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Phillips 66 Set to Report Q1 Earnings: What's in the Offing?
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Key Takeaways
PSX to post Q1 results on April 29 before the bell; estimate calls for a 55-cent-per-share loss.
Phillips 66 posted Q4'25 adjusted EPS of $2.47 on stronger refining margins and midstream.
PSX Q1 revenues will likely be $29.5B, with midstream revenues and product sales volume falling y/y.
Phillips 66 (PSX - Free Report) is set to report first-quarter 2026 results on April 29, before the opening bell.
Let us examine the factors that are expected to have impacted this refiner’s quarterly performance. However, before that, it would be worth reviewing PSX’s performance in the previous quarter.
Highlights of Q4’25 Earnings & Surprise History
In the last reported quarter, its adjusted earnings of $2.47 per share beat the Zacks Consensus Estimate of $2.11, primarily attributed to higher realized refining margins worldwide and increased contributions from the midstream segment.
The company’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of 16.3%. This is depicted in the graph below.
The Zacks Consensus Estimate for first-quarter loss per share of 55 cents has witnessed no upward revisions and four downward revisions in the past 30 days. The estimated figure indicates a 38.9% improvement from the prior-year reported number.
The Zacks Consensus Estimate for revenues of $29.5 billion indicates a 6.9% decrease from the year-ago recorded figure.
Factors to Consider for PSX
According to data from the U.S. Energy Information Administration, the average spot prices for West Texas Intermediate crude at Cushing, OK, were $60.89, $60.06 and $57.97 per barrel in October, November and December, respectively. In contrast, prices were higher during the same months last year, averaging $71.99, $69.95 and $70.12 per barrel, respectively.
While lower oil prices can occasionally benefit refiners, they can reduce revenues in other areas of PSX's diverse portfolio, particularly in its Midstream and Marketing segments. For PSX, the Zacks Consensus Estimate for first-quarter midstream segment revenues is $4,775 million, suggesting a fall from the $5,458 million reported in the prior-year quarter, which may have weighed on its overall quarterly performance.
The Zacks Consensus Estimate projects Phillips 66’s total petroleum product sales volume for the first quarter at 2,106 thousand barrels per day, suggesting a slight fall from the 2,140 thousand barrels per day recorded in the same period last year.
Earnings Whispers
Our proven model does not indicate an earnings beat for PSX this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: PSX has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: PSX currently carries a Zacks Rank #3.
Stocks to Consider
Here are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
The Zacks Consensus Estimate for ConocoPhillips’ first-quarter 2026 earnings is pegged at $1.60 per share, indicating a 23.4% decline from the prior-year reported figure.
Valero Energy (VLO - Free Report) has an Earnings ESP of +3.23% and flaunts a Zacks Rank #1 at present. VLO is scheduled to release earnings on April 30.
The Zacks Consensus Estimate for Valero Energy’s earnings is pegged at $2.97 per share, implying a 233.7% upsurge from the prior-year reported figure.
TotalEnergies SE (TTE - Free Report) is expected to report first-quarter 2026 results on April 29, before market open. It currently has an Earnings ESP of +20.30% and sports a Zacks Rank of 1.
The Zacks Consensus Estimate for earnings is pinned at $1.99, which implies a year-over-year rise of 8.7%.
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Phillips 66 Set to Report Q1 Earnings: What's in the Offing?
Key Takeaways
Phillips 66 (PSX - Free Report) is set to report first-quarter 2026 results on April 29, before the opening bell.
Let us examine the factors that are expected to have impacted this refiner’s quarterly performance. However, before that, it would be worth reviewing PSX’s performance in the previous quarter.
Highlights of Q4’25 Earnings & Surprise History
In the last reported quarter, its adjusted earnings of $2.47 per share beat the Zacks Consensus Estimate of $2.11, primarily attributed to higher realized refining margins worldwide and increased contributions from the midstream segment.
The company’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of 16.3%. This is depicted in the graph below.
Phillips 66 Price and EPS Surprise
Phillips 66 price-eps-surprise | Phillips 66 Quote
Estimate Trend for PSX
The Zacks Consensus Estimate for first-quarter loss per share of 55 cents has witnessed no upward revisions and four downward revisions in the past 30 days. The estimated figure indicates a 38.9% improvement from the prior-year reported number.
The Zacks Consensus Estimate for revenues of $29.5 billion indicates a 6.9% decrease from the year-ago recorded figure.
Factors to Consider for PSX
According to data from the U.S. Energy Information Administration, the average spot prices for West Texas Intermediate crude at Cushing, OK, were $60.89, $60.06 and $57.97 per barrel in October, November and December, respectively. In contrast, prices were higher during the same months last year, averaging $71.99, $69.95 and $70.12 per barrel, respectively.
While lower oil prices can occasionally benefit refiners, they can reduce revenues in other areas of PSX's diverse portfolio, particularly in its Midstream and Marketing segments. For PSX, the Zacks Consensus Estimate for first-quarter midstream segment revenues is $4,775 million, suggesting a fall from the $5,458 million reported in the prior-year quarter, which may have weighed on its overall quarterly performance.
The Zacks Consensus Estimate projects Phillips 66’s total petroleum product sales volume for the first quarter at 2,106 thousand barrels per day, suggesting a slight fall from the 2,140 thousand barrels per day recorded in the same period last year.
Earnings Whispers
Our proven model does not indicate an earnings beat for PSX this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: PSX has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: PSX currently carries a Zacks Rank #3.
Stocks to Consider
Here are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
ConocoPhillips (COP - Free Report) has an Earnings ESP of +8.05% and currently sports a Zacks Rank #1. COP is scheduled to release earnings on April 30. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for ConocoPhillips’ first-quarter 2026 earnings is pegged at $1.60 per share, indicating a 23.4% decline from the prior-year reported figure.
Valero Energy (VLO - Free Report) has an Earnings ESP of +3.23% and flaunts a Zacks Rank #1 at present. VLO is scheduled to release earnings on April 30.
The Zacks Consensus Estimate for Valero Energy’s earnings is pegged at $2.97 per share, implying a 233.7% upsurge from the prior-year reported figure.
TotalEnergies SE (TTE - Free Report) is expected to report first-quarter 2026 results on April 29, before market open. It currently has an Earnings ESP of +20.30% and sports a Zacks Rank of 1.
The Zacks Consensus Estimate for earnings is pinned at $1.99, which implies a year-over-year rise of 8.7%.