Phillips 66 Common Stock (PSX)
NYSE:PSX
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Earnings Data
Report Date
Jul 24, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
5.61Last Year’s EPS
2.38Same Quarter Last Year
Moderate Buy
Based on 18 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call balanced sizable near-term challenges—most notably a large mark-to-market loss ($839M), elevated working capital and margin collateral requirements, and temporary borrowings—with multiple operational and strategic positives: strong commercial execution (138% market capture), disciplined capital returns (returned $778M and a 7% dividend increase), liquidity ($5.2B cash), improving refining unit costs, advantaged chemicals feedstock and a clear debt-reduction path to $17B by end-2027. Management characterizes many negatives as liquidity/mark-to-market timing effects and emphasized operational strength and optionality across midstream, refining, chemicals and renewables. Given the company’s demonstrated ability to capture commercial opportunities, substantial liquidity, and a credible plan to reduce debt while continuing shareholder returns, the positives materially outweigh the temporary financial noise.Company Guidance
Reported and Adjusted Earnings
Reported earnings of $207 million ($0.51 per share) and adjusted earnings of $200 million ($0.49 per share) for Q1 2026, demonstrating positive underlying profitability despite market volatility.
Strong Shareholder Returns and Dividend Increase
Returned $778 million to shareholders in the quarter ( $269 million share repurchases and $509 million dividends ). Increased the quarterly dividend by 7% on an annualized basis and reaffirmed commitment to return >50% of net operating cash flow to shareholders.
Liquidity Position and Cash Balance
Ended the quarter with $5.2 billion in cash. Management highlighted significant liquidity to manage volatility and margin requirements.
Commercial Execution and Market Capture
Worldwide market capture improved to 138%, driven by commercial optimization (trading >6 million barrels/day), Jones Act waivers, strategic movements of Bakken crude and gasoline, expanded originator network and time-chartered vessels to lock freight rates.
Chemicals Outperformance and Feedstock Advantage
Chemicals earnings increased mainly due to higher polyethylene margins. CPChem benefits from advantaged ethane feedstock with ~80% capacity on the U.S. Gulf Coast; management expects to capture constructive margins and run >80% utilization in the near term.
Refining Utilization and U.S. Positioning
Worldwide refining utilization expected in the low- to mid-90s; management emphasized U.S.-centric asset footprint and pipeline connectivity to low-cost hydrocarbon corridors, positioning Phillips 66 to benefit from tightened global refining/product markets.
Operational Cost Improvements
Refining op-ex of $6.21 per barrel in Q1, an improvement of $0.80 per barrel year-over-year. Company pursuing ~200 initiatives targeting an incremental $0.15–$0.20 per barrel reduction and a 2027 target of ~$5.50 per barrel (normalized basis).
Renewable Diesel & RIN Tailwinds
Renewable diesel assets running above nameplate capacity; RIN/credit values more than doubled versus 2025, supporting a material year-over-year free cash flow improvement in the business.
Balance Sheet and Debt Reduction Path
Management provided a path to reduce total debt to approximately $19 billion by year-end 2026 and to $17 billion by year-end 2027, supported by consensus operating cash flow (~$8 billion for 2026–2027) and working capital normalization.
Strategic Projects and Midstream Growth
Western Gateway pipeline open season strong; management expects FID mid–late summer for a 2029 in‑service date. Midstream reiterated $4.5 billion EBITDA target by year-end 2027 and continued focus on disciplined organic growth where returns justify investment.
PSX Earnings History
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 |
|---|---|---|---|
Apr 29, 2026 | $165.13 | $173.49 | +5.06% |
Feb 04, 2026 | $146.88 | $153.43 | +4.46% |
Oct 29, 2025 | $131.45 | $135.72 | +3.25% |
Jul 25, 2025 | $121.07 | $121.70 | +0.52% |
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.
FAQ
When does Phillips 66 Common Stock (PSX) report earnings?
Phillips 66 Common Stock (PSX) is schdueled to report earning on Jul 24, 2026, Before Open (Confirmed).
What is Phillips 66 Common Stock (PSX) earnings time?
Phillips 66 Common Stock (PSX) earnings time is at Jul 24, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PSX EPS forecast?
PSX EPS forecast for the fiscal quarter 2026 (Q2) is 5.61.
