Jun 2026 (Q2 FY26) — Aug 5, 2026
Phillips 66 Q2 FY26 — Strong Operational Performance and Accelerated Debt Reduction
Read the full callPhillips 66 (PSX) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Phillips 66 earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 51,004 | +53.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 3,847 | +338.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
19 of 19 judged targets kept · 52 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Midstream quarterly adjusted EBITDA run rate | approximately $1 billion per quarter through the first half of 2026 | Dec 2025 | we're still hovering around in the midstream segment around that $1 billion a quarter mark | Achieved |
| Total debt | $17 billion as early as the end of 2025 | Dec 2024 | Our focus on these priorities has not wavered, and we expect to deliver on our debt commitment ahead of schedule. | Delayed |
| Chemicals global O&P utilization rate | low 90s | Jun 2026 | In Chemicals, we expect the global O&P utilization rate to be in the low 90s. | New |
52 of Phillips 66's 71 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 68 more targets are in the full ledger.
Claimed
- Total debt reduced to $20.6 billion, with net debt at $16.5 billion, positioning the company ahead of its $17 billion target.
- Adjusted earnings per share reached $9.41, reflecting strong financial performance.
- Operating cash flow, excluding working capital, was $4.3 billion, demonstrating robust cash generation.
- Midstream achieved greater than 100% average frac utilization and record LPG export volumes.
- Refining captured 98% of its market indicator in Q2, driven by operational improvements and commercial execution.
Qualified
- Renewable diesel profitability remains subject to ongoing regulatory policy risk, including potential cuts to foreign feedstock generation after 2027.
- Chemicals margins have come down from peak levels, with considerable oversupply in the market, though a higher floor is anticipated.
- Chinese refinery runs are down by 2.5 million barrels a day, and their export discipline is uncertain, posing a potential risk to global refining margins.
Price
$290.55 −0.89% · −$2.62
Performance +124.8% 1Y
1Y: $129.27 on 17 Oct 2025 → $290.55. High $297.29 (14 Oct 2026), low $127.75 (26 Dec 2025).
- Previous close
- $293.17
- 52-week range
- $127.75 – $297.29
- One year
- +122.92%
Overview
- Symbol
- PSX
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
19 of 19 judged targets kept · 52 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Midstream quarterly adjusted EBITDA run rate | approximately $1 billion per quarter through the first half of 2026 | Dec 2025 | we're still hovering around in the midstream segment around that $1 billion a quarter mark | Achieved |
| Total debt | $17 billion as early as the end of 2025 | Dec 2024 | Our focus on these priorities has not wavered, and we expect to deliver on our debt commitment ahead of schedule. | Delayed |
| Chemicals global O&P utilization rate | low 90s | Jun 2026 | In Chemicals, we expect the global O&P utilization rate to be in the low 90s. | New |
Claimed
- Total debt reduced to $20.6 billion, with net debt at $16.5 billion, positioning the company ahead of its $17 billion target.
- Adjusted earnings per share reached $9.41, reflecting strong financial performance.
- Operating cash flow, excluding working capital, was $4.3 billion, demonstrating robust cash generation.
- Midstream achieved greater than 100% average frac utilization and record LPG export volumes.
- Refining captured 98% of its market indicator in Q2, driven by operational improvements and commercial execution.
Qualified
- Renewable diesel profitability remains subject to ongoing regulatory policy risk, including potential cuts to foreign feedstock generation after 2027.
- Chemicals margins have come down from peak levels, with considerable oversupply in the market, though a higher floor is anticipated.
- Chinese refinery runs are down by 2.5 million barrels a day, and their export discipline is uncertain, posing a potential risk to global refining margins.
