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65248000000.0, "purchased_crude_oil_and_products": 56737000000.0, "operating_expenses": 3062000000.0, "selling_general_and_administrative_expenses": 1101000000.0, "depreciation_and_amortization": 1607000000.0, "impairments": 30000000.0, "taxes_other_than_income_taxes": 451000000.0, "accretion_on_discounted_liabilities": 22000000.0, "interest_and_debt_expense": 485000000.0, "foreign_currency_transaction_gains_losses": -15000000.0, "total_costs_and_expenses": 63480000000.0, "income_before_income_taxes": 1768000000.0, "income_tax_expense": 334000000.0, "net_income": 1434000000.0, "net_income_attributable_to_noncontrolling_interests": 70000000.0, "net_income_attributable_to_phillips_66": 1364000000.0, "basic_eps": 3.33, "diluted_eps": 3.32, "basic_shares": 407966000.0, "diluted_shares": 409448000.0 }, "cash_flow": { "net_cash_provided_by_operating_activities": 1032000000.0, "capital_expenditures_and_investments": -1010000000.0, "acquisitions_net_of_cash_acquired": -2220000000.0, "return_of_investments_in_equity_affiliates": 43000000.0, "proceeds_from_asset_dispositions": 2031000000.0, "other_investing_activities": 13000000.0, "net_cash_used_in_investing_activities": -1143000000.0, "issuance_of_debt": 3499000000.0, "repayment_of_debt": -2375000000.0, "issuance_of_common_stock": 25000000.0, "repurchase_of_common_stock": -666000000.0, "dividends_paid_on_common_stock": -956000000.0, "distributions_to_noncontrolling_interests": -95000000.0, "contributions_from_noncontrolling_interests": 106000000.0, "other_financing_activities": -61000000.0, "net_cash_used_in_financing_activities": -523000000.0, "free_cash_flow": 22000000.0 }, "segment_income_before_income_taxes": { "midstream": 1482000000.0, "chemicals": 133000000.0, "refining": -578000000.0, "marketing_and_specialties": 1853000000.0, "renewable_fuels": -318000000.0, "corporate_and_other": -804000000.0, "consolidating_adjustments": 0.0, "total_consolidated": 1768000000.0 } } }, "trailing_twelve_months": { "label": "Trailing twelve months ended June 30, 2026", "period_start": "2025-07-01", "period_end": "2026-06-30", "period_type": "trailing twelve months", "source_accession": "0001534701-26-000032", "derivation": "fiscal 2025 as reported in the FY2025 10-K (accession 0001534701-26-000006) plus the six months ended June 30, 2026 less the six months ended June 30, 2025, both as reported in the second-quarter 2026 10-Q (accession 0001534701-26-000032). Diluted earnings per share is struck on net income attributable to Phillips 66 over the average of the four constituent quarters' weighted-average diluted share counts, which are printed in the second-quarter 2026 earnings release supplemental data (accession 0001534701-26-000030); it is not a figure Phillips 66 reports.", "income_statement": { "sales_and_other_operating_revenues": 152167000000.0, "equity_in_earnings_of_affiliates": 1343000000.0, "net_gain_loss_on_dispositions": 2113000000.0, "other_income": 735000000.0, "total_revenues_and_other_income": 156358000000.0, "purchased_crude_oil_and_products": 132236000000.0, "operating_expenses": 7052000000.0, "selling_general_and_administrative_expenses": 2411000000.0, "depreciation_and_amortization": 2787000000.0, "impairments": 1047000000.0, "taxes_other_than_income_taxes": 701000000.0, "accretion_on_discounted_liabilities": 50000000.0, "interest_and_debt_expense": 1154000000.0, "foreign_currency_transaction_gains_losses": 37000000.0, "total_costs_and_expenses": 147475000000.0, "income_before_income_taxes": 8883000000.0, "income_tax_expense": 1691000000.0, "net_income": 7192000000.0, "net_income_attributable_to_noncontrolling_interests": 99000000.0, "net_income_attributable_to_phillips_66": 7093000000.0, "diluted_shares_derived": 404146500, "diluted_eps_derived": 17.55 }, "cash_flow": { "net_cash_provided_by_operating_activities": 8925000000.0, "capital_expenditures_and_investments": -2531000000.0, "acquisitions_net_of_cash_acquired": -1457000000.0, "return_of_investments_in_equity_affiliates": 88000000.0, "proceeds_from_asset_dispositions": 1560000000.0, "other_investing_activities": 42000000.0, "net_cash_used_in_investing_activities": -2298000000.0, "issuance_of_debt": 11785000000.0, "repayment_of_debt": -12300000000.0, "issuance_of_common_stock": 183000000.0, "repurchase_of_common_stock": -1189000000.0, "dividends_paid_on_common_stock": -1983000000.0, "distributions_to_noncontrolling_interests": -115000000.0, "contributions_from_noncontrolling_interests": 77000000.0, "other_financing_activities": -99000000.0, "net_cash_used_in_financing_activities": -3641000000.0, "free_cash_flow": 