Share Marathon Petroleum (MPC) Q3 2026 Earnings Review: Strong refining margins fund larger shareholder returns
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Marathon PetroleumMPC · Oil & Gas Refining & Marketing
MPC · November 3, 2026Before open · Since the previous regular close
-1.25%Session snapshot

Marathon Petroleum (MPC) Q3 2026 Earnings Review: Strong refining margins fund larger shareholder returns

Earnings results

  • EPS beat 6.1%

    Actual: $26.93 adjusted · Cons.: $25.37

  • Revenue beat 20.2%

    Actual: $56.03B sales · Cons.: $46.60B

  • Guidance reaffirmed

    2026 capital spending $1.5B vs $1.5B, excluding MPLX.

By Stocks To Buy Now AI ResearchPublished

60
View across the Mississippi River toward refinery towers and tanks at St. Paul Park.
Archive photograph of the St. Paul Park refinery in Minnesota, May 22, 2018. This image does not depict the current trading session or Russian diesel shipments. Photo: Tony Webster from Minneapolis, Minnesota, United States / Wikimedia Commons · CC BY 2.0 · Wikimedia-supplied thumbnail; displayed with a responsive crop.
THE CATALYST

What the company reported

Marathon Petroleum’s stronger refining margins lifted earnings and supported a larger dividend and another $5 billion share-buyback authorization. Higher fuel margins and full crude capacity supported the quarter; the announced asset sale is expected to close at year-end.

AT A GLANCE

Q3 2026 earnings recap

Marathon Petroleum’s stronger refining margins lifted earnings and supported a larger dividend and another $5 billion share-buyback authorization.

  • Adjusted profit per share of $26.93 beat the $25.37 consensus, while sales of $56.03 billion exceeded the $46.6 billion forecast.
  • Refining margin rose to $45.7 per barrel from $17.6 a year earlier, with refineries running at full crude capacity.
  • The company returned $3.3 billion to shareholders and announced a 10% quarterly dividend increase.
  • Its $1.5 billion capital-spending outlook, excluding MPLX, was unchanged as it announced a $4.2 billion refinery-and-logistics sale expected to close by year-end.
  • The November 2 close values shares at roughly 8.4 times trailing reported profit, but unusually strong refining earnings may not persist.
  • Shares traded about 1.4% above the prior close before open on November 3, with $419–430 support and $444–458 resistance worth watching.

The next test is sustaining fuel margins and completing the asset sale while deploying the proceeds into attractive Gulf Coast projects.

THE VISUAL RESEARCH

Financials, technicals and earnings

Charts through Nov 2, 2026.

Financials
Technicals
Earnings & peers
WHAT TO WATCH

Technical setup and risks

The November 2 close sits below the 20-day average and above the 50-day average; a recovery through $444–458 would improve the chart, while weaker fuel margins remain a fundamental risk.

AI-assisted earnings research with verified issuer results. Charts use the stated completed session. Educational information; investing involves risk.

EXPLORE COMPANY RESEARCH

Marathon Petroleum: the full stock picture

Earnings history, financials, price action and peer comparisons — all below.
Open MPC stock page ↗

EXPLORE THE COMPANY

Marathon Petroleum (MPC)

Explore earnings, price action, financials and industry comparisons.

Symbol
MPC
Sector
Energy
Industry
Oil & Gas Refining & Marketing
Instrument type
EQUITY

Profile information from our saved company catalog. This is not a live quote or confirmation of current listing status.

EARNINGS & COMPANY RESEARCH

MPC earnings, valuation & price action

View in calendar ↗
NEXT EXPECTED REPORTNov 3 2026Before open · ET
EPS ESTIMATE25.37
REVENUE ESTIMATE46.6B

Expected dates may change. Estimates use the source’s reporting currency. Quotes and research are snapshots, not live prices.

COMPANY RESEARCH · Energy

Marathon Petroleum Corporation MPC

Oil & Gas Refining & Marketing · Updated 11/2/2026

Adjusted closing price · USD430.39 Nov 2
155268382495Oct 30May 4Nov 2
Price50-day average200-day average+123.7% in view
VALUATION & EXPECTATIONS
Trailing P/E14.8×
Forward P/E6.6×
Trailing P/S0.8×
Forward P/S0.7×
EPS beat rate88%
Revenue beat rate88%
Positive window50%

EPS beats: 7 of 8 comparable reports. Positive price windows: 4 of 8.

