Q4 25 EPS
$2.47
BEAT +50.10%
Est. $1.65
Q4 25 Revenue
$36.33B
BEAT +11.90%
Est. $32.47B
vs S&P Since Q4 25
+7.7%
BEATING MARKET
PSX +14.0% vs S&P +6.4%
Full Year 2025 Results
FY 25 EPS
$6.44
FY 25 Revenue
$136.56B
Market Reaction
Did PSX Beat Earnings? Q4 2025 Results
Phillips 66 delivered a standout Q4 2025, posting adjusted earnings of $2.47 per diluted share against a consensus estimate of $1.65, a 50.10% beat, while revenue of $36.33 billion ran 11.90% ahead of expectations and climbed 19.1% year over year. Th… Read more Phillips 66 delivered a standout Q4 2025, posting adjusted earnings of $2.47 per diluted share against a consensus estimate of $1.65, a 50.10% beat, while revenue of $36.33 billion ran 11.90% ahead of expectations and climbed 19.1% year over year. The outperformance was anchored by a sweeping portfolio transformation: the company completed its acquisition of the remaining 50% stake in WRB Refining LP on October 1, gaining full ownership of two major refineries, while simultaneously selling a 65% interest in its Germany and Austria retail marketing business, a transaction that generated a $1.98 billion net gain in the quarter. Midstream was a particular bright spot, with NGL transportation and fractionation volumes each exceeding 1 million barrels per day. The refining segment also delivered record 88% clean product yield at 99% crude utilization. Looking ahead, management set a $2.40 billion capital budget for 2026, emphasizing debt reduction and shareholder returns, a disciplined posture that will be closely watched as investors weigh refining strategies across the sector.
Key Takeaways
- • Record NGL transportation and fractionation volumes exceeding 1 MMBD each
- • Record clean product yield of 88% in Refining
- • 99% crude capacity utilization in Refining
- • WRB acquisition adding full ownership of Wood River and Borger refineries
- • Partial disposition of Germany and Austria retail marketing business generating $2.0 billion pre-tax gain
- • Midstream adjusted pre-tax income increased due to higher volumes
- • Refining adjusted pre-tax income benefited from WRB consolidation
- • Worldwide realized refining margins of $12.48/BBL in Q4 2025 versus $6.08/BBL in Q4 2024
- • International marketing income surged due to net gain on European asset dispositions
- • Refining adjusted controllable costs of $6.67/BBL in Q4 on adjusted total processed inputs basis
PSX YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“2025 was a transformative year for Phillips 66. We sold the majority of our European retail business, acquired the remaining 50% interest in WRB, and improved our Midstream competitive position with the acquisition of Coastal Bend and expansion of Dos Picos II.”
— Mark Lashier, Q4 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% |