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Marathon vs. Delek US: Which Refining Stock Is the Better Buy Now?
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Key Takeaways
MPC's second-quarter 2026 earnings surged as stronger crack spreads lifted refining and midstream performance.
DK's EOP targets at least $220 million in annualized free-cash-flow improvement.
DK trades at 6.83 times forward earnings versus MPC's 7.97 times, with stronger estimate revisions.
Marathon Petroleum Corporation (MPC - Free Report) and Delek US Holdings (DK - Free Report) are two U.S. refining companies benefiting from stronger refining margins and improving earnings expectations. Both reported better second-quarter 2026 results, supported by higher crack spreads and operational improvements.
MPC offers an integrated refining and midstream business with substantial capital returns. DK combines refining operations with logistics assets and an optimization plan aimed at increasing free cash flow. A closer look at their fundamentals, share-price performance, earnings estimate revisions and valuations helps determine which stock may suit different investment objectives.
The Case for Marathon Petroleum Stock
Marathon Petroleum reported second-quarter 2026 net income of $5.1 billion, or $17.73 per diluted share, compared with $1.2 billion, or $3.96, in the prior-year quarter. Adjusted EBITDA increased to $8.5 billion from $3.3 billion a year earlier.
The Refining & Marketing segment generated $6.7 billion in adjusted EBITDA, compared with $1.9 billion in the second quarter of 2025. Stronger crack spreads across regions supported the improvement. MPC processed 2.9 million barrels per day of crude, with refinery utilization at 94%.
The company is also investing in projects designed to improve product yields and increase operating flexibility. Its Robinson investment supports incremental jet fuel production, while the El Paso project enhances specialty gasoline production. These improvements can help MPC capture value from its refining network.
Midstream operations provide another source of earnings. MPC's majority-owned MPLX business is expanding its natural gas and natural gas liquids infrastructure to serve growing market demand. The company returned more than $2.8 billion to its shareholders during the second quarter, including $2.5 billion in share repurchases. Marathon Petroleum’s established operating scale, midstream contribution and capital-return program make it an attractive option for investors seeking an established integrated energy business.
The Case for Delek US Holdings Stock
Delek delivered stronger second-quarter results as improving refining margins and operational execution supported its performance. The company reported adjusted net income of $343.9 million, or $5.48 per share. DK posted adjusted EBITDA of $638.7 million, compared with $177.9 million in adjusted EBITDA in the prior-year quarter.
Its refining segment generated $566.2 million in adjusted EBITDA, up from $114.8 million a year earlier. Higher benchmark crack spreads contributed to the improvement. Delek's high distillate yield, access to advantaged crude and improved Big Spring refinery performance also support its ability to benefit from favorable refining conditions.
The company is working to strengthen cash generation through its Enterprise Optimization Plan, which targets at least $220 million in annualized free-cash-flow improvement. Management also reported improved refinery reliability following the Big Spring turnaround and indicated that no additional planned refinery turnarounds were scheduled for the remainder of 2026.
Delek Logistics Partners adds to this investment case. It reported second-quarter adjusted EBITDA of $143.5 million and reaffirmed its 2026 EBITDA guidance of $520 million to $560 million. These operations provide another source of earnings and support Delek's efforts to unlock value across its business.
One-Year Stock Performance: MPC vs. DK
The chart below shows MPC’s shares gaining 163.8% over the past year, compared with a 128.4% rise in DK. Both stocks recorded substantial appreciation, but MPC outperformed Delek over the period.
Image Source: Zacks Investment Research
60-Day Earnings Estimate Revisions: MPC vs. DK
Image Source: Zacks Investment Research
The 60-day estimate revision chart signals growing analyst optimism toward MPC's earnings outlook. Earnings estimates for the third and fourth quarters of 2026 have been revised upward by 27.89% and 74.52%, respectively. Full-year earnings estimates for fiscal 2026 and 2027 have also increased 31.10% and 69.64%, respectively, pointing to stronger earnings expectations.
DK's quarterly estimate revisions are 71.34% and 132.52%. Its fiscal 2026 and 2027 estimates have risen 57.92% and 117.87%, respectively. Delek therefore shows stronger estimate-revision momentum across the periods presented, supporting its earnings-growth investment case.
Forward P/E Ratio: MPC vs. DK
Image Source: Zacks Investment Research
MPC trades at 7.97 times forward earnings, compared with DK’s 6.83 times. Delek's lower multiple, combined with its stronger estimate revisions, may appeal to investors seeking valuation opportunities. MPC's higher multiple accompanies its larger earnings base and integrated operations.
MPC vs. DK: Which Stock Is the Better Buy Now?
MPC is the better choice for investors, supported by its integrated business model, strong earnings generation and substantial capital returns. Although DK offers a lower valuation and stronger earnings estimate momentum, MPC's operating scale and established midstream business provide a more compelling overall investment case. Both stocks currently sport a Zacks Rank #1 (Strong Buy), but MPC stands out as the preferred pick. You can see the complete list of today’s Zacks #1 Rank stocks here.
