Phillips 66 · PSX · FY2025 Q2 · Calendar Q3 2025
Phillips 66 posts strong refining quarter; Midstream stays on plan
The quarter supports a constructive operating case: record refining performance, $1 billion of Midstream adjusted EBITDA, and continued shareholder returns point to resilient execution. The case remains conditional on debt reduction, Midstream delivery, chemicals margins, renewable-fuels economics, and strategic execution.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Refining performance improved to record utilization and clean product yields, while Midstream reached $1 billion of adjusted EBITDA. Coastal Bend integration and expansion progressed, Dos Picos II came online ahead of schedule and on budget, and management disclosed plans to cease Los Angeles refinery operations in Q4 and shift to gasoline imports.
Guidance delta
Maintained.
Key takeaways
- Record refining performance drove the highest utilization since 2018 and the lowest adjusted cost per barrel since 2021.
- Midstream delivered $1 billion adjusted EBITDA, keeping the company on track for its $4.5 billion 2027 target.
- Shareholder returns exceeded $900 million, with management committed to returning more than 50% of net operating cash flow.
- Management remains open to strategic alternatives while focusing on organic growth and operational execution.
Management priorities
- Continue organic Midstream growth toward $4.5 billion EBITDA by 2027.
- Complete the second phase of Coastal Bend expansion toward 350 kb/d capacity.
- Optimize refining operations to push adjusted cost per barrel below $5.50 annually.
- Maintain disciplined capital allocation with more than 50% of cash flow returned to shareholders.
- Explore strategic alternatives and possible divestitures of non-core assets.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 10, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Mizuho | Neutral | Outperform | Downgrade | Oct 8, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 1, 2026 |
| TD Cowen | Buy | Buy | Maintain | Sep 30, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Sep 17, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Sep 14, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Sep 14, 2026 |
| UBS | Buy | Buy | Maintain | Sep 8, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Sep 3, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 1, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 6, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Aug 6, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 14, 2026 |
| Jefferies | Hold | Hold | Maintain | Jul 9, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Apr 22, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jan 13, 2026 |
| Freedom Capital Markets | Sell | Hold | Downgrade | Jan 6, 2026 |
| Freedom Broker | Sell | Hold | Downgrade | Jan 6, 2026 |
| B of A Securities | Neutral | Buy | Downgrade | Sep 3, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jan 3, 2025 |
| Argus Research | Buy | Buy | Maintain | May 30, 2024 |
| RBC Capital | Outperform | Outperform | Maintain | May 4, 2023 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Dec 28, 2021 |
| Credit Suisse | Outperform | Outperform | Maintain | May 12, 2021 |
| CFRA | Buy | Buy | Maintain | Mar 20, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Jan 7, 2020 |
| Macquarie | Outperform | Outperform | Maintain | Sep 5, 2019 |
