Phillips 66 reported a strong fourth quarter and a transformative full year 2025, driven by strategic portfolio enhancements, operational improvements in refining, and record midstream volumes. The company successfully executed on its strategic priorities, including significant asset dispositions and acquisitions, while maintaining a disciplined approach to capital allocation and returning capital to shareholders.
Reported fourth-quarter earnings of $2.9 billion or $7.17 per share; adjusted earnings of $1.0 billion or $2.47 per share.
positiveAchieved record NGL transportation and fractionation volumes, with transportation up 22% and fractionation up 23% year-over-year.
positiveRefining delivered record clean product yield of 88% and operated at 99% crude capacity utilization.
positiveGenerated $2.8 billion of net operating cash flow in Q4, and $5.0 billion for the full year.
positiveReturned $3.1 billion to shareholders in 2025, representing more than 50% of net operating cash flow.
positiveChemicals adjusted pre-tax income decreased mainly due to lower margins, with a significant drop of $157 million compared to the prior quarter.
attentionMarketing and Specialties adjusted pre-tax income decreased primarily due to the partial disposition of the Germany and Austria retail marketing business and lower domestic margins.
attentionRenewable Fuels segment reported a pre-tax loss of $19 million in Q4 2025, a deterioration from prior periods.
attentionTurnaround expense in Refining increased significantly to $135 million in Q4 2025 from $36 million in Q3 2025.
attentionMargin metrics will be available once backend extracts data from insights_json
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Midstream | N/A | — | — | — |
Chemicals | N/A | — | — | — |
Refining | N/A | — | — | — |
Marketing and Specialties | N/A | — | — | — |
Renewable Fuels | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
2025 was a transformative year for Phillips 66.
We sold the majority of our European retail business, acquired the remaining 50% interest in WRB, and improved our Midstream competitive position with the acquisition of Coastal Bend and expansion of Dos Picos II.
While enhancing our portfolio to focus on our core assets and geographies, we have also taken a disciplined approach to improving operations, particularly in refining, and upheld our unwavering commitment to safety.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.