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Phillips 66

Phillips 66 (PSX) Q2 2026 Earnings

Reported Aug 5, 2026 at 10:03 AM ET · SEC Source

Q2 26 EPS Adjusted

$9.41

BEAT +25.45%

Est. $7.50

GAAP EPS of $9.55 includes pre-tax net gain on asset dispositions of $110 million (post-closing adjustments from December 2025 sale of Germany and Austria retail marketing business) and $65 million legal accrual related to Propel Fuels litigation.

Q2 26 Revenue

$52.04B

BEAT +31.18%

Est. $39.67B

vs S&P Since Q2 26

-2.1%

TRAILING MARKET

PSX -1.4% vs S&P +0.6%

Market Reaction

Did PSX Beat Earnings? Q2 2026 Results

Phillips 66 delivered a blowout second quarter of 2026, posting adjusted EPS of $9.41 against a Wall Street consensus of $8.09, a beat of 16.38% that extended the company's streak of consensus-beating quarters to four consecutive periods. Revenue sur… Read more Phillips 66 delivered a blowout second quarter of 2026, posting adjusted EPS of $9.41 against a Wall Street consensus of $8.09, a beat of 16.38% that extended the company's streak of consensus-beating quarters to four consecutive periods. Revenue surged to $52.04 billion, ahead of the $39.67 billion estimate by 31.18% and up 48.8% year over year, figures that caught even bullish analysts off guard heading into the print. The single biggest driver of the quarter was a dramatic recovery in Refining, where worldwide realized margins expanded to $24.08 per barrel from $10.11 in the prior quarter, propelled by higher market crack spreads, favorable mark-to-market impacts, and a 96% utilization rate. That refining resurgence rippled across the income statement, lifting adjusted earnings to $3.79 billion from just $207 million in Q1 2026. GAAP EPS came in at $9.55, which includes a pre-tax net gain on asset dispositions of $110 million tied to post-closing adjustments from the December 2025 sale of its Germany and Austria retail marketing business, partially offset by a $65 million legal accrual related to Propel Fuels litigation.

Key Takeaways

  • • Higher realized refining margins driven by increase in market crack spreads and favorable mark-to-market impacts
  • • Strong refining utilization of 96% and clean product yield of 86%
  • • Record NGL fractionation volumes of 1,020 MBD and record LPG export volumes
  • • Higher Midstream volumes and margins driven by absence of Winter Storm Fern impacts
  • • Higher Chemicals margins with ethylene-to-HDPE chain cash margin expanding to 43.6 cents/lb
  • • Higher regulatory credits from increased pricing and renewable fuels production
  • • WTI crude oil averaged $93.21/bbl vs $71.98 in Q1
  • • Worldwide realized refining margins of $24.08/bbl vs $10.11/bbl in Q1, with Central Corridor at $29.56/bbl and West Coast at $29.65/bbl leading all regions
  • • Refining adjusted controllable costs excluding turnaround expense declined to $5.57/bbl from $6.21/bbl sequentially
  • • Transportation pipeline volumes increased to 3,142 MBD from 2,932 MBD in Q1
  • • Cash flow from operations excluding working capital of $4,317 million in Q2 vs $699 million in Q1
24/7 Wall St

PSX YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

“Second quarter results reflect the strength of our operations and value of our integrated portfolio. We remain committed to our strategic priorities and continuous improvement. Our focus on operating excellence, coupled with our commercial footprint, enables us to reliably supply energy products across the United States and to global consumers.”

— Mark Lashier, Q2 2026 Earnings Press Release

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