Want to see PSX full AI Analyst Report?

Phillips 66 (PSX) Earnings Dates, Call Summary & Reports

4,082 Followers

Earnings Data

Report Date

Aug 05, 2026

Before Open (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

7.36

Last Year’s EPS

2.38

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 15 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:Apr 29, 2026|

% Change Since:

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

The company provided clear near‑term and medium‑term guidance: for Q2 it expects Chemicals (CPChem) global O&P utilization in the low‑80% range and Refining worldwide crude utilization in the low‑to‑mid‑90s, with turnaround expense of $120–$150 million and Corporate & Other costs of $430–$450 million; management reiterated a debt reduction path to roughly $19 billion by year‑end 2026 and $17 billion by year‑end 2027 (backed by consensus cash from operations of ~ $8 billion for 2026–27) and an allocation framework targeting about $2 billion each to dividends, share repurchases, capital spending and debt paydown while returning >50% of net operating cash flow to shareholders. Contextual Q1 metrics that inform the plan included reported EPS $0.51 (adjusted $0.49), mark‑to‑market losses of ~$839 million, operating cash‑flow use of $2.3 billion (OCF excl. working capital ≈ $700 million), a $3.0 billion working‑capital use, $582 million of capex, $778 million returned to shareholders ($269 million buybacks, $509 million dividends, dividend up 7% annualized), ending cash of $5.2 billion (margin collateral ~$3.2 billion at quarter end, reduced to ~$2.1 billion more recently), a Q1 refining OpEx of $6.21/boe with a $5.50/boe target by 2027, Q1 market capture of 138%, and a midstream EBITDA target of $4.5 billion by year‑end 2027.

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.

Phillips 66 (PSX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

PSX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Play Transcript
Aug 05, 2026	2026 (Q2)	7.36 / -	2.38	―	―
Apr 29, 2026	2026 (Q1)	-0.54 / 0.49	-0.9	154.44% (+1.39)
Feb 04, 2026	2025 (Q4)	2.15 / 2.47	-0.15	1746.67% (+2.62)
Oct 29, 2025	2025 (Q3)	2.14 / 2.52	2.04	23.53% (+0.48)
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)	-0.24 / -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)

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	$163.94	$172.24	+5.06%
Feb 04, 2026	$145.82	$152.32	+4.46%
Oct 29, 2025	$130.50	$134.74	+3.25%
Jul 25, 2025	$120.20	$120.83	+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.