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Marathon Petroleum (MPC) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Marathon Petroleum (MPC) Q3 2026 earnings results →
Q3 2026 Revenue up 61% year over year to $56.0B · 13¢ of every $1 of revenue kept as net profit · operating margin 18.7%
Marathon Petroleum made $56.0B in Q3 2026 (+61% Y/Y): Refining & Marketing $53.1B, Midstream $1.6B, Renewable Diesel $1.4B. Operating margin 18.7%, net earnings $7.4B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
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What changed this quarter
Revenue was $56.0B in Q3 2026, up 61% year over year and up 8% from the previous quarter. Refining & Marketing was the largest line at 95% of revenue. Refining & Marketing added $20.4B year over year (up 63%), 96% of the total change.
Operating profit was $10.4B, a 18.7% margin (up 10.9 points year over year). Of the extra revenue versus Q3 2025, 36% reached operating profit, above the 8% margin then. Total costs grew 42% against revenue growth of 61%. The fastest-growing cost line was Cost of revenue (+40%). Net earnings were $7.4B, up 444% year over year. The effective tax rate was 22.5%.
Operating cash flow was $10.7B (up 311% year over year), 136% of net income including minority interests. Non-cash charges added back $0.84B of depreciation and amortization. Working capital and other items added $2.0B. Capital expenditures of $1.1B left free cash flow of $9.6B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $56.0B | +61% | 18.7% | $7.4B | $10.7B |
| Q2 2026 | 10-Q | Aug 4, 2026 | $52.0B | +54% | 14.1% | $5.1B | $10.3B |
| Q1 2026 | 10-Q | May 5, 2026 | $34.2B | +8% | 4.1% | $511M | $1.1B |
| Q4 2025 | 10-K | Feb 26, 2026 | $32.6B | -2% | 8.3% | $1.5B | $3.1B |
| Q3 2025 | 10-Q | Nov 4, 2025 | $34.8B | -0.8% | 7.8% | $1.4B | $2.6B |
| Q2 2025 | 10-Q | Aug 5, 2025 | $33.8B | -11% | 6.5% | $1.2B | $2.6B |
| Q1 2025 | 10-Q | May 6, 2025 | $31.5B | -4% | 2.2% | $346M | −$64.0M |
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About Marathon Petroleum
MPC has nearly 140 years of history in the energy business, and is a leading, integrated, downstream and midstream energy company. We operate one of the nation's largest refining systems with approximately 3.0 million barrels per day of crude oil refining capacity and believe we are one of the largest wholesale suppliers of gasoline and distillates to resellers in the United States. We distribute our refined products through one of the largest terminal operations in the United States and one of the largest private domestic fleets of inland petroleum product barges. Our integrated midstream energy asset network links producers of natural gas and NGLs from some of the largest supply basins in the United States to domestic and international markets. In addition, we are one of the largest producers and marketers of renewable diesel in the United States.
In its own words, from its 10-K, filed Feb 26, 2026.
Marathon Petroleum against its Petroleum Refining peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +61% against the peers' median +46%. Operating margin: 18.7% against the peers' median 18.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MPC Marathon Petroleum | Q3 2026 | $56.0B | +61% | 18.7% |
| XOM ExxonMobil Holdings | Q3 2026 | $113.2B | +33% | 18.8% |
| CVX Chevron | Q3 2026 | $67.8B | +36% | 20.1% |
| PSX Phillips 66 | Q3 2026 | $50.5B | +46% | 14.1% |
| VLO Valero Energy | Q3 2026 | $46.1B | +43% | 19.7% |
| COP ConocoPhillips | Q3 2026 | $19.4B | +29% | 30.8% |
| SUNC SunocoCorp LLC | Q3 2026 | $18.0B | +199% | 4.1% |
| PBF PBF Energy | Q3 2026 | $12.1B | +59% | 17.3% |
| PBF Holding Co LLC | Q2 2026 | $11.7B | +56% | 10.2% |
Source: Marathon Petroleum 10-Q on SEC EDGAR · CIK 1510295 · Petroleum Refining
Guidance and outlook
13F: who owns MPC and who is buying
More on MPC
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Marathon Petroleum guidance history: guided vs reported
- Marathon Petroleum operating margin by quarter
- Marathon Petroleum net income by quarter
- Marathon Petroleum free cash flow by quarter
- Marathon Petroleum capital expenditures by quarter
- Marathon Petroleum Refining & Marketing revenue by quarter
- Marathon Petroleum Midstream revenue by quarter
- Marathon Petroleum Renewable Diesel revenue by quarter