Phillips 66 (PSX) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

For the quarter ended June 2026, Phillips 66 (PSX) reported revenue of $52.04 billion, up 55.3% over the same period last year. EPS came in at $9.41, compared to $2.38 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $36.17 billion, representing a surprise of +43.88%. The company delivered an EPS surprise of +22.53%, with the consensus EPS estimate being $7.68.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Phillips 66 performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Refining Margins - Worldwide (Per Barrel): $24.08 compared to the $23.15 average estimate based on four analysts.
• Refining Margins - Western/Pacific (Per Barrel): $29.65 versus $19.93 estimated by four analysts on average.
• Refining Margins - Central Corridor (Per Barrel): $29.56 versus $26.35 estimated by four analysts on average.
• Refining Margins - Gulf Coast (Per Barrel): $24.25 versus the four-analyst average estimate of $22.42.
• Refining Margins - Atlantic Basin/Europe (Per Barrel): $14.44 versus the four-analyst average estimate of $19.77.
• Refined Petroleum Products Sales - U.S. Marketing - Total - Barrels Per Day: 2115 thousands of barrels of oil per day compared to the 2027.08 thousands of barrels of oil per day average estimate based on three analysts.
• Total Petroleum products sales volumes: 2329 thousands of barrels of oil compared to the 2299.3 thousands of barrels of oil average estimate based on three analysts.
• Refined Petroleum Products Production - Gulf Coast: 596 millions of barrels of oil versus 571.67 millions of barrels of oil estimated by two analysts on average.
• Refined Petroleum Products Production - Central Corridor: 832 millions of barrels of oil versus the two-analyst average estimate of 779.61 millions of barrels of oil.
• Refined Petroleum Products Production - West Coast: 93 millions of barrels of oil versus 106.56 millions of barrels of oil estimated by two analysts on average.
• Revenues and Other Income- Sales and other operating revenues: $51 billion versus $35.95 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +53.1% change.
• Revenues and Other Income- Equity in earnings of affiliates: $635 million versus $386.78 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +315% change.

View all Key Company Metrics for Phillips 66 here>>>

Shares of Phillips 66 have returned +15.1% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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