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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%

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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 Segments Valuation Filings

Phillips 66 (PSX) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Refined petroleum products and renewable fuels	97,359 73.55%	103,685 72.43%	108,644 73.71%	131,798 77.53%	89,020 79.86%	49,768 77.61%	87,902 81.93%	87,967 78.92%	85,405 83.44%	73,385 87.07%	86,249 87.14%	133,625 82.89%	140,488 81.87%	140,986 78.64%	146,683 74.86%	108,182 73.81%
Natural gas liquids and natural gas	17,066 12.89%	14,548 10.16%	14,467 9.81%	16,174 9.51%	9,074 8.14%	4,084 6.37%	4,814 4.49%	6,161 5.53%	4,670 4.56%	3,107 3.69%	2,998 3.03%	6,447 4.00%	7,431 4.33%	8,533 4.76%	10,024 5.12%	8,468 5.78%
Crude oil resales	15,183 11.47%	22,008 15.37%	20,824 14.13%	20,574 12.10%	12,801 11.48%	9,114 14.21%	14,125 13.16%	16,419 14.73%	11,808 11.54%	7,594 9.01%	8,993 9.09%	19,832 12.30%	22,777 13.27%	28,730 16.02%	38,259 19.53%	28,836 19.68%
Services and other	2,768 2.09%	2,912 2.03%	3,464 2.35%	1,444 0.85%	581 0.52%	1,163 1.81%	452 0.42%	914 0.82%	471 0.46%	193 0.23%	735 0.74%	1,308 0.81%	900 0.52%	1,041 0.58%	965 0.49%	1,075 0.73%
Revenue	132,376	143,153	147,399	169,990	111,476	64,129	107,293	111,461	102,354	84,279	98,975	161,212	171,596	179,290	195,931	146,561

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2013	FY2012	FY2011	FY2010
M&S	83,740 63.26%	90,318 63.09%	95,931 65.08%	112,569 66.22%	—	—	—	—
Refining	26,872 20.30%	34,793 24.30%	34,241 23.23%	40,234 23.67%	51,977 30.29%	57,720 32.19%	67,092 34.24%	—
Midstream	18,577 14.03%	16,012 11.19%	15,780 10.71%	16,189 9.52%	6,575 3.83%	6,278 3.50%	9,475 4.84%	6,976 4.76%
Renewable Fuels	3,150 2.38%	1,995 1.39%	1,412 0.96%	963 0.57%	—	—	—	—
Chemicals	0 0.00%	0 0.00%	0 0.00%	0 0.00%	9 0.01%	11 0.01%	11 0.01%	11 0.01%
Marketing and Specialties	—	—	—	—	113,938 66.40%	115,268 64.29%	120,455 61.48%	—
Corporate and Other	—	—	—	—	30 0.02%	13 0.01%	3 0.00%	6 0.00%
R And M	—	—	—	—	—	—	—	139,568 95.23%
Eliminations	—	—	—	—	(933) (0.54%)	—	(1,105) (0.56%)	—
Revenue	132,376	143,153	147,399	169,990	171,596	179,290	195,931	146,561

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2013	FY2012	FY2011	FY2010
M&S	‡	‡	‡	‡	‡	‡	‡	‡
Refining	‡	‡	‡	‡	‡	‡	‡	‡
Midstream	‡	‡	‡	‡	‡	‡	‡	‡
Renewable Fuels	‡	‡	‡	‡	‡	‡	‡	‡
Chemicals	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
United States	104,259 78.76%	113,599 79.35%	118,786 80.59%	136,995 80.59%	87,973 78.92%	48,711 75.96%	83,512 77.84%	86,401 77.52%	75,684 73.94%	59,742 70.89%	69,578 70.30%	110,713 68.68%	115,378 67.24%	120,332 67.12%	134,342 68.57%	100,914 68.85%
United Kingdom	13,207 9.98%	12,713 8.88%	14,642 9.93%	16,741 9.85%	11,132 9.99%	7,031 10.96%	9,863 9.19%	11,054 9.92%	10,626 10.38%	9,895 11.74%	12,120 12.25%	20,131 12.49%	21,868 12.74%	22,129 12.34%	26,976 13.77%	20,125 13.73%
Other countries	9,917 7.49%	11,576 8.09%	8,424 5.72%	9,862 5.80%	8,081 7.25%	5,353 8.35%	9,865 9.19%	9,654 8.66%	9,352 9.14%	8,514 10.10%	10,693 10.80%	20,944 12.99%	24,551 14.31%	26,921 15.02%	23,966 12.23%	16,452 11.23%
Germany	4,993 3.77%	5,265 3.68%	5,547 3.76%	6,392 3.76%	4,290 3.85%	3,034 4.73%	4,053 3.78%	4,352 3.90%	6,692 6.54%	6,128 7.27%	6,584 6.65%	9,424 5.85%	9,799 5.71%	9,908 5.53%	10,647 5.43%	9,070 6.19%
Revenue	132,376	143,153	147,399	169,990	111,476	64,129	107,293	111,461	102,354	84,279	98,975	161,212	171,596	179,290	195,931	146,561

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Adjusted total processed inputs	Q4 FY2025	189.5M	171.0M	+10.78%
Clean product yield	Q3 FY2026	86.0%	86.0%	—
Crude utilization rate	Q3 FY2026	98.0%	99.0%	—
Global olefins and polyolefins utilization	Q3 FY2026	92.0%	104.0%	—
Midstream NGL fractionated volumes	Q3 FY2026	1.0M	930.0K	+7.85%
Pipeline Throughput - Y-Grade to Market	Q3 FY2026	982.0K	999.0K	−1.70%
Remaining performance obligations	Q3 FY2026	$703.0M	$894.0M	−21.36%
Renewable fuels produced	Q3 FY2026	47.0K	36.0K	+30.56%
Total processed inputs	Q3 FY2026	196.1M	—	—
Turnaround expense	Q3 FY2026	$79.0M	—	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q1 FY2018
Adjusted total processed inputs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Clean product yield	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude utilization rate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Global olefins and polyolefins utilization	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Midstream NGL fractionated volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pipeline Throughput - Y-Grade to Market	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Renewable fuels produced	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total processed inputs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Turnaround expense	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.