Marathon Petroleum (MPC) Q2 2026: Operating Income Triples to $7.3B
Marathon Petroleum's second quarter was a supply-shock windfall, not a step-change in earning power. Operating income tripled to $7,322 million from $2,197 million, and net income attributable to MPC rose to $5,138 million from $1,216 million — the strongest second quarter of operating income since 2022, and the second-strongest of the fifteen second quarters since MPC's mid-2011 spin-off from Marathon Oil. The evidence that this is a price event rather than a structural one is in the split: Refining & Marketing segment EBITDA rose 252.1%, while the fee-based Midstream business grew 8.3%. Refining is a cyclical industry, and the single most useful fact for an investor is where in the cycle these numbers sit.
All balance sheet, income statement, cash flow and segment figures below are from MPC's Q2 2026 Form 10-Q unless otherwise attributed.
1. Consolidated Balance Sheet
1-1. Major asset movements
| Item | Dec 31, 2025 ($M) | Jun 30, 2026 ($M) | Change % |
|---|---|---|---|
| Cash and cash equivalents | 3,672 | 7,768 | +111.5% |
| Receivables, net | 10,317 | 15,740 | +52.6% |
| Inventories | 10,129 | 9,973 | −1.5% |
| Property, plant and equipment, net | 37,397 | 37,942 | +1.5% |
| Goodwill | 9,354 | 9,335 | −0.2% |
| Intangibles, net | 2,714 | 2,593 | −4.5% |
| Total assets | 83,955 | 94,310 | +12.3% |
The $10.4 billion increase in total assets is almost entirely cash and receivables. Both are price-driven, and both are reversible.
