MPC Q2 2026: net income $5.14 billion as refining margin doubles
MPC's second quarter was a crack-spread quarter, not a volume quarter: revenue of $51.99 billion rose 53.8% from a year ago while throughput actually fell, and net income of $5.14 billion produced $17.73 of diluted EPS against a $13.88 consensus. Read this as a refining-margin story with midstream ballast, and ask how much of the margin level is repeatable.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $17.73 compares with $3.96 a year ago and beats the $13.88 consensus estimate by about 27.7%. Adjusted EPS is the same $17.73 because there were no adjustments in the quarter, so the beat is all operations. Refining & Marketing adjusted EBITDA of $6.66 billion versus $1.89 billion did the work.
Revenue rose to $51.99 billion from $33.80 billion a year earlier, a 53.8% increase. Volumes went the other way: crude capacity utilization was 94% and net refinery throughput was 2.9 million bpd, both below the prior-year quarter. Higher crack spreads in all regions, not more barrels, explain the jump.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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