| Metric | Value ($ M) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 50.5K | 0.9% | 46.4% |
| Total Income | 50.5K | 0.9% | 46.4% |
| Expenditure | 43.5K | 5.7% | 26.5% |
| PBT | — | ||
| Net Profit | 5.6K | 46.0% | 4122.6% |
| OPM | — | ||
| NPM | 11.11% | 3.57pp | 10.73pp |
| EPS | 14.14 | 47.5% | 4318.8% |
Phillips 66 Reports Strong Third-Quarter 2026 Financial and Operating Results
28 Oct 2026 · 1d ago, 4:21 pm
Summary
Phillips 66 announced strong third-quarter 2026 financial and operating results, reporting earnings of $5.6 billion and adjusted earnings of $5.6 billion, or $14.08 per diluted share. The company highlighted robust refining utilization at 98% and record distillate yield, alongside significant midstream operational achievements. Management emphasized the company's disciplined approach to capital allocation, targeting over 50% of net operating cash flow for shareholder returns and reinforcing its commitment to sustainable dividend growth.
Key Highlights
- 1
Phillips 66 reported third-quarter earnings and adjusted earnings of $5.6 billion or $14.08 per share.
- 2
The company achieved a refining utilization of 98% with record Central Corridor processed inputs of 848 MBD.
- 3
Third-quarter saw a record distillate yield of 41% and a clean product yield of 86%.
- 4
Midstream operations reported fractionation volumes of 1 MMBD and wellhead volumes of 4.6 Bcf/D, with 105% utilization at the Freeport LPG export dock.
- 5
Phillips 66 returned $2.8 billion to shareholders in the third quarter through dividends and share repurchases.
- 6
Total debt decreased by $2.0 billion to $18.5 billion, and net debt decreased by $3.8 billion to $12.7 billion.
Management Comments
Mark Lashier
Phillips 66 delivered strong operating performance in the third quarter and is executing on its financial and operating commitments. Our integrated portfolio, commercial capabilities and focus on continuous improvement enable the company to create value for stakeholders. The company remains steadfast in its disciplined approach to capital allocation. We target returning more than 50% of net operating cash flow to shareholders and delivering attractive, sustainable dividend growth across commodity cycles. Our recently announced second dividend increase of 2026 reinforces the company’s commitment to prudent long-term returns of capital.
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