| U.S. Capital Advisors | Buy | Overweight | Maintain | Nov 16, 2018 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| Deutsche Bank | Hold | Hold | Maintain | Mar 19, 2018 |
| Scotia Howard Weil | Sector Outperform | Sector Perform | Upgrade | Sep 28, 2017 |
| PiperJaffray | Neutral | Neutral | Maintain | Sep 16, 2016 |
| Oppenheimer | Outperform | Perform | Upgrade | May 27, 2015 |
| Gilford Securities | Neutral | Buy | Downgrade | Mar 31, 2015 |
| Tudor Pickering | Accumulate | Buy | Maintain | Apr 15, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $278.18. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Nitin Kumar | $300 | $271.62 | +7.8% | Oct 8, 2026 |
| Goldman Sachs | Neil Mehta | $274 | $255.31 | -1.5% | Oct 1, 2026 |
| BMO Capital | Analyst unavailable | $310 | $264.63 | +11.4% | Sep 17, 2026 |
| Raymond James | Analyst unavailable | $300 | $261.61 | +7.8% | Sep 14, 2026 |
| Morgan Stanley | Analyst unavailable | $284 | $263.86 | +2.1% | Sep 14, 2026 |
| UBS | Manav Gupta | $300 | $255.09 | +7.8% | Sep 8, 2026 |
| Piper Sandler | Analyst unavailable | $264 | $256.09 | -5.1% | Sep 3, 2026 |
| Wells Fargo | Analyst unavailable | $335 | $246.58 | +20.4% | Sep 1, 2026 |
| Piper Sandler | John Royall | $209 | $203.91 | -24.9% | Aug 10, 2026 |
| Wells Fargo | Sam Margolin | $239 | $202.55 | -14.1% | Aug 6, 2026 |
| Barclays | Theresa Chen | $216 | $202.55 | -22.4% | Aug 6, 2026 |
| UBS | Manav Gupta | $235 | $205.78 | -15.5% | Jul 27, 2026 |
| Piper Sandler | Analyst unavailable | $208 | $211.41 | -25.2% | Jul 23, 2026 |
| Goldman Sachs | Neil Mehta | $235 | $212.27 | -15.5% | Jul 22, 2026 |
| Raymond James | Analyst unavailable | $235 | $194.4 | -15.5% | Jul 13, 2026 |
| Jefferies | Analyst unavailable | $207 | $189.64 | -25.6% | Jul 9, 2026 |
| Barclays | Analyst unavailable | $183 | $188.68 | -34.2% | Jul 9, 2026 |
| UBS | Manav Gupta | $212 | $173.71 | -23.8% | Jun 15, 2026 |
| Morgan Stanley | Joe Laetsch | $196 | $178.1 | -29.5% | Jun 12, 2026 |
| Mizuho Securities | Nitin Kumar | $212 | $173.88 | -23.8% | May 27, 2026 |
| Goldman Sachs | Analyst unavailable | $207 | $182.38 | -25.6% | May 19, 2026 |
| Morgan Stanley | Analyst unavailable | $180 | $175.72 | -35.3% | Apr 30, 2026 |
| Morgan Stanley | Analyst unavailable | $174 | $159.53 | -37.5% | Apr 24, 2026 |
| Piper Sandler | Ryan Todd | $177 | $168 | -36.4% | Apr 8, 2026 |
| Barclays | Analyst unavailable | $158 | $155.41 | -43.2% | Feb 20, 2026 |
| Jefferies | Analyst unavailable | $158 | $155.41 | -43.2% | Feb 20, 2026 |
| UBS | Analyst unavailable | $172 | $158.31 | -38.2% | Feb 6, 2026 |
| BMO Capital | Phillip Jungwirth | $170 | $158.38 | -38.9% | Feb 6, 2026 |
| Morgan Stanley | Analyst unavailable | $147 | $154.69 | -47.2% | Feb 5, 2026 |
| Piper Sandler | Analyst unavailable | $156 | $154.69 | -43.9% | Feb 5, 2026 |
| Scotiabank | Paul Cheng | $140 | $140.08 | -49.7% | Jan 16, 2026 |
| Mizuho Securities | Analyst unavailable | $152 | $138.8 | -45.4% | Jan 12, 2026 |
| Barclays | Analyst unavailable | $142 | $142.16 | -49.0% | Jan 12, 2026 |
| Piper Sandler | Analyst unavailable | $153 | $142.16 | -45.0% | Jan 12, 2026 |
| Mizuho Securities | Analyst unavailable | $150 | $143.37 | -46.1% | Dec 12, 2025 |
| Piper Sandler | Analyst unavailable | $171 | $139.42 | -38.5% | Dec 5, 2025 |
| UBS | Manav Gupta | $160 | $138.4 | -42.5% | Nov 10, 2025 |
