liquidity (~$2.2B cash), and confidence in sustaining performance, but also acknowledged material market volatility and inventory risks. Overall, positives (execution, higher EBITDA, strategic investments, and shareholder returns) materially outweigh the headwinds (derivative losses, WC impact, and regional maintenance-related softness).Company Guidance
Strong operational performance and safety
Refineries ran at 89% utilization in Q1 2026 with first-quarter capture of 99%; the company recorded its strongest first-quarter process safety performance and the lowest level of unplanned downtime this decade while completing ~40% of full-year planned maintenance activity.
Robust financial results
Adjusted EPS of $1.65 and consolidated adjusted EBITDA of $2.8 billion in Q1; adjusted EBITDA was higher year-over-year by nearly $800 million, primarily driven by the Refining & Marketing segment.
Refining & Marketing profitability and throughput
R&M adjusted EBITDA per barrel was $5.37; R&M adjusted EBITDA was approximately $1.4 billion with total throughput of nearly 3.0 million barrels per day and regional utilizations of Gulf Coast 89%, Mid‑Con 88% and West Coast 92%.
Capital investments to enhance yields and optionality
Invested nearly $330 million in R&M during the quarter focused on jet optionality and yield projects; brought >30,000 barrels per day incremental jet capacity online at Garyville (March) and expects Robinson Jet flexibility (~10,000 bpd) in Q3 and El Paso yield improvements in Q2.
MPLX growth and midstream investments
MPLX is investing >$2.4 billion in 2026 (≈90% focused on natural gas and NGLs); Secretariat I processing entered service (ramping to boost regional capacity toward 1.4 Bcf/d), Titan expected >400 MMcf/d treating capacity by year end, and Harmon Creek III on track for Q3 to bring regional processing capacity to 8.1 Bcf/d.
LPG commercialization progress and export capability
Expanded international LPG trading footprint and secured long‑term delivered demand (with E1) for up to 40% of volumes from MPLX Gulf Coast fractionation facilities; fractionators and JV export facility progressing on time and on budget for 2028–2029 start-up.
Strong cash generation and capital returns
Operating cash flow (ex-WC changes) of $1.7 billion in Q1; returned over $1 billion to shareholders in the quarter (including $750 million share repurchases) and announced an additional $5 billion share repurchase authorization; payout ratio of 62%.
Solid liquidity position
Consolidated cash ~ $2.2 billion at quarter end (MPC cash ~$645 million; MPLX cash > $1.5 billion), supporting reinvestment and shareholder returns.
Strategic crude sourcing and commercial agility
Sourcing primarily U.S. and Canadian crude (limiting exposure to Middle East disruptions), purchased ~10 million barrels of SPR crude directly for running in Q2, and increased advantaged Canadian and Bakken volumes to exploit inland feedstock advantages and export opportunities.
MPLX distribution and durability guidance
MPLX expects to deliver 12.5% distribution growth for the next two years, underpinned by mid-single-digit adjusted EBITDA growth, reinforcing MPC's through-cycle cash flow durability.
MPC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
MPC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 05, 2026 | $252.54 | $260.51 | +3.16% |
Feb 03, 2026 | $176.03 | $186.64 | +6.03% |
Nov 04, 2025 | $193.84 | $181.95 | -6.13% |
Aug 05, 2025 | $165.36 | $166.31 | +0.57% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Marathon Petroleum Corporation (MPC) report earnings?
Marathon Petroleum Corporation (MPC) is schdueled to report earning on Aug 04, 2026, Before Open (Confirmed).
What is Marathon Petroleum Corporation (MPC) earnings time?
Marathon Petroleum Corporation (MPC) earnings time is at Aug 04, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MPC EPS forecast?
MPC EPS forecast for the fiscal quarter 2026 (Q2) is 10.18.
