Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
MPC's second quarter fiscal 2026 performance was defined by a sharp increase in refining margins, driven by global crude oil supply disruptions tied to escalating Middle East conflicts. Management highlighted that higher product prices and stable demand pushed the Refining & Marketing segment's margin to $36.33 per barrel, compared to $17.58 a year ago. This uplift was partially tempered by a more than doubling of RFS compliance costs to $683 million, reflecting higher RIN prices and blending requirements. The quarter also saw a $5.0 billion increase in share repurchase authorization, signaling confidence in cash generation. However, future results hinge on the sustainability of favorable crack spreads and crude differentials.
Revenue
$51.99B
+53.83% YoY
EPS (Diluted)
$17.73
+347.73% YoY
Operating Income
$7.32B
+233.27% YoY
Source: SEC XBRL
Marathon Petroleum (MPC) reported Q2 FY2026 revenue of $51.99B, up 53.8% year over year. Operating margin was 14.1%, up 7.6 points from 6.5% a year earlier. MPC's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Mar 2026 | 1.65 | 0.75 | Beat +118.6% |
| Dec 2025 | 4.07 | 2.91 | Beat +40.0% |
| Sep 2025 | 3.01 | 3.18 | Miss -5.3% |
| Jun 2025 | 3.96 | 3.32 | Beat +19.2% |
3 reported segments · SEC XBRL
Segment revenue totals $51.99B, which is the $51.99B of consolidated revenue on the income statement.
Compiled by AI from 10-Q Item 2 of this filing
Management attributed the strong Refining & Marketing results to higher realized refining margins, supported by stable demand and higher product prices resulting from global crude oil supply disruptions tied to increasing Middle East conflicts.
Source: 10-Q Item 2 MD&A
MPC entered into arrangements with the U.S. Department of Energy to receive approximately 22 million barrels of crude oil from the Strategic Petroleum Reserve in 2026, with a commitment to return about 27 million barrels beginning in April 2027 through July 2029.
Source: 10-Q Item 2 MD&A
On May 5, 2026, the board approved an additional $5.0 billion share repurchase authorization, bringing the total remaining authorization to $6.13 billion as of June 30, 2026.
Source: 10-Q Item 2 MD&A
Expenses for purchased RINs included in Refining & Marketing margin more than doubled to $683 million in Q2 2026 from $314 million in the prior-year quarter, driven by higher RIN costs and blending requirements.
Source: 10-Q Item 2 MD&A
Net refinery throughput decreased 116 mbpd to 2,944 mbpd, primarily due to increased planned turnaround activity in the Mid-Continent region, which also increased refining operating costs per barrel.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
MPC's earnings are highly sensitive to fluctuations in refining crack spreads and crude oil differentials. A sustained decline in product margins could materially reduce profitability and cash flow.
Source: 10-Q Income Statement (XBRL)
The company's expenses for purchased RINs to meet Renewable Fuel Standard obligations more than doubled year-over-year, signaling escalating regulatory costs that could compress margins if RIN prices remain elevated.
Source: 10-Q Item 2 MD&A
MPC relies on cash distributions from MPLX for a significant portion of its cash flow. A disruption in MPLX's midstream operations or a reduction in its distributions could impair MPC's ability to fund capital returns.
Source: 10-Q Item 2 MD&A
The sharp improvement in refining margins was largely driven by global crude supply disruptions from Middle East conflicts. An easing of these tensions could rapidly reverse the favorable pricing environment.
Source: 10-Q Item 2 MD&A
Aggressive share repurchases ($3.28 billion year-to-date) and a new $5.0 billion authorization could strain liquidity if commodity prices or refining margins decline, limiting financial flexibility.
Source: 10-Q Cash Flow Statement (XBRL)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 51.99 $B | 33.80 $B | +53.83% |
Cost of Revenue $B | 43.06 $B | 30.03 $B | +43.43% |
Operating Income $B | 7.32 $B | 2.20 $B | +233.27% |
Net Income $B | 5.14 $B | 1.22 $B | +322.53% |
EPS (Basic) $ | 17.76 $ | 3.96 $ | +348.48% |
EPS (Diluted) $ | 17.73 $ | 3.96 $ | +347.73% |
SG&A Expense $M | 894.00 $M | 867.00 $M | +3.11% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
MPC delivered a strong Q1 FY2026 turnaround with revenue rising 8.5% YoY to $34.2B, operating income more than doubling to $1.4B, and net income swinging from a $74M loss to a $511M profit.
MPC delivered a strong FY2025 with net income rising 17.5% to $4.05B and EPS surging 31% to $13.22 despite a 4.4% revenue decline, driven by improved operating margins and disciplined cost management.
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