Companies /Energy
Phillips 66
NYSE: PSX Oil & Gas Refining & Marketing
$291.03
▲ $0.48 (+0.17%) today
Markets closed · 12:20am ET

Phillips 66 (PSX) Q3 2025 Earnings

Reported Oct 29, 2025, 9:36am ET · SEC source
$2.52
Beat +17.55%
EPS · est. $2.14
$35.0B
Beat +7.78%
Revenue · est. $32.5B
+2.3%
Beating market
PSX vs S&P since report
5 quarters
Consecutive EPS beats

How Did PSX Stock React to Q3 2025 Earnings?

% change · around the report
0+3%+6%Oct 29Oct 30report 9:36am ETearnings−1.2%+5.1%
0+3%+6%Oct 29Oct 30earnings−1.2%+5.1%
PSX +5.1%S&P 500 −1.2%
0+3%+6%Oct 29Oct 30report 9:36am ETearnings−1.4%+5.1%
0+3%+6%Oct 29Oct 30earnings−1.4%+5.1%
PSX +5.1%NASDAQ −1.4%
0+3%+6%Oct 28Nov 6report 9:36am ETearnings−2.2%+6.2%
0+3%+6%Oct 28Nov 6earnings−2.2%+6.2%
PSX +6.2%S&P 500 −2.2%
−3%0+3%+6%Oct 28Nov 6report 9:36am ETearnings−3.0%+6.2%
−3%0+3%+6%Oct 28Nov 6earnings−3.0%+6.2%
PSX +6.2%NASDAQ −3.0%
+3.25%
Day of report
−0.67%
Next session
−1.50%
One week
+1.28%
30 days

S&P 500 over the same 30 days: −1.04%.

Did PSX Beat Earnings? Q3 2025 Results

Yes. Phillips 66 reported Q3 2025 earnings of $2.52 a share on Oct 29, 2025, beating the $2.14 consensus estimate by 17.6%. Revenue was $35.0B against a $32.5B estimate.

Phillips 66 delivered a strong third-quarter 2025 beat, with adjusted earnings per share of $2.52 clearing the $2.14 consensus estimate by 17.55%, while revenue of $34.98 billion topped expectations by 7.78% — even as sales slipped 0.9% year over year. The standout driver behind the adjusted results was a combination of record operational execution and sharply improved refining margins: the company ran its refineries at 99% crude capacity utilization, the highest quarterly rate since 2018, while worldwide realized refining margins climbed to $12.15 per barrel. On a GAAP basis, however, earnings fell to just $0.32 per diluted share, weighed down by $948 million in impairments tied to the company's equity stake in WRB Refining LP ahead of its full acquisition, and $241 million in legal accruals. Midstream also set volume records in NGL fractionation and Y-grade pipeline throughput, underscoring why <a href="https://247wallst.com/investing/2026/02/18/marathon-petroleum-vs-phillips-66-which-refining-giant-wins-as-energy-sector-dominates-2026/">the competitive refining landscape</a> remains closely watched. Phillips 66 returned $751 million to shareholders during the quarter.

Key Takeaways
  • 99% refining capacity utilization — highest quarterly since 2018
  • Record year-to-date clean product yield of 87%
  • Record Y-grade throughput of 999 MBD and fractionation volumes of 930 MBD
  • Chemicals operated at 104% olefins and polyolefins utilization
  • Higher realized refining margins driven by higher market crack spreads
  • Chemicals pre-tax income increased due to higher margins and lower turnaround costs
  • Worldwide realized refining margins of $12.15/BBL in Q3 2025 vs $6.08/BBL in Q4 2024
  • Refining turnaround expenses declined to $0.33/BBL from $0.44/BBL sequentially

“Our third quarter results reflect our continued commitment to world-class operations. Our Refining and Midstream businesses both set records with year-to-date clean product yield and fractionation volumes, respectively. Additionally, our Chemicals business operated at over 100% utilization and generated solid returns in a challenging market.”

Phillips 66 CEO, on the earnings call

PSX YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$10.0B$20.0B$30.0B$35.3B$35.0BRevenue$346.0M$133.0MNet Income
$0$10.0B$20.0B$30.0BRevenueNet Income
PSX income statement, Q3 2025 versus Q3 2024
Metric Q3 2025 Q3 2024 Year over year
Revenue $35.0B $35.3B −0.9%
Net Income $133.0M $346.0M −61.6%

Figures from SEC filings and company reports. Not investment advice.