Phillips 66 · PSX · FY2024 Q4 · Calendar Q1 2025

Phillips 66 leans on midstream growth amid refining pressure

The supplied analysis supports a measured positive view of Phillips 66's trajectory: midstream expansion, cost reductions and capital discipline provide potential support, but refining margins, shutdown impacts, leverage and chemicals recovery remain material constraints.

Reported Before market openNYSEEnergy $113.54B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $1.23
EPS surprise — Reported versus consensus
Reported revenue — Consensus $34.64B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -2.5% Event window
SPY move -0.5% Same window
Abnormal move -1.9% Stock minus SPY
Volume 2.6× Versus trailing sessions
Subsequent drift +6.0% Up to 20 sessions
PSXSPY benchmark

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Transcript intelligence

What changed

Compared with the prior-quarter analysis, the current analysis places greater emphasis on the EPIC acquisition and a larger midstream earnings contribution, while setting more explicit debt, refining-cost and mid-cycle EBITDA objectives. The Los Angeles shutdown, renewable-fuels credit uncertainty and chemicals-margin recovery remain central risks.

Guidance delta

Current analysis says guidance was maintained; the prior-quarter analysis did not provide guidance sentiment.

Key takeaways

  • Midstream growth through EPIC, Pinnacle and organic projects is becoming a larger contributor.
  • Refining cost reductions and clean-product yields helped offset weaker crack spreads and margins.
  • Management paired growth plans with asset disposals, debt reduction and continued cash returns.

Management priorities

  • Expand midstream and chemicals earnings through acquisitions and organic projects.
  • Reduce debt toward the stated target while continuing asset disposals.
  • Lower controllable refining costs and maintain disciplined capital allocation.

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Earnings History

Estimate Beat Miss Match
PSX EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $2.35 Q4 '23 actual $3.09, beat Q1 '24 estimate $2.17 Q1 '24 actual $1.90, miss Q2 '24 estimate $1.98 Q2 '24 actual $2.31, beat Q3 '24 estimate $1.71 Q3 '24 actual $2.04, beat Q2 '25 estimate $1.72 Q2 '25 actual $2.38, beat Q3 '25 estimate $2.14 Q3 '25 actual $2.52, beat Q4 '25 estimate $2.15 Q4 '25 actual $2.47, beat Q1 '26 estimate $-0.54 Q1 '26 actual $0.49, beat Q2 '26 estimate $7.50 Q2 '26 actual $9.41, beat Q3 '26 estimate $11.73 Q4 '26 estimate $5.34 Q1 '27 estimate $4.14
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Analyst Consensus ?

ConsensusHold34 ratings
Bullish1852.9%
Neutral1441.2%
Bearish25.9%

Analyst 52W Price Targets

$283.18Current
$48Low
$197.07Average
$345High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 25, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
TD Cowen Buy BuyMaintainOct 22, 2026
Wells Fargo Overweight OverweightMaintainOct 14, 2026
Citigroup Neutral NeutralMaintainOct 13, 2026
Evercore ISI Group Outperform OutperformMaintainOct 12, 2026
Barclays Equal Weight Equal WeightMaintainOct 12, 2026
Show 29 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $283.18. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Raymond JamesAnalyst unavailable$335$293.81 +18.3%Oct 19, 2026
Wells FargoSam Margolin$345$292.73 +21.8%Oct 14, 2026
JefferiesAnalyst unavailable$276$278.18 -2.5%Oct 11, 2026
Mizuho SecuritiesNitin Kumar$300$271.62 +5.9%Oct 8, 2026
Goldman SachsNeil Mehta$274$255.31 -3.2%Oct 1, 2026
See 74 more

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Company context

Snapshot as of publication

Phillips 66 operates as a diversified energy company, specializing in both manufacturing and logistics. Its comprehensive business model is structured across four primary segments: Midstream, Chemicals, Refining, and Marketing & Specialties (M&S). The Midstream division manages the vital infrastructure for transporting and processing various energy commodities. This includes moving crude oil and other feedstocks, delivering refined petroleum products to market, offering terminaling and storage solutions, and handling natural gas liquids (NGLs) through processes like transportation, storage, fractionation, export, and marketing. It also provides fee-based processing services and oversees the gathering, processing, transportation, and marketing of natural gas. The Chemicals segment is dedicated to the production and distribution of a broad spectrum of chemical products.…

Historical context

All PSX earnings

Energy peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
SLB Slb N.V. FY2026 Q3 · Calendar Q4 2026 +3.7% +7.1% SLB Q3 2026: Growth Broadens Beyond Core Oilfield
E Eni S.p.A. FY2026 Q3 · Calendar Q4 2026 +13.9% +4.3% Eni pairs upstream growth with record shareholder returns and transition progress
VLO Valero Energy Corporation FY2026 Q3 · Calendar Q4 2026 +12.9% -2.4% Valero Q3: Record Profitability, Strong Cash Generation and Execution Risks

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-01-17T00:04:44.363398+00:00
  3. Polygon adjusted daily market bars · 2026-10-25T07:30:43.945552+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-25T07:30:43.942666+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-25. For educational purposes only; not investment advice.