Earnings Releases·Oct 28, 2026, 6:47 AM ET

Phillips 66 — Third Quarter 2026 Earnings Summary

Reported third-quarter 2026 earnings of $5.6 billion ($14.08 per diluted share), a significant increase from $3.8 billion ($9.55 per share) in the second quarter of 2026, driven by record refining realized margins of $38.00 per barrel and 98% utilization.
Adjusted EBITDA rose to $8.1 billion from $5.9 billion in the prior quarter, while capital expenditures decreased to $680 million and total debt was reduced by $2.0 billion to $18.5 billion, improving the debt-to-capital ratio to 34%.
Management targets returning over 50% of net operating cash flow to shareholders, highlighted by a second dividend increase in 2026 and $2.8 billion in total capital returns, including $2.3 billion in stock repurchases.
Strategic project timelines include the Coastal Bend expansion ramping to 350 MBD in early 2027, with the Golden Triangle and Ras Laffan polymers projects reaching full operations in 2027 and the Western Gateway Pipeline entering service in 2029.
The company completed the acquisition of the remaining 50% interest in WRB Refining LP in October 2025, delivering over $50 million in near-term synergies, while other segments including Midstream, Chemicals, and Renewable Fuels reported lower pre-tax incomes due to margin compression.