NYSE: PSX · Oil & Gas Refining & Marketing
Phillips 66
Phillips 66, headquartered in Houston and spun off from ConocoPhillips in 2012, is an integrated downstream energy company with Midstream, Chemicals (a 50% stake in Chevron Phillips Chemical), Refining (10 refineries in the U.S. and Europe at end-2025), Marketing and Specialties, and Renewable Fuels segments. 2025 revenue was $132,376 million and net income $4,403 million (EPS $10.79). Segment pre-tax income was led by Marketing and Specialties ($4,500 million, including gains on selling 65% of its Germany and Austria retail business) and Midstream ($2,817 million), while Refining lost $274 million. In Q3 2026 earnings jumped to $5.6 billion as realized refining margins rose, and the Board added $10 billion to the buyback authorization.
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:47 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Built on10-K FY2025 · filed 2026-02-2010-Q (quarter ended 2026-09-30) · filed 2026-10-28Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 15.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.13x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 8.3x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.71
Higher than 83% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 16% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$261.65close on 2026-11-04
Market cap$104.96B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 8.3x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 3.6x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.8%
At FY2025 year-end: 12.0x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.8x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 0.0%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$34.52B → $50.54B (vs. a year earlier)↑ +46.4%$34.52B → $50.54B (vs. a year earlier)
- Net income$133M → $5.62B (vs. a year earlier)↑ +4122.6%$133M → $5.62B (vs. a year earlier)
- Diluted EPS$0.32 → $14.08 (vs. a year earlier)↑ +4300.0%$0.32 → $14.08 (vs. a year earlier)
- Cash$4.1B → $5.85B (vs. previous quarter-end)↑ +42.7%$4.1B → $5.85B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 28, 2026.
Key changes
Returned $2.8B to shareholders. Source sentence
Returned $2.8 billion to shareholders through dividends and share repurchases
Total debt down $2.0B to $18.5B. Source sentence
Decreased total debt by $2.0 billion to $18.5 billion; net debt by $3.8 billion to $12.7 billion
Refining utilization 98%. Source sentence
Refining utilization of 98% with record Central Corridor processed inputs of 848 MBD
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Phillips 66
- Headquarters
- HOUSTON, TX
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: PSX
- Industry
- Oil & Gas Refining & Marketing
- CIK
- 1534701
Workforce (as of FY2025 year-end)
Employees
12,600
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 31–35 days after quarter end (Feb 4, 2026; Jan 31, 2025). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 25–36 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 28, 2026 (+28 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 5, 2026 (+36 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 20, 2026 10-K (+51 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 29, 2025 10-Q (+29 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 25, 2025 (+25 days) | Jul 28, 2025 10-Q (+28 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 25, 2025 (+25 days) | Apr 25, 2025 10-Q (+25 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 31, 2025 (+31 days) | Feb 21, 2025 10-K (+52 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 29, 2024 (+29 days) | Oct 29, 2024 10-Q (+29 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 30, 2024 (+30 days) | Jul 31, 2024 10-Q (+31 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 26, 2024 (+26 days) | Apr 29, 2024 10-Q (+29 days) |
| Q4 FY2023 | Dec 31, 2023 | — | Feb 21, 2024 10-K (+52 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Midstream
NGL and transportation
Pipelines, terminals, gathering, processing and fractionation, including the Coastal Bend assets acquired in 2025.
Chemicals
CPChem (50%)
Olefins and polyolefins through Chevron Phillips Chemical.
Refining
Refined products
Gasoline, distillates and other products from 10 refineries.
Marketing and Specialties
Fuel marketing and lubricants
Wholesale and retail fuel marketing and specialty products.
Renewable Fuels
Renewable diesel and SAF
Renewable fuels produced at Rodeo and Humber.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
Phillips 66 does not state a market share in its 10-K.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
Q3 2026 results
Q3 revenue and other income $51,506M (vs $34,979M); net income attributable to Phillips 66 $5,616M (vs $133M), driven by higher realized refining margins.
