Phillips 66 Q1 earnings fell to $207 million, or $0.51 a share, from $2.9 billion in Q4
Phillips 66 reported first-quarter 2026 earnings of $207 million, or $0.51 per diluted share, and adjusted earnings of $200 million, or $0.49 per share, down sharply from $2.9 billion reported and $1.0 billion adjusted in the fourth quarter of 2025. The company cited $839 million of mark-to-market losses on hedges tied to a sharp rise in commodity prices, and it increased its annualized quarterly dividend by 7%.
Key points
- Q1 2026 earnings were $207 million ($0.51 per diluted share) versus $2.9 billion ($7.17) in Q4 2025; adjusted earnings were $200 million ($0.49) versus $1.0 billion ($2.47)
- Mark-to-market pre-tax losses of $839 million, including $396 million in Refining and $323 million in Marketing and Specialties
- Total debt rose to $27.1 billion from $19.7 billion, and the net debt-to-capital ratio was 43% versus 38%; liquidity was approximately $6.0 billion
- Annualized quarterly dividend increased by 7%; the Lindsey Oil Refinery acquisition was completed in April 2026
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 29, 2026.
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.