Marathon Petroleum Corp (MPC) · Nov 3, 2026 · Earnings

Marathon Petroleum earnings beat as refining margins surge, buybacks expand

Beat — Adj. EPS $26.93 vs ~$25.38 consensus

Marathon Petroleum earnings materially beat expectations, powered by exceptional refining margins, stronger throughput and a new $5 billion buyback authorization.

Marathon Petroleum is operating as an integrated refining and midstream platform: the immediate earnings engine is high-margin refining, while MPLX is building out natural-gas and NGL infrastructure in the Permian and Marcellus and MPC is concentrating refinery investment on Gulf Coast and other high-return projects. Against that backdrop, this quarter materially strengthens the operating story rather than merely confirming it.

The quarter beat a high bar. Adjusted diluted EPS of $26.93 exceeded published consensus of roughly $25.38, while total revenues of $56.5 billion also ran well above the roughly $46.7 billion expectation. The earnings surprise was driven by operating performance, not just adjustments: adjusted EBITDA reached $11.7 billion versus $3.2 billion a year earlier, and management said results were driven primarily by higher market crack spreads in all regions. 〔0〕

Metric	Q3 2026	Q3 2025	Consensus
Adjusted diluted EPS (Adjusted net income)	$26.93 (+794.7%)	$3.01	$25.38
Total revenues and other income (Income Statement)	$56.49B (+57.7%)	$35.85B	$46.72B
Adjusted EBITDA (Segment summary)	$11.73B (+265.9%)	$3.21B
R&M adjusted EBITDA (Segment results)	$9.90B (+461.5%)	$1.76B
R&M margin per barrel (R&M operating data)	$45.70 (+159.7%)	$17.60

Refining delivered the main upside. R&M adjusted EBITDA rose to $9.9 billion, with margin per barrel reaching $45.70 from $17.60 and crude capacity utilization hitting 100% versus 95% last year. The company also processed more volume, but the scale of the result came overwhelmingly from the margin environment rather than throughput growth alone. 〔1〕

The other businesses added support rather than carrying the quarter. Midstream adjusted EBITDA increased modestly to $1.9 billion from $1.7 billion, while Renewable Diesel swung to $254 million from a $56 million loss as margins, regulatory credit values and throughput improved. That makes the result broader than a pure refining beat, although refining still supplied the overwhelming majority of the incremental profit. 〔2〕

Capital allocation became more aggressive. The board approved an additional $5 billion repurchase authorization, taking available authorization to $8.1 billion at quarter-end, supported by $13.6 billion of cash, cash equivalents and short-term investments and no revolver borrowings. The planned $4.2 billion sale of the St. Paul Park and Mandan refineries also reinforces the portfolio shift toward Gulf Coast refining and MPLX’s Permian and Marcellus growth, though the transaction remains scheduled rather than completed.

The main limitation is earnings quality, not execution. The filing shows extraordinary crack spreads as the dominant driver, so the beat demonstrates excellent capture of favorable market conditions but does not by itself establish that this earnings rate is durable. Operating costs were broadly stable, while turnaround costs declined year over year, making the margin surge the central variable for the next quarter.

Bottom line: This is a clear earnings beat that advances MPC’s current story: refining execution and cash generation were substantially better than expected, and management is responding with heavier capital returns and portfolio reinvestment. The result matters, but much of the upside remains tied to unusually strong refining margins rather than a wholesale change in the company’s business model.

What to watch next

St. Paul Park and Mandan divestiture expected to close year-end 2026

Original filing on SEC EDGAR

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the raw filing — read the original on SEC.gov↗

decoded▸

AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Marathon Petroleum earnings beat as refining margins surge, buybacks expand

What to watch next

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