The earnings call reflected a strong financial performance driven by refining and midstream segments, with significant returns to shareholders. However, challenges in the chemicals and renewable fuels segments, along with increased debt levels, present areas of concern.

Company Guidance

During the second quarter of 2025, Phillips 66 demonstrated strong financial and operational performance, aligning with its 2027 strategic priorities. The company reported a refining utilization rate of 98%, the highest since 2018, and achieved a clean product yield of over 86%. They captured 99% of their market indicator and reached the lowest adjusted cost per barrel since 2021, aiming for below $5.50 per barrel by 2027. Midstream generated an adjusted EBITDA of approximately $1 billion, with a target of $4.5 billion annual EBITDA by 2027. Marketing and Specialties reported its strongest quarter since 2022, contributing to the return of over $900 million to shareholders. The company maintained a net debt to capital ratio of 41% and is on track to reduce debt further with cash flow and asset dispositions. Phillips 66's integrated business model and strategic investments in Midstream and refining are key drivers of its robust financial outlook and shareholder value creation.

Strong Refining Utilization and Clean Product Yield

Refining assets ran at 98% utilization, the highest since 2018, with a clean product yield over 86%. This performance set new records and contributed to capturing 99% of the market indicator.

Midstream Segment Growth

Midstream generated adjusted EBITDA of approximately $1 billion, on track to achieve the $4.5 billion annual EBITDA target by 2027. The acquisition of EPIC NGL, renamed Coastal Bend, and strategic investments like the Dos Picos II gas processing plant are key contributors.

Record Shareholder Returns

Returned over $900 million to shareholders, including $419 million of share repurchases, indicating strong capital allocation and shareholder value focus.

Marketing and Specialties Performance

Marketing and Specialties reported its strongest quarter since 2022, contributing significantly to the company's robust financial performance.

Phillips 66 (DE:R66) Earnings, Revenues Date & History

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DE:R66 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 24, 2025	2025 (Q3)	1.94 / -	1.743	―	―	―
Jul 25, 2025	2025 (Q2)	1.47 / 2.03	1.974	3.03% (+0.06)
Apr 25, 2025	2025 (Q1)	-0.62 / -0.77	1.623	-147.37% (-2.39)
Jan 31, 2025	2024 (Q4)	-0.04 / -0.13	2.64	-104.85% (-2.77)
Oct 29, 2024	2024 (Q3)	1.41 / 1.74	3.956	-55.94% (-2.21)
Jul 30, 2024	2024 (Q2)	1.69 / 1.97	3.306	-40.31% (-1.33)
Apr 26, 2024	2024 (Q1)	1.88 / 1.62	3.597	-54.87% (-1.97)
Jan 31, 2024	2023 (Q4)	2.00 / 2.64	3.417	-22.75% (-0.78)
Oct 27, 2023	2023 (Q3)	4.12 / 3.96	5.519	-28.33% (-1.56)
Aug 02, 2023	2023 (Q2)	3.08 / 3.31	5.784	-42.84% (-2.48)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:R66 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 25, 2025	€104.59	€104.95	+0.34%
Apr 25, 2025	€90.13	€88.50	-1.81%
Jan 31, 2025	€113.47	€111.52	-1.71%
Oct 29, 2024	€114.68	€115.70	+0.89%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.