Published
{
"ticker": "MPC",
"cik": "0001510295",
"company": "Marathon Petroleum Corporation",
"business_type": "industrial",
"schema_template": "standard industrial (petroleum refining and midstream), extended with segment adjusted EBITDA because that is the measure Marathon Petroleum's segment note reports and its chief operating decision maker uses",
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"units": "actual dollars (not millions); per-share amounts in dollars; share counts in shares",
"units_notes_seen": {
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"FY2025 10-K consolidated statements of cash flows": "(Millions of dollars)",
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"Q2 2026 10-Q consolidated balance sheets (unaudited)": "(Millions of dollars, except share data), columns headed June 30, 2026 and December 31, 2025",
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},
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},
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},
"notes": [
"Marathon Petroleum is presented on a standard industrial template \u2014 revenues, costs, operating income, net income, per-share amounts, balance sheet and cash flow \u2014 extended with segment adjusted EBITDA, which is the measure the company reports for its three reportable segments (Refining & Marketing, Midstream and Renewable Diesel) and the measure its chief operating decision maker uses to evaluate them. Segment adjusted EBITDA excludes depreciation and amortization, net interest and other financial costs, planned turnaround costs and the other items the segment note reconciles to income before income taxes.",
"All amounts are stated in actual dollars. The FY2025 10-K (accession 0001510295-26-000009) and the second-quarter 2026 10-Q (accession 0001510295-26-000061) print their statements in millions of dollars, and the weighted average share counts on those same income statements are printed in millions; both have been converted here.",
"Marathon Petroleum does not present a gross profit line. Its cost of revenues caption states that it excludes depreciation and amortization, selling, general and administrative expenses and other taxes, which are shown as separate cost lines, so no gross profit or gross margin is reported here.",
"Total debt is the sum of debt due within one year and long-term debt as printed on the balance sheet; the company does not print a combined total.",
"Free cash flow is operating cash flow less additions to property, plant and equipment. Marathon Petroleum does not publish a free cash flow figure of its own.",
"The 10-K's income statement and cash flow statement present fiscal 2025, 2024 and 2023, but its balance sheet presents December 31, 2025 and December 31, 2024 only. Fiscal 2023 therefore carries income statement, cash flow and segment figures and no balance sheet.",
"The 10-Q's cash flow statement is presented for the six months ended June 30, 2026 and 2025 only, and the second-quarter earnings release contains no cash flow statement, so the three-month periods here carry no operating cash flow or free cash flow figure. What is available for the quarter is capital expenditures and investments, taken from the second-quarter 2026 earnings release furnished with the 8-K of August 4, 2026 (accession 0001510295-26-000060). That table is broader than the cash flow statement's additions to property, plant and equipment: it also covers investments in equity-method affiliates and includes capitalized interest, so it is not interchangeable with the capital spending figure used in the annual free cash flow above.",
"Adjusted EBITDA is a non-GAAP measure that the company defines and reconciles in that same earnings release (accession 0001510295-26-000060). It is carried for the quarter, the year-ago quarter and the six-month periods alongside the segment adjusted EBITDA figures, which come from the 10-Q's segment note.",
"The trailing twelve months ended June 30, 2026 is derived, not filed: fiscal 2025 as reported in the 10-K (accession 0001510295-26-000009) plus the six months ended June 30, 2026 less the six months ended June 30, 2025, both as reported in the 10-Q (accession 0001510295-26-000061). Its diluted per-share amount is the sum of the reported per-share amounts for those periods ($13.22 plus $19.30 less $3.68) rather than a weighted-average share computation, and is named as a derived figure for that reason. No trailing-twelve-month balance sheet is shown, because a balance sheet is a point in time \u2014 the June 30, 2026 balance sheet sits with the second quarter of 2026.",
"At December 31, 2024 a $203 million redeemable noncontrolling interest sat between liabilities and equity on the balance sheet; it was nil at December 31, 2025 and does not appear on the June 30, 2026 balance sheet. Fiscal 2024 and fiscal 2023 net income also included $27 million and $94 million respectively attributable to that redeemable interest, which is why, in those two years, net income less the noncontrolling interests line does not exactly equal net income attributable to MPC.",
"Balance sheet figures shown against the second quarter of 2026 are as of June 30, 2026. The 10-Q does not print a June 30, 2025 balance sheet, so the year-ago quarter carries income statement, segment and capital investment figures only.",
"No split, currency or depositary-share adjustment was applied: Marathon Petroleum has had no stock split in the period covered, reports in US dollars, and its common stock is not a depositary receipt."