View the Zacks #1 Rank List
Image: Bigstock
Marathon vs. Delek US: Which Refining Stock Is the Better Buy Now?
Key Takeaways
Marathon Petroleum Corporation (MPC - Free Report) and Delek US Holdings (DK - Free Report) are two U.S. refining companies benefiting from stronger refining margins and improving earnings expectations. Both reported better second-quarter 2026 results, supported by higher crack spreads and operational improvements.
MPC offers an integrated refining and midstream business with substantial capital returns. DK combines refining operations with logistics assets and an optimization plan aimed at increasing free cash flow. A closer look at their fundamentals, share-price performance, earnings estimate revisions and valuations helps determine which stock may suit different investment objectives.
The Case for Marathon Petroleum Stock
Marathon Petroleum reported second-quarter 2026 net income of $5.1 billion, or $17.73 per diluted share, compared with $1.2 billion, or $3.96, in the prior-year quarter. Adjusted EBITDA increased to $8.5 billion from $3.3 billion a year earlier.
The Refining & Marketing segment generated $6.7 billion in adjusted EBITDA, compared with $1.9 billion in the second quarter of 2025. Stronger crack spreads across regions supported the improvement. MPC processed 2.9 million barrels per day of crude, with refinery utilization at 94%.
The company is also investing in projects designed to improve product yields and increase operating flexibility. Its Robinson investment supports incremental jet fuel production, while the El Paso project enhances specialty gasoline production. These improvements can help MPC capture value from its refining network.
Midstream operations provide another source of earnings. MPC's majority-owned MPLX business is expanding its natural gas and natural gas liquids infrastructure to serve growing market demand. The company returned more than $2.8 billion to its shareholders during the second quarter, including $2.5 billion in share repurchases. Marathon Petroleum’s established operating scale, midstream contribution and capital-return program make it an attractive option for investors seeking an established integrated energy business.
The Case for Delek US Holdings Stock
Delek delivered stronger second-quarter results as improving refining margins and operational execution supported its performance. The company reported adjusted net income of $343.9 million, or $5.48 per share. DK posted adjusted EBITDA of $638.7 million, compared with $177.9 million in adjusted EBITDA in the prior-year quarter.
Its refining segment generated $566.2 million in adjusted EBITDA, up from $114.8 million a year earlier. Higher benchmark crack spreads contributed to the improvement. Delek's high distillate yield, access to advantaged crude and improved Big Spring refinery performance also support its ability to benefit from favorable refining conditions.
The company is working to strengthen cash generation through its Enterprise Optimization Plan, which targets at least $220 million in annualized free-cash-flow improvement. Management also reported improved refinery reliability following the Big Spring turnaround and indicated that no additional planned refinery turnarounds were scheduled for the remainder of 2026.
Delek Logistics Partners adds to this investment case. It reported second-quarter adjusted EBITDA of $143.5 million and reaffirmed its 2026 EBITDA guidance of $520 million to $560 million. These operations provide another source of earnings and support Delek's efforts to unlock value across its business.
One-Year Stock Performance: MPC vs. DK
The chart below shows MPC’s shares gaining 163.8% over the past year, compared with a 128.4% rise in DK. Both stocks recorded substantial appreciation, but MPC outperformed Delek over the period.
Image Source: Zacks Investment Research
60-Day Earnings Estimate Revisions: MPC vs. DK
Image Source: Zacks Investment Research
The 60-day estimate revision chart signals growing analyst optimism toward MPC's earnings outlook. Earnings estimates for the third and fourth quarters of 2026 have been revised upward by 27.89% and 74.52%, respectively. Full-year earnings estimates for fiscal 2026 and 2027 have also increased 31.10% and 69.64%, respectively, pointing to stronger earnings expectations.
DK's quarterly estimate revisions are 71.34% and 132.52%. Its fiscal 2026 and 2027 estimates have risen 57.92% and 117.87%, respectively. Delek therefore shows stronger estimate-revision momentum across the periods presented, supporting its earnings-growth investment case.
Forward P/E Ratio: MPC vs. DK
Image Source: Zacks Investment Research
MPC trades at 7.97 times forward earnings, compared with DK’s 6.83 times. Delek's lower multiple, combined with its stronger estimate revisions, may appeal to investors seeking valuation opportunities. MPC's higher multiple accompanies its larger earnings base and integrated operations.
MPC vs. DK: Which Stock Is the Better Buy Now?
MPC is the better choice for investors, supported by its integrated business model, strong earnings generation and substantial capital returns. Although DK offers a lower valuation and stronger earnings estimate momentum, MPC's operating scale and established midstream business provide a more compelling overall investment case. Both stocks currently sport a Zacks Rank #1 (Strong Buy), but MPC stands out as the preferred pick. You can see the complete list of today’s Zacks #1 Rank stocks here.