Phillips 66 shows resilient refining operations paired with steady midstream performance. Resilient refining and stable midstream segments support moderate influence on financial trajectory and market sentiment.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | 1 | — | 1 | — | — | — | — |
| Sell | — | 2 | 1 | 1 | 2 | 4 | — | 1 | — | 3 | 4 | 1 |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 5.08 |
—
—
—
|
| 2025 | 4.75 |
—
—
—
—
|
| 2024 | 4.50 |
—
—
—
—
|
| 2023 | 4.20 |
—
—
—
—
|
| 2022 | 3.83 |
—
—
—
—
|
| 2021 | 3.62 |
—
—
—
—
|
| 2020 | 3.60 |
—
—
—
—
|
| 2019 | 3.50 |
—
—
—
—
|
| 2018 | 3.10 |
—
—
—
—
|
| 2017 | 2.73 |
—
—
—
—
|
| 2016 | 2.45 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 3,323.00 | 1,738.00 | 1,116.00 | 4,099.00 |
| Receivables | 11,730.00 | 11,033.00 | 9,771.00 | 11,717.00 |
| Inventory | 3,750.00 | 3,995.00 | 5,097.00 | 5,922.00 |
| Other | — | — | — | — |
| 19,941.00 | 17,910.00 | 17,271.00 | 24,221.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 10,901.00 | 10,304.00 | 8,867.00 | 12,049.00 |
| ST’ Debt | 1,482.00 | 1,831.00 | 1,038.00 | 1,797.00 |
| Other | 2,273.00 | 1,892.00 | 2,059.00 | 2,496.00 |
| 15,856.00 | 15,087.00 | 13,326.00 | 18,354.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 32,540.00 | 51,004.00 | — | — |
—
|
| ’25 | 30,430.00 | 33,323.00 | 34,515.00 | 34,108.00 |
132,376.00
|
| ’24 | 35,811.00 | 38,129.00 | 35,528.00 | 33,685.00 |
143,153.00
|
| ’23 | 34,396.00 | 35,090.00 | 39,643.00 | 38,270.00 |
147,399.00
|
| ’22 | 36,179.00 | 48,577.00 | 44,955.00 | 40,279.00 |
169,990.00
|
| ’21 | 21,627.00 | 27,002.00 | 30,243.00 | 32,604.00 |
111,476.00
|
| ’20 | 20,878.00 | 10,913.00 | 15,929.00 | 16,409.00 |
64,129.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (2,264.00) | 7,259.00 | — | — |
—
|
| ’25 | 187.00 | 845.00 | 1,178.00 | 2,752.00 |
4,962.00
|
| ’24 | (236.00) | 2,097.00 | 1,132.00 | 1,198.00 |
4,191.00
|
| ’23 | 1,199.00 | 955.00 | 2,685.00 | 2,190.00 |
7,029.00
|
| ’22 | 1,136.00 | 1,783.00 | 3,144.00 | 4,750.00 |
10,813.00
|
| ’21 | 271.00 | 1,743.00 | 2,203.00 | 1,800.00 |
6,017.00
|
| ’20 | 217.00 | 764.00 | 491.00 | 639.00 |
2,111.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (2,846.00) | 6,533.00 | — | — |
—
|
| ’25 | (236.00) | 258.00 | 637.00 | 2,070.00 |
2,729.00
|
| ’24 | (864.00) | 1,730.00 | 774.00 | 692.00 |
2,332.00
|
| ’23 | 821.00 | 404.00 | 2,093.00 | 1,556.00 |
4,874.00
|
| ’22 | 766.00 | 1,407.00 | 2,409.00 | 4,343.00 |
8,925.00
|
| ’21 | (60.00) | 1,363.00 | 1,651.00 | 1,203.00 |
4,157.00
|
| ’20 | (706.00) | (175.00) | (61.00) | 133.00 |
(809.00)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.51 | 9.55 | — | — |
—
|
| ’25 | 1.18 | 2.15 | 0.32 | 7.17 |
10.79
|
| ’24 | 1.73 | 2.38 | 0.82 | 0.01 |
4.99
|
| ’23 | 4.20 | 3.72 | 4.69 | 2.86 |
15.48
|
| ’22 | 1.29 | 6.53 | 11.16 | 3.97 |
23.27
|
| ’21 | (1.49) | 0.66 | 0.91 | 2.88 |
2.97
|
| ’20 | (5.66) | (0.33) | (1.82) | (1.23) |
(9.06)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 72.89 | 89.74 | 108.91 | 91.01 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 113.53 | 136.69 | 174.08 | 144.96 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13,000 | 14,000 | 13,200 | 12,600 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.08 | 10.53 | 10.84 | 10.51 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 169,990.00 | 147,399.00 | 143,153.00 | 132,376.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.80% | 13.10% | 9.21% | 12.30% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 14,639.00 | 9,469.00 | 2,675.00 | 5,420.00 | ‡‡‡‡‡ | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.61% | 6.42% | 1.87% | 4.09% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11,391.00 | 7,239.00 | 2,175.00 | 4,528.