---
schema_version: "secwatch.filing_event.v1"
accession: "0001534701-25-000134"
form_type: "8-K"
ticker: "PSX"
cik: "0001534701"
company_name: "Phillips 66"
filed_at: "2025-07-25T23:59:59+00:00"
generated_at: "2026-05-18T01:08:26.756128+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Phillips 66 Q2 2025 earnings $877M ($2.15/share); adjusted $973M ($2.38)

## Summary
- Refining ran at 98% utilization, highest since 2018; clean product yield record YTD.
- Completed Midstream acquisition of EPIC NGL (renamed Coastal Bend); contributed to ~$1B adj. EBITDA.
- Announced sale of 65% interest in Germany/Austria retail marketing business.
- Generated $845M operating cash flow, $1.9B excl. working capital; returned $906M to shareholders.
- Net debt-to-capital ratio 41%; capital expenditures & investments $587M.

## SEC filing metadata
- accession: 0001534701-25-000134
- form_type: 8-K
- ticker: PSX
- cik: 0001534701
- company_name: Phillips 66
- filed_at: 2025-07-25T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1534701/000153470125000134/0001534701-25-000134-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1534701/000153470125000134/psx-20250725.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001534701-25-000134
- JSON: https://secwatch.observer/filing/0001534701-25-000134.json
- Plain text: https://secwatch.observer/filing/0001534701-25-000134.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.