Summary
Phillips 66 reported a net income attributable to Phillips 66 of $133 million for the third quarter of 2025, a decrease from $346 million in the same period of 2024. This decline was primarily driven by a significant $948 million pre-tax impairment charge related to its equity investment in WRB Refining LP, accelerated depreciation at the Los Angeles Refinery, and lower equity earnings from CPChem. For the first nine months of 2025, net income attributable to Phillips 66 was $1.5 billion, down from $2.1 billion in the prior year, also impacted by the WRB impairment and other factors, though partially offset by a $1 billion gain from the sale of its investment in Coop. Despite the quarterly profit reduction, the company highlights strategic priorities focused on shareholder returns, operational excellence, and disciplined growth. They returned over 50% of net cash provided by operating activities to shareholders through dividends and buybacks. Significant investments were made in the Midstream segment, including the acquisition of Coastal Bend for $2.2 billion. The company also announced plans to divest 65% of its Germany and Austria retail marketing business, expecting proceeds of approximately $1.6 billion. Liquidity remains strong with $1.8 billion in cash and cash equivalents and $5.2 billion in available committed credit capacity. The company generated $2.2 billion in cash from operations during the first nine months of 2025. While facing headwinds like the WRB impairment and the Los Angeles refinery idling, Phillips 66 continues to focus on its strategic growth initiatives and financial strength.
Financial Highlights
45 data points| Revenue | $34.52B |
| Cost of Revenue | $30.22B |
| Gross Profit | $4.30B |
| SG&A Expenses | $792.00M |
| Operating Income | $1.50B |
| Net Income | $133.00M |
| EPS (Basic) | $0.32 |
| EPS (Diluted) | $0.32 |
| Shares Outstanding (Basic) | 404.51M |
| Shares Outstanding (Diluted) | 405.55M |
Key Highlights
- 1Net income attributable to Phillips 66 decreased to $133 million in Q3 2025 from $346 million in Q3 2024, largely due to a $948 million impairment charge on the WRB investment and accelerated depreciation at the Los Angeles Refinery.
- 2The company completed a significant Midstream acquisition (Coastal Bend) for $2.2 billion and announced an agreement to divest 65% of its Germany and Austria retail marketing business for an expected $1.6 billion.
- 3Total revenues for Q3 2025 were $34.98 billion, a decrease from $36.16 billion in Q3 2024, primarily due to lower sales volumes in refined petroleum products and crude oil resales.
- 4Operating cash flow for the first nine months of 2025 was $2.21 billion, down from $2.99 billion in the same period of 2024, impacted by working capital changes.
- 5Phillips 66 continues to prioritize shareholder returns, aiming to return over 50% of net cash from operations through dividends ($1.20 per share declared for Q3 2025) and share repurchases ($0.9 billion in Q1-Q3 2025).
- 6The Refining segment recorded a significant loss before income taxes of $518 million in Q3 2025, primarily due to the WRB impairment and accelerated depreciation, despite improved realized refining margins.
- 7The company has total committed capacity available under its credit facilities of approximately $5.2 billion as of September 30, 2025, and cash and cash equivalents of $1.8 billion.