PSX · 8-K · 20260805PR000030
Income Tax Rate Changes
Phillips 66 · 2026-08-05 · Importance 40 · Surprise 46 · In source text
Consolidated income tax expense increased to $1.092 billion in the second quarter from $41 million in the first quarter, alongside the increase in pre-tax income to $4.971 billion from $260 million. Adjusted income tax expense increased to $1.106 billion from $39 million sequentially. For the first six months of 2026, reported income tax expense was $1.133 billion versus $334 million in the first six months of 2025. Phillips 66 generally tax-effects taxable U.S.-based special items using an approximately 24% combined federal and state annual statutory rate.
Key facts
- Income tax expense for 2Q 2026: $(1,092) million source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | — | Income tax expense for 2Q 2026: $(1,092) million |