Source: Form 10-Q (quarter ended 2026-09-30)
Capital return
Repurchased $2.3B of stock in Q3 2026; quarterly dividend raised $0.06 to $1.33 in October 2026.
Source: Form 10-Q (quarter ended 2026-09-30) — MD&A Executive Overview
Western Gateway
Joint venture and FID for a 1,300-mile pipeline linking Central Corridor and Gulf Coast refining to West Coast markets.
Source: Form 10-Q (quarter ended 2026-09-30) — MD&A Executive Overview
R&D-to-revenue ratio (FY2025)
0.0%
formularesearch & development expense ÷ revenue × 100
e.g.$6M ÷ $132,376M × 100 = 0.0%
M&A spend (6-year total)
$4.69B
Latest year: $3.5B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$132.38B
As reported in the 10-K
Revenue CAGR (5 years)
+15.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($132,376M ÷ $64,129M) ^ (1÷5) − 1 = 15.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
15.6%▲favorable
6-year average: 12.9%
As reported in the 10-K
P/B (FY2025 end)
1.78x
formulafiscal year-end closing price ÷ book value per share
e.g.$129.04 ÷ $72.53 = 1.78x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +15.6% a year over 5 years (strong growth)
From $64.13B in FY2020 to $132.38B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 39.5% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
ROE averaged 12.9% over 6 years (latest: 15.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Chevron Phillips Chemical
- JET Management Holding
- Western Gateway Pipeline
07 · what it does
Key activities
- Midstream: transportation and NGL wellhead-to-market value chain
- Refining: crude oil processing
- Marketing and Specialties: fuel and lubricant marketing
- Renewable Fuels: Rodeo Renewable Energy Complex and Humber
06 · what it draws on
Key resources
- About 12,600 employees
- 10 refineries in the U.S. and Europe
- Pipelines, terminals and NGL fractionation assets
02 · why customers buy
Value propositions
- Refining, midstream, marketing and chemicals (50% of CPChem).
04 · how it keeps them
Customer relationships
- Reliable supply and customer service to wholesale and branded customers.
03 · how it reaches them
Channels
- About 5,360 branded outlets through marketers and about 780 retail joint venture outlets.
01 · who it serves
Customer segments
- Wholesale and retail fuel buyers
- Industrial and commercial customers
- Producers using midstream services
09 · where money goes
Cost structure
FY2025, share of revenue ($132.38B)
- Cost of revenue87.7%
- Research & development0.0%
- Selling, general & administrative1.8%
Depreciation & amortization (inside the costs above): $3.25B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Revenue $132,376M (2025)
- Segment pre-tax income: M&S $4,500M; Midstream $2,817M; Chemicals $297M; Refining −$274M; Renewable −$380M
- Equity earnings from CPChem
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Gathers, processes and transports NGLs and crude, refines crude into fuels, markets fuels and lubricants, and holds a 50% chemicals JV.
01 what it draws on
Inputs & resources
- About 12,600 employees
- 10 refineries in the U.S. and Europe
- Pipelines, terminals and NGL fractionation assets
02 what it does
Activities
- Midstream: transportation and NGL wellhead-to-market value chain
- Refining: crude oil processing
- Marketing and Specialties: fuel and lubricant marketing
- Renewable Fuels: Rodeo Renewable Energy Complex and Humber
03 who it serves
Customers
- Wholesale and retail fuel buyers
- Industrial and commercial customers
- Producers using midstream services
04 how money comes in
How it earns
- Revenue $132,376M (2025)
- Segment pre-tax income: M&S $4,500M; Midstream $2,817M; Chemicals $297M; Refining −$274M; Renewable −$380M
- Equity earnings from CPChem
How the business makes money
- Owns 50% of CPChem and 25% of Dakota Access.
- Idled Los Angeles Refinery being redeveloped.
- Targets total debt of $17B by end-2027.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Phillips 66 buys tax credits and faces EPA CO2 authority and CERCLA sites.
Government funding & tax credits
Purchased tax credits
Agreed to buy eligible tax credits of $485M (2024) and $262M (2023).
