The earnings call highlighted strong operational execution, particularly in refining and midstream segments, and robust shareholder returns. However, challenges in the chemicals segment, renewable fuels margins, and higher debt levels were noted.

Company Guidance -

Q3 2025

During the second quarter of 2025, Phillips 66 highlighted several key metrics that reflected strong financial and operational performance. The company's refining assets achieved a utilization rate of 98%, marking the highest since 2018, and clean product yield exceeded 86%. They captured 99% of their market indicator and reached their lowest adjusted cost per barrel since 2021. The Midstream segment generated approximately $1 billion in adjusted EBITDA, positioning Phillips 66 on track to meet a $4.5 billion annual EBITDA target by 2027. Marketing and Specialties reported its strongest quarter since 2022. The company returned over $900 million to shareholders, with a significant portion through share repurchases. They also reported adjusted earnings of $973 million or $2.38 per share, and total company adjusted earnings increased to $973 million compared to a loss in the prior quarter. Looking ahead, Phillips 66 anticipates continued optimization of their refining operations, aiming for an adjusted cost per barrel below $5.50 by 2027, while maintaining a focus on debt reduction and strategic growth.

Record Refining Utilization

Refining assets ran at 98% utilization, the highest since 2018, with clean product yield over 86%, capturing 99% of the market indicator.

Midstream EBITDA Growth

Midstream generated adjusted EBITDA of approximately $1 billion, with a target of $4.5 billion annual EBITDA by 2027.

Strong Shareholder Returns

Returned over $900 million to shareholders this quarter, including $419 million of share repurchases.

Marketing and Specialties Performance

Reported its strongest quarter since 2022, with adjusted earnings increasing significantly.

Successful Acquisition and Integration

Acquired EPIC NGL, renamed Coastal Bend, with pipeline project expansion nearing completion.

Phillips 66 (PSX) Earnings, Revenues Date & History

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PSX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 24, 2025	2025 (Q3)	2.28 / -	2.04	―	―	―
Jul 25, 2025	2025 (Q2)	1.72 / 2.38	2.31	3.03% (+0.07)
Apr 25, 2025	2025 (Q1)	-0.72 / -0.90	1.9	-147.37% (-2.80)
Jan 31, 2025	2024 (Q4)	-0.05 / -0.15	3.09	-104.85% (-3.24)
Oct 29, 2024	2024 (Q3)	1.65 / 2.04	4.63	-55.94% (-2.59)
Jul 30, 2024	2024 (Q2)	1.98 / 2.31	3.87	-40.31% (-1.56)
Apr 26, 2024	2024 (Q1)	2.20 / 1.90	4.21	-54.87% (-2.31)
Jan 31, 2024	2023 (Q4)	2.35 / 3.09	4	-22.75% (-0.91)
Oct 27, 2023	2023 (Q3)	4.82 / 4.63	6.46	-28.33% (-1.83)
Aug 02, 2023	2023 (Q2)	3.60 / 3.87	6.77	-42.84% (-2.90)

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

PSX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 25, 2025	$124.32	$124.97	+0.52%
Apr 25, 2025	$103.69	$102.98	-0.68%
Jan 31, 2025	$118.62	$115.70	-2.46%
Oct 29, 2024	$125.41	$119.94	-4.36%

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.