PSX Q1 2026 Net Income $207M, EPS $0.51; Revenue $32.54B
Phillips 66 reported Q1 2026 net income attributable to Phillips 66 of $207 million, or $0.51 per share, a decrease from $487 million and $1.19 per share in Q1 2025, despite a rise in sales and other operating revenues to $32.54 billion. The company significantly increased its short-term debt to $8.45 billion and utilized a new $2.25 billion term loan. Operating cash flow was negative $2.26 billion, while financing activities provided $6.92 billion, leading to a substantial increase in cash and cash equivalents. The company also transferred $2.97 billion in gross PP&E related to the idled Los Angeles Refinery.
Key Highlights
- Net Income Attributable to PSX: $207M in Q1 2026, down from $487M in Q1 2025.
- Diluted EPS: $0.51 in Q1 2026, down from $1.18 in Q1 2025.
- Sales and other operating revenues: $32.54B in Q1 2026, up from $30.43B in Q1 2025.
- Net cash used in operating activities: $(2.26B) in Q1 2026, compared to $187M provided in Q1 2025.
- Entered $2.25B term loan agreement on March 18, 2026, with entire amount borrowed.
- Commercial paper borrowings: $5B outstanding at March 31, 2026, up from $200M.
- Transferred $2.97B gross PP&E from Refining to Corporate and Other for idled Los Angeles Refinery.
Price Impact
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