Marathon Petroleum Corp. reported first‑quarter 2026 results that surpassed analyst expectations, with revenue of $34.57 billion—an 8.5% year‑over‑year increase—and adjusted earnings per share of $1.65, a turnaround from the $0.24 loss recorded in the same quarter a year earlier. Adjusted EBITDA for the quarter was $2.8 billion, up from $2.0 billion in Q1 2025 and $1.2 billion in Q4 2025, reflecting stronger refining margins and higher throughput.
The company’s adjusted EPS beat the consensus estimate of $0.72 by $0.93, a 130% beat, driven by disciplined cost control and a favorable mix of high‑margin products. Revenue also outperformed expectations, exceeding the $30.35 billion consensus by $4.22 billion, largely due to robust demand in the Refining & Marketing segment and higher product prices that widened crack spreads.
Segment‑level data show that Refining & Marketing adjusted EBITDA rose to $1.38 billion in Q1 2026 from $489 million a year earlier, while the Midstream and Renewable Diesel segments contributed the remainder of the $2.8 billion. Throughput reached 2,990 thousand barrels per day with a 94% utilization rate, underscoring the company’s operational efficiency.
Maryann Mannen, Chairman, President and CEO, said, "Our first‑quarter results underscore the strength and reliability of our integrated system and our disciplined approach to capital deployment. Accelerating our planned turnaround activity in the quarter enhances our operational readiness to supply the elevated levels of current market demand." The company also returned $1 billion to shareholders, including $750 million in share repurchases, and announced a new $5 billion share‑repurchase authorization.
The market reacted positively, with the stock reaching a new 52‑week high and pre‑market trading up 0.81%. The rally was driven by the earnings beat, expanding margins, and the company’s commitment to capital returns, as well as a $32 million clean‑fuel production tax credit that supported the results.
Management indicated that detailed guidance for the second quarter will be released, projecting throughput of 2,990 kbpd at 94% utilization. The company’s strategic capital plan continues to focus on projects such as the Garyville jet project, the El Paso FCC upgrade, and the MPLX Permian growth strategy, positioning Marathon Petroleum for sustained profitability in a tightening refining market.
Overall, the results signal a strong financial recovery and a competitive edge in the refining sector, with robust cash flow generation, disciplined capital deployment, and a clear path for continued growth in the coming quarters.
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