Marathon Petroleum posts $7.4 billion third-quarter net income
Marathon Petroleum reported third-quarter net income of $7.4 billion and adjusted EBITDA of $11.7 billion. The scale of the quarter resets the earnings baseline investors will test against refining margins and the next quarterly report.
STOCK PHOTO · JAKUB ZERDZICKIThe story
Marathon Petroleum said third-quarter net income attributable to the company was $7.4 billion, or $26.59 per diluted share. Adjusted net income was $7.5 billion, or $26.93 per diluted share, while adjusted EBITDA reached $11.7 billion.
The results provide a new quarterly benchmark for MPC after the company’s 2025 full-year revenue of $132.7 billion and diluted EPS of $13.22. Those annual figures cover a different reporting period and are not directly comparable with the third-quarter results.
The reported earnings come from MPC’s refining and broader value-chain operations. The company described the quarter as demonstrating the earnings power of those value chains, linking the result to the performance of the operating system rather than to a single disclosed line item.
The durability of the quarter’s earnings remains tied to conditions that change between reporting periods, including refining economics and operating performance. The next quarterly results will show how much of the third-quarter profit level carried forward.
MPC’s next earnings release and the refining environment leading into it are the key markers for assessing whether this was a durable quarterly level or a peak-period result.
Our read · Tue, Nov 3
MPC reported $7.4 billion of third-quarter net income and $11.7 billion of adjusted EBITDA.
Why. The quarter materially exceeds MPC’s 2025 full-year diluted EPS of $13.22 on an absolute earnings basis, but refining earnings can vary sharply with market conditions and operating performance. Without a dated next-results event, the read remains a strong reported quarter rather than a forward directional call.
Both cases
What could change this view: A weaker refining environment or lower operating performance could prevent the third-quarter earnings level from carrying into the next report.
Who reported it · 2
Keep reading
More on MPC
Phillips 66 Faces $900 Million Loss as Iran Crisis Lifts Oil PricesLatest on the Wire
SMCI files 10-Q — Quarterly Report: 10-QHims ends GLP-1 compounding in Lilly deal as shares rallyUS adds 165,000 jobs in October as wages rise and unemployment fallsTrump weighs renewed Iran strikes as negotiators review a new proposalBitcoin holds $76,000 as Nasdaq futures rebound 1.5% before jobs dataContinue on the Wire →Latest on the Wire
Bitcoin holds $76,000 as Nasdaq futures rebound 1.5% before jobs dataFed holds rates as stable labor market keeps December hike on trackTesla to wind down Cybertruck production as Musk pivots to roboticsFormer BOJ economist sees December hike and 2% terminal rateContinue on the Wire →Top this week
Democrats sweep Congress, setting Trump up for legislative gridlockFutures rebound after blue sweep as dollar slides and gold tops $4,000Bitcoin plunges as AI chip selling drags Nasdaq down more than 2%Trump’s Republican Party faces a midterm verdict from US voters todayBitcoin faces renewed pressure as Binance hack intensifies market fearAbout this report
Reported by PR Newswire as Marathon Petroleum Corp. Reports Third-Quarter 2026 Results
, . Who answers for this
2 reports from 2 publishers in this record. Closes are licensed end-of-day data from Databento; the move after a story is its first close against the close before it. How this is decided →
Kept as written · your side, if you take one, is graded privately against licensed closes after 10 trading days · nothing here is advice · How the Wire is made →