Phillips 66 Q2 2026 earnings: Higher refining margins lift net income to $3.8 billion

Phillips 66 reported Q2 2026 net income attributable to the company of $3.847 billion, or $9.55 per diluted share, compared with $877 million and $2.15 a year earlier. Adjusted EBITDA reached $5.891 billion as higher refining margins, stronger crack spreads and favorable mark-to-market effects drove the earnings increase. Operating cash flow totaled $7.259 billion, while total debt declined by $6.6 billion to $20.565 billion. Renewable Fuels also returned to profit on higher regulatory credit pricing and production, although working-capital movements contributed materially to cash generation.