Marathon Petroleum
Refiner and fuel marketer with MPLX midstream infrastructure and renewable diesel operations.
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Profile
Refines and markets transportation fuels and other petroleum products, operates natural-gas and liquids infrastructure primarily through majority-owned MPLX, and produces renewable diesel. Integrated logistics connect refineries across major U.S. refining regions, while earnings remain tied to refining spreads and fuel-credit regimes.
Refines crude oil and other feedstocks into gasoline, diesel, jet fuel, asphalt, natural gas liquids and petrochemicals across 13 refineries in the Gulf Coast, Mid-Continent and West Coast. Refining & Marketing sells through wholesale, spot, export and Marathon- and ARCO-branded channels.
Midstream operates primarily through majority-owned MPLX, gathering and processing natural gas and moving crude, fuels and natural gas liquids through pipelines, terminals, storage and marine assets. Links among refineries help shift intermediate products and use available processing capacity during maintenance.
Renewable Diesel processes fats, oils and other renewable feedstocks at the Dickinson facility and the Martinez joint venture with Neste. Refining profits depend on crude and product-price spreads, while renewable-fuel economics and compliance costs depend on federal RINs, state low-carbon fuel credits and feedstock availability.
Company facts
Key statistics
Year to date +123% · Average volume (30d) 2.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 11, 2026 | Mizuho Securities | Target | $284 | $304 | |
| Aug 6, 2026 | Piper Sandler | Reiterate | Overweight | $343 | $344 |
| Aug 6, 2026 | Barclays | Reiterate | Overweight | $289 | $321 |
| Aug 5, 2026 | Evercore ISI | Target | $170 | $330 | |
| Aug 5, 2026 | Wells Fargo | Reiterate | Overweight | $344 | $359 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $14.27 | $17.73 | +24.2% | $40.87B | $52.34B | +28.1% | +1.82% |
| May 5, 2026Q1 FY26 | $0.74 | $1.65 | +123.3% | $33.42B | $34.57B | +3.4% | −5.65% |
| Feb 3, 2026Q4 FY25 | $2.72 | $4.07 | +49.6% | $31.08B | $33.42B | +7.5% | +4.45% |
| Nov 4, 2025Q3 FY25 | $3.15 | $3.01 | −4.4% | $33.45B | $34.81B | +4.1% | +1.31% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $31.52B | $33.80B | $34.81B | $32.57B | $34.57B | $51.99B | |
| Gross profit | $1.36B | $2.99B | $2.77B | $2.89B | $3.31B | $8.93B | |
| Operating income | $354.0M | $1.90B | $1.67B | $1.85B | $1.40B | $7.32B | |
| Net income | −$74.0M | $1.22B | $1.37B | $1.54B | $511.0M | $5.14B | |
| Diluted EPS | −$0.24 | $3.96 | $4.51 | $5.13 | $1.73 | $17.68 | |
| Gross margin | 4.3% | 8.8% | 8.0% | 8.9% | 9.6% | 17.2% | |
| Operating margin | 1.1% | 5.6% | 4.8% | 5.7% | 4.1% | 14.1% |
Fiscal years (4-quarter sums)FY21 $119.98B · FY22 $177.45B · FY23 $148.38B · FY24 $138.86B · FY25 $132.70B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $7.77B · Total debt $34.29B · Total assets $94.31B · Shareholders' equity $19.08B
Dividends
Raised for 13 straight years — most recently to $1.00 from $0.91 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 19, 2026 | Aug 19 | Sep 10 | $1.00 | |
| May 20, 2026 | May 20 | Jun 10 | $1.00 | |
| Feb 18, 2026 | Feb 18 | Mar 10 | $1.00 | |
| Nov 19, 2025 | Nov 19 | Dec 10 | $1.00 | raised from $0.91 |
| Aug 20, 2025 | Aug 20 | Sep 10 | $0.91 | |
| May 21, 2025 | May 21 | Jun 10 | $0.91 | |
| Feb 19, 2025 | Feb 19 | Mar 10 | $0.91 | |
| Nov 20, 2024 | Nov 20 | Dec 10 | $0.91 | raised from $0.825 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 291.94M · Float 291.03M · 99.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 26.01M | 8.91% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 19.07M | 6.53% | 13F | Aug 13, 2026 |
| State Street Corp | 18.47M | 6.33% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 15.63M | 5.35% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 8.35M | 2.86% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Molly R. Benson | officer: Chief Legal Ofc & Corp Sec | −5,000 | $358.57 |
| Aug 13, 2026 | Shawn M. Lyon | officer: SVP Log & Storage, MPLX GP LLC | −2,500 | $350.00 |
| Aug 12, 2026 | Michael A. II Henschen | officer: Ex VP, Refining | −6,011 | $341.56 |
| Jun 4, 2026 | Michael A. II Henschen | officer: Ex VP, Refining | −6,336 | $268.82 |
| May 13, 2026 | Ricky D. Hessling | officer: Chief Commercial Officer | −1,000 | $250.00 |
Peers
- Valero Energy
Closest peer; 15 refineries (~3.2M bpd) plus Diamond Green Diesel renewable JV.
- Phillips 66
Diversified downstream rival: refining, midstream, chemicals, renewable diesel.
- PBF Energy
Pure-play US independent refiner across East Coast, Gulf Coast, and West Coast.
- HF Sinclair
Mid-size US independent; Sinclair brand competes across Mid-Continent refining.
- ExxonMobil
Integrated major; Baytown/Beaumont refineries overlap with MPC in Gulf Coast.
- Chevron
Integrated major with West Coast and Gulf Coast refining overlap; ~1.7M bpd.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Marathon Petroleum | $369.35 | +0.10% | $107.68B | 12.7 | 7.5 | 0.7 | +54.9% |
| Valero Energy | $352.97 | +0.19% | $101.45B | 14.6 | 8.3 | 0.8 | +48.8% |
| Phillips 66 | $244.72 | +0.27% | $97.83B | 13.9 | 8.8 | 0.6 | +55.9% |
| PBF Energy | $71.90 | +0.93% | $8.45B | 6.3 | 3.8 | 0.2 | +56.2% |
| HF Sinclair | $100.35 | +0.64% | $17.73B | 9.5 | 7.3 | 0.6 | +53.2% |
| ExxonMobil | $156.80 | +0.08% | $649.44B | 20.2 | 13.2 | 1.8 | +46.0% |
| Chevron | $204.35 | +1.24% | $402.06B | 19.4 | 13.2 | 1.9 | +57.9% |
| Median | 14.3 | 8.6 | 0.7 | +54.5% |