Phillips 66
PSX NYSE Oil & Gas Refining & Marketing Financials FY2016–FY2025
Phillips 66's revenue fell 7.5% to $132.4 billion in fiscal 2025. Its net margin was 3.3%, up from 1.5% a year earlier. It paid out $3.1 billion in dividends and buybacks. The diluted share count fell 3.3%.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line. Phillips 66 labels its capital spending in its own way, so capital spending and free cash flow are left blank.
What Phillips 66 does
Phillips 66 turns crude oil and other raw materials into fuels and chemicals, and moves and sells them. Its customers include fuel retailers, industrial buyers and other companies that use gasoline, jet fuel, lubricants, plastics and natural gas products. It was split off from ConocoPhillips in 2012.
It has five segments. Midstream moves and stores crude oil and refined products and gathers, processes and ships natural gas and natural gas liquids. Chemicals is its 50% equity stake in Chevron Phillips Chemical Company (CPChem), which makes petrochemicals and plastics. Refining ran 10 refineries in the United States and Europe at the end of 2025. Marketing and Specialties buys and sells refined products and makes base oils and lubricants. Renewable Fuels makes fuels from renewable raw materials at its Rodeo complex in California and its Humber Refinery in the UK.
In 2025 it bought the Coastal Bend assets, which include long-distance natural gas liquids pipelines and processing plants. It competes with refiners that make their own crude supply or have more retail outlets, and with other pipeline and gas processing companies. It is also idling and redeveloping its Los Angeles Refinery.
- Legal name
- Phillips 66
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 20, 2026
- Accession · CIK
- 0001534701-26-000006
0001534701
Revenue and margins
Phillips 66 had $132.4B of revenue in fiscal 2025, down 7.5% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 15.6% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Phillips 66 returned $3.1B to shareholders in fiscal 2025. The diluted share count fell 3.3%.
Value Phillips 66 yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$18.6B and divides by 408.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 16.2x · peers 15.7x · sector 17.4x.
Balance sheet
Cash, debt and the ratios that show how comfortably Phillips 66 can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.1B | $6.1B | $3.3B | $1.7B | $1.1B |
| Debt incl. finance leases | $14.4B | $17.2B | $19.4B | $20.1B | $19.7B |
| Net debt / EBITDA | 2.9x | 0.7x | 1.3x | 3.1x | 1.9x |
| Debt / equity | 0.8x | 0.6x | 0.6x | 0.7x | 0.7x |
| Interest coverage | 4.1x | 25.0x | 12.3x | 3.9x | 6.4x |
| Current ratio | 1.2x | 1.4x | 1.3x | 1.2x | 1.3x |
| Quick ratio | 0.9x | 1.2x | 1.0x | 0.9x | 0.9x |
| Total assets | $55.6B | $76.4B | $75.5B | $72.6B | $73.7B |
| Total liabilities | $34.0B | $42.3B | $43.9B | $44.1B | $43.4B |
| Shareholders' equity | $19.2B | $29.5B | $30.6B | $27.4B | $29.1B |
| Net debt (− = net cash) | $11.3B | $11.1B | $16.0B | $18.3B | $18.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
1 insider
Sold, 12 months
$34.3M
6 insiders
Of sales under plans
6%
$2.2M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 16, 2026 | Brian MandellExecutive Vice President | Sold | 23,400 | $265.06 | $6.2M | Form 4 |