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
CERCLA sites
Notified of potential CERCLA liability at 19 U.S. sites.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Marketing and Specialties
4,500 (65%)Midstream
2,817 (40%)Chemicals
297 (4%)Refining
-274 (-4%)Renewable Fuels
-380 (-5%)
Source: Form 10-K (FY2025) Segment income (loss) before income taxes.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Joint venture
Chevron Phillips Chemical
50% equity investment (Chemicals segment).
Source: Form 10-K (FY2025)
Joint venture
JET Management Holding
Retained 35% after selling 65% of Germany and Austria retail marketing.
Source: Form 10-K (FY2025)
Joint venture
Western Gateway Pipeline
FID in Q3 2026 on a 1,300-mile refined products pipeline; Phillips 66 owns 49.9%.
Source: Form 10-Q (quarter ended 2026-09-30) — MD&A Executive Overview
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Wholesale, retail, commercial and industrial customers.
Named by the company
No single customer is named as material.
Suppliers
Crude oil, NGL and renewable feedstocks.
Named by the company
Competes with many companies for crude and feedstocks; no single supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Phillips 66 competes with many companies for crude supplies and product outlets, and in Midstream for natural gas supplies; the 10-K does not name them.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
Peer groups, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
2025 compensation and performance peer groups from the 2026 proxy statement.
- Archer-Daniels-Midlandsite ↗
- ConocoPhillipssite ↗
- CVR Energysite ↗
- Deere & Companysite ↗
- Delek US Holdingssite ↗
- Ford Motorsite ↗
- General Motorssite ↗
- Halliburtonsite ↗
- HF Sinclairsite ↗
- Honeywellsite ↗
- LyondellBasellsite ↗
- Marathon Petroleumsite ↗
- Occidental Petroleumsite ↗
- ONEOKsite ↗
- PBF Energysite ↗
- Targa Resourcessite ↗
- Valero Energysite ↗
- Westlakesite ↗
- Williams Companiessite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 64,129 | 111,476 | 169,990 | 147,399 | 143,153 | 132,376 |
| Pretax income | -4,964 | 1,740 | 14,639 | 9,469 | 2,675 | 5,420 |
| Net income (attributable) | -3,975 | 1,317 | 11,024 | 7,015 | 2,117 | 4,403 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 73.8% | 52.5% | -13.3% | -2.9% | -7.5% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -6.2% | 1.2% | 6.5% | 4.8% | 1.5% | 3.3% |
| Balance sheet ($M) | ||||||
| Total assets | 54,721 | 55,594 | 76,442 | 75,501 | 72,582 | 73,680 |
| Total equity | 21,523 | 21,637 | 34,106 | 31,650 | 28,463 | 30,241 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 15,716 | 14,251 | 17,158 | 19,208 | 19,862 | 19,517 |
| Equity ratio | 34.7% | 34.5% | 38.6% | 40.5% | 37.8% | 39.5% |
| ROE | -20.9% | 6.9% | 45.3% | 23.4% | 7.3% | 15.6% |
| Cash flow ($M) | ||||||
| Operating CF | 2,111 | 6,017 | 10,813 | 7,029 | 4,191 | 4,962 |
| Investing CF | -3,079 | -1,872 | -1,488 | -1,790 | -2,463 | -2,097 |
| Financing CF | 1,791 | -3,470 | -6,388 | -8,092 | -3,305 | -3,537 |
| Cash and equivalents | 2,514 | 3,147 | 6,133 | 3,323 | 1,738 | 1,116 |
| Per share & other | ||||||
| EPS ($) | -9.06 | 2.97 | 23.27 | 15.48 | 4.99 | 10.79 |
| BVPS ($) | 43.45 | 43.73 | 63.31 | 71.05 | 67.11 | 72.53 |
| Dividend per share ($) | 3.60 | 3.62 | 3.83 | 4.20 | 4.50 | 4.75 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 121.9% | 16.5% | 27.1% | 90.2% | 44.0% |
| P/E (x) | — | 24.4 | 4.5 | 8.6 | 22.8 | 12.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.61 | 1.66 | 1.64 | 1.87 | 1.70 | 1.78 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $50.54B+46.4% | $5.62B+4122.6% | $14.08 |
| 2026-06-30 | $51B+53.1% | $3.85B+338.7% | $9.55 |
| 2026-03-31 | $32.54B+6.9% | $207M-57.5% | $0.51 |
| 2025-12-31 † | $34.11B+1.3% | $2.91B+36225.0% | — |
| 2025-09-30 | $34.52B | $133M | $0.32 |
| 2025-06-30 | $33.32B | $877M | $2.15 |
