Phillips 66

PSX · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Valuation
Market cap	$51,993	$47,052	$58,576	$49,192	$31,752	$30,648	$48,820	$37,751	$44,324	$37,865	$35,845	$40,575	$47,274	$33,391	–	–	–
Enterprise value	$74,907	$66,431	$75,679	$64,861	$45,814	$46,830	$61,505	$48,392	$53,658	$46,627	$42,496	$44,499	$48,471	$36,922	–	–	–
P/E (TTM) at period end	11.83×	22.33×	8.36×	4.47×	24.31×	–	15.90×	6.75×	8.69×	24.44×	8.49×	8.53×	12.70×	8.10×	–	–	–
P/S (TTM) at period end	0.39×	0.33×	0.40×	0.29×	0.28×	0.48×	0.46×	0.34×	0.43×	0.45×	0.36×	0.25×	0.28×	0.19×	–	–	–
P/B at period end	1.79×	1.72×	1.92×	1.67×	1.66×	1.61×	1.96×	1.53×	1.77×	1.69×	1.55×	1.88×	2.15×	1.61×	–	–	–
EV / EBITDA (TTM)	11.06×	14.17×	7.39×	5.54×	16.19×	–	13.47×	7.56×	16.10×	17.26×	8.12×	12.69×	14.21×	6.82×	–	–	–
EV / Sales (TTM)	0.57×	0.46×	0.51×	0.38×	0.41×	0.73×	0.57×	0.43×	0.52×	0.55×	0.43×	0.28×	0.28×	0.21×	–	–	–
Returns
Return on equity	15.1%	7.7%	22.9%	37.3%	6.8%	(21.0%)	12.3%	22.7%	20.3%	6.9%	18.3%	22.0%	17.0%	19.8%	20.5%	2.8%	1.8%
Return on invested capital	5.7%	4.0%	13.3%	17.4%	3.4%	(3.9%)	6.9%	11.3%	5.9%	3.7%	9.9%	7.0%	7.1%	11.6%	5.6%	2.4%	(0.8%)
Dividend yield	3.7%	4.0%	3.2%	3.6%	5.0%	5.1%	3.2%	3.8%	3.1%	3.4%	3.3%	2.6%	1.7%	0.8%	–	–	–
Financial health
Current ratio	1.30×	1.19×	1.26×	1.38×	1.15×	1.39×	1.24×	1.48×	1.42×	1.34×	1.63×	1.50×	1.49×	1.44×	1.13×	1.18×	1.22×
Debt / equity	0.68×	0.73×	0.63×	0.58×	0.75×	0.84×	0.47×	0.45×	0.40×	0.45×	0.38×	0.40×	0.28×	0.34×	0.02×	0.02×	0.02×
Effective tax rate	16.5%	18.7%	23.6%	22.2%	8.4%	25.2%	19.2%	21.1%	(47.6%)	25.0%	29.2%	28.8%	33.4%	37.7%	27.8%	43.9%	43.4%
Share count
Diluted shares outstanding	408	422	453	474	440	440	454	474	519	530	547	572	619	637	635	635	640

