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Phillips 66

PSX Energy Oil & Gas Refining & Marketing

Phillips 66’s revenue for fiscal 2025 (year ended December 2025) was $132.4 billion, down 7.53% from fiscal 2024.

Revenue
+46.4%
EPS
+4,338.6%
Free cash flow
+936.3%
Total debt
−14.8%

Quarter to September 2026, against a year earlier

248.06 11.57 −4.46%
Market cap
$96.4B
P/E
7.9×
Fwd P/E
8.9×
Dividend yield
2.02%
F-score
7/9
Altman Z
3.47
Beneish M
−2.82
Dividend safety
58/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Refined petroleum products and renewable fuels
  • Natural gas liquids and natural gas
  • Crude oil resales
  • Services and other

Every year since 2010 →

Insider Decisions last twelve months

Bought, $m 0.06
Sold, $m 54.19
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — 1 — — — — — —
Sell — 1 2 4 — 1 — 3 4 1 — —
Insider Ownership 1.88%

Capital & Financial Ratios $m

Size
Market Cap 96,360.00
Revenue ttm 168,192.00
Net income ttm 12,664.00
Free cash flow ttm 12,358.00
Net debt Q 12,682.00
Valuation
P/E 7.87
Forward P/E 8.88
Price / sales 0.59
Forward P/S Powerpack
Price / FCF 7.97
Price / book 2.77
Financial health
Current ratio Q 1.34
Debt / equity Q 0.52
Interest coverage Q 27.99
Growth
Revenue growth Q +46.43% (above 0%: growing)
Operating income growth Q +5,172.09% (above 0%: growing)
EPS, this year +428.51% (at or above 15%: strong)
EPS, next year A −5.89% (below 0%: weak)
Revenue, next year A +28.58% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +50.25% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.7×, against a ten-year median of 0.5×; over the ten years it ranged from 0.3× in 2023 to 0.8× in 2021.
P/E against its own 10 years 20.54%
10-year low 10-year high
P/S against its own 10 years 96.66%
10-year low 10-year high
P/B against its own 10 years 97.84%
10-year low 10-year high
EV/Sales against its own 10 years 90.28%
10-year low 10-year high
EV/FCF against its own 10 years 9.94%
10-year low 10-year high

Dividends raised every year since 2018

Yield
2.02%
Annual rate
5.01
Payout ratio
16.0%
Growth, 2018–26
+6.52%/yr
  1. 3.10 ’18
  2. 3.50 ’19 +13
  3. 3.60 ’20 +3
  4. 3.62 ’21 +1
  5. 3.83 ’22 +6
  6. 4.20 ’23 +10
  7. 4.50 ’24 +7
  8. 4.75 ’25 +6
  9. 5.14 ’26 +8
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,323 1,738 1,116 5,848
Receivables 11,730 11,033 9,771 13,231
Inventory 3,750 3,995 5,097 6,248
Other — — — —
19,941 17,910 17,271 27,921
2023 2024 2025 Q'26
Payables 10,901 10,304 8,867 14,121
ST’ Debt 1,482 1,831 1,038 1,045
Other 2,273 1,892 2,059 2,922
15,856 15,087 13,326 20,775

Compound Annual Growth %

10y 5y 3y
Sales 2.95% 15.60% (8.00%)
Cash Flow (1.40%) 18.64% (22.87%)
Earnings 0.41% 0.00% (26.36%)
Book Value 2.36% 7.04% (3.93%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 11.97 Actual 14.08

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.11 2.47 Beat by 0.36
Q1 FY26 −0.55 0.49 Beat by 1.04
Q2 FY26 7.68 9.41 Beat by 1.73
Q3 FY26 11.97 14.08 Beat by 2.11
Q4 FY26 10.21 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.51 9.55 14.13 — —
’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)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 32,540 51,004 50,540 — —
’25 30,430 33,323 34,515 34,108 132,376
’24 35,811 38,129 35,528 33,685 143,153
’23 34,396 35,090 39,643 38,270 147,399
’22 36,179 48,577 44,955 40,279 169,990
’21 21,627 27,002 30,243 32,604 111,476
’20 20,878 10,913 15,929 16,409 64,129
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (2,264) 7,259 7,281 — —
’25 187 845 1,178 2,752 4,962
’24 (236) 2,097 1,132 1,198 4,191
’23 1,199 955 2,685 2,190 7,029
’22 1,136 1,783 3,144 4,750 10,813
’21 271 1,743 2,203 1,800 6,017
’20 217 764 491 639 2,111
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (2,846) 6,533 6,601 — —
’25 (236) 258 637 2,070 2,729
’24 (864) 1,730 774 692 2,332
’23 821 404 2,093 1,556 4,874
’22 766 1,407 2,409 4,343 8,925
’21 (60) 1,363 1,651 1,203 4,157
’20 (706) (175) (61) 133 (809)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −4.9% a year for ten years. It grew 61.4% a year over the last ten.

