The massive year-over-year earnings surge driven by higher crack spreads and 100% utilization is the headline, but the $4.2B Mid-Con divestiture signals a strategic pivot to Gulf Coast refining and MPLX midstream growth. Monitor Q4 2026 guidance for refining throughput and operating costs, and watch for closing of the asset sale by year-end.
How the stock moved after the report
⚠ Clustered BULLISH VIEWSTOCK BELOW ENTRY AT T+1- T+0 · Nov 3 $427.34entry
- T+1 · yesterday −8.11%α −9.76% · $392.68
- T+2 · todayOpen
- T+5 · in 4d Pending
- T+20 · in 26d Pending
- T+60 · in 3mo Pending
Price Chart
REPLAYWatch the reaction play outHow similar events traded
Executive Summary
MPC reported Q3 2026 GAAP diluted EPS of $26.59 and adjusted diluted EPS of $26.93, versus $4.51 in Q3 2025. Revenue was $56.0B, up from $34.8B a year ago. The company also announced a $4.2B divestiture of two refineries, a 10% dividend increase, and a $5B incremental buyback authorization.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP net income attributable to MPC of $7.4 billion, or $26.59 per diluted share, versus $1.4 billion ($4.51) in Q3 2025
- Adjusted net income of $7.5 billion, or $26.93 per diluted share, versus $915 million ($3.01) in Q3 2025
- Adjusted EBITDA of $11.7 billion, versus $3.2 billion in Q3 2025
- Sales and other operating revenues of $56.0 billion, versus $34.8 billion in Q3 2025
- Refining & Marketing segment adjusted EBITDA of $9.9 billion, versus $1.8 billion in Q3 2025
- Crude capacity utilization of 100% in Q3 2026, versus 95% in Q3 2025
- Announced divestiture of St. Paul Park and Mandan refineries and related midstream assets for $4.2 billion
- Board approved a 10% increase in MPC's quarterly dividend
- Board approved an incremental $5 billion share repurchase authorization
- Returned $3.3 billion of capital to shareholders in Q3 2026
Financial Impact
Q3 2026 GAAP EPS of $26.59 versus $4.51 in Q3 2025; adjusted EPS of $26.93 versus $3.01; revenue of $56.0B versus $34.8B; adjusted EBITDA of $11.7B versus $3.2B
Segment Breakdown
| Segment |
|---|
| Refining Marketing |
| Midstream |
| Renewable Diesel |
Risk Factors
- Refining margins are cyclical and could decline from current elevated levels
- Divestiture of St. Paul Park and Mandan refineries reduces geographic diversification
- Higher corporate expenses due to incentive compensation may persist
- Share repurchase program timing depends on market conditions and may be suspended
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001510295-26-000069 |
| Document: mpc-20261103.htm | 0001510295-26-000069 |
| Document: 0001510295-26-000069-index-headers.html | 0001510295-26-000069 |
| Document: 0001510295-26-000069-index.html | 0001510295-26-000069 |
| Document: 0001510295-26-000069.txt | 0001510295-26-000069 |
| 8-K Data (Synthetic) | 0001510295-26-000069 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 3, 2026 2d ago | 8-K | $427.34 | awaiting T+60 | awaiting T+60 | $377.32 (−11.70%) |
Nov 3, 2026 2d ago | Press Release | $427.34 | awaiting T+60 | awaiting T+60 | $377.32 (−11.70%) |
Oct 29, 2026 7d ago | 8-K | $444.73 | awaiting T+60 | awaiting T+60 | $377.32 (−15.16%) |
Oct 28, 2026 8d ago | Press Release | $432.51 | awaiting T+60 | awaiting T+60 | $377.32 (−12.76%) |
Oct 27, 2026 9d ago | SC 13G/A | $440.77 | awaiting T+60 | awaiting T+60 | $377.32 (−14.40%) |
Oct 16, 2026 20d ago | Institutional Cluster | $473.69 | awaiting T+60 | awaiting T+60 | $377.32 (−20.34%) |
Sep 17, 2026 7w ago | Press Release | $424.89 | awaiting T+60 | awaiting T+60 | $377.32 (−11.20%) |
Sep 1, 2026 9w ago | Insider Cluster | $387.00 | awaiting T+60 | awaiting T+60 | $377.32 (−2.50%) |
Aug 19, 2026 11w ago | Insider Cluster | $358.23 | awaiting T+60 | awaiting T+60 | $377.32 (+5.33%) |
Aug 17, 2026 11w ago | Insider Cluster | $365.21 | awaiting T+60 | awaiting T+60 | $377.32 (+3.32%) |
US Market Status
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