Phillips 66 Q3 adjusted earnings rise to $1.0 billion; reported earnings $133 million
Phillips 66 reported third-quarter 2025 earnings of $133 million, or $0.32 per diluted share, down from $877 million, or $2.15 per share, in the second quarter. Adjusted earnings, which exclude special items, rose to $1.0 billion, or $2.52 per share, from $973 million, or $2.38 per share. The gap is driven mainly by a $948 million pre-tax impairment tied to the company's 50% stake in WRB Refining LP, which it fully acquired on Oct. 1, 2025.
Key points
- Reported earnings were $133 million ($0.32 per diluted share) versus $877 million ($2.15) in Q2 2025.
- Adjusted earnings were $1.0 billion ($2.52 per diluted share) versus $973 million ($2.38) in Q2 2025.
- Third-quarter pre-tax impairments of $948 million relate to the WRB Refining LP equity investment, recorded in the Refining segment.
- Net operating cash flow was $1.2 billion, or $1.9 billion excluding working capital; Refining crude capacity utilization was 99%.
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 October 29, 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.