Implied
−4.9%
10 years, reported
61.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 84,279 102,354 111,461 107,293 64,129 111,476 169,990 147,399 143,153 132,376 168,192 +5.1% 170,203 155,836 148,854 +4.0%
Gross margin, % 25.88 22.42 12.14 10.96 10.01 8.41 11.80 13.10 9.21 12.30 15.08 (13.6) pt
EBT 2,191 3,555 7,445 4,178 (4,964) 1,740 14,639 9,469 2,675 5,420 15,792 +10.6%
EBT margin, % 2.60 3.47 6.68 3.89 (7.74) 1.56 8.61 6.42 1.87 4.09 9.39 +1.5 pt
Net income 1,644 5,248 5,873 3,377 (3,714) 1,594 11,391 7,239 2,175 4,528 12,664 +11.9%
Per share, $
Per share, $ Revenue 159.76 198.71 236.79 237.71 145.90 253.34 360.53 327.45 340.70 326.04 423.65 +8.2%
Earnings 2.94 9.90 11.87 6.80 (9.06) 2.97 23.36 15.48 5.01 10.82 31.50 +15.6%
Cash flow 5.62 7.08 16.09 10.65 4.80 13.67 22.93 15.62 9.97 12.22 37.85 +9.0%
Capex (5.39) (3.56) (5.61) (8.58) (6.64) (4.23) (4.00) (4.79) (4.42) (5.50) (6.73) +0.2%
Free cash flow 0.23 3.53 10.48 2.07 (1.84) 9.45 18.93 10.83 5.55 6.72 31.13 +45.8%
Book value 44.97 53.25 57.69 60.19 48.97 49.17 72.34 70.31 67.74 74.48 89.43 +5.8%
Shares, m 528 515 471 451 440 440 471 450 420 406 402 (2.9%)
Valuation, ×
Valuation, × P/E 29.52 10.21 7.19 16.38 0.00 24.40 4.39 8.67 22.97 11.88 7.87 13.6
P/S 0.54 0.51 0.36 0.47 0.48 0.29 0.28 0.41 0.33 0.40 0.59 0.4
P/B 1.93 1.91 1.49 1.85 1.43 1.47 1.40 1.91 1.68 1.73 2.77 1.7
EV/Sales 0.63 0.58 0.44 0.56 0.69 0.39 0.35 0.52 0.46 0.54 0.66 0.5
EV/FCF 447.15 32.71 9.87 64.64 (54.54) 10.39 6.58 15.69 28.39 26.01 9.00 58.7
Cash, $m
Cash, $m Operating cash flow 2,963 3,648 7,573 4,808 2,111 6,017 10,813 7,029 4,191 4,962 15,028 +5.9%
Capex (2,844) (1,832) (2,639) (3,873) (2,920) (1,860) (1,888) (2,155) (1,859) (2,233) (2,670) (2.7%)
Free cash flow 119 1,816 4,934 935 (809) 4,157 8,925 4,874 2,332 2,729 12,358 +41.6%
Balance, $m
Balance, $m Working capital 3,217 4,283 4,274 2,749 3,758 1,896 6,033 4,085 2,823 3,945 7,146 +2.3%
Net debt 7,427 6,991 8,141 10,149 13,379 11,301 11,057 16,036 18,324 18,600 12,682 +10.7%
Shareholders’ equity 23,725 27,428 27,153 27,169 21,523 21,637 34,106 31,650 28,463 30,241 35,503 +2.7%
Returns, %
Returns, % ROA 3.10 9.63 10.30 5.44 (7.01) 2.39 16.70 9.23 2.86 6.02 15.52 +2.9 pt
ROIC 2.21 4.11 9.28 4.21 (10.11) (1.10) 17.00 10.97 2.42 7.29 19.98 +5.1 pt
ROE 6.52 19.96 20.50 11.33 (16.33) 6.10 39.55 21.34 7.04 15.00 39.56 +8.5 pt
People
People Employees 14,800 14,600 14,200 14,500 14,300 14,000 13,000 14,000 13,200 12,600 — (1.8%)
Revenue/emp, $m 5.69 7.01 7.85 7.40 4.48 7.96 13.08 10.53 10.84 10.51 — +7.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Phillips 66 is a Houston-based energy company that turns crude oil and other raw materials into fuels and moves energy products to customers. Founded in 1927 and incorporated in Delaware in 2011, it is led by Chairman and Chief Executive Officer Mark E. Lashier.

