Phillips 66 (PSX) Earnings
Phillips 66 is expected to report next earnings on July 24, 2026 (in NaN days), with a consensus EPS estimate of $6.46. PSX has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +65.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $-0.54 | $0.49 | +190.3% | $33.0B | -8.0% |
| Feb 4, 2026 | $2.15 | $2.47 | +14.9% | $34.1B | +0.7% |
| Oct 29, 2025 | $2.14 | $2.52 | +17.8% | $35.0B | +4.3% |
| Jul 25, 2025 | $1.72 | $2.38 | +38.4% | $33.3B | +0.1% |
| Apr 25, 2025 | $-0.72 | $-0.90 | -24.5% | $30.4B | -4.0% |
| Jan 31, 2025 | $1.23 | $-0.15 | -112.2% | $33.7B | -1.9% |
| Apr 26, 2024 | $2.17 | $1.90 | -12.4% | $35.8B | -0.2% |
| Jan 31, 2024 | $2.35 | $3.09 | +31.5% | $38.3B | +4.9% |
| Oct 27, 2023 | $4.76 | $4.63 | -2.7% | $39.6B | +1.8% |
| Aug 2, 2023 | $3.56 | $3.87 | +8.7% | $35.1B | +1.6% |
| May 3, 2023 | $3.56 | $4.21 | +18.3% | $34.4B | +0.5% |
| Jan 31, 2023 | $4.35 | $4.00 | -8.0% | $40.3B | +2.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Geopolitical events in the Middle East drove commodity price volatility. Phillips 66 remains focused on operational excellence. Majority of assets in US with pipeline connectivity. Western Gateway Pipeline project to address West Coast refined products needs. Strong commercial organization with 6 global offices, trading over 6 million barrels of liquid hydrocarbons daily. Added originators globally and tripled vessels on time charter to reduce costs
Guidance
First quarter reported earnings were $207 million or $0.51 per share. Adjusted earnings were $200 million or $0.49 per share. In Chemicals, expect global O&P utilization rate in low 80s in second quarter. In Refining, expect worldwide crude utilization rate in low to mid-90s. Turnaround expense expected to be between $120 million and $150 million. Corporate and other costs expected to be between $430 million and $450 million. Expect to reduce debt to approximately $19 billion in remainder of 2026 and to $17 billion in 2027
Segment performance
Total company adjusted earnings were $200 million. Midstream results decreased mainly due to lower volumes, lower margins from customer recontracting and accelerated depreciation. Chemicals results increased mainly due to higher polyethylene margins. Refining, marketing and specialties and renewable fuels results decreased mainly due to mark-to-market impacts. Corporate and Other pretax loss increased primarily due to costs associated with decommissioning and redevelopment of the idled Los Angeles refinery site
Risks & headwinds
Geopolitical events in the Middle East causing commodity price volatility. Unplanned downtime in global refining assets and petrochemical production affecting inventories and margins. Market volatility and tight tanker fleet causing freight rate increases and potential impacts on crude cost. Liquidity draw related to margin collateral requirements and working capital changes
Analyst Q&A
Q: Wondering on mark-to-market adjustments and segment impacts, color on volatility outside expectations and liquidity draw impact on shareholder return commitments.
A: Kevin Mitchell walked through mark-to-market details, impact of volatility, cash impact recovery and capital allocation.
Q: Standout number of worldwide market capture at 138%, examples of dynamics and Q2 outlook.
A: Kevin and Brian Mandell discussed leveraging optionality, examples of market activity and Q2 outlook.
Q: Refining system insulation from crude supply disruptions and bullishness on US refining.
A: Brian Mandell and Mark Lashier discussed US refining insulation and bullishness.
Q: Renewable diesel margins and free cash flow inflection.
A: Brian Mandell mentioned higher RIN values and strong running of renewable diesel.
Q: Duration of margin conditions.
A: Brian Mandell said will last through rest of year and early next year.
Q: Share price and capital allocation.
A: Kevin Mitchell said balance between debt reduction and share buybacks.
Q: Demand trends in US and refining utilization and cost reduction.
A: Brian Mandell and Rich Harbison discussed demand trends, refining utilization and cost reduction efforts.
Q: Midstream investment opportunities and EBITDA target.
A: Don Baldridge discussed midstream investment and EBITDA target.
Q: CPChem utilization and industry progression after Strait opens.
A: Mark Lashier discussed CPChem progression.
Q: Transportation impact on second and third quarter capture.
A: Brian Mandell said shipping rate lock-ins will continue to benefit.
Q: Western Gateway hurdles and timing for FID.
A: Don Baldridge discussed Western Gateway progress and FID timing.
Q: Midstream EBITDA quarter-over-quarter decline and LPG export ARB.
A: Don Baldridge and others discussed midstream EBITDA and LPG export.
Q: West Coast assets and renewable diesel asset sale.
A: Mark Lashier discussed West Coast assets and renewable diesel asset.
Q: Midstream utilization and NGL asset growth.
A: Mark Lashier discussed midstream utilization and NGL asset growth.
Q: Canadian crude market and market structure impacts.
A: Brian Mandell discussed Canadian crude market differentials