Phillips 66 Set to Report Q3 2026 Earnings Wednesday With EPS Expected to Nearly Quadruple

Phillips 66 will release its third-quarter 2026 results before the opening bell on Wednesday, Oct. 28, with Wall Street forecasting a dramatic year-over-year jump in profitability. The Zacks consensus estimate for Q3 earnings stands at roughly $12.02 per share, implying a nearly 377% increase from the $2.52 per share reported in the same quarter a year ago, while revenue is projected at approximately $33.7 billion, a decline of about 3.6% year over year. The EPS consensus was revised roughly 20-24% higher over the past 30 days, reflecting analysts collectively upgrading their outlook as refining margins showed strength.

The surge in expected earnings is underpinned by strong refining margins and stable midstream operations, though analysts and market observers note that the refining boom is showing early signs of strain. PSX shares underperformed peers on Tuesday ahead of the report, and some analysts flag the stock's premium valuation as a risk even if results impress. Phillips 66 has beaten the consensus earnings estimate in each of the past four quarters, with an average upside surprise of 62.6%, but at least one model does not predict a beat this time around.

Ahead of the earnings release, Benzinga highlighted that investors seeking income could generate approximately $500 a month in dividend income from PSX stock, underscoring the stock's appeal as an income vehicle entering the report. The Q3 print will be closely watched as a gauge of whether record refining results can sustain the rally in PSX shares or whether the cracks appearing in the broader refining cycle will weigh on guidance.