Marathon Petroleum Corp. (NYSE:MPC) delivered first-quarter results that exceeded analyst forecasts, posting adjusted earnings per share of $1.65 compared to estimates of $1.09, supported by stronger crack spreads and solid operational execution.
Revenue came in at $34.57 billion, ahead of the $33.49 billion consensus and representing a notable improvement from the same period last year, when the company reported a net loss of -$0.24 per share.
Shares gained 1% following the announcement. The company also introduced an additional $5 billion share buyback authorization, bringing its total available repurchase capacity to $8.6 billion as of March 31, 2026.
During the quarter, Marathon generated $1.1 billion in operating cash flow and completed roughly 40% of its planned 2026 turnaround activities. Adjusted EBITDA reached $2.8 billion, up from $2.0 billion in the first quarter of 2025.
The Refining & Marketing segment was a key contributor, reporting adjusted EBITDA of $1.4 billion compared to $489 million a year earlier. Margins improved to $17.74 per barrel from $13.38, while crude capacity utilization stood at 89%, with total throughput of 2.9 million barrels per day. Gains were driven by stronger crack spreads, though partially offset by losses tied to the company’s hedging program.
“Our first-quarter results underscore the strength and reliability of our integrated system and our disciplined approach to capital deployment,” said Chairman, President and Chief Executive Officer Maryann Mannen. “Accelerating our planned turnaround activity in the quarter enhances our operational readiness to supply the elevated levels of current market demand.”
The Midstream segment recorded adjusted EBITDA of $1.6 billion, slightly below the $1.7 billion reported in the prior-year quarter, mainly due to derivative-related losses and the absence of a one-time benefit.
Marathon returned more than $1.0 billion to shareholders over the period and ended the quarter with $2.2 billion in cash and cash equivalents.