Marathon Petroleum Corporation (MPC) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Marathon Petroleum published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Marathon Petroleum reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Revenue here is Marathon Petroleum's "Sales and other operating revenues" line. Total revenues and other income, which adds income from equity method investments and other income, was $56,487 million in Q3 2026.
• MPC has agreed to sell its St. Paul Park and Mandan refineries and related midstream assets for $4.2 billion, with closing expected at the end of 2026. The Q3 2025 figures include a $738 million gain on sale of assets, which MPC's adjusted EPS excludes.

Source: Marathon Petroleum Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Marathon Petroleum splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Marathon Petroleum's Refining & Marketing revenue was $53.1 billion in Q3 2026, up 63% from $32.6 billion in Q3 2025, 95% of total revenue.
• Marathon Petroleum's Midstream revenue was $1.6 billion in Q3 2026, up 9% from $1.4 billion in Q3 2025, 3% of total revenue.
• Marathon Petroleum's Renewable Diesel revenue was $1.4 billion in Q3 2026, up 91% from $713 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Marathon Petroleum's release gives no revenue or earnings outlook. It gives a Fourth-Quarter 2026 Outlook table of operating figures (refining operating costs of $5.60 per barrel, distribution costs of $1,725 million, refining planned turnaround costs of $230 million and refinery throughput of 3,080 mbpd) and a 2026 capital spending outlook.

In its Q3 2026 release, Marathon Petroleum said:

“MPC's 2026 capital spending outlook (excluding MPLX) is $1.5 billion.”

“Approximately 65% of capital spending is focused on value-enhancing investments and 35% on sustaining operations.”

Source: Marathon Petroleum Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the MPC forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Sales and other operating revenues and GAAP diluted EPS, each as first reported in that quarter's release.

Marathon Petroleum's next report is expected around February 2, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Marathon Petroleum's sales and other operating revenues were $56,032 million in Q3 2026, against $34,809 million a year earlier. Refining & Marketing brought in $53,094 million from external customers, of which refined products were $50,298 million and crude oil $2,198 million. Midstream, which mainly reflects MPLX, added $1,576 million from external customers and Renewable Diesel $1,362 million. Midstream also earned $1,719 million of intersegment revenues, mostly for moving crude and products for Refining & Marketing, which are eliminated from the consolidated total. (Marathon Petroleum Form 10-Q, Q3 2026, Nov 3, 2026)

Marathon Petroleum said Refining & Marketing segment revenues rose $20.45 billion, mainly on a $1.14 per gallon increase in average refined product sales prices and 247 mbpd more refined product sales volume. Benchmarks moved the same way: WTI averaged $85.68 a barrel against $64.97, and the blended 3-2-1 crack spread MPC tracks was $48.67 a barrel against $17.66. (Marathon Petroleum Form 10-Q, Q3 2026, Nov 3, 2026)

Marathon Petroleum ran its refineries at 100% of crude capacity in Q3 2026, against 95% a year earlier, for net refinery throughput of 3,150 mbpd. Its Refining & Marketing margin was $45.70 per barrel, against $17.60, and refining operating costs were $5.60 per barrel. By region the margin was $43.46 per barrel on the Gulf Coast, $47.33 in the Mid-Continent and $47.46 on the West Coast. (Marathon Petroleum Q3 2026 release, Nov 3, 2026)

Marathon Petroleum operates one of the largest U.S. refining systems, with approximately 3.0 million barrels per day of crude oil refining capacity in the Gulf Coast, Mid-Continent and West Coast regions. It sells refined products to wholesale customers, on the spot market, to independent entrepreneurs who operate Marathon branded outlets and to direct dealers operating mainly under the ARCO brand. It controls MPLX through the general partner interest and owned approximately 64 percent of MPLX common units at September 30, 2026. (Marathon Petroleum Form 10-K, 2025, Feb 26, 2026; Marathon Petroleum Form 10-Q, Q3 2026, Nov 3, 2026)

Marathon Petroleum estimates that each $1.00 per barrel change in the blended crack spread moves annual Refining & Marketing segment adjusted EBITDA by about $1,125 million, and each $1.00 per barrel change in the sour or sweet crude differential by $520 million. (Marathon Petroleum Form 10-Q, Q3 2026, Nov 3, 2026)

Marathon Petroleum's GAAP diluted EPS was $26.59 in Q3 2026 and its adjusted diluted EPS $26.93. The one adjustment in the quarter was $123 million before tax of tax and legal settlements, including a municipal tax dispute with the City of Carson covering prior years, less a $29 million tax effect. A year earlier GAAP EPS of $4.51 was above adjusted EPS of $3.01, because GAAP included a $738 million gain on sale of assets from the BANGL acquisition and the sale of MPC's interest in TAMH. (Marathon Petroleum Q3 2026 release, Nov 3, 2026; Marathon Petroleum Form 10-Q, Q3 2026, Nov 3, 2026)

Marathon Petroleum's net income attributable to MPC was $7,447 million, after $431 million attributable to noncontrolling interests. The provision for income taxes was $2,285 million on income before income taxes of $10,163 million. Segment adjusted EBITDA excludes refining planned turnaround costs, which were $294 million in Q3 2026 and $400 million a year earlier. (Marathon Petroleum Q3 2026 release, Nov 3, 2026)

Marathon Petroleum's diluted weighted average shares fell to 280 million from 304 million. MPC repurchased 8 million shares for $3,005 million in Q3 2026, at an average cost of $357.68 per share, and $6,255 million over the first nine months. The board approved an incremental $5 billion authorization, which would have brought the total available to $8.1 billion as of September 30, 2026. (Marathon Petroleum Form 10-Q, Q3 2026, Nov 3, 2026; Marathon Petroleum Q3 2026 release, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Marathon Petroleum's release gives no revenue or earnings outlook. Its Fourth-Quarter 2026 Outlook table gives operating figures: refining operating costs of $5.60 per barrel, distribution costs of $1,725 million, refining planned turnaround costs of $230 million and total refinery throughput of 3,080 mbpd, of which 2,830 mbpd is crude oil. (Marathon Petroleum Q3 2026 release, Nov 3, 2026)

Marathon Petroleum's 2026 capital spending outlook, excluding MPLX, is $1.5 billion. MPC expects its sale of the St. Paul Park and Mandan refineries and related midstream assets for $4.2 billion to close at the end of 2026, with $3.45 billion of the proceeds going to MPC and $750 million to MPLX. (Marathon Petroleum Q3 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Marathon Petroleum, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Marathon Petroleum's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning MPC is on is MPC a buy or a sell?, what analysts expect next is on the MPC forecast, and what the company does is on the Marathon Petroleum Corporation (MPC) stock page.

Every number on this page can be traced to a document Marathon Petroleum published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.