Phillips 66 · PSX · Next earnings

Phillips 66 reports Wednesday, Oct 28, 2026

PSX reports before market open with consensus EPS at $10.61 and revenue at $41.57B. Last quarter: PSX Q1 2026: EPS Beat Amid $839M MTM Loss, 138% Market Capture Sustains Cash Flow

Reports Before market open38 days awayDate estimated Energy

What the street expects

Consensus for the coming report
Consensus EPS $10.61 Calendar consensus
Consensus revenue $41.57B Calendar consensus
Report date Oct 28, 2026 Wednesday, date estimated
Session Before market open 38 days away

Where PSX left off: FY2026 Q1

Full report

PSX Q1 2026: EPS Beat Amid $839M MTM Loss, 138% Market Capture Sustains Cash Flow

EPS surprise +190.3% Reported $0.49 vs $-0.54
Revenue surprise -8.0% Reported $33.00B vs $35.86B
Stock move +5.1% Event window
Subsequent drift +1.9% Up to 20 sessions

Guidance was maintained overall. Capex outlook moved from increasing (Q4 2025) to stable (Q1 2026). The $2.4 billion annual capital program target from Q4 2025 was not contradicted. Debt reduction targets were refined to $19 billion by year-end 2026 and $17 billion by 2027. The over-50% cash-flow return to shareholders commitment was reaffirmed. Western Gateway pipeline FID was targeted for mid-to-late summer 2026 with a Kinder Morgan JV and 2029 service start. The midstream EBITDA goal of $4.5 billion by 2027 (stated in Q4 2025) was not explicitly updated but was not walked back.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Continued commodity price volatility may drive further mark-to-market losses on hedge positions.
  • High debt levels and reliance on margin collateral for derivative positions create balance-sheet sensitivity.
  • Q2 utilization may decline due to turnarounds and backwardated crude curves.
  • Regulatory exposure around renewable diesel RINs and Jones Act waivers.
  • Geopolitical risks affecting global refining capacity and feedstock supply.

Questions analysts left open

  • Sustainability of the 138% market-capture rate into Q2 and beyond.
  • Details and timing of mark-to-market adjustments by segment.
  • Debt trajectory and ability to meet the $17 billion target by 2027.
  • Impact of turnaround expenses and working-capital usage on cash flow.
  • Progress and FID timeline for the Western Gateway pipeline.

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Recent PSX quarters

All PSX earnings
+5.1%FY2026 Q1

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q1

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.