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Phillips 66 PSX Refining — Equity in earnings of affiliates

Other segment segments

Chemicals
$114M+0.9%
Midstream
$103M-6.4%
M&S
$36M—
Renewable Fuels
$0+100%

Similar metrics at other companies

Par Pacific Holdings, Inc. logo
PARRRefining — Income (Loss) From Equity Method Investments, Operating
$3.38M-36.2%
Delek US Holdings logo
DKRefining — Income (Loss) from Equity Method Investments
$3M-14.3%
Oneok logo
OKERefined Products and Crude Oil — Equity in net earnings from investments
$7M-82.5%
Delek US Holdings logo
DKRefining — Proportional EBITDA Of Equity Method Investments
$3.6M-7.7%
Marathon Petroleum logo
MPCRefining & Marketing — Income (Loss) from Equity Method Investments
-$2M-140%
Energy Transfer logo
ETNGL and refined products transportation and services — Equity in earnings of unconsolidated affiliates
$19M+11.8%

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+35.5%
P/E16.4×-10.5×
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:IncomeLossFromEquityMethodInvestments.

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 refining — equity in earnings of affiliates?
Phillips 66 (PSX) reported refining — equity in earnings of affiliates of $0 in Q1 2026.
How has Phillips 66's refining — equity in earnings of affiliates changed year-over-year?
Phillips 66's refining — equity in earnings of affiliates increased by 100.0% year-over-year, from -$105M to $0.
What is the long-term trend for Phillips 66's refining — equity in earnings of affiliates?
Over 3 years (2021 to 2025), Phillips 66's refining — equity in earnings of affiliates has grown at a -24.6% compound annual growth rate (CAGR), from -$184M to -$79M.
What does refining — equity in earnings of affiliates mean?
The refining segment's proportional share of net income from investments in unconsolidated affiliates or joint ventures. This captures earnings from partnerships where the company has significant influence but not full control. It represents a non-operating but recurring source of income for the refining segment.