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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Neil Mehta | Goldman Sachs | 14 questions · 21% challenging |
| Manav Gupta | UBS | 13 questions · 0% challenging |
| Doug Leggate | Wolfe Research | 13 questions · 38% challenging |
| Theresa Chen | Barclays | 13 questions · 15% challenging |
| Jason Gabelman | TD Cowen | 12 questions · 25% challenging |
| Matthew Blair | Tudor, Pickering, Holt | 11 questions · 9% challenging |
| Paul Cheng | Scotiabank | 8 questions · 38% challenging |
| Phillip Jungwirth | BMO Capital Markets | 7 questions · 0% challenging |
| John Royall | Piper Sandler | 6 questions · 17% challenging |
| Joe Laetsch | Morgan Stanley | 5 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 analyst | 14 questions · 21% challenging |
| Barclays | 1 analyst | 13 questions · 15% challenging |
| Wolfe Research | 1 analyst | 13 questions · 38% challenging |
| UBS | 1 analyst | 13 questions · 0% challenging |
| TD Cowen | 1 analyst | 12 questions · 25% challenging |
| Tudor, Pickering, Holt | 1 analyst | 11 questions · 9% challenging |
| Piper Sandler | 2 analysts | 9 questions · 11% challenging |
| Scotiabank | 1 analyst | 8 questions · 38% challenging |
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Calendar quarter Q1 2026Earnings call May 5, 2026
FY2026 Q1 in brief
Marathon Petroleum grew GAAP revenue 9.7% year-over-year to $34.6 billion and swung to GAAP EPS of $1.73 from a $0.24 loss a year ago, reporting adjusted earnings per share of $1.65 and adjusted EBITDA of $2.8 billion, up nearly $800 million year-over-year.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Marathon Petroleum (MPC), FY2026 Q1: 8/10. Scores: Marathon Petroleum’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: MPC daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
GAAP revenue YoY +9.68% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $33.14B | -8.6% | $1.15 | -70.1% | 3.4% | 1.1% | $1.40B |
| FY2025 Q1 | $31.52B | -3.6% | $-0.24 | -109.3% | 2.2% | -0.2% | $-727M |
| FY2025 Q2 | $33.80B | -10.9% | $3.96 | -8.5% | 6.5% | 3.6% | $1.94B |
| FY2025 Q3 | $34.81B | -0.8% | $4.51 | +141.2% | 7.8% | 3.9% | $1.66B |
| FY2025 Q4 | $32.57B | -1.7% | $5.12 | +345.2% | 8.3% | 4.7% | $1.89B |
| FY2026 Q1Selected | $34.20B | +8.5% | $1.73 | +820.8% | 4.1% | 1.5% | $208M |
| FY2026 Q2 | $51.99B | +53.8% | $17.73 | +347.7% | 14.1% | 9.9% | $9.14B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Marathon Petroleum grew GAAP revenue 9.7% year-over-year to $34.6 billion and swung to GAAP EPS of $1.73 from a $0.24 loss a year ago, reporting adjusted earnings per share of $1.65 and adjusted EBITDA of $2.8 billion, up nearly $800 million year-over-year. Refineries ran at 89% utilization with nearly 100% capture in what management called its strongest first quarter on process safety and lowest unplanned downtime this decade, while completing roughly 40% of full-year planned maintenance; Refining & Marketing adjusted EBITDA per barrel was $5.37. Late in the quarter, geopolitical events in the Middle East took an estimated 6 million barrels per day, close to 6% of global refined products capacity, offline, tightening markets and driving cracks higher. MPC returned over $1 billion to shareholders including $750 million of repurchases and announced an additional $5 billion authorization, while full-year turnaround cost outlook was maintained at $1.35 billion. MPLX is investing over $2.4 billion in 2026 with roughly 90% directed at natural gas and NGLs and expects 12.5% distribution growth for the next two years, with a South Korean agreement with E1 securing long-term demand for up to 40% of new Gulf Coast fractionation volumes.
Competitive Dynamics | Margin | Capital Allocation | Capex Investment | Demand | Pricing | Macroeconomic | Regulation Policy | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 4 | 6 | 3 | 3 | 1 | 1 | 4 |
| 2025Q1 | 4 | 3 | 4 | 4 | 1 | 2 | 3 | 3 |
| 2025Q2 | 4 | 4 | 5 | 4 | 6 | 3 | 2 | 3 |
| 2025Q3 | 7 | 3 | 3 | 4 | 3 | 4 | 3 | 2 |
| 2025Q4 | 3 | 3 | 3 | 5 | 4 | 4 | 2 | |
| 2026Q1 | 5 | 8 | 4 | 3 | 2 | 3 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 4 | 4 | 4 | 7 | 3 | 5 |
| Margin | 4 | 3 | 4 | 3 | 3 | 8 |
| Capital Allocation | 6 | 4 | 5 | 3 | 3 | 4 |
| Capex Investment | 3 | 4 | 4 | 4 | 5 | 3 |
| Demand | 3 | 1 | 6 | 3 | 4 | 2 |
| Pricing | 1 | 2 | 3 | 4 | 4 | |
| Macroeconomic | 1 | 3 | 2 | 3 | 2 | 3 |
| Regulation Policy | 4 | 3 | 3 | 2 | 1 |
What MPC said about other companies on its FY2026 Q1 call, and what other companies said about MPC on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we signed a substantial multiyear agreement with Marathon Petroleum, establishing ourselves as the preferred supplier of hydrocarbon treatment products and services for 12 refineries and 2 renewable fuels facilities throughout North America.”
Baker Hughes became preferred supplier of downstream chemicals to Marathon Petroleum across 12 refineries and 2 renewable fuels facilities, a signal on MPC's refining/renewables footprint.
“through an agreement with our South Korean customer, E1, we have secured long-term delivered demand for up to 40% of the volumes MPC will purchase from MPLX's new Gulf Coast fractionation facilities”
MPC secured E1, a South Korean LPG buyer, as a long-term delivered offtaker for up to 40% of its new Gulf Coast fractionation volumes, giving E1 committed U.S. LPG supply.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| MPCMarathon Petroleum | 8 | +9.7% | Marathon Petroleum grew GAAP revenue 9.7% year-over-year to $34.6 billion and swung to GAAP EPS of $1.73 from a $0.24 loss a year ago, reporting adjusted earnings per share of $1.65 and adjusted EBITDA of $2.8 billion, up nearly $800 million year-over-year | |
| PSXPhillips 66 | 8 | +11.7% | Strait of Hormuz closure creates commodity tailwinds | |
| VLOValero Energy | 7 | +7.0% | Turnaround Quarter With Record Operations |
Marathon Petroleum grew GAAP revenue 9.7% year-over-year to $34.6 billion and swung to GAAP EPS of $1.73 from a $0.24 loss a year ago, reporting adjusted earnings per share of $1.65 and adjusted EBITDA of $2.8 billion, up nearly $800 million year-over-year
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| MPC | 5 | 5 | 5 | 5 | 6 | 8 |
| PSX | 5 | 4 | 5 | 5 | 5 | 8 |
| VLO | 5 | 6 | 5 | 6 | 8 | 7 |