Form 10-Q · Quarterly report
Phillips 66 10-Q, filed Aug 5, 2026
- Filed
- CIK
- 0001534701
- Accession no.
- 0001534701-26-000032
Summary
Phillips 66 reported second-quarter 2026 net income attributable to the company of $3.8 billion, up from $0.9 billion a year earlier, driven by improved realized refining margins and higher renewable fuels regulatory credit values, and said its board approved a $10 billion increase to its share repurchase authorization in July 2026.
Key points
- Net income attributable to Phillips 66 was $3.8 billion in the second quarter of 2026 and $4.1 billion for the six months ended June 30, 2026, versus $0.9 billion and $1.4 billion in the comparable 2025 periods.
- The quarter produced $7.3 billion of cash from operations, $6.7 billion of net debt repayments, $726 million of capital expenditures and investments, $508 million of common dividends and $379 million of share repurchases.
- The board declared quarterly cash dividends of $1.27 per common share in April and July 2026, and since July 2012 has authorized an aggregate $35 billion of repurchases.
- The company targets reducing total debt to $17 billion and returning more than 50% of net cash provided by operating activities, excluding working capital, to shareholders through 2027, with 2026 capital expenditures and investments budgeted at $2.4 billion.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
Item 2. MANAGEMENT’S DISCUSSION Executive Overview In the second quarter of 2026, we reported earnings of $3.8 billion and generated $7.3 billion of cash from operations. We had net debt repayments of $6.7 billion, funded capital expenditures and investments of $726 million, paid dividends of $508 million to common stockholders and repurchased $379 million of our common stock. The cash provided by operating activities was due to higher earnings, primarily driven by an increase in realized refining margins and favorable net working capital impacts. …
An excerpt of the text as filed with the SEC, cut for length.
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