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Phillips 66 Common Stock (PSX)
NYSE:PSX
Earnings Data
Report Date
Apr 24, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.91Last Year’s EPS
-0.9Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational execution, especially in midstream and refining, with clear targets for cost reduction and midstream EBITDA growth through 2027. Management highlighted material portfolio actions, monetizations (> $5 billion), debt reduction, and shareholder returns while acknowledging near-term headwinds in chemicals (polyethylene margins), the one-time and transitional costs from idling the Los Angeles refinery, and some regional margin weakness. On balance, the announced growth runway (midstream to ~$4.5B EBITDA), continued reliability improvements, and disciplined capital allocation outweigh the identifiable headwinds.Company Guidance
Strong Financial Results (Q4 and FY2025)
Q4 reported earnings of $2.9 billion ($7.17/share) and Q4 adjusted earnings of $1.0 billion ($2.47/share). Q4 operating cash flow was $2.8 billion, capital spending was $682 million, and the company returned $756 million to shareholders (including $274 million of share repurchases).
Midstream Record Performance and Growth Target
Midstream delivered approximately $1.0 billion of adjusted EBITDA in 2025 and has increased adjusted EBITDA ~40% since 2022. Management targets a midstream run-rate adjusted EBITDA of ~$4.5 billion by year-end 2027 supported by organic projects (e.g., Dos Picos Two commissioned in 2025, Iron Mesa expected early 2027) and pipeline expansions (Coastal Bend incremental 125,000 b/d late 2026).
Refining Operational Improvements and Cost Targets
Refining achieved record clean product yields and high utilization; Q4 adjusted controllable cost per barrel was $5.96 (Q4 excluding LA idling costs was ~$5.57). Company targets adjusted controllable cost per barrel of approximately $5.50 on an annual basis by 2027 and expects a ~30¢/bbl annualized benefit from idling the Los Angeles refinery plus a further ~15¢/bbl reduction from continuous improvement by year-end 2026.
Strategic Portfolio Actions & Monetizations
In 2025 the company monetized more than $5 billion of assets, acquired the remaining 50% interest in WRB, sold a 65% interest in the Germany/Austria retail marketing business (received ~$1.5 billion), and idled the Los Angeles refinery. The company repaid over $2 billion of debt in the period.
Balance Sheet and Capital Return Framework
Net debt to capital ended at 38%. Management reiterated a conservative balance sheet goal (target debt level example ~$17 billion for Midstream/Marketing & Specialties) and a commitment to return >50% of net operating cash flow to shareholders through dividends and buybacks. Midstream is expected to fund a secure dividend (~$2 billion) and sustaining capital (~$1 billion).
Safety and Reliability
Company reported 2025 as its best year ever for safety performance and noted continued improvements in reliability and operational discipline across refining and midstream.
Positive Crude Positioning & Sensitivity to Heavy Differentials
Acquisition of remaining WRB interest increased exposure to Canadian heavy crude differentials by ~40%. Heavy crude differentials have widened by approximately $4/bbl since the WRB announcement; management notes a sensitivity of ~$140 million of yearly earnings per $1/bbl move in the crude dip.
Renewable Fuels and Midstream Cash Generation
Renewable fuels improved in Q4 primarily due to higher realized margins (including inventory impacts). Midstream cash generation supports dividend, sustaining cap, and additional cash available for accretive growth, repurchases and debt reduction under the company’s capital allocation framework.
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 |
|---|---|---|---|
Feb 04, 2026 | $148.09 | $154.69 | +4.46% |
Oct 29, 2025 | $133.66 | $138.00 | +3.25% |
Jul 25, 2025 | $123.11 | $123.75 | +0.52% |
Apr 25, 2025 | $102.68 | $101.97 | -0.69% |
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 Apr 24, 2026, Before Open (Confirmed).
What is Phillips 66 Common Stock (PSX) earnings time?
Phillips 66 Common Stock (PSX) earnings time is at Apr 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 (Q1) is 1.91.