],
"uncertainties": [
"No three-month cash flow statement is published for either quarter shown here. The 10-Q presents cash flows on a six-month basis and the earnings release presents none, and the first-quarter 2026 cumulative cash flow column appears in neither the 10-K nor the second-quarter 10-Q, so a three-month figure could not be derived by differencing. Quarterly operating cash flow and free cash flow are therefore absent rather than estimated.",
"The trailing-twelve-month diluted per-share amount is the sum of three reported per-share amounts, not a weighted-average-share calculation. Marathon Petroleum's share count fell over the period, so the figure is close to, but not identical to, trailing net income attributable to MPC divided by a trailing weighted average share count.",
"Capital expenditures and investments for the three-month and six-month periods are an earnings-release disclosure rather than a cash flow statement line, and are measured on a wider basis than the additions to property, plant and equipment used for the annual periods. The two should not be compared directly across periods."
],
"headline": {
"period": "Q2 FY2026",
"period_end_words": "June 30, 2026",
"metrics": [
{
"label": "Total revenues and other income",
"format": "usd",
"value": 52337000000.0,
"text": "$52.34 billion",
"exact": "$52,337,000,000",
"compact": "$52.34B",
"abs": "$52.34 billion",
"prior_value": 34101000000.0,
"prior": "$34.10 billion",
"priorabs": "$34.10 billion",
"yoy": "up 53.5%",
"source": {
"array": "quarterly",
"field": "income_statement.total_revenues_and_other_income",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001510295-26-000061",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001510295-26-000061",
"gap_days": 365
}
},
{
"label": "Net income attributable to MPC",
"format": "usd",
"value": 5138000000.0,
"text": "$5.14 billion",
"exact": "$5,138,000,000",
"compact": "$5.14B",
"abs": "$5.14 billion",
"prior_value": 1216000000.0,
"prior": "$1.22 billion",
"priorabs": "$1.22 billion",
"yoy": "up 322.5%",
"source": {
"array": "quarterly",
"field": "income_statement.net_income_attributable_to_mpc",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001510295-26-000061",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001510295-26-000061",
"gap_days": 365
}
},
{
"label": "Diluted EPS",
"format": "eps",
"value": 17.73,
"text": "$17.73",
"exact": "$17.73",
"compact": "$17.73",
"abs": "$17.73",
"prior_value": 3.96,
"prior": "$3.96",
"priorabs": "$3.96",
"yoy": "up 347.7%",
"source": {
"array": "quarterly",
"field": "income_statement.diluted_eps",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001510295-26-000061",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001510295-26-000061",
"gap_days": 365
}
},
{
"label": "Adjusted EBITDA",
"format": "usd",
"value": 8460000000.0,
"text": "$8.46 billion",
"exact": "$8,460,000,000",
"compact": "$8.46B",
"abs": "$8.46 billion",
"prior_value": 3286000000.0,
"prior": "$3.29 billion",
"priorabs": "$3.29 billion",
"yoy": "up 157.5%",
"source": {
"array": "quarterly",
"field": "non_gaap_measures.adjusted_ebitda",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001510295-26-000060",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001510295-26-000060",
"gap_days": 365
}
},
{
"label": "Refining & Marketing segment adjusted EBITDA",
"format": "usd",
"value": 6655000000.0,
"text": "$6.66 billion",
"exact": "$6,655,000,000",
"compact": "$6.66B",
"abs": "$6.66 billion",
"prior_value": 1890000000.0,
"prior": "$1.89 billion",
