Phillips 66 Q2 2026: $9.55 a share as refining margins surge
Phillips 66's second quarter was a blowout: net income of $3.847 billion, or $9.55 a share GAAP, against a consensus estimate of $7.5136, on revenue of $51.00 billion. Read it as a margin quarter, not a growth quarter — refining realized margin jumped to $24.08 a barrel from $10.11 in the first quarter, and total debt fell $6.6 billion to $20.6 billion.
1 · Expected vs. Actual
Free preview belowGAAP earnings per share of $9.55 and adjusted earnings per share of $9.41 both cleared the $7.5136 consensus estimate, GAAP by roughly 27.1%. Net income of $3.847 billion compares with $207 million in the first quarter and $877 million a year ago, and refining pre-tax income of $3.062 billion did most of the work.
Revenue of $51.00 billion rose 52.1% from $33.52 billion a year earlier, the largest top line among the quarters shown here. Refined petroleum products and renewable fuels supplied $36.98 billion of it, crude oil $8.26 billion, natural gas liquids $4.65 billion and other product lines $1.12 billion.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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