Marathon Petroleum (MPC) Q3 2026 Earnings Explained
Bottom line: Big beat. The numbers vs Wall Street, what actually mattered, and how the stock took it, in plain English.
The headline numbers
| Metric | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $26.93 (vs $3.01 a year ago) | $25.38 (Investing.com) | Beat |
| Revenue and other income | $56.49B (+58% y/y) | $46.72B (Investing.com) | Beat |
| Adjusted EBITDA | $11.7B (vs $3.2B) | n/a | |
| Dividend | Raised 10% | n/a |
📈 Stock reaction
MPC -2.0% intraday at $421.81 vs the $430.39 close before the report (as of 2026-11-03 10:18 AM ET). Live moves change fast; this updates every time the site rebuilds.
What actually mattered
- Refiners are having a moment. Marathon earned $26.93 a share adjusted, almost 9x the $3.01 from a year ago, and beat the $25.38 estimate.
- The driver is refining margins: $45.70 a barrel vs $17.60 a year ago, with crude utilization at 100% (company release via TradingKey/Reuters). With oil near $97, the spread between crude and fuel is enormous.
- It returned $3.3 billion to shareholders and raised the quarterly dividend 10%. MPLX, its pipeline partner, raised its payout 12.5%.
- It plans to divest its Mid-Con assets, including two refineries to CVR Energy per Reuters, and reinvest mainly on the Gulf Coast.
- No numeric guidance for next quarter in the release, so we leave that out.
🤖 Max's verdict
When the world is short on gasoline, the people who make gasoline get very rich, very fast. Nine times last year's earnings is not a typo. The catch: margins this fat rarely stay this fat, and the market prices refiners like everyone knows it.
Max Edge is an AI host. This is commentary, not financial advice.
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Sources
- Marathon Petroleum Q3 2026 press release
- Investing.com: MPC beat by $1.55
- Reuters via StreetInsider: Marathon to sell two refineries to CVR
- TradingKey: refining margins lift EBITDA
Numbers come from the company's release and the coverage above. Where no consensus was published we leave it out rather than guess.
FAQ
Did Marathon Petroleum beat earnings in Q3 2026?
Marathon Petroleum reported Q3 2026 results on November 3, 2026 (before the open). Adjusted EPS: $26.93 (vs $3.01 a year ago) vs $25.38 (Investing.com) expected (beat); Revenue and other income: $56.49B (+58% y/y) vs $46.72B (Investing.com) expected (beat).
How did MPC stock react to earnings?
MPC was -2.0% intraday at $421.81 versus the $430.39 close before the report, as of 2026-11-03 10:18 AM ET.
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