Market caps may be up to 14 days old; prices up to seven days old; ratios and analyst estimates up to fourteen days old. Forward multiples use consensus for the fiscal year ending 2026-12-31, not the next 12 months. Negative or unavailable earnings multiples show “N/A”. Forward ADR multiples are omitted when the currency/share basis is not reconciled.

50-day average419.21
200-day average290.80
RSI (14)46
20-day range432.36 – 484.92
Relative volume1.4×
1-year change+123.7%
Last eight reported earnings for MPC
Report dateEPS estimateEPS actualSurpriseResultRevenue actualPrice window*5 sessions*
Aug 4 202614.2717.73+24.2%Beat52.34B-3.0%+9.6%
May 5 20260.741.65+123.3%Beat34.57B-2.7%-0.2%
Feb 3 20262.724.07+49.6%Beat33.42B+10.7%+15.4%
Nov 4 20253.153.01-4.4%Miss34.81B-4.9%+2.2%
Aug 5 20253.243.96+22.2%Beat33.8B-3.3%-5.3%
May 6 2025-0.54-0.24+55.7%Beat31.85B+0.9%+13.6%
Feb 4 20250.020.77+3401.6%Beat33.47B+7.0%+5.6%
Nov 5 20240.981.87+90.8%Beat35.37B+7.1%+7.1%

*Adjusted close before the report date to the first (or fifth) trading close after it. This window can span two sessions and is not an isolated earnings-day return. Figures may be revised by the provider.

Smart Money activity

Recent insider and politician transactions, and disclosed fund positions for MPC.

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More MPC research Data,

MPC earnings previews and market catalysts

Top Market Events to Watch This Week (November 2–6, 2026 | U.S. Eastern Time)
2026-11-01 · Jobs data, U.S. midterm elections and business surveys shape the week, alongside Apple, AMD and other earnings. Watch how demand, costs and company guidance change the outlook for stock prices.

All upcoming earnings catalysts →

02 / FINANCIALS

Marathon Petroleum financials

Revenue, earnings, cash flow and financial strength in one view.

Reporting currency unconfirmed.

Revenue
Net income
Gross profit
Operating income
EBITDA
Operating cash flow
Capital expenditure
Cash
Total assets
Total liabilities
Shareholder equity
Total debt
Net profit margin
Gross margin
Short interest: days to cover
How to read these financial metrics

Figures use the app’s saved statements for the displayed period, not a trailing-year total. Margins divide profit by revenue; quick ratio uses current assets less inventory divided by current liabilities. Compare dates and currencies before comparing companies.

03 / WHAT COMES NEXT

Marathon Petroleum event catalysts

Company earnings and scheduled market events that may change expectations.

2026-11-03

MPC earnings

Watch reported results, management’s outlook and the share-price reaction.

See earnings expectations ↑
2026-11-0310:00 AM ET

JOLTS job openings

Watch vacancies and quits for signs of labor-market cooling.

Release schedule ↗Scheduled
2026-11-0410:00 AM ET

ISM services PMI

Services prices and employment can influence the outlook for inflation and rates.

Release schedule ↗Scheduled
2026-11-058:30 AM ET

Initial jobless claims

Use the multiweek trend to distinguish normal volatility from a sustained increase in layoffs.

Release schedule ↗Scheduled
2026-11-068:30 AM ET

Jobs report · payrolls & unemployment

Read revisions and wages alongside the headline. Strong hiring can support demand but also lift rate expectations.

Release schedule ↗Scheduled
2026-11-0610:00 AM ET

Consumer sentiment · preliminary

Watch changes in inflation expectations as well as sentiment.

Release schedule ↗Scheduled
2026-11-108:30 AM ET

CPI inflation

Compare headline and core inflation with expectations; watch Treasury yields and growth stocks.

Release schedule ↗Scheduled
2026-11-11Time not announced

MSCI · index review announcement

Review official additions, deletions and weight changes; release time is not specified here.

Release schedule ↗Scheduled
2026-11-128:30 AM ET

Initial jobless claims

Use the multiweek trend to distinguish normal volatility from a sustained increase in layoffs.

