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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Phillips 66
Phillips 66 (PSX) investor relations material
Phillips 66 Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 adjusted earnings were $5.619B, or $14.08 per share, as strong Refining margins lifted results.
Refining utilization reached 98%, with a record third-quarter distillate yield of 41%.
Shareholder distributions totaled $2.777B; net debt fell to $12.682B and net debt-to-capital to 26%.
Financial highlights
Reported earnings were $5.616B and adjusted earnings were $5.619B; adjusted diluted EPS was $14.08 on 399M shares.
Operating cash flow was $7.281B, including a $1.1B working-capital benefit; excluding working capital, it was $6.185B.
Capital expenditures and investments were $680M; Q3 shareholder distributions totaled $2.777B.
Adjusted EBITDA was $8.068B, up from $5.891B in Q2; adjusted earnings rose from $3.788B to $5.619B.
Outlook and guidance
Q4 worldwide Refining crude utilization is forecast in the mid-90% range; Chemicals Global Olefins & Polyolefins utilization is expected in the mid-80% range.
Q4 Refining turnaround expense is projected at $140M–$170M; Corporate & Other costs at $350M–$380M, excluding NOVONIX impacts, and D&A at $585M–$635M.
Midstream adjusted EBITDA is targeted to grow at a mid-single-digit rate through the decade; Golden Triangle Polymers and Ras Laffan Polymers target full operations in 2027.
Western Gateway service is targeted for 2029; its expected $2.5B share of investment is currently projected to be heaviest in 2028.
2027 capital expenditures and investments are expected to exceed the prior ~$2.5B target; final budget and timing remain pending.
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Latest events from Phillips 66
- Disciplined growth, strong returns, and operational excellence drive long-term value creation.PSX
Corporate presentation - Q2 2026 earnings hit $3.8B with record volumes, strong margins, and improved leverage.PSXQ2 2026
- $2B EPIC acquisition boosts midstream growth, integration, and shareholder returns.PSXGoldman Sachs Energy, CleanTech & Utilities Conference 2025
- Disciplined capital strategy, operational integration, and growth in midstream and renewables drive outlook.PSXJ.P. Morgan Energy, Power & Renewables Conference 2026
- Disciplined growth, operational excellence, and a diversified portfolio drive leading shareholder returns.PSXInvestor presentation
- Q1 2026 adjusted earnings fell to $200M amid volatility, but high utilization and liquidity persisted.PSXQ1 2026
- Integrated growth and disciplined capital allocation drive strong cash flow and returns.PSXGoldman Sachs Energy, CleanTech & Utilities Conference
- Virtual annual meeting to vote on directors, pay, and auditor ratification, all board-backed.PSXProxy filing
- Advanced strategy, strong returns, and enhanced ESG drive 2026 proxy voting and governance.PSXProxy filing
Next Phillips 66 earnings date
Q4 20263 Feb, 2027
Phillips 66
Next Phillips 66 earnings date
Q4 20263 Feb, 2027
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Frequently asked questions
More than an oil manufacturer
Phillips 66 is a diversified manufacturing and logistics company with assets within the midstream, chemicals, refining, and marketing and specialties industries.
ConocoPhillips spun off this company in 2012, but before being acquired by Conoco, Phillips 66 originated in the 1875s. Phillips 66 additionally is working on products and projects within the renewable energy sector, for example, polymer-based cells for the solar industry.