Phillips 66 Q1 reported profit of $487 million, but adjusted loss was $368 million
Phillips 66 reported first-quarter 2025 earnings of $487 million, or $1.18 per diluted share, compared with $8 million in the fourth quarter of 2024. Reported results include a $1.085 billion pre-tax net gain on asset dispositions; excluding special items, the company posted an adjusted loss of $368 million, or $0.90 per share, versus an adjusted loss of $61 million in the prior quarter, and adjusted EBITDA fell to $736 million from $1,130 million. The company's refining segment posted an adjusted pre-tax loss of $937 million, which it attributed largely to its spring turnaround program, and shareholders received $716 million through dividends and buybacks.
Key points
- Reported earnings $487 million ($1.18 per diluted share); adjusted loss $368 million ($0.90 per share)
- Adjusted EBITDA $736 million, down from $1,130 million in Q4 2024; refining adjusted pre-tax loss $937 million
- Returned $716 million to shareholders and received $2.0 billion in cash proceeds from equity interest sales
- Announced Iron Mesa gas plant in the Permian, expected to start in Q1 2027; quarterly dividend to rise $0.05 per share
The filing
Written by AI on Nov 8, 2026, 1:21 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 25, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.