Release schedule ↗Scheduled

Dates use U.S. Eastern time and can change. Calendar events provide context; they do not determine the direction of a stock move.

04 / SIDE BY SIDE

Compare MPC with its peers

Oil & Gas Refining & Marketing · Compare valuation, financial strength and price performance.

Companies with valuation data5
Peer median positive P/E12.6×
MPC P/E14.8×
MPC peer comparison: valuation
CompanyPriceMarket capP/EForward P/EP/SForward P/S
MPCMarathon Petroleum2026-11-02 · USD430.39120.86B14.8×6.6×0.8×0.7×
BPCL.NSBharat Petroleum Corporation Limited
CVICVR Energy, Inc.2026-11-02 · USD55.925.71B82.3×15.7×0.7×0.6×
DINOHF Sinclair Corporation2026-11-02 · USD111.6619.89B5.7×5.8×0.6×0.6×
DKDelek US Holdings, Inc.2026-11-02 · USD70.194.35B19.5×3.9×0.4×0.3×
IDKOYIdemitsu Kosan Co.,Ltd.
PARRPar Pacific Holdings, Inc.2026-11-02 · USD72.783.8B4.4×3.1×0.4×0.4×
MPC14.8×
CVI82.3×
DINO5.7×
DK19.5×
PARR4.4×

The peer median excludes the selected stock and is based on 4 available positive multiples. P/E median excludes negative or missing earnings multiples. Peer reports can have different fiscal periods and currencies; values are not currency-converted.

05 / PEER ANALYSIS

Explore MPC alongside its peers

Oil & Gas Refining & Marketing · 4 companies · Cached market data

Comparison

Compare companies

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Price / sales
0.3×118.45B0.6×120.06B1.0×121.67B1.3×123.28BMPC · Marathon Petroleum Corporation Market cap: 120.86B Price / sales: 0.8×Hide MPC · Undo restores itMarket cap
MPCMarathon Petroleum Corporation

Market cap: 120.86B
Price / sales: 0.8×

Valuation snapshot: 2026-11-02
View research ↗
1 of 4 companies have both plotted values.

P/S distribution

Trailing price-to-sales multiples · 1 companies

Median P/S0.8×
Middle 50%0.8× to 0.8×
MPC P/S0.8×
MPC
0.7×1.7×

Tap a bar to see the companies in that P/S range. MPC has a higher P/S than 0% of this group.

3 companies excluded from P/S statistics because sales are non-positive or the saved multiple is missing. Statistics include all valid positive values, including those outside the focused chart range.

Companies

Showing 4 of 4 matching companies · Largest market cap first

  • Market cap 120.86BP/E 14.8×P/S 0.8×Forward P/E Forward P/S Price snapshot: 2026-11-02
    ↗
  • Market cap 88.55BP/E P/S Forward P/E Forward P/S Catalog snapshot
    ↗
  • Market cap 82.67BP/E P/S Forward P/E Forward P/S Catalog snapshot
    ↗
  • Market cap 5.22BP/E P/S Forward P/E Forward P/S Catalog snapshot
    ↗

Explore industries

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U.S.-listed companies from the app’s catalog. Medians use saved positive P/E values; coverage and snapshot dates vary.

How this comparison works

Uses the saved companies from the same industry and listing market, including MPC, ordered by cached market cap. Company snapshots can have different dates; the web cache may cover fewer metrics and periods than the app.

Periods end at each company’s dated price snapshot. Change compares the latest saved observation with one at or before the selected period’s start. A daily price change uses consecutive saved sessions. Financial data updates quarterly, so short periods may show no change. Missing history and zero starting values are excluded; a negative starting value uses its absolute value as the denominator.

Metrics use saved ratios and percentages. Market caps use the listing market’s reporting currency; underlying financial statements may use different currencies. Circle sizes have a minimum for touch visibility, and an outlined circle indicates a missing market cap. These comparisons describe data, not recommendations or price predictions.

Related research

Company research, movers, earnings and options results.

INDUSTRY COMPARISON

MPC industry peers

Oil & Gas Refining & Marketing · Oct 16, 2026 · Closing-price performance

Compare MPC with 1 other stock in the available heatmap coverage.

MPCCurrent stockMarathon Petroleum Corporation+0.24%VLOValero Energy Corporation+0.15%