| Aug 12, 2026 | Richard G HarbisonEVP, Refining | Sold | 52,100 | $223.76 | $11.7M | Form 4 |
| Aug 11, 2026 | Brian MandellExecutive Vice President | Sold | 30,000 | $215.00 | $6.5M | Form 4 |
| Aug 10, 2026 | Ann M KluppelSVP and Controller | Sold | 6,034 | $212.50 | $1.3M | Form 4 |
| Aug 10, 2026 | Brian MandellExecutive Vice President | Sold | 3,300 | $214.02 | $0.7M | Form 4 |
| Aug 10, 2026 | Lisa Ann DavisDirector | Sold | 1,515 | $207.73 | $0.3M | Form 4 |
| Aug 7, 2026 | Ann M KluppelSVP and Controller | Sold | 1,800 | $205.00 | $0.4M | Form 4 |
| Jul 20, 2026 | Vanessa Allen SutherlandEVP, GC and Secretary | Sold plan | 563 | $211.01 | $0.1M | Form 4 |
| Jul 9, 2026 | Kevin J MitchellExec. VP and CFO | Sold plan | 11,021 | $190.03 | $2.1M | Form 4 |
| May 11, 2026 | Kevin J MitchellExec. VP and CFO | Sold | 600 | $171.56 | $0.1M | Form 4 |
| May 8, 2026 | Kevin J MitchellExec. VP and CFO | Sold | 29,400 | $170.01 | $5.0M | Form 4 |
| May 6, 2026 | Kevin Omar MeyersDirector | Bought | 175 | $173.13 | $0.0M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✓ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | ✕ | ✕ | ✕ |
| F-score | 6 / 9 | 4 / 9 | 8 / 9 |
| Accruals ratio | −0.0% | −2.8% | −0.8% |
| Altman Z'' | 3.35 | 2.65 | 3.14 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Phillips 66 PSX | $114.0B | −7.5% | — | — | 11.2% | 16.2x | 8 | |
| Marathon Petroleum MPC | $132.6B | −4.4% | 6.3% | 3.6% | 13.6% | 15.7x | 8 | Compare → |
| Valero Energy VLO | $123.3B | −5.5% | 2.6% | — | 7.2% | 17.4x | 6 | Compare → |
| World Kinect WKC | $1.9B | −12.5% | −1.5% | 0.6% | −20.9% | — | 5 | Compare → |
| PBF Energy PBF | $9.2B | −11.4% | −0.2% | −2.7% | −0.6% | 6.7x | 4 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $84.3B | $102.4B | $111.5B | $107.3B | $64.1B | $111.5B | $170.0B | $147.4B | $143.2B | $132.4B |
| Gross profit | $21.8B | $22.9B | $13.5B | $11.8B | $6.4B | $9.4B | $20.1B | $19.3B | $13.2B | $16.3B |
| Research and development | $60.0M | $60.0M | $55.0M | $54.0M | $48.0M | $47.0M | $42.0M | $27.0M | $15.0M | $6.0M |
| Interest expense | $338M | $438M | $493M | $504M | $550M | $567M | $611M | $842M | $919M | $997M |
| Pretax income | $2.2B | $3.6B | $7.4B | $4.2B | −$5.0B | $1.7B | $14.6B | $9.5B | $2.7B | $5.4B |
| Income tax | $547M | −$1.7B | $1.6B | $801M | −$1.3B | $146M | $3.2B | $2.2B | $500M | $892M |
| Net income | $1.6B | $5.1B | $5.6B | $3.1B | −$4.0B | $1.3B | $11.0B | $7.0B | $2.1B | $4.4B |
| Diluted EPS | $2.92 | $9.85 | $11.80 | $6.77 | −$9.06 | $2.97 | $23.27 | $15.48 | $4.99 | $10.79 |
| Diluted shares | 0.53B | 0.52B | 0.47B | 0.45B | 0.44B | 0.44B | 0.47B | 0.45B | 0.42B | 0.41B |
| Cash flow | ||||||||||
| Cash from operations | $3.0B | $3.6B | $7.6B | $4.8B | $2.1B | $6.0B | $10.8B | $7.0B | $4.2B | $5.0B |
| Depreciation and amortization | $1.2B | $1.3B | $1.4B | $1.3B | $1.4B | $1.6B | $1.6B | $2.0B | $2.4B | $3.3B |
| Stock-based compensation | $156M | $142M | $100M | $169M | $127M | $144M | $210M | $297M | $210M | $220M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $306M | $263M | $625M | $3.5B |
| Share buybacks | $1.0B | $1.6B | $4.6B | $1.7B | $443M | $0.0M | $1.5B | $4.0B | $3.5B | $1.2B |
| Dividends paid | $1.3B | $1.4B | $1.4B | $1.6B | $1.6B | $1.6B | $1.8B | $1.9B | $1.9B | $1.9B |
