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How Marathon Petroleum (MPC) makes money

Marathon Petroleum (MPC) made $56.0B of revenue in the third quarter 2026 (Q3 2026), +61% from a year earlier. Refining & Marketing brought in $53.1B (95%); Midstream brought in $1.6B (3%); Renewable Diesel brought in $1.4B (2%). Of every dollar of revenue, 19¢ was left as operating profit, 13¢ was left as net earnings.

Drawing the Sankey…

Marathon Petroleum revenue by segment, Q3 2026Marathon Petroleum revenue by segment, Q3 2026Refining & Marketing$53.1BMidstream$1.6BRenewable Diesel$1.4B
Marathon Petroleum: revenue by line, Q1 2025 to Q3 2026Marathon Petroleum: revenue by line, Q1 2025 to Q3 2026Refining & MarketingMidstreamRenewable DieselRefining & Marketing: $53.1B latest$53.1BMidstream: $1.6B latestRenewable Diesel: $1.4B latestQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
The mix barely moved between Q1 2025 and Q3 2026.
Marathon Petroleum revenue by quarterMarathon Petroleum revenue by quarter$31.5BQ1 2025$33.8BQ2 2025$34.8BQ3 2025$32.6BQ4 2025$34.2BQ1 2026$52.0BQ2 2026$56.0BQ3 2026
Marathon Petroleum: where each dollar of revenue goesMarathon Petroleum: where each dollar of revenue goesOperating profit19¢Income tax4¢Net earnings13¢Operating cash flow19¢Free cash flow17¢

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
Refining & Marketing$53.1B94.8%+8%+63%
Midstream$1.6B2.8%+8%+9%
Renewable Diesel$1.4B2.4%+10%+91%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$56.0B100.0%
Operating profit$10.4B18.7%
Income tax$2.3B4.1%
Net earnings$7.4B13.3%
Operating cash flow$10.7B19.2%
Free cash flow$9.6B17.1%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$56.0B+61%
Q2 2026$52.0B+54%
Q1 2026$34.2B+8%
Q4 2025$32.6B-2%
Q3 2025$34.8B-0.8%
Q2 2025$33.8B-11%
Q1 2025$31.5B-4%

From Marathon Petroleum's 10-Q filed Nov 3, 2026 (on EDGAR).

Questions

How does Marathon Petroleum make money?

Marathon Petroleum (MPC) made $56.0B of revenue in the third quarter 2026 (Q3 2026), +61% from a year earlier. Refining & Marketing brought in $53.1B (95%); Midstream brought in $1.6B (3%); Renewable Diesel brought in $1.4B (2%). Of every dollar of revenue, 19¢ was left as operating profit, 13¢ was left as net earnings.

What is Marathon Petroleum's biggest business?

Refining & Marketing: $53.1B in the third quarter 2026, 95% of revenue, +63% from a year earlier.

What is Marathon Petroleum's profit margin?

Net earnings were $7.4B, 13.3% of revenue, in the third quarter 2026; the operating margin was 18.7%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.