Phillips 66 (PSX) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Phillips 66 published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Phillips 66 reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Revenue here is Phillips 66's "Sales and other operating revenues" line, from its supplemental data and 10-Q. The release itself compares Q3 2026 with Q2 2026; the year-ago figures come from the supplemental data filed with it.
• Phillips 66 bought the remaining 50% of WRB Refining LP on October 1, 2025. Since then the Borger and Wood River refineries are fully consolidated; before that Phillips 66 recorded its share of WRB as equity earnings.
• Chemicals is Phillips 66's 50% equity investment in Chevron Phillips Chemical Company (CPChem), so it reports earnings but no sales and other operating revenues.

Source: Phillips 66 Q3 2026 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Phillips 66 splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Phillips 66's Midstream revenue was $6.2 billion in Q3 2026, up 38% from $4.5 billion in Q3 2025, 12% of total revenue.
• Phillips 66's Refining revenue was $11.7 billion in Q3 2026, up 61% from $7.3 billion in Q3 2025, 23% of total revenue.
• Phillips 66's Marketing and Specialties revenue was $32.0 billion in Q3 2026, up 45% from $22.0 billion in Q3 2025, 63% of total revenue.
• Phillips 66's Renewable Fuels revenue was $712 million in Q3 2026, down 7% from $765 million in Q3 2025, 1% of total revenue.
• Phillips 66's Corporate and Other revenue was $7.0 million in Q3 2026, down 22% from $9.0 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Sales and other operating revenues and GAAP diluted EPS, each as first reported in the supplemental data filed with that quarter's release.

We do not hold a confirmed date for Phillips 66's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 28, 2026

Phillips 66's sales and other operating revenues were $50,540 million in Q3 2026, against $34,515 million a year earlier. Most third-party sales are booked in Marketing and Specialties ($31,951 million), which buys and markets refined products mainly in the United States and Europe, followed by Refining ($11,693 million) and Midstream ($6,177 million). Refining's total revenues were $35,779 million, of which $24,086 million were sales to other Phillips 66 segments that are eliminated in consolidation. (Phillips 66 Form 10-Q, Q3 2026, Oct 28, 2026)

By product, Phillips 66 sold $38,873 million of refined petroleum products and renewable fuels, $6,539 million of crude oil resales and $5,217 million of natural gas liquids and natural gas. By location, $41,088 million of revenues came from U.S. operations and $6,180 million from the United Kingdom. Phillips 66 said revenues rose 46%, primarily on higher prices for refined products, crude oil and NGL, partly offset by the December 2025 sale of 65% of its Germany and Austria retail marketing business. (Phillips 66 Form 10-Q, Q3 2026, Oct 28, 2026)

Phillips 66's composite 3:2:1 market crack spread averaged $60.17 per barrel in Q3 2026, against $23.64 a year earlier, which Phillips 66 attributed mainly to low seasonal global product inventories, particularly diesel, and geopolitical events reducing product supply. WTI averaged $86.19 per barrel against $65.03. Its worldwide realized refining margin was $38.00 per barrel, against $12.15. (Phillips 66 Form 10-Q, Q3 2026, Oct 28, 2026)

Phillips 66's Refining segment runs 10 refineries in the United States and Europe and ran at 98% crude capacity utilization in Q3 2026 with a clean product yield of 86%. Refining pre-tax income was $6,031 million against a loss of $518 million a year earlier, when it included a $948 million impairment of the WRB investment. Midstream pre-tax income was $702 million and Chemicals, the 50% stake in CPChem, $311 million. (Phillips 66 Form 10-Q, Q3 2026, Oct 28, 2026; Phillips 66 Q3 2026 release, Oct 28, 2026)

Phillips 66's GAAP and adjusted diluted EPS were both $14.08 in Q3 2026. The one special item was a $29 million pre-tax impairment in Refining, added back in adjusted earnings net of related tax impacts. A year earlier GAAP EPS was $0.32 and adjusted EPS $2.52: adjusted earnings excluded the $948 million WRB impairment and a $241 million legal accrual, primarily for litigation with Propel Fuels, Inc. (Phillips 66 Q3 2026 release, Oct 28, 2026)

Phillips 66's effective tax rate was 20.7% in Q3 2026, against 16.0% a year earlier, on income before income taxes of $7,108 million. Net income attributable to Phillips 66 was $5,616 million, against $133 million. (Phillips 66 Q3 2026 earnings release supplemental data, Oct 28, 2026)

Phillips 66's diluted weighted-average shares were 398,953 thousand in Q3 2026, against 405,549 thousand a year earlier. It repurchased $2,273 million of stock and paid $504 million of dividends in the quarter, and over the first nine months repurchased 14 million shares for approximately $3.0 billion. In July 2026 its board added $10 billion to the repurchase authorization, and in October it raised the quarterly dividend by $0.06 to $1.33 per share. (Phillips 66 Q3 2026 earnings release supplemental data, Oct 28, 2026; Phillips 66 Q3 2026 release, Oct 28, 2026; Phillips 66 Form 10-Q, Q3 2026, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Phillips 66's Q3 2026 release gives no revenue or earnings outlook. Its forward statements are project dates: initial Coastal Bend expansion volumes in the fourth quarter of 2026 with full ramp-up to 350 MBD in early 2027, the Western Gateway Pipeline in service in 2029, and full operations at CPChem's Golden Triangle and Ras Laffan polymers projects in 2027. (Phillips 66 Q3 2026 release, Oct 28, 2026)

Phillips 66's 10-Q repeats its targets through year-end 2027: reducing total debt to $17 billion and returning greater than 50% of net cash provided by operating activities, excluding working capital, to shareholders. Total debt was $18,530 million at September 30, 2026, down from $20,565 million at the end of Q2. (Phillips 66 Form 10-Q, Q3 2026, Oct 28, 2026; Phillips 66 Q3 2026 release, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Phillips 66, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Phillips 66's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning PSX is on is PSX a buy or a sell?, what analysts expect next is on the PSX forecast, and what the company does is on the Phillips 66 (PSX) stock page.

Every number on this page can be traced to a document Phillips 66 published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.