What is Phillips 66's midstream — adjustments?

Phillips 66 (PSX) reported midstream — adjustments of $0 in Q4 2025.

What does midstream — adjustments mean?

Non-recurring or non-operational items that are excluded from the segment's core performance metrics to provide a clearer view of underlying profitability. These may include restructuring costs, legal settlements, or specific accounting reclassifications.

Phillips 66 PSX Midstream — Adjustments

Similar metrics at other companies

ETMidstream — Adjusted EBITDA (consolidated)

$887M-4.1%

MPCMidstream — Other segment item

$1.43B+2.4%

MTD

MTDRMidstream — Other expenses

$67.18M+25.7%

MPCMidstream — Adjusted EBITDA

$1.6B-7.1%

MPCMidstream — Segment expenses

$1.43B+2.4%

MTD

MTDRMidstream — Operating expense

$55.23M+6.6%

Other financials

Income statement

See full

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

See full

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

See full

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

Valuation

See full

Market cap$68.86B+35.5%

P/E16.7×-10.7×

P/S0.5×+0.1×

Profitability

See full

Gross margin12.5%+3.4pp

Net margin3.1%+1.7pp

Returns & leverage

See full

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 →

Ask your AI about Phillips 66's midstream — adjustments.

Connect your AI assistant and compare it to peers, right in your chat.

Connect your AI

Claude

Questions, answered.

What is Phillips 66's midstream — adjustments?: Phillips 66 (PSX) reported midstream — adjustments of $0 in Q4 2025.
What does midstream — adjustments mean?: Non-recurring or non-operational items that are excluded from the segment's core performance metrics to provide a clearer view of underlying profitability. These may include restructuring costs, legal settlements, or specific accounting reclassifications.