Marathon Petroleum Q3 2026 results show net income of $7.4bn, or $26.59 per diluted share, up from $1.4bn a year earlier. The largest US refiner reported the figures on 3 November 2026. Higher crack spreads in all regions drove the result, the company said.
Adjusted net income reached $7.5bn, or $26.93 a share, compared with $915mn a year earlier. Meanwhile, adjusted EBITDA rose to $11.7bn from $3.2bn. On our calculation, reported profit rose more than fivefold year on year.
Refining margins drove Marathon Petroleum Q3 2026
The refining and marketing (R&M) margin jumped to $45.70 a barrel, from $17.60 a year earlier. By region, the Gulf Coast earned $43.46 a barrel, the Mid-Continent $47.33 and the West Coast $47.46.
In Marathon Petroleum Q3 2026 operations, the plants ran flat out. Crude capacity utilisation hit 100%, up from 95%, and total throughput reached 3.2 mmbbl/d. In addition, distillate output rose to 1.21 mmbbl/d from 1.10 mmbbl/d. Refining operating costs held at $5.60 a barrel.
As a result, R&M segment adjusted EBITDA rose to $9.9bn, or $34.15 a barrel, from $1.8bn. For comparison, BP reported a refining indicator margin of $46.7 a barrel for Q3 2026. For more on how long these margins can last, read our analysis of US refining margins at Valero and Phillips 66.
“Our value chain capabilities remain a defining advantage for us, capturing opportunities to enhance margins across dynamic market conditions,” said CEO Maryann Mannen.
Cash returns and a $5bn buyback
Marathon Petroleum returned $3.3bn to shareholders in Q3 2026. Furthermore, it raised its quarterly dividend by 10%. Its board also approved an extra $5bn share buyback. With that, $8.1bn would have been available under its authorisations at 30 September 2026.
The balance sheet is strong. At the end of September 2026, Marathon held $13.6bn of cash and short-term investments, including $1.3bn at MPLX. It had no borrowings under its $5bn credit facility. Separately, midstream arm MPLX raised its distribution by 12.5%, which should bring $3.1bn a year to Marathon.
Selling two Mid-Continent refineries
Marathon also plans to sell its St. Paul Park and Mandan refineries, with related midstream assets, for $4.2bn. It will receive $3.45bn of the proceeds, while MPLX gets $750mn. The company intends to reinvest mainly on the US Gulf Coast, and expects the deal to close at the end of 2026.
Projects there include a 90,000-barrel-a-day distillate hydrotreater at Galveston Bay, due by the end of 2027. That unit will raise supply of ultra-low sulphur diesel for domestic and export markets.
What to watch after Marathon Petroleum Q3 2026
For Q4 2026, Marathon guides total throughput of about 3.08 mmbbl/d, below Q3 2026 levels. It also expects $230mn of planned turnaround costs. Next, watch US diesel cracks and export demand, which will show whether margins hold as Brent falls on US-Iran peace hopes.