"priorabs": "$1.89 billion",
"yoy": "up 252.1%",
"source": {
"array": "quarterly",
"field": "segment_adjusted_ebitda.refining_and_marketing",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001510295-26-000061",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001510295-26-000061",
"gap_days": 365
}
}
],
"summary": "Marathon Petroleum reported $52.34 billion of total revenues and other income for Q2 FY2026, the quarter ended June 30, 2026, up 53.5% from a year earlier, and net income attributable to MPC of $5.14 billion, up 322.5%, or $17.73 per diluted share. The step change was in refining margin rather than volume. Refining & Marketing segment adjusted EBITDA was $6.66 billion, up 252.1%, on wider crack spreads in every region and higher refined-product prices that management ties to global crude supply disruptions, while net refinery throughput fell on heavier planned turnaround work in the Mid-Continent; consolidated adjusted EBITDA was $8.46 billion, up 157.5%.",
"qa": [
{
"q": "How much revenue did Marathon Petroleum report in Q2 FY2026?",
"a": "Marathon Petroleum reported $52.34 billion of total revenues and other income for Q2 FY2026, the quarter ended June 30, 2026. That is up 53.5% from $34.10 billion in the same quarter a year earlier, and the increase was almost entirely higher refined-product selling prices rather than higher volume."
},
{
"q": "What was Marathon Petroleum's net income in Q2 FY2026?",
"a": "Marathon Petroleum reported net income attributable to MPC of $5.14 billion for Q2 FY2026, the quarter ended June 30, 2026. That is up 322.5% from $1.22 billion in the same quarter a year earlier."
},
{
"q": "What was Marathon Petroleum's earnings per share in Q2 FY2026?",
"a": "Marathon Petroleum earned $17.73 per diluted share in Q2 FY2026, up 347.7% from $3.96 a year earlier."
},
{
"q": "Why did Marathon Petroleum's profit rise in Q2 FY2026?",
"a": "Marathon Petroleum's improvement in Q2 FY2026 came from refining margin rather than throughput. Refining & Marketing segment adjusted EBITDA was $6.66 billion, up 252.1% from $1.89 billion, as wider crack spreads and higher product prices lifted realized margins while net refinery throughput declined on heavier planned turnaround activity, and consolidated adjusted EBITDA was $8.46 billion, up 157.5%."
}
]
},
"company_details": {
"Name": "Marathon Petroleum Corp",
"Ticker": "MPC",
"CIK": "0001510295",
"Exchange": "NYSE",
"State": "Ohio",
"Incorporation": "Delaware",
"SIC": "2911",
"Office": "Energy & Transportation",
"Industry": "Petroleum Refining"
},
"next_filing": {
"predicted_date": "2026-11-03",
"predicted_type": "10-Q"
},
"fiscal_period": {
"fiscal_year": 2026,
"fiscal_period": "Q2",
"tag": "FY26Q2",
"period_end": "2026-06-30",
"form": "10-Q",
"accession": "0001510295-26-000061",
"fiscal_year_end": "1231",
"source": "facts"
},
"source_filings": [
{
"role": "annual",
"current": false,
"form": "10-K",
"fiscal_year": 2025,
"fiscal_period": "FY",
"tag": "FY25",
"period_end": "2025-12-31",
"filed": "2026-02-26",
"accession": "0001510295-26-000009",
"url": "https://www.sec.gov/Archives/edgar/data/1510295/000151029526000009/0001510295-26-000009-index.htm",
"source": "reported"
},
{
"role": "quarterly",
"current": true,
"form": "10-Q",
"fiscal_year": 2026,
"fiscal_period": "Q2",
"tag": "FY26Q2",
"period_end": "2026-06-30",
"filed": "2026-08-04",
"accession": "0001510295-26-000061",
"url": "https://www.sec.gov/Archives/edgar/data/1510295/000151029526000061/0001510295-26-000061-index.htm",
"source": "facts"
}
]
}