The full ledger
Open Phillips 66’s full ledger
A free account opens 5 company ledgers a month. All 71 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Phillips 66 Q1 FY26 – Strong Commercial Performance Amidst Volatility
Read the full callDec 2025 (Q4 FY25) — Feb 4, 2026
Phillips 66 Q4 FY25 — Strong Operational Performance and Shareholder Returns
Read the full callEvery analysed call
Phillips 66 earnings calls (PSX)
Financials
What the filings say
Net profit, year on year: +339% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 35,528 | 33,685 | 30,430 | 33,323 | 34,515 | 34,108 | 32,540 | 51,004 |
| Other income | 84 | 4 | 56 | 139 | 116 | 127 | 204 | 288 |
| Net profit | 346 | 8 | 487 | 877 | 133 | 2,906 | 207 | 3,847 |
| EPS ($ per share) | 0.82 | — | 1.19 | 2.15 | 0.32 | — | 0.51 | 9.59 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 6 | 6 | 6 | 7 | 7 | 7 | 7 | 7 |
| Reserves | 20,489 | 22,064 | 16,500 | 16,216 | 25,432 | 30,550 | 30,771 | 33,239 |
| Total liabilities | 27,149 | 31,551 | 33,198 | 33,957 | 42,336 | 43,851 | 44,119 | 43,439 |
| Fixed assets | 22,018 | 23,786 | 23,716 | 22,435 | 35,163 | 35,712 | 35,264 | 39,097 |
| Total assets | 54,302 | 58,720 | 54,721 | 55,594 | 76,442 | 75,501 | 72,582 | 73,680 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 7,573 | 4,808 | 2,111 | 6,017 | 10,813 | 7,029 | 4,191 | 4,962 |
| Cash from investing | -2,471 | -3,688 | -3,079 | -1,872 | -1,488 | -1,790 | -2,463 | -2,097 |
| Cash from financing | -5,167 | -2,511 | 1,791 | -3,470 | -6,388 | -8,092 | -3,305 | -3,537 |
| Net cash flow | -100 | -1,405 | 900 | 633 | 2,986 | -2,810 | -1,585 | -622 |
PSX revenue by segment
Refining grew from 25% to 27% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Marketing Speciality | — | — | 63% | 63% | 64% | 64% | 60% | 61% | +49.8% |
| Refining | 25% | 23% | 19% | 21% | 21% | 20% | 24% | 27% | +91.7% |
| Midstream | 11% | 13% | 16% | 14% | 13% | 14% | 15% | 10% | +15.5% |
| Renewable Fuels | 2% | — | 2% | 2% | 2% | 3% | 2% | 2% | +8.7% |
| Chemicals | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 81% ↑ 2 pt
- GB 11% ↑ 3 pt
- Other Geographical Areas 6% ↓ 3 pt
- DE 2% ↓ 2 pt
As PSX cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
91 filings between Nov 3, 2025 and Sep 16, 2026.
Open market
decisions to buy or sellPurchases
$60.6K
2 purchases by 1 insider
Sales
$63.40M
28 sales by 7 insiders
21% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 24
- Award — granted as compensation
- 22
- Option exercise — converted options into shares
- 14
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Mandell Brian | — | $27.79M | Sep 16, 2026 |
| Mitchell Kevin J | — | $17.96M | Jul 9, 2026 |
| Harbison Richard G | — | $11.66M | Aug 12, 2026 |
| Sutherland Vanessa Allen | — | $2.16M | Jul 21, 2026 |
| Kluppel Ann M | — | $1.65M | Aug 10, 2026 |
| Baldridge Don | — | $1.20M | Feb 17, 2026 |
| Davis Lisa Ann | — | $977.3K | Aug 10, 2026 |
| Meyers Kevin Omar | $60.6K | — | May 6, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 16, 2026 | Mandell Brian Executive Vice President | Option exercise | 23,400 | $1.75M |
| Sep 16, 2026 | Mandell Brian Executive Vice President | Sale | 23,400 | $6.20M |
| Sep 10, 2026 | Kluppel Ann M SVP & Controller | Gift | 40 | $0 |
| Aug 12, 2026 | Harbison Richard G EVP, Refining | Option exercise | 13,500 | $1.01M |
| Aug 12, 2026 | Harbison Richard G EVP, Refining | Sale | 52,100 | $11.66M |
| Aug 12, 2026 | Harbison Richard G EVP, Refining | Option exercise | 14,800 | $1.32M |
| Aug 12, 2026 | Harbison Richard G EVP, Refining | Option exercise | 23,800 | $2.39M |