| Piper Sandler | Analyst unavailable | $159 | $138 | -42.8% | Oct 30, 2025 |
| Wells Fargo | Analyst unavailable | $162 | $138 | -41.8% | Oct 30, 2025 |
| Raymond James | Analyst unavailable | $150 | $129.13 | -46.1% | Oct 17, 2025 |
| Barclays | Analyst unavailable | $132 | $132.92 | -52.5% | Oct 7, 2025 |
| Morgan Stanley | Analyst unavailable | $140 | $134.94 | -49.7% | Oct 3, 2025 |
| Piper Sandler | Ryan Todd | $155 | $139.46 | -44.3% | Sep 29, 2025 |
| Raymond James | Analyst unavailable | $145 | $132.29 | -47.9% | Sep 9, 2025 |
| Morgan Stanley | Joe Laetsch | $128 | $127.51 | -54.0% | Jul 16, 2025 |
| Raymond James | Justin Jenkins | $142 | $129.01 | -49.0% | Jul 15, 2025 |
| Scotiabank | Paul Cheng | $133 | $131.71 | -52.2% | Jul 11, 2025 |
| Piper Sandler | Ryan Todd | $148 | $134.39 | -46.8% | Jul 10, 2025 |
| J.P. Morgan | Ella Smith | $115 | $124.82 | -58.7% | Jun 18, 2025 |
| Goldman Sachs | Analyst unavailable | $132 | $124.72 | -52.5% | Mar 27, 2025 |
| Mizuho Securities | Nitin Kumar | $140 | $115.19 | -49.7% | Jan 13, 2025 |
| Barclays | Theresa Chen | $115 | $115.19 | -58.7% | Jan 13, 2025 |
| Piper Sandler | Ryan Todd | $144 | $132.31 | -48.2% | Oct 17, 2024 |
| Bank of America Securities | Jean Ann Salisbury | $156 | $132.31 | -43.9% | Oct 17, 2024 |
| Mizuho Securities | Nitin Kumar | $160 | $135.85 | -42.5% | Jun 20, 2024 |
| Piper Sandler | Ryan Todd | $170 | $143.66 | -38.9% | May 14, 2024 |
| Mizuho Securities | Nitin Kumar | $162 | $165.41 | -41.8% | Apr 12, 2024 |
| Wells Fargo | Roger Read | $179 | $170.75 | -35.7% | Apr 8, 2024 |
| Piper Sandler | Ryan Todd | $187 | $170.68 | -32.8% | Apr 5, 2024 |
| Raymond James | Justin Jenkins | $140 | $133.21 | -49.7% | Jan 10, 2024 |
| RBC Capital | Analyst unavailable | $132 | $102.06 | -52.5% | Feb 8, 2023 |
| Raymond James | Analyst unavailable | $135 | $102.09 | -51.5% | Jan 13, 2023 |
| Wells Fargo | Analyst unavailable | $127 | $102.18 | -54.3% | Jan 5, 2023 |
| Piper Sandler | Analyst unavailable | $137 | $100.64 | -50.8% | Dec 19, 2022 |
| Raymond James | John Freeman | $48 | $102.07 | -82.7% | Dec 13, 2022 |
| RBC Capital | Analyst unavailable | $131 | $106.24 | -52.9% | Nov 10, 2022 |
| Goldman Sachs | Neil Mehta | $109 | $90.51 | -60.8% | Jun 21, 2022 |
| RBC Capital | Analyst unavailable | $106 | $89.94 | -61.9% | May 3, 2022 |
| Wells Fargo | Analyst unavailable | $114 | $86.76 | -59.0% | May 2, 2022 |
| Raymond James | Analyst unavailable | $107 | $86.76 | -61.5% | May 2, 2022 |
| Wells Fargo | Analyst unavailable | $103 | $88.87 | -63.0% | Apr 21, 2022 |
| Piper Sandler | Ryan Todd | $119 | $87.16 | -57.2% | Apr 18, 2022 |
| Cowen & Co. | Jason Gabelman | $78 | $73.15 | -72.0% | Dec 28, 2021 |
| Bank of America Securities | Doug Leggate | $102 | $80.95 | -63.3% | Oct 19, 2021 |
| Citigroup | Prashant Rao | $80 | $76.66 | -71.2% | Oct 6, 2021 |
| Credit Suisse | Manav Gupta | $95 | $81.54 | -65.8% | May 12, 2021 |
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Start freeCompany context
Snapshot as of publicationPhillips 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.…
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-10-10T05:40:41.915684+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-10T05:40:41.912923+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 2026-10-10. For educational purposes only; not investment advice.