Short answer
Phillips 66 (PSX) filed its Q3 2025 10-Q quarterly report on Oct 29, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $34.5B (down 2.9% year over year) with net income of $133M.
Q3 2025 key financials · XBRL
- Revenue
- $34.5B
- −2.9% YoY · +3.6% QoQ
- Net income
- $133M
- −61.6% YoY · −84.8% QoQ
- EPS (diluted)
- $0.34
- −59.5% YoY · −84.1% QoQ
Source: XBRL data from the Phillips 66 (PSX) Q3 2025 10-Q on SEC EDGAR. USD.
Phillips 66 Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue decreased 3% QoQ and 10% YoY in Q3 2025, impacted by lower crude, NGL and refined product prices despite higher volumes
- Net income $133M in Q3 2025 vs $346M in Q3 2024; operating margin implied decline due to $948M WRB impairment, offset by higher refining margins (realized refining margin $12.15/bbl vs $8.31/bbl YoY)
- Best segment: Midstream income before tax $2,179M in Q3 2025, up from $1,965M, driven by NGL gains (+$113M); Worst segment: Refining loss before tax $(518)M vs $(108)M, hit by WRB impairment and Los Angeles Refinery accelerated depreciation
- Cash from operating activities $1.2B in Q3 2025; capital expenditures and investments $541M; $484M dividends paid, $267M stock repurchased; cash balance $2B with $5.2B committed credit capacity
- Management expects continued Midstream and Chemicals growth, capital expenditures ~$2.5B annually through 2027; noted legal and environmental headwinds, including $833M litigation judgment and pending German/Austrian marketing divestiture
Risk Factors
- No new or changed risk factors from 2024 10-K in 10-Q filing
- Continued exposure to market volatility impacting refining margins and commodity prices
- Ongoing regulatory compliance with environmental laws, including emissions and renewable fuel standards
- Operational risks from potential refinery outages and supply chain disruptions affecting near-term performance
- Financial risks remain focused on liquidity management and debt maturity profile without recent changes
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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