Earnings Preview: What to Expect From Phillips 66's Report

Phillips 66 (PSX), headquartered in Houston, Texas, operates as an energy manufacturing and logistics company. With a market cap of $111 billion, the company’s operations include oil refining, marketing, and transportation along with chemical manufacturing and power generation. The leading integrated downstream energy provider is expected to announce its fiscal third-quarter earnings for 2026 before the market opens on Wednesday, Oct. 28. 

Ahead of the event, analysts expect Phillips 66 to report a profit of $10.41 per share on a diluted basis, up 313.1% from $2.52 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports. 

For the full year, analysts expect Phillips 66 to report EPS of $29.01, up 350.5% from $6.44 in fiscal 2025. Its EPS is expected to rise 2.7% year over year to $29.79 in fiscal 2027. 

PSX stock has considerably outperformed the S&P 500 Index’s ($SPX) 16% gains over the past 52 weeks, with shares up 122.1% during this period. Similarly, it notably outperformed the State Street Energy Select Sector SPDR ETF’s (XLE) 54.2% gains over the same time frame.

PSX has outperformed primarily due to exceptional operational execution and refining strength, highlighted by four consecutive quarters of strong positive earnings surprises. This financial momentum has been bolstered by recovering chemical segment profit margins, favorable renewable fuels volume policies, and aggressive shareholder returns via dividends and share buybacks, driving substantial upward analyst revisions and investor demand.

On Aug. 5, PSX shares closed down by 1.6% after reporting its Q2 results. Its adjusted EPS of $9.41 exceeded Wall Street expectations of $7.68. The company’s revenue was $52 billion, surpassing Wall Street forecasts of $36.2 billion.

Analysts’ consensus opinion on PSX stock is moderately bullish, with a “Moderate Buy” rating overall. Out of 20 analysts covering the stock, nine advise a “Strong Buy” rating, two suggest a “Moderate Buy,” eight give a “Hold,” and one recommends a “Strong Sell.” While PSX currently trades above its mean price target of $266, the Street-high price target of $340 suggests an upside potential of 22.2%.

On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.