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

Other segment segments

Refining

$1.23B+14.4%

Midstream

$541M+18.1%

Renewable Fuels

$89M-7.3%

M&S

$18M—

Chemicals

$2M0.0%

Similar metrics at other companies

ABMTechnical Solutions — Adjustments

-$800K—

MUSAMarketing — Other segment items

$600K-50.0%

SUNBSpecialty — Adjusted Segment Operating Income (Expense)

$279M+9.0%

STGWMarketing Services — Adjusted EBITDA

$44.98M+1.7%

NEUSpecialty Materials — Other segment items

-$45.72M-49.7%

PRMSpecialty Products — Adjusted selling, general and administrative expense

$11.87M+179%

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$67.61B+33.0%

P/E16.4×-11.0×

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:GoodwillOtherIncreaseDecrease.

The official record: Phillips 66’s 10-K, filed February 20, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

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.