Phillips 66PSX

Phillips 66 Earnings Per Share Disclosure

10-KFiled Feb 20, 20262 min read
Earnings Per Share
The numerator of basic earnings per share (EPS) is net income attributable to Phillips 66, adjusted for noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income attributable to Phillips 66, which is reduced by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.

 202520242023
BasicDilutedBasicDilutedBasicDiluted
Amounts Attributed to Phillips 66 Common Stockholders (millions):
Net Income Attributable to Phillips 66$4,403 4,403 2,117 2,117 7,015 7,015 
Income allocated to participating securities(9)(2)(10)(10)(11)— 
Net income available to common stockholders$4,394 4,401 2,107 2,107 7,004 7,015 
Weighted-average common shares outstanding (thousands):
404,783 406,008 418,607 420,174 448,381 450,136 
Effect of share-based compensation1,225 2,045 1,567 1,714 1,755 3,074 
Weighted-average common shares outstanding—EPS
406,008 408,053 420,174 421,888 450,136 453,210 
Earnings Per Share of Common Stock (dollars)
$10.82 10.79 5.01 4.99 15.56 15.48 
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About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock CompensationNew Standards