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Phillips 66 PSX Midstream — Other Cost and Expense, Operating

Other segment segments

Refining
$1.23B+14.4%
Renewable Fuels
$89M-7.3%
M&S
$18M
Chemicals
$2M0.0%
Marketing and Specialties
-$250K

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$6.75M-77.4%
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DINOMidstream — Operating Expenses
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OXYMidstream and marketing — Other operating and non-operating expense
$79M-2.5%
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MPCMidstream — Segment expenses
$1.43B+2.4%

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:OtherCostAndExpenseOperating.

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 midstream — other cost and expense, operating?
Phillips 66 (PSX) reported midstream — other cost and expense, operating of $541M in Q1 2026.
How has Phillips 66's midstream — other cost and expense, operating changed year-over-year?
Phillips 66's midstream — other cost and expense, operating increased by 18.1% year-over-year, from $458M to $541M.
What is the long-term trend for Phillips 66's midstream — other cost and expense, operating?
Over 3 years (2022 to 2025), Phillips 66's midstream — other cost and expense, operating has grown at a 13.0% compound annual growth rate (CAGR), from $1.4B to $2.02B.
What does midstream — other cost and expense, operating mean?
Operating expenses incurred by the midstream segment, excluding purchased product costs, such as maintenance, labor, energy consumption, and administrative overhead. This captures the efficiency of managing the physical infrastructure.