Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
One quarter out-earned all of last year
The same company earned $133M a year earlier, so the result measures a wide market spread more than a new baseline.
For investorsHow much of this quarter depends on the spread staying wide?
For foundersBuilding an edge when you cannot set your prices
Feedstock fell from 87.6% of sales to 80.8%, and because it dwarfs every other cost, that shift decided profit.
Operating cash flow beat net income this quarter, but it ran negative two quarters earlier, while net income stayed positive.
With most plant costs fixed, uptime in strong markets is where a refiner earns, and utilization held at 98%.
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Business Lens describes Phillips 66 from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
