The strong earnings beat and $5B buyback authorization are clear positives, but the stock already reflects elevated refining margins. Watch Q2 2026 guidance: management expects $300M in turnaround costs and $5.65/bbl operating costs, which could compress sequential earnings. The MPLX distribution growth story (12.5% annual growth to MPC in 2026-2027) provides a medium-term catalyst.
Price Chart
Executive Summary
MPC reported Q1 2026 net income of $511M ($1.73/diluted share), a sharp turnaround from a net loss of $(74)M ($(0.24)/share) in Q1 2025. Adjusted net income was $487M ($1.65/diluted share), and adjusted EBITDA rose to $2.8B from $2.0B. The Refining & Marketing segment drove the improvement with adjusted EBITDA of $1.4B vs $489M a year ago, benefiting from higher crack spreads. The board also authorized an incremental $5B share repurchase program.
Key Financial Metrics
Key Facts
- Q1 2026 net income attributable to MPC of $511M ($1.73/diluted share) vs net loss of $(74)M ($(0.24)/share) in Q1 2025
- Adjusted net income of $487M ($1.65/diluted share) vs $(74)M loss in prior year
- Adjusted EBITDA of $2.8B vs $2.0B in Q1 2025
- Refining & Marketing segment adjusted EBITDA surged to $1.4B from $489M, driven by higher crack spreads
- Cash from operations of $1.1B vs $(64)M in Q1 2025
- Board approved incremental $5B share repurchase authorization, bringing total available to $8.6B as of March 31, 2026
- Returned over $1.0B of capital to shareholders in Q1 2026
- Midstream segment adjusted EBITDA declined to $1.6B from $1.7B, impacted by derivative losses and a non-recurring benefit in the prior year
- Renewable Diesel segment turned profitable with adjusted EBITDA of $38M vs $(42)M loss in Q1 2025
- No borrowings outstanding under $5B revolving credit facility; $2.2B cash and cash equivalents including $1.5B at MPLX
Financial Impact
Net income swing of +$585M YoY; adjusted EBITDA up $788M; $5B incremental buyback authorization
Risk Factors
- Refining margins are cyclical and could compress if crack spreads narrow or demand softens
- Midstream segment adjusted EBITDA declined YoY due to derivative losses and non-recurring items
- Planned turnaround costs of $300M in Q2 2026 and $1.35B for full year will pressure near-term cash flow
- Corporate expenses rose to $274M from $210M, driven by stock compensation and environmental remediation costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001510295-26-000039 |
| Document: mpc-20260505.htm | 0001510295-26-000039 |
| Document: 0001510295-26-000039-index-headers.html | 0001510295-26-000039 |
| Document: 0001510295-26-000039-index.html | 0001510295-26-000039 |
| Document: 0001510295-26-000039.txt | 0001510295-26-000039 |
| 8-K Data (Synthetic) | 0001510295-26-000039 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 4w ago | Insider Cluster | $383.00 $395.42 | ▲ +3.24% | ▲ +3.13% | $421.28 (+9.99%) |
Aug 19, 2026 6w ago | Insider Cluster | $360.75 $421.96 | ▲ +16.97% | ▲ +18.92% | $421.28 (+16.78%) |
Aug 17, 2026 6w ago | Insider Cluster | $358.18 $410.84 | ▲ +14.70% | ▲ +16.68% | $421.28 (+17.62%) |
Aug 4, 2026 8w ago | 8-K | $312.61 $383.00 | ▲ +22.52% | ▲ +23.75% | $421.28 (+34.76%) |
Jun 29, 2026 13w ago | 8-K | $259.22 $309.24 | ▲ +19.30% | ▲ +19.58% | $421.28 (+62.52%) |
May 6, 2026 21w ago | S-3ASR | $242.17 $267.21 | ▲ +10.34% | ▲ +7.21% | $421.28 (+73.96%) |
May 5, 2026 21w ago | 8-K | $259.78 $263.06 | ▲ +1.26% | ▼ −3.69% | $421.28 (+62.17%) |
Apr 21, 2026 23w ago | Court Ruling | $220.35 $263.02 | ▲ +19.36% | ▲ +15.15% | $421.28 (+91.19%) |
Apr 21, 2026 23w ago | Court Ruling | $220.35 $263.02 | ▲ +19.36% | ▲ +15.15% | $421.28 (+91.19%) |
Apr 13, 2026 24w ago | 8-K | $223.72 $252.48 | ▲ +12.86% | ▲ +6.56% | $421.28 (+88.31%) |
US Market Status
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