PSX · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A blowout quarter for Phillips 66 as net income attributable to the company more than quadrupled to $3.85B, driven overwhelmingly by a Refining segment swing from near-breakeven to $3.06B pretax on much wider crack spreads and full consolidation of WRB, with Renewable Fuels also swinging to a $544M profit on higher credit values, only partially offset by Corporate & Other costs, higher interest expense and tax.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Midstream | $785 · +7.4% |
| Chemicals | $404 · +1,920% |
| Refining | $3,062 · +753% |
| Marketing & Specialties | $583 · +2.1% |
| Renewable Fuels | $544 · vs -$133 |
| Segment Pretax Income | $5,378 · +109% |
| Corporate & Other costs | $407 · -4.9% |
| Income Before Taxes | $4,971 · +344% |
| Income Tax Expense | $1,092 · +415% |
| Noncontrolling Interests | $32 · +3.2% |
| Net Income (PSX) | $3,847 · +338% |
Verdict: a blowout quarter for Phillips 66 as net income attributable to the company more than quadrupled to $3.85B, driven overwhelmingly by a Refining segment swing from near-breakeven to $3.06B pretax on much wider crack spreads and full consolidation of WRB, with Renewable Fuels also swinging to a $544M profit on higher credit values, only partially offset by Corporate & Other costs, higher interest expense and tax.
6-mo OCF $5.0B; Q2 buyback $379M (6-mo $648M); dividend $1.27/share ($508M paid in Q2); $10B buyback authorization increase approved July 2026; total debt $20.6B (39% debt-to-capital)
Source and notation
* marks non-cash / ≈ estimated. Source: Phillips 66 press release / 10-Q (SEC EDGAR).
Open as an image: PSX, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Cite / embed this chart
Free to use in articles, research and social posts with credit to Who Reports Today and a link — licensed under CC BY 4.0 (terms).
Chart: “PSX Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/psx/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/psx/q2-2026"><img src="https://whoreportstoday.com/t/psx/q2-2026/sankey.png" alt="PSX Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/psx/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/psx/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/psx/q2-2026">PSX Q2 2026 earnings chart (Who Reports Today)</a>
This is an archived report: the image at this link won’t change. If you change the chart (crop, translate), say so in the credit. Company logos and trademarks are not covered by the license.
- Refining segment pretax income surged from $359M to $3,062M y/y, driven by a composite 3:2:1 crack spread of $41.63/bbl vs $21.65/bbl a year ago plus full consolidation of WRB (acquired Oct 2025), the single largest driver of the quarter.
- Renewable Fuels flipped from a $133M pretax loss to a $544M pretax profit, mainly from higher LCFS and RIN credit values, not volume growth.
- Chemicals (CPChem equity earnings) jumped from $20M to $404M pretax on a much wider HDPE chain margin (43.6¢/lb vs 7.4¢/lb).
- Net gain on dispositions was $117M in Q2'26 (Germany/Austria Marketing post-closing adjustment) vs a $93M loss in Q2'25 (FX hedge loss on same deal) — a modest one-off swing, much smaller than the $1B Coop gain booked in Q1'25 (six-month YTD comparison distortion).
- Effective tax rate rose to 22% from 19% y/y on state taxes/foreign mix, pushing tax expense up $880M even as it's a smaller drag than the pretax income surge.
- A $928M accrued liability for the Propel Fuels litigation judgment (on appeal) sits in other liabilities, a contingent overhang not flowing through this quarter's P&L beyond accruing post-judgment interest in SG&A.
What distorts the picture in this report and what to watch beyond the headlines.
PSX — Phillips 66 operates in the energy sector, involved in refining, marketing, and transporting petroleum products.
Based in Houston, Texas, the company also has significant interests in midstream and chemical businesses.
More reports: SLB · Q3 2026 · TPL · Q2 2026 · TRGP · Q2 2026 · VLO · Q3 2026 · WMB · Q2 2026 · XOM · Q3 2026 · APA · Q2 2026 · BKR · Q3 2026 · COP · Q2 2026 · CVX · Q2 2026 · all reports