Filing Flows › Phillips 66 (PSX) › Q2 2026
Phillips 66 (PSX) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 5, 2026
Phillips 66 (PSX) reported revenue of $51.0B for the second quarter 2026 (Q2 2026), +53% from a year earlier and +57% from the quarter before. Operating margin was 9.7%, net earnings $3.9B (7.6% of revenue).
Phillips 66, Q2 2026: revenue $51.0B (+53% year over year), operating margin 9.7%, net earnings $3.9B, operating cash flow $7.3B. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $51.0B | +57% | +53% |
| Operating profit | $5.0B | 19× | +344% |
| Net earnings | $3.9B | 18× | +327% |
| Operating cash flow | $7.3B | — | +759% |
| Free cash flow | $6.5B | — | 25× |
What changed
Revenue was $51.0B in Q2 2026, up 53% year over year and up 57% from the previous quarter. Refined petroleum products and renewable fuels was the largest line at 72% of revenue. Refined petroleum products and renewable fuels added $12.8B year over year (up 53%), 72% of the total change.
Operating profit was $5.0B, a 9.7% margin (up 6.4 points year over year). Of the extra revenue versus Q2 2025, 22% reached operating profit, above the 3% margin then. Total costs grew 43% against revenue growth of 53%. The fastest-growing cost line was Cost of revenue (+50%). Net earnings were $3.8B, up 339% year over year. The effective tax rate was 22.0%.
Operating cash flow was $7.3B (up 759% year over year), 187% of net earnings. Non-cash charges added back $0.58B of depreciation and amortization. Working capital and other items added $2.8B. Capital expenditures of $0.73B left free cash flow of $6.5B.
Questions
What was Phillips 66's revenue in the second quarter 2026?
Phillips 66 (PSX) reported revenue of $51.0B for the second quarter 2026 (Q2 2026), +53% from a year earlier and +57% from the quarter before.
Was Phillips 66 profitable in the second quarter 2026?
Operating profit was $5.0B (9.7% of revenue) and net earnings $3.9B.
Source: Phillips 66 10-Q on SEC EDGAR.