Phillips 66 Earnings Recaps
Q1 2026
Apr 30, 2026
Shares rose 8.5% post-earnings as Phillips 66 delivered results and commentary that appear to have surpassed investor expectations, with management highlighting margin resilience and operational outperformance despite extreme market volatility.
Key takeaways
- Adjusted earnings for the quarter were $200 million ($0.49 per share), with reported earnings of $207 million ($0.51 per share).
- The company faced $839 million in negative mark-to-market impacts from economic hedging positions as commodity prices spiked.
- Operating cash flow, excluding working capital, totaled approximately $700 million, while total operating cash flow was a use of $2.3 billion.
- Dividend was increased 7% on an annualized basis, with $509 million returned via dividends and $269 million through share repurchases.
- Midstream results fell (winter impacts, recontracting, and accelerated depreciation weighed), but Chemicals rebounded on improved polyethylene margins; management emphasized commercial agility and asset reliability through unprecedented commodity volatility.
Q3 2025
Oct 29, 2025
Phillips 66 reported strong third-quarter results, with adjusted earnings of $1 billion, boosted by robust refining margins and operational excellence, despite challenges posed by environmental costs.
Key takeaways
- Achieved 99% refining utilization, the highest since 2018, and a record year-to-date clean product yield of 87%.
- Adjusted earnings rose by $52 million to $1 billion; operating cash flow totaled $1.2 billion.
- Completed acquisition of the remaining interest in Wood River and Borger refineries to enhance operational synergies and streamline portfolio.
- Returned $751 million to shareholders, including $267 million for share repurchases, maintaining a net debt to capital ratio of 41%.
- Operational improvements aim for an adjusted controllable cost per barrel target of $5.50 by 2027, positioning for future growth.