Q1 26 EPS
$0.49
Q1 26 Revenue
$33.00B
MISS 1.17%
Est. $33.39B
vs S&P Since Q1 26
+5.9%
BEATING MARKET
PSX +6.2% vs S&P +0.3%
Market Reaction
Did PSX Beat Earnings? Q1 2026 Results
Phillips 66 delivered a sharply better-than-expected first quarter, posting adjusted EPS of $0.49 against a consensus estimate of negative $0.39, a beat of 225.67%, as the company swung from a year-ago adjusted loss of $368 million to adjusted earnin… Read more Phillips 66 delivered a sharply better-than-expected first quarter, posting adjusted EPS of $0.49 against a consensus estimate of negative $0.39, a beat of 225.67%, as the company swung from a year-ago adjusted loss of $368 million to adjusted earnings of $200 million. Revenue came in at $33.00 billion, up 8.2% year over year but fractionally below the $33.39 billion consensus estimate, a slim miss that did little to obscure the broader improvement in operating performance. The single biggest distortion in the quarter was $839 million in mark-to-market losses on derivative hedges tied to rising commodity prices, a timing mismatch under LIFO accounting that weighed on Refining, Marketing and Specialties, and Renewable Fuels without reflecting the corresponding gain in physical inventory value. Adjusted EBITDA reached $1.27 billion, up from $736 million in Q1 2025, supported by worldwide realized refining margins of $10.11 per barrel versus $6.81 a year earlier and a stable Midstream segment. Looking ahead, management pointed to the Iron Mesa gas plant startup in Q1 2027 and full operations at the Golden Triangle and Ras Laffan polymer projects as key growth catalysts.
Key Takeaways
- • $839 million in mark-to-market losses on short derivative positions from commodity price increases, not offset by LIFO-based physical inventory gains
- • Midstream adjusted pre-tax income declined due to Winter Storm Fern volume impacts, customer recontracting, and accelerated depreciation at a Permian Basin gas plant
- • Refining operated at 95% crude capacity utilization with 87% clean product yield
- • Chemicals adjusted pre-tax income increased due to higher margins and equity earnings partially offset by lower volumes and turnaround expense
- • Refining adjusted pre-tax income decreased mainly due to lower margins and volumes from mark-to-market impacts and planned turnaround activities
- • Marketing and Specialties adjusted pre-tax loss driven by mark-to-market impacts
- • Renewable Fuels loss increased due to mark-to-market impacts partially offset by higher credits
- • Corporate and Other loss widened due to $43 million in costs associated with idled Los Angeles and San Francisco refineries
- • Worldwide realized refining margins of $10.11/bbl vs $6.81/bbl in Q1 2025
- • Adjusted EBITDA of $1,268 million vs $736 million in Q1 2025
- • Effective tax rate of 15.9% vs 18.8% in Q1 2025
PSX Forward Guidance & Outlook
Phillips 66 remains committed to previously stated shareholder return and debt reduction targets. The company expects full operations for the Golden Triangle Polymers Project and Ras Laffan Polymers Project in 2027, and the Iron Mesa gas plant (300 MMCFD design capacity) is on schedule for startup in Q1 2027. The Western Gateway Pipeline was advanced following a successful second open season. In April 2026, the company completed the Lindsey Oil Refinery acquisition to enhance its U.K. integrated business. Management expressed confidence in navigating market volatility through its integrated business model and balance sheet strength.
PSX YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“We are confident in our ability to navigate market volatility due to our integrated business and the strength of our balance sheet. Backed by disciplined execution and strong operating performance, we remain well positioned to provide energy to the global market.”
— Mark Lashier, Q1 2026 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% |