Phillips 66 earnings: October 28, 2026
Phillips 66’s next results are expected on October 28, 2026. For Phillips 66, the key thing to watch is whether turnaround expense, Corporate & Other costs and cash reconciliation match guidance.
What has Phillips 66 guided for 2026?
The immediate commitment is $2,370 million of capital expenditures and investments for 2026. Capital spending buys assets that last for years; sustaining capital keeps the current system working, while growth capital expands it. Midstream receives $1,100 million and Refining receives $1,080 million. Chevron Phillips Chemical Company, or CPChem, the chemicals joint venture, has a separate $680 million allocation that it is expected to fund itself.
Finally, management promises to return at least 50.0% of net operating cash flow to shareholders during 2026–2027. It also aims for total debt of $17,000 million and net debt below 30.0% of capital by 2027. Because working-capital movements are excluded from the return calculation, the targets must be met through repeatable operations. That makes analysts’ earnings expectations the next part of the story.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Total Capital Expenditures and Investments | Year to Dec 2026 | 2,370 | 2,370 | Feb 20, 2026 |
| Refining annual adjusted controllable costs per barrel (US$ per barrel) | Year to Dec 2027 | 5.50 | 5.50 | Aug 11, 2026 |
| Reduction in operating, SG&A & freight costs | Year to Dec 2027 | 500 | Aug 11, 2026 | |
| Total mid-cycle adjusted EBITDA growth in Midstream and Chemicals | Year to Dec 2027 | 1,000 | Aug 11, 2026 | |
| Net cash flow from operations returned to shareholders | 2026–2027 | 50.0% | Aug 11, 2026 | |
| Target total debt | Year to Dec 2027 | 17,000 | 17,000 | Aug 11, 2026 |
Has Phillips 66 kept its past promises?
Phillips 66 returned $13.6 billion against a stated distribution commitment of $13 billion–$15 billion through year-end 2024. It also reported $1.5 billion in annualized cost and capital reductions, while acknowledging that its net-debt-to-capital ratio exceeded its target. Annualized savings describe the yearly benefit at the achieved pace, not cash already saved for a full year.
What are Phillips 66’s last eight quarters of revenue and profit?
The second quarter of 2026 showed a genuine operating recovery, amplified by hedges and working-capital timing. Revenue rose from $33,323 million to $51,004 million against the prior-year quarter.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 51,004 | 32,540 | 34,108 | 34,515 | 33,323 | 30,430 | 33,685 | 35,528 |
| Operating income | 5,204 | 515 | 3,709 | 424 | 1,350 | 835 | 155 | 604 |
| Net income | 3,847 | 207 | 2,906 | 133 | 877 | 487 | 8 | 346 |
| EPS, diluted | 9.55 | 0.51 | 7.17 | 0.32 | 2.15 | 1.18 | 0.01 | 0.82 |
What should I watch in Phillips 66’s next results?
The next checkpoint is the October 28, 2026 results call. Investors should compare Q3 turnaround expense of $100–120 million and Corporate & Other costs of $325–350 million with actual results, then follow the cash reconciliation.