| 2025-03-31 | $30.43B | $487M | $1.18 |
| 2024-12-31 † | $33.69B | $8M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.93x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -0.8%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 37 → 29 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$4,962M ÷ $4,403M = 1.13x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($11,033M + $9,771M) ÷ 2 ÷ $132,376M × 365 = 29 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($3,995M + $5,097M) ÷ 2 ÷ $116,093M × 365 = 14 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 79.7%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 20.3%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 312 of 416
- Beta (adjusted)
- 0.71
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 75% of covered companies have more
above 1 = swings more than the market
- 318.1M shares reported by 2,101 13F filers ÷ 399.0M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-02 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
19
Strengths & weaknessesSite analysis
Strengths
1. Diversified earnings
Midstream earned $2.6–2.8B pre-tax each year 2023–2025.
Evidence: Form 10-K (FY2025)
2. Shareholder returns
Returned $4.4B through buybacks and dividends in 9M 2026; $10B buyback increase approved July 2026.
Evidence: Form 10-Q (quarter ended 2026-09-30)
3. Refining leverage
Q3 2026 earnings of $5.6B on higher realized refining margins.
Evidence: Form 10-Q (quarter ended 2026-09-30)
Weaknesses
1. Refining losses
Refining lost $274M (2025) and $365M (2024) pre-tax.
Evidence: Form 10-K (FY2025)
2. Renewable losses
Renewable Fuels lost $380M pre-tax in 2025.
Evidence: Form 10-K (FY2025)
3. Volatile earnings
Net income swung from −$3,975M (2020) to $11,024M (2022) and $2,117M (2024).
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
12.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.68%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
44%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
—
(Operating CF − capex) ÷ market cap
1. Cash return machine
Targets returning over 50% of operating cash flow (ex working capital) to shareholders.
- What has to hold
- Margins stay healthy.
- The other side
- Cyclical refining.
Evidence: Form 10-Q (quarter ended 2026-09-30) — MD&A Executive Overview
2. Midstream growth
Strategy focused on growing Midstream and Chemicals.
- What has to hold
- NGL volumes grow.
- The other side
- Capex rising above $2.5B in 2027.
Evidence: Form 10-Q (quarter ended 2026-09-30) — MD&A Executive Overview
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
1.1x
$1.12B vs. $1.04B
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -13.3% in FY2023 ($169.99B → $147.4B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Midstream stability
Midstream fee-based Transportation is not directly exposed to commodity prices.
Source: Form 10-Q (quarter ended 2026-09-30)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Phillips 66 faces an $833M Propel Fuels judgment on appeal, environmental consent decrees, and litigation over Dakota Access pipeline capacity.
2 open matters (1 flagged as major) · 1 settled or closed
Propel Fuels trade secret case
On appealLawsuitMajorPropel Fuels; Phillips 66 Company
A jury found Phillips 66 Company misappropriated Propel Fuels’ renewable fuels trade secrets; final judgment of $833M entered August 5, 2025. Phillips 66 appealed (opening brief July 10, 2026); $947M accrued at September 30, 2026.
- Amounts
- $833M judgment
- Next step
- California First District Court of Appeal
Source: Form 10-Q (quarter ended 2026-09-30) — Note on Contingencies and Commitments
Dakota Access capacity challenge
PendingRegulatory proceedingTribe; USACE; PHMSA
On October 9, 2026 a Tribe sued the USACE, PHMSA and federal officials challenging the pipeline’s 1.1 million bpd capacity; Phillips 66 owns 25% of Dakota Access.
