Phillips 66’s Quarterly Earnings Preview: What You Need to Know

Phillips 66 (PSX) is a U.S. downstream energy company engaged in refining, midstream operations, chemicals, renewable fuels, and marketing and specialty businesses. Formed in 2012 following the spin-off from ConocoPhillips, the company operates an extensive network of refineries, pipelines, terminals, and retail fuel distribution assets serving customers worldwide. Phillips 66 is headquartered in Houston and has a market cap of around $70.7 billion.

The leading downstream energy provider is expected to announce its fiscal second-quarter earnings on Wednesday, Aug. 5, 2026. Ahead of the event, analysts expect PSX to report a profit of $6.99 per share, up 193.7% from $2.38 per share in the year-ago quarter. The company beat the consensus estimates in each of the last four quarters.

For the full year, analysts expect PSX to report EPS of $19.27, up 199.2% from $6.44 in fiscal 2025. However, its EPS is expected to decline 2.9% year-over-year (YOY) to $18.72 in fiscal 2027. 

PSX stock has outperformed the S&P 500 Index’s ($SPX) 19.2% gains over the past 52 weeks, with shares up 39.5% during this period. Also, it outperformed the State Street Energy Select Sector SPDR ETF’s (XLE) 22.4% gains over the same time frame.

Phillips 66 reported its first-quarter 2026 results on Apr. 29, with adjusted earnings per share improving to $0.49 from a loss of $0.90 per share in the prior-year quarter. Phillips 66 shares rose about 5.1% on Apr. 29 and 3.3% in the next trading session as investors cheered the better-than-expected EPS.

Analysts’ consensus opinion on PSX stock is moderately bullish, with a “Moderate Buy” rating overall. Out of 19 analysts covering the stock, 10 advise a “Strong Buy” rating, two suggest a “Moderate Buy,” six give a “Hold,” and one recommends a “Strong Sell.”  PSX’s mean price target of $195.53 suggests an upside potential of 10.8%.