Earnings Releases·Nov 3, 2026, 8:07 AM ET

Marathon Petroleum Corp. — Third Quarter 2026 Earnings Summary

Net income surged to $7.4 billion ($26.59 per share) from $1.4 billion in the prior year quarter, while adjusted EBITDA reached $11.7 billion compared to $3.2 billion, driven by a 100% refining capacity utilization and higher crack spreads.
The company returned $3.3 billion to shareholders in the quarter, announced a 10% dividend increase, and secured an incremental $5 billion share repurchase authorization, bringing total available buyback capacity to $8.1 billion.
Strategic capital allocation includes the pending $4.2 billion divestiture of St. Paul Park and Mandan refineries, with $3.45 billion in proceeds earmarked for Gulf Coast reinvestment, and a 2026 capital spending outlook of $1.5 billion excluding MPLX.
Fourth quarter 2026 guidance for the Refining & Marketing segment projects $5.60 per barrel in operating costs and 3,080 mbpd in total refinery throughputs.