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Sep 30
Phillips 66 Q3 2025 Earnings Report
Phillips 66 delivered strong adjusted earnings in Q3 2025, driven by resilient Midstream and Marketing segments despite a large impairment charge in Refining.
Key Takeaways
Phillips 66 posted $133M in net income and $1.0B in adjusted earnings for Q3 2025. Revenue reached $34.98B, and adjusted EBITDA was $2.6B. Refining posted a loss, but other segments performed strongly.
Revenue was $34.98B with adjusted earnings of $1.0B.
Refining segment posted a $518M loss, hit by a $948M impairment charge.
Midstream and Marketing delivered strong results, offsetting Refining weakness.
Adjusted EBITDA reached $2.6B with 99% crude utilization and 86% clean product yield.
Phillips 66
Phillips 66
Phillips 66 Revenue by Segment
Revenue by Segment
Midstream Revenue
CapyFin.comChemicals Revenue
CapyFin.comRefining Revenue
CapyFin.comMarketing & Specialties Revenue
CapyFin.comRenewable Fuels Revenue
CapyFin.comCorporate & Other Revenue
CapyFin.com Forward Guidance
Phillips 66 is positioning for long-term growth through strategic acquisitions and capacity expansions, while continuing to focus on operational excellence and shareholder returns.
Positive Outlook
- Completed acquisition of remaining 50% of WRB Refining LP.
- Launched open season for new Western Gateway Pipeline.
- Dos Picos II plant in Midland Basin fully operational.
- Coastal Bend pipeline capacity expansion completed.
- Golden Triangle Polymers Project progressing toward late 2026 startup.
Challenges Ahead
- Refining segment weighed down by impairment and environmental costs.
- Margins in Marketing & Specialties lower versus prior quarter.
- Renewable Fuels segment continues to operate at a loss.
- Ceased crude processing at Los Angeles Refinery, impacting costs.
- Facing challenges from global market volatility and regulatory pressure.