The massive EPS beat relative to both consensus and the company's own preliminary guidance should drive a positive stock reaction, but watch for continued refining margin volatility and high debt levels. The dividend increase signals management confidence, but sequential earnings decline and negative FCF warrant caution.
Price Chart
Executive Summary
Phillips 66 reported Q1 2026 adjusted EPS of $0.49, far exceeding consensus estimates of -$0.39, driven by better-than-expected refining margins and lower mark-to-market losses. Revenue of $32.54B slightly missed the $33.39B consensus. The company raised its dividend by 7% and maintained its debt reduction targets, though sequential earnings fell sharply from Q4 2025.
Key Financial Metrics
Key Facts
- Reported GAAP EPS $0.51, adjusted EPS $0.49 vs consensus -$0.39 (beat by 225.7%)
- Revenue $32.54B vs consensus $33.39B (miss by 2.5%)
- Adjusted EBITDA $1.268B, down from $2.532B in Q4 2025 but up from -$0.416B in Q1 2025
- Increased annualized quarterly dividend by 7%
- Mark-to-market losses of $839M pre-tax due to sharp commodity price increase
- Ended quarter with $5.15B cash and $27.1B debt (net debt-to-capital 43%)
- Operating cash flow negative $2.264B due to working capital outflows; cash flow from ops ex-working capital $699M
Financial Impact
EPS beat of $0.88 vs consensus -$0.39 (225.7%) with a slight revenue miss of $0.85B (2.5%)
Risk Factors
- Sharp commodity price volatility and mark-to-market exposure
- High debt load of $27.1B with net debt-to-capital at 43%
- Seasonal turnaround expenses and Winter Storm Fern impacts
- Declining realized refining margins YoY and sequentially
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001534701-26-000020 |
| Document: psx-2026331_ex991.htm | 0001534701-26-000020 |
| Document: psx-20260429.htm | 0001534701-26-000020 |
| Document: 0001534701-26-000020-index-headers.html | 0001534701-26-000020 |
| Document: 0001534701-26-000020-index.html | 0001534701-26-000020 |
| Document: 0001534701-26-000020.txt | 0001534701-26-000020 |
| 8-K Data (Synthetic) | 0001534701-26-000020 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 31, 2026 4w ago | Court Ruling | $246.58 $252.25 | ▲ +2.30% | ▲ +2.49% | $264.58 (+7.30%) |
Aug 13, 2026 7w ago | Insider Cluster | $232.61 $259.47 | ▲ +11.55% | ▲ +13.29% | $264.58 (+13.74%) |
Aug 12, 2026 7w ago | Insider Cluster | $232.61 $259.47 | ▲ +11.55% | ▲ +13.29% | $264.58 (+13.74%) |
Aug 11, 2026 7w ago | Insider Cluster | $224.36 $260.78 | ▲ +16.23% | ▲ +17.29% | $264.58 (+17.93%) |
Aug 5, 2026 8w ago | 8-K | $202.55 $256.09 | ▲ +26.43% | ▲ +27.03% | $264.58 (+30.62%) |
May 20, 2026 19w ago | Court Ruling | $179.34 $166.14 | ▼ −7.36% | ▼ −8.10% | $264.58 (+47.53%) |
May 20, 2026 19w ago | Court Ruling | $179.34 $166.14 | ▼ −7.36% | ▼ −8.10% | $264.58 (+47.53%) |
May 11, 2026 20w ago | 144 | $175.43 $181.72 | ▲ +3.59% | ▲ +5.31% | $264.58 (+50.82%) |
Apr 29, 2026 22w ago | 8-K | $172.24 $176.71 | ▲ +2.60% | ▼ −3.45% | $264.58 (+53.61%) |
Apr 6, 2026 25w ago | 8-K | $174.70 $178.47 | ▼ −2.16% | ▲ +7.62% | $264.58 (−51.45%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access