What is Phillips 66's M&S — impairments?

Phillips 66 (PSX) reported M&S — impairments of $0 in Q1 2026.

What does M&S — impairments mean?

This represents the write-down of the carrying value of assets within the Marketing & Specialties segment when their fair value falls below their book value. It is a non-cash charge that signals a reduction in the expected future economic benefit of specific assets. Frequent or large impairments can indicate poor capital allocation or deteriorating market conditions for specific assets.

Phillips 66 PSX M&S — Impairments

Other segment segments

Midstream

$4M—

Refining

$2M+100%

Renewable Fuels

$2M—

Chemicals

$0—

Similar metrics at other companies

FISCapital Market Solutions — Impairments

$0—

VACImpairment

$0-100%

LEVIImpairment Charges

$0-100%

SRPTAll Other Segments — Impairment Of Strategic Investments

$0—

VTRSImpairment Charges

$0-100%

ROKSoftware & Control — Impairment

$0—

Other financials

Income statement

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Revenue$32.5B+6.9%

Gross profit$3.3B+20.0%

Net income$207.0M-57.5%

EPS (diluted)$0.51-56.8%

Balance sheet

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Cash & equivalents$5.2B+246%

Total debt$21.7B+0.7%

Total equity$28.5B+4.6%

Total assets$84.1B+17.0%

Cash flow

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Operating cash flow-$2.3B-1,311%

Valuation

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Market cap$68.86B+35.5%

P/E16.7×-10.7×

P/S0.5×+0.1×

Profitability

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Gross margin12.5%+3.4pp

Net margin3.1%+1.7pp

Returns & leverage

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Return on equity14.8%+8.3pp

Debt / equity0.7×0.0×

Current ratio1.1×-0.1×

Where this comes from

Reported directly by Phillips 66 in its filing.

Tagged under the XBRL concept us-gaap:AssetImpairmentCharges.

The official record: Phillips 66’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Phillips 66's M&S — impairments?: Phillips 66 (PSX) reported M&S — impairments of $0 in Q1 2026.
What does M&S — impairments mean?: This represents the write-down of the carrying value of assets within the Marketing & Specialties segment when their fair value falls below their book value. It is a non-cash charge that signals a reduction in the expected future economic benefit of specific assets. Frequent or large impairments can indicate poor capital allocation or deteriorating market conditions for specific assets.