6394000000.0 }, "segment_income_before_income_taxes": { "midstream": 2711000000.0, "chemicals": 682000000.0, "refining": 3574000000.0, "marketing_and_specialties": 3069000000.0, "renewable_fuels": 441000000.0, "corporate_and_other": -1594000000.0, "consolidating_adjustments": 0.0, "total_consolidated": 8883000000.0 } }, "notes": [ "Phillips 66 is an integrated downstream energy company, reporting in five segments - Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels - plus Corporate and Other. Its income statement presents neither a gross profit nor an operating income subtotal, so the line items here follow the company's own captions, running from sales and other operating revenues through total revenues and other income, the cost and expense lines, total costs and expenses, and income before income taxes.", "This record covers exactly the periods the two filings behind it put on their face: fiscal 2025, 2024 and 2023 from the FY2025 10-K (accession 0001534701-26-000006), and the three months and six months ended June 30, 2026 and 2025 from the second-quarter 2026 10-Q (accession 0001534701-26-000032).", "Beginning October 1, 2025, Phillips 66 consolidates 100% of the Borger Refinery and the Wood River Refinery, having acquired the remaining 50% equity interest in WRB Refining LP. Before that date the 50% interest was accounted for under the equity method and only the company's proportional share was reflected in results. Earlier periods were not restated. The step-up in sales and other operating revenues, in purchased crude oil and products, and in Refining segment income from the fourth quarter of 2025 onward therefore reflects this change in what is consolidated as well as underlying trading conditions - the second quarter of 2026 is the first June quarter on the consolidated basis.", "The second-quarter 2026 10-Q presents its cash flow statement for the six months ended June 30 only; it has no three-month column. The three-month cash flow figures shown for Q2 2026 and Q2 2025 are taken instead from the cash flow information table in the second-quarter 2026 earnings release supplemental data (accession 0001534701-26-000030), which reports each quarter separately, and each quarterly period records that accession beside its cash flow block. Those quarterly amounts add exactly to the six-month totals printed in the 10-Q and, for 2025, to the full-year totals printed in the FY2025 10-K.", "On the cash flow information table in the second-quarter 2026 earnings release supplemental data (accession 0001534701-26-000030), the source for the three-month cash flow figures shown here, the \u201cIssuance of debt\u201d line is presented net: the company states it includes proceeds from borrowings, net of cash receipts and payments related to debt with an original maturity of three months or less, primarily commercial paper. Because repayments of that short-term debt are netted against borrowings on the same line, the amount can be negative, as it is for the second quarter of 2026.", "The cash flow subtotals keep the annual statement's captions - \"Net Cash Used in Investing Activities\" and \"Net Cash Used in Financing Activities\" - in every period shown, and each carries the amount with the sign the filing presents. A positive value therefore means cash provided rather than used, as in financing for the second quarter of 2025, +$1,526 million, which the earnings release supplemental data (accession 0001534701-26-000030) prints under the caption \"Net Cash Provided by (Used in) Financing Activities\".", "Free cash flow is stated as net cash provided by operating activities less the cash flow statement's \"Capital expenditures and investments\" line. That line includes investments in equity affiliates as well as spending on properties, plants and equipment, so this is a broader deduction than capital expenditures alone. Free cash flow is not a measure Phillips 66 reports.", "Total debt is short-term debt plus long-term debt as those two lines appear on the balance sheet; Phillips 66 does not print a total debt subtotal.", "Segment results are carried at income (loss) before income taxes, which is the measure of segment profit that Phillips 66's chief operating decision maker reviews. The consolidating adjustments column, which eliminates intersegment revenues and purchases, is kept as its own line so the segment figures add to the consolidated total.", "The FY2025 10-K presents three years of income statement and cash flow statement but only two balance sheets (December 31, 