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Phillips 66

PSX

Phillips 66 • NYSE
$136.96 ▲ 1.48% (+2.00)
Market Cap $55.18 B
52w High $143.25
52w Low $91.01
Dividend Yield 4.75%
P/E 36.92
Volume 942.68K
Outstanding Shares 402.92M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $34.979B ▲ $1.492B ▲ $133M ▼ 0.38% ▼ $0.32 ▼ $1.284B ▼
Q2-2025 $33.323B ▲ $800M ▲ $877M ▲ 2.632% ▲ $2.15 ▲ $2.21B ▲
Q1-2025 $30.495B ▼ $752M ▲ $487M ▲ 1.597% ▲ $1.19 ▲ $1.672B ▲
Q4-2024 $33.714B ▼ $573M ▼ $8M ▼ 0.024% ▼ $-0.005 ▼ $1.039B ▼
Q3-2024 $35.291B $1.247B $346M 0.98% $0.83 $1.193B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.845B ▲ $76.116B ▲ $48.039B ▲ $26.917B ▼
Q2-2025 $1.052B ▼ $75.942B ▲ $47.315B ▲ $27.491B ▲
Q1-2025 $1.489B ▼ $71.838B ▼ $43.485B ▼ $27.273B ▼
Q4-2024 $1.738B ▲ $72.582B ▼ $44.119B ▼ $27.408B ▼
Q3-2024 $1.637B $75.08B $45.296B $28.722B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $239M ▼ $1.178B ▲ $-593M ▲ $218M ▼ $806M ▲ $2.188B ▲
Q2-2025 $877M ▲ $845M ▲ $-2.628B ▼ $1.42B ▲ $-345M ▼ $258M ▲
Q1-2025 $485M ▲ $187M ▼ $1.591B ▲ $-2.049B ▼ $-249M ▼ $-236M ▼
Q4-2024 $6M ▼ $1.198B ▲ $-345M ▲ $-724M ▼ $101M ▲ $692M ▼
Q3-2024 $343M $1.132B $-1.78B $-192M $-807M $774M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Consolidation Eliminations
Consolidation Eliminations
 $-13800.00M ▲$-12060.00M ▲$13.47Bn ▲$14.11Bn ▲
Crude Oil
Crude Oil
 $0 ▲$0 ▲$4.15Bn ▲$4.24Bn ▲
Natural Gas Liquids
Natural Gas Liquids
 $0 ▲$0 ▲$4.08Bn ▲$4.08Bn ▲
Other Product Line
Other Product Line
 $0 ▲$0 ▲$890.00M ▲$680.00M ▼
Chemicals Segment
Chemicals Segment
 $860.00M ▲$110.00M ▼$0 ▼$0 ▲
Corporate and Other
Corporate and Other
 $210.00M ▲$30.00M ▼$0 ▼$0 ▲
Marketing And Specialties Segment
Marketing And Specialties Segment
 $21.84Bn ▲$20.70Bn ▼$0 ▼$0 ▲
Midstream Segment
Midstream Segment
 $6.75Bn ▲$5.65Bn ▼$0 ▼$0 ▲
Refining Segment
Refining Segment
 $18.78Bn ▲$15.77Bn ▼$0 ▼$0 ▲
Renewable Fuels
Renewable Fuels
 $2.73Bn ▲$1.53Bn ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Earnings have come down from the exceptional highs reached in 2022, but the company remains clearly profitable. Revenue has eased as refining conditions normalized after a very strong cycle, and profit margins have narrowed as well. Even so, results are much better than the loss-making period seen in 2020, showing that Phillips 66 has managed the downturn and recovery effectively. Overall, the income statement reflects a cyclical business now back at more mid‑cycle levels rather than boom‑time extremes.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid for a company in such a capital‑intensive, cyclical industry. Assets and equity have grown over the past five years, with only modest changes more recently, suggesting a relatively stable asset base. Debt has been trimmed compared with the earlier part of the period, which helps reduce financial risk. Cash balances are lower than in the peak years, but still appear manageable given ongoing profitability and access to capital markets.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive since 2020 and was very strong during the recent upcycle, giving the company room to invest and return capital. Free cash flow has generally been healthy, except during the pandemic year, even after funding a steady level of capital spending. The pattern shows a business that can convert its earnings into cash and fund its projects largely from internal resources. As conditions have normalized, cash flow is lower than the peak but still comfortably positive, which supports financial flexibility.

Competitive Edge

Competitive Edge Phillips 66 benefits from being a diversified energy company rather than a pure refiner. Its mix of refining, pipelines and midstream assets, chemicals, and marketing provides multiple earnings streams that can offset each other when markets swing. The company’s extensive logistics network and its joint venture in petrochemicals with Chevron add depth and resilience to its competitive position. Cost control and operational efficiency are ongoing priorities, helping it stay competitive in a volatile and margin‑sensitive industry.

Innovation and R&D

Innovation and R&D Innovation is focused on both improving current operations and building future‑oriented businesses. The company is using digital tools, data analytics, and proprietary process technologies to run refineries more efficiently and at lower cost. At the same time, it is investing in renewable fuels, including a major project converting a traditional refinery into a large renewable fuels and sustainable aviation fuel hub. Partnerships in battery materials, and early work in hydrogen and carbon capture, show that Phillips 66 is trying to create optionality in emerging low‑carbon markets without abandoning its traditional strengths.

Summary

Phillips 66 today looks like a mature, cyclical energy company that has come off a period of exceptionally strong profits but remains in solid financial shape. Earnings and cash flow have stepped down from their recent peak yet continue to comfortably cover investment needs, while the balance sheet appears sound with manageable leverage. Its integrated model across refining, midstream, chemicals, and marketing provides a buffer against swings in any one segment. The company is also actively positioning itself for the energy transition through renewable fuels, battery materials, and efficiency‑focused digital initiatives, which could help support its relevance and resilience over the longer term, though outcomes will depend on execution and future energy market conditions.

NEWS

November 18, 2025 · 4:10 PM UTC

Motorola Solutions Appoints Mark Lashier to Board of Directors

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October 29, 2025 · 7:00 AM UTC

Phillips 66 Highlights Strong 3Q Results; Attractive Growth Opportunities

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October 23, 2025 · 5:00 PM UTC

Phillips 66 Board Members Glenn Tilton and Marna Whittington Announce Intention to Retire

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October 20, 2025 · 5:00 PM UTC

Phillips 66 and Kinder Morgan, Inc. Announce Binding Open Season for Western Gateway Pipeline

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October 8, 2025 · 5:15 PM UTC

Phillips 66 Announces Quarterly Dividend

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