Q2 25 EPS
$2.38
BEAT +38.91%
Est. $1.71
Q2 25 Revenue
$33.52B
BEAT +3.72%
Est. $32.32B
vs S&P Since Q2 25
+32.4%
BEATING MARKET
PSX +45.6% vs S&P +13.1%
Market Reaction
Did PSX Beat Earnings? Q2 2025 Results
Phillips 66 delivered a standout second quarter, posting adjusted earnings of $2.38 per diluted share against a Wall Street consensus of $1.71, a beat of 38.91%, while revenue of $33.52 billion topped estimates by 3.72%, even as the top line declined… Read more Phillips 66 delivered a standout second quarter, posting adjusted earnings of $2.38 per diluted share against a Wall Street consensus of $1.71, a beat of 38.91%, while revenue of $33.52 billion topped estimates by 3.72%, even as the top line declined 12.0% year over year amid softer energy markets. The headline story was a dramatic swing in the Refining segment, which reversed a $937 million pre-tax loss from Q1 into $359 million in income as crack spreads improved, crude utilization climbed to 98%, the highest since 2018, and adjusted controllable costs fell to $5.46 per barrel. Midstream also contributed roughly $1 billion in adjusted EBITDA following the EPIC NGL acquisition, reinforcing Phillips 66's pivot toward more stable fee-based earnings streams. The company returned $906 million to shareholders in the quarter and declared a $1.20 per share dividend payable in September. Looking ahead, management remains on track to wind down the Los Angeles Refinery and close the Germany and Austria retail transaction by year-end, milestones that will shape how the company stacks up against refining peers heading into 2026.
Key Takeaways
- • 98% crude capacity utilization in Refining, highest since 2018
- • Lowest refining adjusted controllable cost per barrel since 2021 at $5.46 excluding turnaround expense
- • Record year-to-date clean product yield of 87%, a 2% increase from same period in 2024
- • Higher realized refining margins from improved market crack spreads
- • Midstream volume growth driven by Coastal Bend acquisition
- • NGL fractionation volumes increased to 883 MB/D from 748 MB/D sequentially
- • Y-Grade pipeline throughput increased to 956 MB/D from 704 MB/D sequentially
- • Higher marketing margins and volumes
- • Worldwide realized refining margins of $11.25/BBL in Q2 vs $6.81/BBL in Q1
- • U.S. realized marketing fuel margins rose to $2.83/BBL from $1.36/BBL sequentially
- • Adjusted EBITDA of $2,501 million in Q2 vs $736 million in Q1
PSX YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“Phillips 66 delivered strong financial and operating results across our integrated value chain, reflecting the continued execution of our strategy. During the quarter, Refining ran at the highest utilization since 2018, achieved its lowest cost per barrel since 2021, strong market capture and record year-to-date clean product yield. Our results were made possible through disciplined execution and investment.”
— Mark Lashier, Q2 2025 Earnings Press Release
PSX Earnings Trends
PSX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PSX EPS Trend
Earnings per share: estimate vs actual
PSX Revenue Trend
Quarterly revenue: estimate vs actual
PSX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $0.49 | — | $33.00B | -1.17% |
| Q4 25 BEAT FY | $1.65 | $2.47 | +50.10% | $36.33B | +11.90% |
| FY Full Year | — | $6.44 | — | $136.56B | — |
| Q3 25 BEAT | $2.14 | $2.52 | +17.55% | $34.98B | +7.78% |
| Q2 25 BEAT | $1.71 | $2.38 | +38.91% | $33.52B | +3.72% |
| Q1 25 MISS | $-0.72 | $-0.90 | -25.56% | $30.43B | -5.06% |