PSX earnings analysis
What we found in PSX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Phillips 66 reported a net income of $207 million for Q1 2026, representing a significant decrease compared to $487 million in the same quarter last year. The company also experienced a drop in revenue to $30.43 billion, missing estimates of $32.62 billion. Despite these challenges, Phillips 66 managed to surpass EPS estimates, reporting $0.51 compared to a consensus of -$0.42.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q1 EPS Surpasses Estimates
- Reported EPS of $0.51 compared to consensus estimate of -$0.42.
- Revenue Decline
- Revenue fell to $30.43 billion, down from $34.11 billion in Q4 2025 and missing estimates by $2.19 billion.
- Increased Cash Reserves
- Cash and cash equivalents increased to $5.2 billion, up by $4 billion.
- Dividend Increase
- Board increased the dividend by 7%, reflecting ongoing commitment to shareholder returns.
- Improved Refining Margins
- Realized refining margins improved due to higher market crack spreads, boosting overall profitability.
- Positive Equity Earnings Growth
- Equity in earnings of affiliates increased by 65% compared to Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Debt Levels
- Total debt increased to $7.7 billion as of March 31, 2026.
- Negative Operating Cash Flow
- Operating cash flow was reported as negative, impacted by $2.3 billion used for operations.
- Struggling Refining Segment
- The Refining segment reported a profit of only $208 million, down from a loss of $937 million year-over-year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.51
- Segment
- Midstream: $591M
- Segment
- Chemicals: $114M
- Segment
- Refining: $208M
- Segment
- Marketing and Specialties: -$161M
- Segment
- Renewable Fuels: -$41M
What they said about what is next.
No specific forward guidance was provided in the report.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 20, 2026
- Phillips 66 reported consolidated revenues of $136,560 million for 2025, down from $145,496 million in 2024, while recording a $2.8 billion recognition of properties, plants and equipment related to the WRB Refining LP…
- 10-K · February 21, 2025
- Phillips 66's 10-K filing for 2024 reports a challenging year with declining revenues, margins, and earnings per share. The company's focus on midstream and renewable fuels markets highlights strategic shifts amidst…
- 10-Q · April 29, 2024
- Phillips 66 reported Q1 2024 total revenues and other income of $36,436 million, up from $35,089 million in Q1 2023 (+$1,347 million, +3.8%), while diluted EPS fell to $1.73 from $4.20 a year ago. Operating cash flow…
- 10-Q · August 4, 2023
- Phillips 66 reported Q2 total revenues and other income of $35,740 million and diluted EPS of $3.72. Revenue and profitability declined sharply versus Q2 2022, while operating cash flow remained positive for the…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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