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Marathon Petroleum vs Phillips 66: MPC and PSX compared
Marathon Petroleum is the larger company: $56.0B of revenue in its latest quarter (Q3 2026) against $50.5B for Phillips 66 (Q3 2026). Marathon Petroleum is growing faster (+61% against +46% a year earlier). Marathon Petroleum is more profitable, with an operating margin of 18.7% against 14.1%.
Where the money goes: MPC and PSX
Marathon Petroleum (MPC) · Q3 2026
Marathon Petroleum, Q3 2026: revenue $56.0B (+61% year over year), operating margin 18.7%, net earnings $7.4B, operating cash flow $10.7B. The chart follows the revenue to costs, profit and cash.
Phillips 66 (PSX) · Q3 2026
Phillips 66, Q3 2026: revenue $50.5B (+46% year over year), operating margin 14.1%, net earnings $5.6B, operating cash flow $7.3B. The chart follows the revenue to costs, profit and cash.
| Marathon Petroleum (MPC) | Phillips 66 (PSX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $56.0B | $50.5B |
| Revenue growth, Y/Y | +61% | +46% |
| Operating margin | 18.7% | 14.1% |
| Net earnings | $7.4B | $5.6B |
| Net margin | 13.3% | 11.2% |
| Operating cash flow | $10.7B | $7.3B |
| Free cash flow | $9.6B | $6.6B |
| Market value | $105.7B | $98.0B |
| P/E | 7.4× | 7.9× |
| Analysts’ mean target | $466.94 | $292.37 |
Where the revenue comes from
Marathon Petroleum
- Refining & Marketing: $53.1B (95%)
- Midstream: $1.6B (3%)
- Renewable Diesel: $1.4B (2%)
Phillips 66
- M&S: $32.0B (63%)
- Refining: $11.7B (23%)
- Midstream: $6.2B (12%)
- Renewable Fuels: $712M (1%)
Questions
Which is bigger, Marathon Petroleum or Phillips 66?
Marathon Petroleum is the larger company: $56.0B of revenue in its latest quarter (Q3 2026) against $50.5B for Phillips 66 (Q3 2026).
Is Marathon Petroleum or Phillips 66 growing faster?
Marathon Petroleum is growing faster (+61% against +46% a year earlier).
Which is more profitable, Marathon Petroleum or Phillips 66?
Marathon Petroleum is more profitable, with an operating margin of 18.7% against 14.1%.
More: Marathon Petroleum earnings · how Marathon Petroleum makes money · Phillips 66 earnings · how Phillips 66 makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.