Filing Flows › Phillips 66 (PSX) › Q1 2026
Phillips 66 (PSX) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Phillips 66 (PSX) reported revenue of $32.5B for the first quarter 2026 (Q1 2026), +7% from a year earlier and -5% from the quarter before. Operating margin was 0.8%, net earnings $207M (0.6% of revenue).
Phillips 66, Q1 2026: revenue $32.5B (+7% year over year), operating margin 0.8%, net earnings $207M, operating cash flow −$2.3B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $32.5B | -5% | +7% |
| Operating profit | $260M | -92% | -60% |
| Net earnings | $207M | -93% | -57% |
| Operating cash flow | −$2.3B | -182% | -1311% |
What changed
Revenue was $32.5B in Q1 2026, up 7% year over year and down 5% from the previous quarter. M&S was the largest line at 60% of revenue. Refining added $2.1B year over year (up 36%), 98% of the total change. Renewable Fuels declined 32%.
Operating profit was $0.26B, a 0.8% margin (down 1.3 points year over year). Operating profit fell $0.39B even though revenue rose $2.1B versus Q1 2025, so costs grew faster than sales. Total costs grew 8% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+58%). Net earnings were $0.21B, down 57% year over year. The effective tax rate was 15.8%.
Operating cash flow was −$2.3B. Non-cash charges added back $0.56B of depreciation and amortization. Working capital and other items used $3.0B. Capital expenditures of $0.58B exceeded it, leaving free cash flow of −$2.8B.
Questions
What was Phillips 66's revenue in the first quarter 2026?
Phillips 66 (PSX) reported revenue of $32.5B for the first quarter 2026 (Q1 2026), +7% from a year earlier and -5% from the quarter before.
Was Phillips 66 profitable in the first quarter 2026?
Operating profit was $260M (0.8% of revenue) and net earnings $207M.
Source: Phillips 66 10-Q on SEC EDGAR.