2025 and 2024), so the FY2023 entry carries an income statement, a cash flow statement and segment results but no balance sheet. Neither filing presents a balance sheet at June 30, 2025, so the Q2 2025 entry likewise carries none.", "The trailing-twelve-month view is derived, not reported: fiscal 2025 as filed in the 10-K plus the six months ended June 30, 2026 less the six months ended June 30, 2025, both as filed in the 10-Q. Its diluted earnings per share is struck on net income attributable to Phillips 66 over the average of the four constituent quarters' weighted-average diluted share counts.", "Phillips 66 reports in U.S. dollars and is not an American depositary receipt, and there was no stock split in any period shown, so no currency translation, depositary-ratio or split adjustment was applied. Per-share amounts and share counts are stated as the filings state them." ], "uncertainties": [ "The three-month cash flow figures for Q2 2026 and Q2 2025 are earnings release figures rather than figures presented inside the 10-Q, because the 10-Q prints no three-month cash flow column. They reconcile line by line to the 10-Q's six-month columns and to the FY2025 10-K's annual columns, but a reader comparing them with a future filing should know where they came from.", "Every trailing-twelve-month figure is arithmetic on reported periods rather than a figure Phillips 66 publishes. Its diluted earnings per share in particular uses a simple average of four quarterly weighted-average diluted share counts, which approximates a true twelve-month weighted average.", "No balance sheet is reported for June 30, 2025 or December 31, 2023; neither of the two filings behind this record presents one, so those comparisons cannot be made from here.", "Diluted earnings per share as printed is struck after allocating income to participating securities, so dividing net income attributable to Phillips 66 by the weighted-average diluted share count reproduces the printed figure to within a cent in most periods and about three cents in fiscal 2024, where the filing prints $4.99, rather than exactly." ], "headline": { "period": "Q2 FY2026", "period_end_words": "June 30, 2026", "metrics": [ { "label": "Revenue", "format": "usd", "value": 52044000000.0, "text": "$52.04 billion", "exact": "$52,044,000,000", "compact": "$52.04B", "abs": "$52.04 billion", "prior_value": 33522000000.0, "prior": "$33.52 billion", "priorabs": "$33.52 billion", "yoy": "up 55.3%", "source": { "array": "quarterly", "field": "income_statement.total_revenues_and_other_income", "index": 0, "period_label": "Q2 2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001534701-26-000032", "prior_index": 1, "prior_period_label": "Q2 2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001534701-26-000032", "gap_days": 365 } }, { "label": "Net income", "format": "usd", "value": 3847000000.0, "text": "$3.85 billion", "exact": "$3,847,000,000", "compact": "$3.85B", "abs": "$3.85 billion", "prior_value": 877000000.0, "prior": "$877 million", "priorabs": "$877 million", "yoy": "up 338.7%", "source": { "array": "quarterly", "field": "income_statement.net_income_attributable_to_phillips_66", "index": 0, "period_label": "Q2 2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001534701-26-000032", "prior_index": 1, "prior_period_label": "Q2 2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001534701-26-000032", "gap_days": 365 } }, { "label": "Diluted EPS", "format": "eps", "value": 9.55, "text": "$9.55", "exact": "$9.55", "compact": "$9.55", "abs": "$9.55", "prior_value": 2.15, "prior": "$2.15", "priorabs": "$2.15", "yoy": "up 344.2%", "source": { "array": "quarterly", "field": "income_statement.diluted_eps", "index": 0, "period_label": "Q2 2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001534701-26-000032", "prior_index": 1, "prior_period_label": "Q2 2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001534701-26-000032", "gap_days": 365 } }, { "label": "Refining segment income", "format": "usd", "value": 3062000000.0, "text": "$3.06 billion", "exact": "$3,062,000,000", "compact": "$3.06B", "abs": "$3.06 billion", "prior_value": 359000000.0, "prior": "$359 million", "priorabs": "$359 million", "yoy": "up 752.9%", "source": { "array": "quarterly", "field": "segment_income_before_income_taxes.refining", "index": 0, "period_label": "Q2 2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001534701-26-000032", "prior_index": 1, "prior_period_label": "Q2 2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001534701-26-000032", "gap_days": 365 } }, { "label": "Operating cash