Marathon Petroleum's second quarter EPS of $17.73 crushes estimates, driven by soaring refining margins.

Marathon Petroleum reported second quarter 2026 net income of $5.1 billion, or $17.73 per diluted share, a substantial increase from $1.2 billion, or $3.96 per diluted share, in the same period last year. Total revenues and other income for the quarter were $52.3 billion. The company's performance was led by its Refining & Marketing segment, which benefited from a much stronger margin environment.

Key Highlights

• The Refining & Marketing (R&M) segment delivered adjusted EBITDA of $6.7 billion, a sharp increase from $1.9 billion a year ago, with the R&M margin more than doubling to $36.33 per barrel from $17.58 per barrel in Q2 2025.
• The company returned over $2.8 billion of capital to shareholders during the quarter and has $6.1 billion remaining under its current share repurchase authorizations.
• The Renewable Diesel segment reported adjusted EBITDA of $258 million, a significant turnaround from a loss of $19 million in the prior-year quarter, reflecting a stronger margin environment and higher throughputs.