Filing Flows › Phillips 66 (PSX) › Q3 2026
Phillips 66 (PSX) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 28, 2026
Phillips 66 (PSX) reported revenue of $50.5B for the third quarter 2026 (Q3 2026), +46% from a year earlier and -0.9% from the quarter before. Operating margin was 14.1%, net earnings $5.6B (11.2% of revenue).
Phillips 66, Q3 2026: revenue $50.5B (+46% year over year), operating margin 14.1%, net earnings $5.6B, operating cash flow $7.3B. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $50.5B | -0.9% | +46% |
| Operating profit | $7.1B | +43% | 36× |
| Net earnings | $5.6B | +45% | 34× |
| Operating cash flow | $7.3B | +0.3% | +518% |
| Free cash flow | $6.6B | — | +936% |
What changed
Revenue was $50.5B in Q3 2026, up 46% year over year and down 1% from the previous quarter. M&S was the largest line at 63% of revenue. M&S added $9.9B year over year (up 45%), 62% of the total change. Renewable Fuels declined 7%.
Operating profit was $7.1B, a 14.1% margin (up 13.5 points year over year). Of the extra revenue versus Q3 2025, 43% reached operating profit, above the 1% margin then. Total costs grew 27% against revenue growth of 46%. The fastest-growing cost line was Cost of revenue (+35%). Net earnings were $5.6B, up 4123% year over year. The effective tax rate was 20.7%.
Operating cash flow was $7.3B (up 518% year over year), 129% of net earnings. Non-cash charges added back $0.59B of depreciation and amortization. Working capital and other items added $1.1B. Capital expenditures of $0.68B left free cash flow of $6.6B.
Questions
What was Phillips 66's revenue in the third quarter 2026?
Phillips 66 (PSX) reported revenue of $50.5B for the third quarter 2026 (Q3 2026), +46% from a year earlier and -0.9% from the quarter before.
Was Phillips 66 profitable in the third quarter 2026?
Operating profit was $7.1B (14.1% of revenue) and net earnings $5.6B.
Source: Phillips 66 10-Q on SEC EDGAR.