Marathon Petroleum Corporation (MPC) stock — is it a good business?

Marathon Petroleum Corporation (MPC) stock — is it a good business? — InspectStocks

Just reported

Q3 2026 results

From Marathon Petroleum's results release of November 3, 2026; its quarterly report has since been filed.

Revenue
Actual
$56.03B
+61% y/y
+7.8% q/q
Guided
—
No guide given
EPS, GAAP
Actual
$26.59
+50% q/q
Guided
—
No guide given
Operating income, GAAP
Actual
$10.45B
+285% y/y
+43% q/q
Guided
—
No guide given

Set against the company's own guidance and the same quarter a year earlier, not analysts' estimates, which we do not hold. Adjusted figures are the company's own non-GAAP measures, as stated in the release.

The full earnings report →

How it makes money

Refining crude oil and selling gasoline, diesel and other refined products95%
Moving, storing and processing oil and natural gas4%
Making and selling renewable diesel2%

Shares of revenue are estimates for quarter ended 2026-03-31, not figures from a filing.

Competes with

What it sells6

Gasoline
Motor fuel sold in bulk, for blending, and through independent outlets that use Marathon or ARCO branding.
Diesel, jet fuel and other distillates
Fuels for trucks, aircraft, heating and other uses, sold to wholesale buyers, dealers and export customers.
Asphalt
Road-paving and roofing materials sold to contractors, resellers, government buyers and roofing manufacturers.

Show 3 more

Petrochemicals, propane and natural gas liquids
Refinery products sold to chemical, agricultural and fuel-blending businesses, as well as industrial and home-heating customers.
Oil and fuel transportation and storage
Pipeline, terminal, towboat, barge and marine services that move or store crude oil, fuels and other hydrocarbon products.
Renewable diesel
Diesel made from renewable feedstocks such as vegetable oils, fats and greases, sold to wholesale customers, spot-market buyers and dealers.

Who buys it6

Fuel wholesalers and large commercial or industrial buyers, which buy refined products in bulk under supply arrangements or on the spot market.
Independent entrepreneurs operating Marathon-branded outlets and direct dealers operating locations mainly under the ARCO brand, which buy fuel through supply arrangements.
International buyers, which purchase refined products for export.

Show 3 more

Chemical, agricultural and fuel-blending businesses, which buy petrochemicals and natural gas liquids.
Paving contractors, resellers, government entities and roofing manufacturers, which buy asphalt.
Oil and gas producers, which use gathering, processing and transportation services; Marathon Petroleum's own refining business also uses midstream services.

What it stands on, and what could break it

What the business leans on

1Refineries depend on access to crude oil and other feedstocks purchased from domestic and international suppliers, with prices and availability affected by market conditions.
2The refining business relies on pipelines, vessels, railcars and other third-party transportation to move crude oil, feedstocks and finished products.
3The midstream business depends in part on oil and gas production in the areas served by its pipelines and processing facilities, and on demand from producers and refiners.
4Renewable diesel economics and compliance depend in part on renewable feedstock availability and the value and rules for federal and state fuel credits.

What could go wrong

1Refining results can change sharply when the prices of gasoline, diesel and other products move differently from crude oil and feedstock costs.
2Demand for gasoline and diesel may decline as vehicles use less fuel or switch to alternative fuels; emissions and low-carbon fuel rules can also change costs and demand.
3Fires, equipment failures, severe weather, spills or other disruptions can interrupt refinery, pipeline, processing or marine operations and affect production or deliveries.

Full financial statements →

About Marathon Petroleum Corporation

Marathon Petroleum refines crude oil at U.S. refineries and sells gasoline, diesel and other products to wholesale buyers, independent fuel retailers, dealers and export customers. Its midstream business gathers and processes natural gas and moves and stores crude oil, fuels and natural gas liquids using pipelines, terminals, ships and barges. It also makes and sells renewable diesel. The company has agreed to sell two refineries and related midstream assets, subject to closing conditions and regulatory approval.

Head office: Findlay, Ohio
Founded: 2009
Employees: approximately 18,500 (December 31, 2025, high)
Listed on: NYSE
Financial year ends: December 31

Built from Marathon Petroleum Corporation’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.

Just reported

Q3 2026 results

From Marathon Petroleum's results release of November 3, 2026; its quarterly report has since been filed.

Revenue
Actual
$56.03B
+61% y/y
+7.8% q/q
Guided
—
No guide given
EPS, GAAP
Actual
$26.59
+50% q/q
Guided
—
No guide given
Operating income, GAAP
Actual
$10.45B
+285% y/y
+43% q/q
Guided
—
No guide given

The full earnings report →

Keep exploring

The themes Marathon Petroleum is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.

The theme it is part of

Highest-graded in Oil Gas Refining and Marketing

Graded A or B and worth $2B or more: A first, then the largest.

All 18 graded companies in its industry

Grade rose recently in Energy

Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.

All grade rises

How it makes money

Refining crude oil and selling gasoline, diesel and other refined products95%
Moving, storing and processing oil and natural gas4%
Making and selling renewable diesel2%

Shares of revenue are estimates for quarter ended 2026-03-31, not figures from a filing.

Competes with

What it sells6

Gasoline
Motor fuel sold in bulk, for blending, and through independent outlets that use Marathon or ARCO branding.
Diesel, jet fuel and other distillates
Fuels for trucks, aircraft, heating and other uses, sold to wholesale buyers, dealers and export customers.
Asphalt
Road-paving and roofing materials sold to contractors, resellers, government buyers and roofing manufacturers.

Show 3 more

Petrochemicals, propane and natural gas liquids
Refinery products sold to chemical, agricultural and fuel-blending businesses, as well as industrial and home-heating customers.
Oil and fuel transportation and storage
Pipeline, terminal, towboat, barge and marine services that move or store crude oil, fuels and other hydrocarbon products.
Renewable diesel
Diesel made from renewable feedstocks such as vegetable oils, fats and greases, sold to wholesale customers, spot-market buyers and dealers.

Who buys it6

Fuel wholesalers and large commercial or industrial buyers, which buy refined products in bulk under supply arrangements or on the spot market.
Independent entrepreneurs operating Marathon-branded outlets and direct dealers operating locations mainly under the ARCO brand, which buy fuel through supply arrangements.
International buyers, which purchase refined products for export.

Show 3 more

Chemical, agricultural and fuel-blending businesses, which buy petrochemicals and natural gas liquids.
Paving contractors, resellers, government entities and roofing manufacturers, which buy asphalt.
Oil and gas producers, which use gathering, processing and transportation services; Marathon Petroleum's own refining business also uses midstream services.