Marathon Petroleum Corp
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+ FollowMarket Cap$124.89B
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Earnings Call Q3 2026
November 3, 2026 - AI Summary
Record operational performance + strong earnings
- Q3 2026 refining/marketing utilization hit a record 100% (nearly 3.2 M bpd throughput) despite executing planned turnarounds/maintenance, underscoring operational reliability as a key driver.
- Financial highlights: EPS $26.93 and adjusted EBITDA $11.7B (companywide).
- Refining/Marketing segment: $9.9B adjusted EBITDA; peer-leading adjusted EBITDA per barrel by region (~$33/bbl GC, $36/bbl MidCon, >$33/bbl West Coast).
- Cash generation: Operating cash flow excluding working capital = $8.5B; returned $3.3B to shareholders.
Margin/capture: strong environment but a notable headwind
- Cash/margins were supported by a stronger margin environment, but “secondary products” were a major headwind.
- Refining capture was 93% in Q3 (i.e., not as strong as usual), with management calling out that this was the largest secondary headwind on an absolute basis they’ve seen—driven by secondary product prices lagging clean product prices.
- Offsetting factors: cleaner product margins and wider diesel-to-gasoline spreads, plus the ability to optimize the system at 100% utilization.
- Forecast direction: management expects an enhanced mid-cycle refining environment, with elevated margins through at least mid-2027.
Specific Q4 outlook (guidance)
- Q4 refining/marketing: projected 2.8 M bpd throughput and 95% utilization (vs. 100% in Q3).
- Q4 turnaround expenses: ~$230M, mainly conversion unit downtime in Gulf Coast and West Coast, expected to limit product upgrading/capture.
- Full-year turnaround stays ~in line: $1.35B (per 2026 outlook).
- Renewable diesel: projected 85% utilization and ~$65M planned turnaround, mainly Dickinson.
- Investors should note this is guidance that explicitly points to lower capture potential in Q4 vs Q3 due to turnarounds.
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$375.61
4.3% downside
Current Fair Value
4.3% downsideOvervalued by 4.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $124.89 Billion |
|---|---|
| Enterprise Value | $151.42 Billion |
| Annual dividend | $4.00 |
| Dividend yield | 0.90% |
| Earnings per Share | $13.27 |
| Beta | 0.54 |
| Outstanding Shares | 291,000,000 |
Return
| Return on Equity | 37.68% |
|---|---|
| Return on Assets | 7.62% |
| Return on Invested Capital | 21.35% |
Valuation & Multiples
| P/E Ratio | 15.31 |
|---|---|
| PEG | 4.74 |
| Price to Sales | 0.74 |
| Price to Book Ratio | 4.46 |
| Enterprise Value to Revenue | 0.98 |
| Enterprise Value to EBIT | 10.6 |
| Enterprise Value to Net Income | 21 |
| Total Debt to Enterprise | 0.23 |
| Debt to Equity | 1.8 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 3, 2026
EPS Estimate
$25.37
Consensus analyst estimateRevenue Estimate
$46.60 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 2, 2027
EPS Estimate
$21.18
Consensus analyst estimateRevenue Estimate
$45.58 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 71.36, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 71.3636▲ 7069.45% |
|---|---|
| Total Calls | 1,100▼ 99.96% |
| Total Puts | 78,500▼ 95.48% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.20%▼ 71.92% |
|---|---|
| Total Invested | $3.69B▼ 93.49% |
| Investors Holding | 934▼ 1080.00% |
About Marathon Petroleum Corp
18,500 employees
CEO: Michael Hennigan
Marathon Petroleum Corporation operates as an integrated downstream energy enterprise, primarily active within the United States. Its operations are organized into two main divisions: Refining & Marketing, and Midstream. The Refining & M...