Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Spreads, not new plants, multiplied operating profit
Operating income rose from $1.40B in the first quarter to $10.45B, on largely the same refining system.
For investorsWhat this earning power depends on when spreads return to normal
For foundersTurning a volatile margin into steady fee contracts
Noncontrolling owners, mostly MPLX's public unitholders, took 5.5% of net income, against 29.5% a year earlier, as refining profit surged.
Capital spending took 10.5% of operating cash flow, against 36.3% a year earlier, leaving most of the windfall free.
Crude capacity utilization reached 100% against 95% a year earlier, so more barrels earned the wider spread.
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Business Lens describes Marathon Petroleum from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
