Filing Flows › Marathon Petroleum (MPC) › Q2 2026 › vs Q1 2026
Marathon Petroleum (MPC) Q2 2026 vs Q1 2026 (quarter over quarter)
Marathon Petroleum's revenue rose $17.8B (+52%) from $34.2B in Q1 2026 to $52.0B in Q2 2026. The biggest changes: Refining & Marketing +$17.0B (+53%); Renewable Diesel +$668M (+117%); Midstream +$153M (+12%). Operating margin 14.1% against 4.1% (+10.0 pts).
Marathon Petroleum, Q2 2026: revenue $52.0B (+54% year over year), operating margin 14.1%, net earnings $5.1B, operating cash flow $10.3B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 14.1% | 4.1% | +10.0 pts |
| Net margin | 9.9% | 1.5% | +8.4 pts |
| Free cash flow margin | 17.6% | 0.6% | +17.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Refining & Marketing | $49.3B | $32.3B | $17.0B | +53% |
| Midstream | $1.5B | $1.3B | $153M | +12% |
| Renewable Diesel | $1.2B | $572M | $668M | +117% |
| Revenue | $52.0B | $34.2B | $17.8B | +52% |
| Operating profit | $7.3B | $1.4B | $5.9B | +422% |
| Costs & expenses | $44.7B | $32.8B | $11.9B | +36% |
| Pre-tax earnings | $7.0B | $1.0B | $5.9B | +575% |
| Other expense, net | $340M | $370M | −$30.0M | -8% |
| Cost of revenue | $43.1B | $31.3B | $11.8B | +38% |
| SG&A | $894M | $867M | $27.0M | +3% |
| Other operating costs | $714M | $668M | $46.0M | +7% |
| Net earnings | $5.1B | $511M | $4.6B | +905% |
| Minority interests | $400M | $340M | $60.0M | +18% |
| Income tax | $1.4B | $183M | $1.3B | +689% |
| Depreciation & amortization | $838M | $809M | $29.0M | +4% |
| Working capital & other | $4.4B | −$199M | $4.5B | — |
| Operating cash flow | $10.3B | $1.1B | $9.2B | +821% |
| Free cash flow (OCF − capex) | $9.1B | $208M | $8.9B | 44× |
| Capital expenditures | $1.2B | $913M | $273M | +30% |
Questions
How much did Marathon Petroleum's revenue grow quarter over quarter in Q2 2026?
Marathon Petroleum's revenue rose $17.8B (+52%) from $34.2B in Q1 2026 to $52.0B in Q2 2026.
What drove Marathon Petroleum's revenue change in Q2 2026?
Refining & Marketing +$17.0B (+53%); Renewable Diesel +$668M (+117%); Midstream +$153M (+12%).