Phillips 66 Q3 FY2026: refining lifts EPS to $14.08, 18.9% above consensus
Phillips 66 beat the $11.84 consensus EPS estimate by 18.9%, earning $14.08 a share on $50.54 billion of revenue as realized refining margin jumped 57.8% to $38.00 per barrel. Revenue slipped 0.9% quarter over quarter even as profit more than doubled. This is a refining-cycle quarter, not a broad-based one: four of the five operating segments earned less than in Q2, so read the segment table before the headline.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $14.08 beat the $11.84 consensus by $2.24, or 18.9%, and adjusted EPS also came in at $14.08, so none of the beat rests on special-item add-backs. Refining adjusted pre-tax income of $6.06 billion provided $2.97 billion of the quarter-over-quarter increase. Everything else was smaller or worse: Midstream $702 million, Chemicals $311 million, Marketing and Specialties $245 million, Renewable Fuels $191 million.
Revenue of $50.54 billion was 0.9% below Q2's $51.00 billion but 46.4% above the $34.52 billion booked in Q3 2025, a comparison distorted by consolidating 100% of the WRB refineries from October 1, 2025. The real story is price, not volume: realized refining margin rose 57.8% to $38.00 per barrel on 98% crude capacity utilization. Refined petroleum products and renewable fuels supplied $38.87 billion of the total.
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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 2026-11-03
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