Q3 25 EPS
$2.52
BEAT +17.55%
Est. $2.14
Q3 25 Revenue
$34.98B
BEAT +7.78%
Est. $32.45B
vs S&P Since Q3 25
+24.0%
BEATING MARKET
PSX +30.0% vs S&P +6.0%
Market Reaction
Did PSX Beat Earnings? Q3 2025 Results
Phillips 66 delivered a strong third-quarter 2025 beat, with adjusted earnings per share of $2.52 clearing the $2.14 consensus estimate by 17.55%, while revenue of $34.98 billion topped expectations by 7.78%, even as sales slipped 0.9% year over year… Read more Phillips 66 delivered a strong third-quarter 2025 beat, with adjusted earnings per share of $2.52 clearing the $2.14 consensus estimate by 17.55%, while revenue of $34.98 billion topped expectations by 7.78%, even as sales slipped 0.9% year over year. The standout driver behind the adjusted results was a combination of record operational execution and sharply improved refining margins: the company ran its refineries at 99% crude capacity utilization, the highest quarterly rate since 2018, while worldwide realized refining margins climbed to $12.15 per barrel. On a GAAP basis, however, earnings fell to just $0.32 per diluted share, weighed down by $948 million in impairments tied to the company's equity stake in WRB Refining LP ahead of its full acquisition, and $241 million in legal accruals. Midstream also set volume records in NGL fractionation and Y-grade pipeline throughput, underscoring why the competitive refining landscape remains closely watched. Phillips 66 returned $751 million to shareholders during the quarter.
Key Takeaways
- • 99% refining capacity utilization — highest quarterly since 2018
- • Record year-to-date clean product yield of 87%
- • Record Y-grade throughput of 999 MBD and fractionation volumes of 930 MBD
- • Chemicals operated at 104% olefins and polyolefins utilization
- • Higher realized refining margins driven by higher market crack spreads
- • Chemicals pre-tax income increased due to higher margins and lower turnaround costs
- • Worldwide realized refining margins of $12.15/BBL in Q3 2025 vs $6.08/BBL in Q4 2024
- • Refining turnaround expenses declined to $0.33/BBL from $0.44/BBL sequentially
PSX YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“Our third quarter results reflect our continued commitment to world-class operations. Our Refining and Midstream businesses both set records with year-to-date clean product yield and fractionation volumes, respectively. Additionally, our Chemicals business operated at over 100% utilization and generated solid returns in a challenging market.”
— Mark Lashier, Q3 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% |