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Phillips 66 PSX Midstream — Investments In and Advances to Affiliates

Other segment segments

Refining
$56M-97.5%
Renewable Fuels
$14M0.0%

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PENNNortheast — Investment in and advances to unconsolidated affiliates
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PENNWest — Investment in and advances to unconsolidated affiliates
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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:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures.

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 / Total Consolidated
As of June 30, 2026
Investments In and Advances to Affiliates$2,0828,390561,40214411,948
Total Assets31,1308,41721,22912,0253,0016,00881,810
As of December 31, 2025
Investments In and Advances to Affiliates$2,1177,899651,33015211,428
Total Assets30,1727,89919,43510,0593,1972,91873,680

Item 1. FINANCIAL STATEMENTS

FAQ

What is Phillips 66's midstream — investments in and advances to affiliates?
Phillips 66 (PSX) reported midstream — investments in and advances to affiliates of $2.08B in Q2 2026.
How has Phillips 66's midstream — investments in and advances to affiliates changed year-over-year?
Phillips 66's midstream — investments in and advances to affiliates decreased by 6.6% year-over-year, from $2.23B to $2.08B.
What does midstream — investments in and advances to affiliates mean?
This metric represents the carrying value of equity method investments and long-term loans provided to joint ventures, partnerships, or non-consolidated entities within the midstream energy segment. It reflects the company's strategic capital exposure to shared infrastructure assets such as pipelines, processing plants, and storage facilities where the company exerts significant influence but does not hold majority control. Monitoring this balance helps investors assess the scale of off-balance-sheet operations and the potential for equity-based earnings contributions.

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