What was Phillips 66's net income in Q1 2026?

Net income was $207 million, compared to a loss in the same quarter last year.

What drove Phillips 66's earnings improvement?

Higher refining margins and a 95% crude utilization rate were the main drivers.

Did Phillips 66 provide guidance for Q2 2026?

No formal guidance was issued, but the company noted improving market conditions and expected summer demand.

How did PSX stock react to the Q1 results?

No immediate reaction was recorded, but analysts expect a positive outlook.

Phillips 66 Q1 2026 Earnings Beat on Higher Refining Margins

Phillips 66 (PSX) posted net income of $207 million in Q1 2026, compared to a loss in the same period last year, supported by improved refining margins and crude utilization reaching 95%.

Phillips 66 (PSX) reported net income of $207 million for the first quarter of 2026, beating analyst estimates and reversing a loss from the prior-year quarter. The Houston-based refiner attributed the turnaround to higher refining margins and a crude utilization rate of 95%, according to a company statement.

Key Financial Results

Metric	Q1 2026	Q1 2025 (YoY)
Net Income	$207 million	Loss
Revenue	Not disclosed	Not disclosed
EPS	Not disclosed	Not disclosed
Crude Utilization	95%	—

Note: The company did not provide revenue or EPS details in the initial release.

Highlights from the Statement

Phillips 66 credited higher refining margins for the earnings beat, which partially offset seasonal demand weakness. The 95% crude utilization rate reflects strong operational efficiency.

Guidance

The company did not issue formal guidance for Q2 2026 but noted improving market conditions and expected higher fuel demand during the summer driving season.

Stock Impact

PSX shares showed no immediate reaction post-announcement, but analysts expect a positive outlook given the earnings beat.

What This Means for Investors

Phillips 66's strong Q1 performance demonstrates resilience in a volatile oil price environment. The focus on operational efficiency and higher refining capacity may attract investors seeking energy sector exposure.