Its refining business produces gasoline, diesel and aviation fuels. At December 31, 2025, it had 10 refineries in the United States and Europe, including a partial interest in a German refinery. Phillips 66 also buys fuel for resale and markets it through branded outlets, wholesalers and other channels. Its products reach motorists, airlines, commercial buyers and other customers.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Refined petroleum products and renewable fuels 97,359 73.55%
Natural gas liquids and natural gas 17,066 12.89%
Crude oil resales 15,183 11.47%
Services and other 2,768 2.09%
Gross margin 12.30%
Operating margin 4.30%
Pre-tax margin 4.09%

Revenue by segment since 2010

Phillips 66 vs peers in Oil & Gas Refining & Marketing (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MPC Marathon Petroleum Corporation $102.7B 7.2× 6.8× +60.97% (above 0%: growing) +526.09% (above 0%: growing) +477.94% (above 0%: growing) 21.84% 18.65% Compare
VLO Valero Energy Corporation $98.0B 7.9× 6.9× +43.30% (above 0%: growing) +575.14% (above 0%: growing) +202.62% (above 0%: growing) 20.41% 19.68% Compare
PSX Phillips 66 $96.4B 7.9× 8.9× +46.43% (above 0%: growing) +4,338.63% (above 0%: growing) +936.26% (above 0%: growing) 19.24% 13.46%
DINO HF Sinclair Corporation $16.8B 5.0× 4.4× +49.73% (above 0%: growing) +429.30% (above 0%: growing) +138.35% (above 0%: growing) 35.41% 24.61% Compare
SUN Sunoco LP $12.6B 10.3× 7.3× +198.89% (above 0%: growing) +225.00% (above 0%: growing) +181.78% (above 0%: growing) 8.65% 4.10% Compare
PBF PBF Energy Inc. $8.3B 3.0× 2.7× +58.58% (above 0%: growing) +765.99% (above 0%: growing) +3,603.79% (above 0%: growing) 23.56% 17.32% Compare
UGP Ultrapar Participacoes S.A. $6.0B 8.8× — +36.71% (above 0%: growing) +61.11% (above 0%: growing) +873.56% (above 0%: growing) 11.12% 7.25% Compare
CVI CVR Energy Inc. $4.0B 15.6× 20.1× +68.78% (above 0%: growing) +50.59% (above 0%: growing) +374.40% (above 0%: growing) 23.86% 22.07% Compare
DK Delek US Holdings, Inc. $3.8B 17.0× 5.8× +47.83% (above 0%: growing) n/m +173.86% (above 0%: growing) 8.93% 7.40% Compare
Median of peers $10.5B 8.4× 6.8× +54.16% +429.30% +288.51% 21.13% 17.99%

All 19 Oil & Gas Refining & Marketing stocks →

From the latest earnings call

Updated

  • CEO Mark Lashier said Phillips 66 remains committed to returning more than 50% of net operating cash flow, excluding working capital, to shareholders.
  • Brian Mandell said Phillips 66 was watching refining outages, freight rates and demand as factors affecting refining margins through the following year.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
TD Cowen Oct 27, 2026 Target raised — 295.00 → 308.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 79.27%
Held by the ten largest 45.04%
Holder Shares Stake Change
Vanguard 52.68m 13.20% +280.34k
BlackRock 34.11m 8.55% +2.09m
State Street 26.04m 6.53% +271.84k
Elliott Investment Management L.P. 19.25m 4.82% 0.00
Wells Fargo 12.48m 3.13% −1.31m
Geode Capital Management 11.12m 2.79% +463.84k
Morgan Stanley 7.21m 1.81% +106.46k
BNY 6.47m 1.62% −412.45k
Goldman Sachs 5.61m 1.41% −110.62k
UBS 4.76m 1.19% −709.03k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 23.11m 32.43m 224.57
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Phillips 66 (PSX) Latest News

29 Oct

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27 Oct

Impact 4 · · Zacks
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26 Oct

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23 Oct

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22 Oct

Impact 3 · · Zacks

PSX metrics, ten years each

stockrow.com/PSX · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com