Filing Flows › Marathon Petroleum (MPC) › Q1 2026
Marathon Petroleum (MPC) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Marathon Petroleum (MPC) reported revenue of $34.2B for the first quarter 2026 (Q1 2026), +9% from a year earlier and +5% from the quarter before. Operating margin was 4.1%, net earnings $511M (1.5% of revenue).
Marathon Petroleum, Q1 2026: revenue $34.2B (+8% year over year), operating margin 4.1%, net earnings $511M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $34.2B | +5% | +9% |
| Operating profit | $1.4B | -48% | +104% |
| Net earnings | $511M | -67% | — |
| Operating cash flow | $1.1B | -63% | — |
| Free cash flow | $208M | -89% | — |
What changed
Revenue was $34.2B in Q1 2026, up 9% year over year and up 5% from the previous quarter. Refining & Marketing was the largest line at 95% of revenue. Refining & Marketing added $2.9B year over year (up 10%), 107% of the total change. Midstream declined 10%.
Operating profit was $1.4B, a 4.1% margin (up 1.9 points year over year). Of the extra revenue versus Q1 2025, 27% reached operating profit, above the 2% margin then. Total costs grew 6% against revenue growth of 9%. The fastest-growing cost line was SG&A (+11%). Net earnings were $0.51B. The effective tax rate was 17.7%.
Operating cash flow was $1.1B, 132% of net income including minority interests. Non-cash charges added back $0.81B of depreciation and amortization. Working capital and other items used $0.54B. Capital expenditures of $0.91B left free cash flow of $0.21B.
Questions
What was Marathon Petroleum's revenue in the first quarter 2026?
Marathon Petroleum (MPC) reported revenue of $34.2B for the first quarter 2026 (Q1 2026), +9% from a year earlier and +5% from the quarter before.
Was Marathon Petroleum profitable in the first quarter 2026?
Operating profit was $1.4B (4.1% of revenue) and net earnings $511M.
Source: Marathon Petroleum 10-Q on SEC EDGAR.