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Phillips 66 PSX M&S — Equity in earnings of affiliates

Other segment segments

Chemicals
$403M+1,915%
Midstream
$99M+1.0%
Refining
-$1M+50.0%
Renewable Fuels
-$1M0.0%

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COPLower 48 — Equity in earnings of affiliates
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COPTotal Segments — Equity in earnings of affiliates
$212M-30.3%

Other financials

Income statement

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Revenue$51.0B+53.1%
Gross profit$7.3B+72.9%
Net income$3.8B+339%
EPS (diluted)$9.55+344%

Balance sheet

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Cash & equivalents$4.1B+290%
Total debt$20.6B
Total equity$31.5B+14.6%
Total assets$81.8B+7.7%

Cash flow

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Operating cash flow$7.3B+759%

Valuation

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Market cap$81.36B+70.1%
Enterprise value$97.83B
P/E11.5×-16.4×
P/S0.5×+0.2×

Profitability

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Gross margin13.1%+3.1pp
Net margin4.7%+3.4pp

Returns & leverage

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Return on equity24%+18.0pp
Debt / equity0.7×
Current ratio1.3×+0.2×

Where this comes from

Reported directly by Phillips 66 in its filing.

Tagged under the XBRL concept us-gaap:IncomeLossFromEquityMethodInvestments.

The source filing: Phillips 66’s 10-Q, filed August 5, 2026.

Filed
Aug 5, 2026, 4:43 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001534701-26-000032
Line itemMillions of Dollars / Operating Segments / MidstreamMillions of Dollars / Operating Segments / ChemicalsMillions of Dollars / Operating Segments / RefiningMillions of Dollars / Operating Segments / M&SMillions of Dollars / Operating Segments / Renewable FuelsMillions of Dollars / Corporate and OtherMillions of Dollars / Consolidating AdjustmentsMillions of Dollars / Total Consolidated
Third-party sales and other operating revenues$5,23113,61831,297849951,004
Intercompany revenues1,06922,3147891,7141(25,887)
Total sales and other operating revenues6,30035,93232,0862,56310(25,887)51,004
Equity in earnings (loss) of affiliates99403(1)135(1)635
Net gain on dispositions1107117
Other income(6)81(13)13690288
Total Revenues and Other Income6,39340336,01232,3182,698107(25,887)52,044
Costs and Expenses

Item 1. FINANCIAL STATEMENTS

FAQ

What is Phillips 66's M&S — equity in earnings of affiliates?
Phillips 66 (PSX) reported M&S — equity in earnings of affiliates of $135M in Q2 2026.
How has Phillips 66's M&S — equity in earnings of affiliates changed year-over-year?
Phillips 66's M&S — equity in earnings of affiliates increased by 255.3% year-over-year, from $38M to $135M.
What is the long-term trend for Phillips 66's M&S — equity in earnings of affiliates?
Over 3 years (2022 to 2025), Phillips 66's M&S — equity in earnings of affiliates has grown at a -32.0% compound annual growth rate (CAGR), from $464M to $146M.
What does M&S — equity in earnings of affiliates mean?
This metric captures the company's proportional share of net income from non-consolidated entities, joint ventures, or partnerships within the Marketing & Specialties segment. It reflects the profitability of strategic alliances that are not fully owned but contribute significantly to the segment's bottom line. Fluctuations often highlight the performance of specific joint ventures in the specialty chemicals or marketing space.

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