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,652.00 | 2,006.00 | 2,403.00 | 3,298.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 360.53 | 327.45 | 340.70 | 326.04 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 23.36 | 15.48 | 5.01 | 10.82 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 22.93 | 15.62 | 9.97 | 12.22 | ‡‡‡‡ | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (4.00) | (4.79) | (4.42) | (5.50) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.93 | 10.83 | 5.55 | 6.72 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 72.34 | 70.31 | 67.74 | 74.48 | ‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 471.50 | 450.14 | 420.17 | 406.01 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 4.39 | 8.67 | 22.97 | 11.88 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.28 | 0.41 | 0.33 | 0.40 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.40 | 1.91 | 1.68 | 1.73 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.35 | 0.52 | 0.46 | 0.54 | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.58 | 15.69 | 28.39 | 26.01 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10,813.00 | 7,029.00 | 4,191.00 | 4,962.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1,888.00) | (2,155.00) | (1,859.00) | (2,233.00) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8,925.00 | 4,874.00 | 2,332.00 | 2,729.00 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6,033.00 | 4,085.00 | 2,823.00 | 3,945.00 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17,190.00 | 19,359.00 | 20,062.00 | 19,716.00 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11,057.00 | 16,036.00 | 18,324.00 | 18,600.00 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 34,106.00 | 31,650.00 | 28,463.00 | 30,241.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.70% | 9.23% | 2.86% | 6.02% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.00% | 10.97% | 2.42% | 7.29% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 39.55% | 21.34% | 7.04% | 15.00% | ‡‡‡‡‡ | — | — |
ROE
|
Phillips 66 (PSX), a premier independent refiner with midstream, chemicals, and marketing arms, exemplifies the energy sector’s inherent cyclicality, with revenue surging to a $170 billion peak in 2022 amid post-COVID refining booms before normalizing to $143 billion in 2024. Profitability has swung wildly—from 2020 losses to $11.4 billion net income in 2022—now stabilizing at $2.2 billion, bolstered by robust free cash flow that has funded dividends, buybacks (reducing shares 20% since 2016), and disciplined capex on renewables like the Rodeo facility. Forecasts signal brighter EPS growth to $12.79 by 2027 on flat revenue, driven by cost controls and mid-teens crack spreads, positioning PSX for ROE expansion amid U.S. refining utilization gains.
Yet, caution prevails: elevated debt at $20 billion (net debt-to-EBITDA nearing 2x) and recent insider net selling (12x more sells than buys) underscore downside risks from softening oil demand, China’s slowdown, EV shifts, and potential supply floods. Trading near analyst targets with modest upside (+11% to highs) but -14% downside in bearish scenarios, PSX’s valuation—PE at 23x troughs, PB at 1.7x—reflects balanced sheet strength but demands vigilance on FCF conversion and deleveraging. For risk-averse portfolios, it’s a steady hold in energy allocations, hedging cycles with biofuel ramps, but monitor Q1 2026 earnings closely amid geopolitical and transition uncertainties.
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