flow", "format": "usd", "value": 7259000000.0, "text": "$7.26 billion", "exact": "$7,259,000,000", "compact": "$7.26B", "abs": "$7.26 billion", "prior_value": 845000000.0, "prior": "$845 million", "priorabs": "$845 million", "yoy": "up 759.1%", "source": { "array": "quarterly", "field": "cash_flow.net_cash_provided_by_operating_activities", "index": 0, "period_label": "Q2 2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001534701-26-000030", "prior_index": 1, "prior_period_label": "Q2 2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001534701-26-000030", "gap_days": 365 } } ], "summary": "Phillips 66 reported $52.04 billion in total revenues and other income for Q2 FY2026, the quarter ended June 30, 2026, up 55.3% from a year earlier, and net income attributable to Phillips 66 of $3.85 billion, up 338.7% from $877 million, or $9.55 per diluted share. Most of the earnings increase came from Refining, where income before income taxes rose to $3.06 billion from $359 million on much wider market crack spreads, with a further lift from higher values of regulatory credits in Renewable Fuels. The revenue increase came primarily from higher prices for refined petroleum products and crude oil, partially offset by the December 2025 sale of a majority interest in the Germany and Austria retail marketing business, though the comparison is not like for like: the Wood River and Borger refineries were equity method investments in the year-ago quarter and have been consolidated since October 2025.", "qa": [ { "q": "How much revenue did Phillips 66 report in Q2 FY2026?", "a": "Phillips 66 reported $52.04 billion in total revenues and other income for Q2 FY2026, the quarter ended June 30, 2026. That is up 55.3% from $33.52 billion in the same quarter a year earlier, primarily on higher prices for refined petroleum products and crude oil, partially offset by the December 2025 sale of a majority interest in the Germany and Austria retail marketing business, and against a year-ago base that did not consolidate the Wood River and Borger refineries, which have been consolidated since October 2025." }, { "q": "What was Phillips 66's earnings per share in Q2 FY2026?", "a": "Phillips 66 earned $9.55 per diluted share in Q2 FY2026, against $2.15 in the same quarter a year earlier. Net income attributable to Phillips 66 was $3.85 billion for the quarter, up 338.7%." }, { "q": "Why did Phillips 66's profit increase in Q2 FY2026?", "a": "Phillips 66's net income attributable to the company rose to $3.85 billion in Q2 FY2026 from $877 million a year earlier. Most of that came from Refining, where income before income taxes increased to $3.06 billion from $359 million on much wider market crack spreads, with higher values of regulatory credits in Renewable Fuels and improved polyethylene margins at the Chemicals joint venture adding to the gain." }, { "q": "How much cash did Phillips 66 generate from operations in Q2 FY2026?", "a": "Phillips 66 generated $7.26 billion of net cash from operating activities in Q2 FY2026, against $845 million a year earlier, though a large part of the quarter's figure was a working capital release on the timing of payments and collections that reversed the build of the first quarter of 2026. The company used the cash largely to repay debt, and also funded capital spending, dividends and share repurchases in the quarter." } ] }, "company_details": { "Name": "Phillips 66", "Ticker": "PSX", "CIK": "0001534701", "Exchange": "NYSE", "State": "Texas", "Incorporation": "Delaware", "SIC": "2911", "Office": "Energy & Transportation", "Industry": "Petroleum Refining" }, "next_filing": { "predicted_date": "2026-10-28", "predicted_type": "10-Q" }, "fiscal_period": { "fiscal_year": 2026, "fiscal_period": "Q2", "tag": "FY26Q2", "period_end": "2026-06-30", "form": "10-Q", "accession": "0001534701-26-000032", "fiscal_year_end": "1231", "source": "facts" }, "source_filings": [ { "role": "annual", "current": false, "form": "10-K", "fiscal_year": 2025, "fiscal_period": "FY", "tag": "FY25", "period_end": "2025-12-31", "filed": "2026-02-20", "accession": "0001534701-26-000006", "url": "https://www.sec.gov/Archives/edgar/data/1534701/000153470126000006/0001534701-26-000006-index.htm", "source": "reported" }, { "role": "quarterly", "current": true, "form": "10-Q", "fiscal_year": 2026, "fiscal_period": "Q2", "tag": "FY26Q2", "period_end": "2026-06-30", "filed": "2026-08-05", "accession": "0001534701-26-000032", "url": "https://www.sec.gov/Archives/edgar/data/1534701/000153470126000032/0001534701-26-000032-index.htm", "source": "facts" } ] }