PSX · 10-Q · 2026Q2 · Full report

Income Tax Rate Changes

Phillips 66 · 2026-08-05 · Importance 12 · Surprise 6

Income tax expense increased $880 million in the second quarter and $799 million in the first six months of 2026. The increases were primarily caused by higher income before income taxes, which rose to $5.0 billion in the second quarter and $5.2 billion in the first six months. Net income attributable to Phillips 66 increased to $3.8 billion in the second quarter and $4.1 billion in the first six months. The filing directs investors to Note 20 for the effective income tax rates, but this section does not provide the rate percentages.

Key facts

• Income tax expense increased $880 million and $799 million for the three and six months ended June 30, 2026, respectively. source