Phillips 66 reported third-quarter earnings of $5.6 billion, up from $3.8 billion in the second quarter, with adjusted earnings per share of $14.08 beating analyst estimates.
Phillips 66 reported earnings of $5.6 billion for the third quarter of 2026, up from $3.8 billion in the second quarter, as strong refining margins continued to lift the refiner's profits.
Adjusted earnings per share came to $14.08, beating estimates according to the company's release as reported by Seeking Alpha. Third-quarter earnings included a pre-tax special item adjustment of $29 million. The result follows a second quarter in which the company earned $3.8 billion, or $9.41 per share on an adjusted basis, itself ahead of expectations.
Phillips 66 operates across refining, midstream, chemicals, marketing and renewable fuels, and refining has been the engine of its 2026 rebound as the gap between crude costs and refined product prices stayed wide. The company had been scheduled to release the results before the market opened on October 28, with a conference call at noon Eastern time the same day.
The earnings and adjusted per-share figures are taken from the company's release, and the per-share beat is corroborated by MarketBeat's earnings table, which records the same $14.08 result. Secondary sources differed on the revenue total and on the precise consensus estimate, which was reported between $11.73 and $11.79 per share, so this story states the beat without pinning it to a single consensus figure and does not state a revenue total.
For shareholders, the quarter extends a run in which refining profits have funded debt reduction and higher payouts, and it sets up the noon call as the moment management must explain whether margins can hold into the fourth quarter. Gasoline futures had already fallen to a seven-week low on October 27, a sign traders were starting to price in cooler margins.
The next hard data point will be the company's fourth-quarter report, but the nearer test is management's language on the call about utilisation, capture rates and what it does with the cash this quarter generated.