Source: Form 10-Q (quarter ended 2026-09-30) — Note on Contingencies and Commitments
Clean Water Act deferred prosecution agreement
ResolvedEnforcement / sanctionU.S. Government; Phillips 66
On January 20, 2026 a DPA required an $8M penalty, restitution, policy updates and compliance auditing.
- Amounts
- $8M
Source: Form 10-Q (quarter ended 2026-09-30) — Note on Contingencies and Commitments
Based on Form 10-Q (quarter ended 2026-09-30) — Note on Contingencies and Commitments, reviewed 2026-11-01. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Crack spreads
- Company disclosure (summarized from the 10-K)
- Refining results depend on market crack spreads, which moved sharply in 2026 on geopolitical events.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Geopolitics & supply chain
Commodity disruptions
- Company disclosure (summarized from the 10-K)
- Geopolitical events cause significant commodity price swings.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Law & regulation
Propel Fuels judgment
- Company disclosure (summarized from the 10-K)
- $833M judgment for trade secret misappropriation is on appeal; $947M accrued.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Environmental compliance
- Company disclosure (summarized from the 10-K)
- Refineries are implementing Clean Air Act consent decrees; a 2026 deferred prosecution agreement on Clean Water Act matters.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Competition & technology shift
Energy transition
- Company disclosure (summarized from the 10-K)
- Competes with other industries for energy demand and for limited lower-carbon opportunities.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (1)
The regulatory landscape governing cybersecurity continues to evolve, and federal, state and international authorities are increasing their oversight of cybersecurity practices, incident reporting and the protection of critical energy infrastructure. Requirements related to operational technology, supply chain security, data governance and timely disclosure of cyber incidents are becoming more prescriptive, and additional rulemaking may further expand our compliance obligations. As cyber threats targeting the energy sector grow in frequency and sophistication, we are required to devote additional resources to maintain and enhance our cybersecurity programs and controls. Failure to comply with applicable cybersecurity laws and regulations, or to effectively identify, prevent or respond to a cyber event, could result in operational disruptions, increased costs, regulatory enforcement…
No longer in the text (3)
The GDPR applies to the transfer and processing of personal data of those who live in the EU or UK, respectively. Read more
As interpretation and enforcement of the GDPR evolves, it creates a range of new compliance obligations, which could cause us to incur additional costs. Failure to comply could result in significant penalties that may materially adversely affect our business, reputation, results of operations and cash flows.
The CCPA, which came into effect on January 1, 2020, gives California residents specific rights in relation to their personal information, requires that companies take certain actions, including notifications for security incidents and may apply to activities regarding personal information that is collected by us, directly or indirectly, from California residents. As interpretation and enforcement of the CCPA evolves, it creates a range of new compliance obligations, with the possibility for significant financial penalties for noncompliance that may materially adversely affect our business, reputation, results of operations and cash flows.
Comprehensive privacy laws with some similarities to the CCPA have been proposed or passed at the U.S. Read more
federal and state levels, such as the Colorado Privacy Act. Additionally, the Federal Trade Commission and many state attorneys general are interpreting federal and state consumer protection laws to impose standards for the online collection, use, dissemination and security of data as well as requiring disclosures about these practices. Existing and potential future data privacy laws pose increasingly complex compliance challenges and potentially elevate our costs. Any failure by us to comply with these laws and regulations, including as a result of a security or privacy breach, could result in significant penalties and liabilities for us. Additionally, if we acquire a company that has violated or is not in compliance with applicable data protection laws, we may incur significant…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 20, 2026 ↗ with the 10-K filed Feb 21, 2025 ↗.
25
What to watch going forwardSite analysis
- Refining margins.
- Propel Fuels appeal.
- Western Gateway pipeline and 2027 capex.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:47 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Built on10-K FY2025 · filed 2026-02-20Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Phillips 66’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.