| Dividends and buybacks | $2.3B | $3.0B | $6.1B | $3.2B | $2.0B | $1.6B | $3.3B | $5.9B | $5.3B | $3.1B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.7B | $3.1B | $3.0B | $1.6B | $2.5B | $3.1B | $6.1B | $3.3B | $1.7B | $1.1B |
| Total debt | $10.1B | $10.1B | $11.2B | $11.8B | $15.9B | $14.4B | $17.2B | $19.4B | $20.1B | $19.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $277M | $264M | $290M | $257M | $305M | $352M | $338M |
| Current assets | $12.7B | $14.4B | $13.2B | $14.4B | $13.3B | $14.7B | $21.9B | $19.9B | $17.9B | $17.3B |
| Current liabilities | $9.5B | $10.1B | $8.9B | $11.6B | $9.5B | $12.8B | $15.9B | $15.9B | $15.1B | $13.3B |
| Inventory | $3.2B | $3.4B | $3.5B | $3.8B | $3.9B | $3.4B | $3.3B | $3.8B | $4.0B | $5.1B |
| Property and equipment, net | $20.9B | $21.5B | $22.0B | $23.8B | $23.7B | $22.4B | $35.2B | $35.7B | $35.3B | $39.1B |
| Total assets | $51.7B | $54.4B | $54.3B | $58.7B | $54.7B | $55.6B | $76.4B | $75.5B | $72.6B | $73.7B |
| Total liabilities | $27.9B | $26.9B | $27.1B | $31.6B | $33.2B | $34.0B | $42.3B | $43.9B | $44.1B | $43.4B |
| Shareholders' equity | $22.4B | $25.1B | $24.7B | $24.9B | $19.0B | $19.2B | $29.5B | $30.6B | $27.4B | $29.1B |
| Margins | ||||||||||
| Gross margin | 25.9% | 22.4% | 12.1% | 11.0% | 10.0% | 8.4% | 11.8% | 13.1% | 9.2% | 12.3% |
| EBITDA margin | 4.4% | 5.2% | 8.3% | 5.6% | −4.7% | 3.5% | 9.9% | 8.3% | 4.2% | 7.3% |
| Net margin | 1.9% | 5.0% | 5.0% | 2.9% | −6.2% | 1.2% | 6.5% | 4.8% | 1.5% | 3.3% |
| Returns | ||||||||||
| Return on capital | 6.2% | 12.2% | 18.0% | 10.4% | −9.7% | 6.2% | 30.4% | 17.0% | 6.2% | 11.2% |
| Return on capital employed | 6.1% | 9.2% | 17.7% | 10.1% | −9.6% | 5.2% | 29.5% | 17.2% | 6.1% | 10.9% |
| Return on equity | 6.8% | 21.5% | 22.5% | 12.4% | −18.1% | 6.9% | 45.3% | 23.4% | 7.3% | 15.6% |
| Return on assets | 3.1% | 9.6% | 10.3% | 5.4% | −7.0% | 2.4% | 16.7% | 9.2% | 2.9% | 6.0% |
| Growth | ||||||||||
| Revenue growth | −14.9% | 21.5% | 8.9% | −3.7% | −40.2% | 73.8% | 52.5% | −13.3% | −2.9% | −7.5% |
| Net income growth | −63.2% | 228.4% | 9.6% | −45.0% | −229.2% | — | 737.1% | −36.4% | −69.8% | 108.0% |
| EPS growth | −62.2% | 237.3% | 19.8% | −42.6% | −233.8% | — | 683.5% | −33.5% | −67.8% | 116.2% |
| Share count change | −3.1% | −2.2% | −8.6% | −4.3% | −3.2% | 0.2% | 7.6% | −4.3% | −6.9% | −3.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.0x | 1.3x | 0.9x | 1.7x | — | 2.9x | 0.7x | 1.3x | 3.1x | 1.9x |
| Debt / equity | 0.5x | 0.4x | 0.5x | 0.5x | 0.8x | 0.8x | 0.6x | 0.6x | 0.7x | 0.7x |
| Interest coverage | 7.5x | 9.1x | 16.1x | 9.3x | −8.0x | 4.1x | 25.0x | 12.3x | 3.9x | 6.4x |
| Current ratio | 1.3x | 1.4x | 1.5x | 1.2x | 1.4x | 1.2x | 1.4x | 1.3x | 1.2x | 1.3x |
| Quick ratio | 1.0x | 1.1x | 1.1x | 0.9x | 1.0x | 0.9x | 1.2x | 1.0x | 0.9x | 0.9x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 0.2% | 0.1% | 0.1% | 0.2% | 0.2% | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% |
| Quality scores | ||||||||||
| Piotroski F-score | 4.0 | 7.0 | 7.0 | 4.0 | 4.0 | 6.0 | 7.0 | 6.0 | 4.0 | 8.0 |
| Altman Z'' | 2.4 | 3.1 | 3.8 | 3.0 | 1.6 | 2.1 | 3.8 | 3.4 | 2.7 | 3.1 |
| Accruals ratio | −2.8% | 2.8% | −3.6% | −3.1% | −10.7% | −8.5% | 0.3% | −0.0% | −2.8% | −0.8% |
Source: SEC EDGAR XBRL filings (CIK 0001534701). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.