| Aug 11, 2026 | Mandell Brian Executive Vice President | Option exercise | 30,000 | $2.24M |
| Aug 11, 2026 | Mandell Brian Executive Vice President | Sale | 30,000 | $6.45M |
| Aug 10, 2026 | Mandell Brian Executive Vice President | Sale | 3,300 | $706.3K |
| Aug 10, 2026 | Mandell Brian Executive Vice President | Option exercise | 3,300 | $246.5K |
| Aug 10, 2026 | Kluppel Ann M SVP and Controller | Option exercise | 3,934 | $350.3K |
| Aug 10, 2026 | Kluppel Ann M SVP and Controller | Option exercise | 2,100 | $210.9K |
| Aug 10, 2026 | Davis Lisa Ann Director | Sale | 315 | $65.8K |
| Aug 10, 2026 | Davis Lisa Ann Director | Sale | 1,000 | $207.2K |
| Aug 10, 2026 | Kluppel Ann M SVP and Controller | Sale | 1,967 | $422.9K |
| Aug 10, 2026 | Kluppel Ann M SVP and Controller | Sale | 2,100 | $442.3K |
| Aug 10, 2026 | Kluppel Ann M SVP and Controller | Sale | 1,967 | $417.0K |
| Aug 10, 2026 | Davis Lisa Ann Director | Sale | 200 | $41.7K |
| Aug 7, 2026 | Kluppel Ann M SVP and Controller | Sale | 1,800 | $369.0K |
| Aug 7, 2026 | Kluppel Ann M SVP and Controller | Option exercise | 1,800 | $180.8K |
| Jul 21, 2026 | Sutherland Vanessa Allen EVP, GC and Secretary | Sale | 3,523 | $743.5K |
| Jul 20, 2026 | Sutherland Vanessa Allen EVP, GC and Secretary | Sale 10b5-1 plan | 563 | $118.8K |
| Jul 9, 2026 | Mitchell Kevin J Exec. VP and CFO | Sale 10b5-1 plan | 11,021 | $2.09M |
| Jul 9, 2026 | Mitchell Kevin J Exec. VP and CFO | Option exercise 10b5-1 plan | 11,021 | $1.05M |
| May 11, 2026 | Mitchell Kevin J Exec. VP and CFO | Sale | 600 | $102.9K |
| May 11, 2026 | Mitchell Kevin J Exec. VP and CFO | Option exercise | 600 | $57.0K |
| May 8, 2026 | Mitchell Kevin J Exec. VP and CFO | Option exercise | 5,400 | $512.2K |
| May 8, 2026 | Mitchell Kevin J Exec. VP and CFO | Option exercise | 24,000 | $2.28M |
| May 8, 2026 | Mitchell Kevin J Exec. VP and CFO | Sale | 29,400 | $5.00M |
| May 6, 2026 | Meyers Kevin Omar Director | Purchase | 175 | $30.3K |
| Apr 1, 2026 | Baldridge Don Executive Vice President | Tax withheld | 5,885 | $1.04M |
| Mar 30, 2026 | Mitchell Kevin J Exec. VP and CFO | Sale 10b5-1 plan | 15,629 | $2.97M |
| Mar 30, 2026 | Mitchell Kevin J Exec. VP and CFO | Option exercise 10b5-1 plan | 15,629 | $1.48M |
| Mar 17, 2026 | Meyers Kevin Omar Director | Purchase | 175 | $30.3K |
| Mar 16, 2026 | Meyers Kevin Omar Director | Award | 949 | $164.0K |
| Mar 16, 2026 | Ungerleider Howard I Director | Award | 949 | $164.0K |
| Mar 13, 2026 | Davis Lisa Ann Director | Sale | 3,800 | $662.6K |
| Mar 12, 2026 | Mandell Brian Executive Vice President | Sale | 42,800 | $7.26M |
| Mar 12, 2026 | Mandell Brian Executive Vice President | Option exercise | 42,800 | $3.83M |
| Mar 5, 2026 | Mitchell Kevin J Exec. VP and CFO | Sale 10b5-1 plan | 16,856 | $2.84M |
| Mar 5, 2026 | Mitchell Kevin J Exec. VP and CFO | Option exercise 10b5-1 plan | 16,856 | $1.60M |
| Mar 4, 2026 | Mitchell Kevin J Exec. VP and CFO | Option exercise 10b5-1 plan | 4,944 | $468.9K |
| Mar 4, 2026 | Mitchell Kevin J Exec. VP and CFO | Sale 10b5-1 plan | 4,944 | $815.9K |
| Feb 17, 2026 | Baldridge Don Executive Vice President | Sale | 7,500 | $1.20M |
| Feb 10, 2026 | Kluppel Ann M Vice President and Controller | Award | 1,991 | $312.0K |
| Feb 10, 2026 | Harbison Richard G EVP, Refining | Award | 8,171 | $1.28M |
| Feb 10, 2026 | Baldridge Don Executive Vice President | Award | 7,139 | $1.12M |
| Feb 10, 2026 | Lashier Mark E Chairman and CEO | Award | 29,148 | $4.57M |
| Feb 10, 2026 | Sutherland Vanessa Allen EVP, GC and Secretary | Award | 7,478 | $1.17M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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