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…
Earnings analysis · 10-Q
PSX earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.51
What stood out
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Q1 EPS Surpasses Estimates
Reported EPS of $0.51 compared to consensus estimate of -$0.42.
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Revenue Decline
Revenue fell to $30.43 billion, down from $34.11 billion in Q4 2025 and missing estimates by $2.19 billion.
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Increased Cash Reserves
Cash and cash equivalents increased to $5.2 billion, up by $4 billion.
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Dividend Increase
Board increased the dividend by 7%, reflecting ongoing commitment to shareholder returns.
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Improved Refining Margins
Realized refining margins improved due to higher market crack spreads, boosting overall profitability.
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Positive Equity Earnings Growth
Equity in earnings of affiliates increased by 65% compared to Q1 2025.
What to watch
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High Debt Levels
Total debt increased to $7.7 billion as of March 31, 2026.
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Negative Operating Cash Flow
Operating cash flow was reported as negative, impacted by $2.3 billion used for operations.
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Struggling Refining Segment
The Refining segment reported a profit of only $208 million, down from a loss of $937 million year-over-year.
Management's outlook
No specific forward guidance was provided in the report.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.