What is Phillips 66's marketing and specialties — adjustments?

Phillips 66 (PSX) reported marketing and specialties — adjustments of -$250K in Q4 2025.

What does marketing and specialties — adjustments mean?

Non-recurring or non-operational items specifically attributed to the Marketing and Specialties segment that are excluded from core segment earnings. These adjustments typically include one-time costs or gains that do not reflect the ongoing operational performance of the marketing and specialty products business.

Phillips 66 (PSX) Marketing and Specialties — Adjustments

Screener

Other segment segments

Refining

$1.14B+34.9%

Midstream

$568M+10.9%

Renewable Fuels

$79M-12.2%

M&S

$17M—

Chemicals

$1M0.0%

Similar metrics at other companies

ADPEmployer Services — Additions and other adjustments

$17.4M—

ADPPEO Services — Additions and other adjustments

$0—

VIAVNetwork and Service Enablement — Other adjustment

$150K+160%

WENWendy's International — Currency translation adjustment and other

$342.75K+161%

WENWendys U.S. — Currency translation adjustment and other

$0—

DINOLubricants & Specialties — Other Operating Income

$0—

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

See full

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:GoodwillOtherIncreaseDecrease.

The source filing: Phillips 66’s 10-K, filed February 20, 2026.

Filed: Feb 20, 2026, 12:46 PM EST
Fiscal year: FY2025
Accession: 0001534701-26-000006

Line item	Millions of Dollars / Midstream	Millions of Dollars / Marketing and Specialties	Total
Balance at December 31, 2023	$626	924	1,550
Goodwill assigned to acquisitions	22	3	25
Balance at December 31, 2024	648	927	1,575
Adjustments	—	(1)	(1)
Goodwill assigned to divestiture	—	(141)	(141)
Balance at December 31, 2025	$648	785	1,433

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Phillips 66's marketing and specialties — adjustments?: Phillips 66 (PSX) reported marketing and specialties — adjustments of -$250K in Q4 2025.
What does marketing and specialties — adjustments mean?: Non-recurring or non-operational items specifically attributed to the Marketing and Specialties segment that are excluded from core segment earnings. These adjustments typically include one-time costs or gains that do not reflect the ongoing operational performance of the marketing and specialty products business.