Phillips 66
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+ FollowMarket Cap$110.32B
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Earnings Call Q3 2026
October 28, 2026 - AI Summary
Strong Q3 operating performance; refining and midstream outperformance
- Refining delivered 98% utilization and a record distillate yield of 41%.
- Midstream posted >1.0 million bpd fractionation volumes, 4.6 Bcf/day wellhead volumes, and 105% utilization at the Freeport LPG export dock—supporting the thesis of reliable cash generation.
Earnings, cash flow, and balance sheet: cash generation used for shareholders + debt reduction
- Reported/adjusted earnings: $5.6B ($14.08/share); operating cash flow: $7.3B (about $1.1B working-capital benefit; underlying $6.2B).
- Capital spend: $680M in the quarter.
- Returned $2.8B to shareholders via dividends + share repurchases.
- Debt reduced by ~$2B; total debt $18.5B, net debt $12.7B, and net debt/capital ratio 26%. Management said the 2027 net debt/capital target was achieved early.
Capital allocation + dividends/buybacks: commitment reiterated; dividend raised again in 2026
- Policy: return >50% of net operating cash flow (excluding working capital) to shareholders, with sustaining capital funded and selective high-return growth investments.
- Dividend increase announced for 2026: +10.8% vs Q4 2025, reflecting confidence in durability of cash flows.
- Buybacks: management implied the company is catching up to expectations; investors were told the 50% cash-return commitment remains the anchor.
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$144.54
44.3% downside
Current Fair Value
44.3% downsideOvervalued by 44.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $110.32 Billion |
|---|---|
| Enterprise Value | $128.80 Billion |
| Annual dividend | $5.01 |
| Dividend yield | 1.77% |
| Earnings per Share | $10.84 |
| Beta | 0.7 |
| Outstanding Shares | 397,011,000 |
Return
| Return on Equity | 39.92% |
|---|---|
| Return on Assets | 15.37% |
| Return on Invested Capital | 30.32% |
Valuation & Multiples
| P/E Ratio | 8.99 |
|---|---|
| PEG | 0.22 |
| Price to Sales | 0.61 |
| Price to Book Ratio | 3.17 |
| Enterprise Value to Revenue | 0.76 |
| Enterprise Value to EBIT | 6.7 |
| Enterprise Value to Net Income | 10 |
| Total Debt to Enterprise | 0.18 |
| Debt to Equity | 0.72 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$10.61
Consensus analyst estimateRevenue Estimate
$41.51 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$10.14
Consensus analyst estimateRevenue Estimate
$47.26 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 121.00, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 121.0000▲ 12000.96% |
|---|---|
| Total Calls | 100▼ 100.00% |
| Total Puts | 12,100▼ 99.44% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.41%▼ 76.86% |
|---|---|
| Total Invested | $3.49B▼ 93.56% |
| Investors Holding | 1,047▼ 1123.00% |
About Phillips 66
12,600 employees
CEO: Gregory Garland
Phillips 66 is a diversified energy company with operations spanning four core business segments: Midstream, Chemicals, Refining, and Marketing & Specialties (M&S). Its Midstream division is responsible for the transportation, storage, a...