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Revenue and gross profit
Revenue	$152,167	$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	$112,692
Cost of revenue	($132,236)	($116,093)	($129,962)	($128,086)	($149,932)	($102,102)	($57,707)	($95,529)	($97,930)	($79,409)	($62,468)	($73,399)	($135,748)	($148,245)	($154,413)	($177,979)	($130,312)	($98,132)
Gross profit	$19,931	$16,283	$13,191	$19,313	$20,058	$9,374	$6,422	$11,764	$13,531	$22,945	$21,811	$27,432	$28,225	$26,479	$28,339	$18,717	$16,506	$14,560
Operating expenses
Research and development	–	($6)	($15)	($27)	($42)	($47)	($48)	($54)	($55)	($60)	($60)	($65)	($62)	($69)	($70)	($69)	($56)	($36)
Selling, general and administrative	($2,411)	($2,437)	($2,814)	($2,525)	($2,168)	($1,744)	($1,544)	($1,681)	($1,677)	($1,695)	($1,638)	($1,670)	($1,663)	($1,478)	($1,703)	($1,394)	($1,384)	($1,278)
Total operating expenses	($9,686)	($12,763)	($10,866)	($11,045)	($9,985)	($8,149)	($8,250)	($8,539)	($8,489)	($20,931)	($20,277)	($23,279)	($25,712)	($24,014)	($23,830)	($16,884)	($15,391)	($14,958)
Total costs and expenses	($141,922)	($128,856)	($140,828)	($139,131)	($159,917)	($110,251)	($65,957)	($104,068)	($106,419)	($100,340)	($82,745)	($94,822)	($158,699)	($169,131)	($174,781)	($194,098)	($145,446)	($113,090)
Operating income	$10,245	$3,520	$2,325	$8,268	$10,073	$1,225	($1,828)	$3,225	$5,042	$2,014	$1,534	$4,153	$2,513	$2,465	$4,509	$1,833	$1,115	($398)
Earnings
EBITDA	$13,032	$6,771	$4,688	$10,245	$11,702	$2,830	($433)	$4,566	$6,398	$3,332	$2,702	$5,231	$3,508	$3,412	$5,415	$2,735	$1,995	$481
Interest income	$185	$141	$158	$269	$82	$11	$14	$43	$45	$31	$18	$27	$21	$20	$18	$33	$42	$47
Interest expense	($1,154)	($1,039)	($907)	($897)	($619)	($581)	($499)	($458)	($504)	($438)	($338)	($310)	($267)	($275)	($246)	($17)	($1)	($1)
Pre-tax income	$8,883	$5,420	$2,675	$9,469	$14,639	$1,740	($4,964)	$4,178	$7,445	$3,555	$2,191	$6,044	$5,745	$5,526	$6,556	$6,559	$1,319	$847
Income tax expense	($1,691)	($892)	($500)	($2,230)	($3,248)	($146)	$1,250	($801)	($1,572)	$1,693	($547)	($1,764)	($1,654)	($1,844)	($2,473)	($1,822)	($579)	($368)
Net income	$7,093	$4,403	$2,117	$7,015	$11,024	$1,317	($3,975)	$3,076	$5,595	$5,106	$1,555	$4,227	$4,762	$3,726	$4,124	$4,775	$735	$476
Per share
Diluted EPS (GAAP)	$17.55	$10.79	$4.99	$15.48	$23.27	$2.97	($9.06)	$6.77	$11.80	$9.85	$2.92	$7.73	$8.33	$6.02	$6.48	$7.52	$1.16	$0.74
Basic EPS (GAAP)	$17.63	$10.82	$5.01	$15.56	$23.36	$2.97	($9.06)	$6.80	$11.87	$9.90	$2.94	$7.78	$8.40	$6.07	$6.55	$7.61	$1.17	$0.74
Basic shares outstanding	403	406	420	450	471	440	440	451	471	515	528	542	566	613	629	628	628	640
Margins
Gross margin	13.1%	12.3%	9.2%	13.1%	11.8%	8.4%	10.0%	11.0%	12.1%	22.4%	25.9%	27.7%	17.5%	15.4%	15.8%	9.6%	11.3%	12.9%
Operating margin	6.7%	2.7%	1.6%	5.6%	5.9%	1.1%	(2.9%)	3.0%	4.5%	2.0%	1.8%	4.2%	1.6%	1.4%	2.5%	0.9%	0.8%	(0.4%)
Net margin	4.7%	3.3%	1.5%	4.8%	6.5%	1.2%	(6.2%)	2.9%	5.0%	5.0%	1.8%	4.3%	3.0%	2.2%	2.3%	2.4%	0.5%	0.4%

Analyst consensus

Buy35 analysts

Bearish · 2 · Hold · 14 · Bullish · 19

Earnings history

	EPS	Estimate
Q3 2024	$2.04	$1.71	Beat
Q4 2024	$-0.15	$1.23	Miss
Q1 2025	$-0.90	$-0.72	Miss
Q2 2025	$2.38	$1.72	Beat
Q3 2025	$2.52	$2.14	Beat
Q4 2025	$2.47	$2.15	Beat
Q1 2026	$0.49	$-0.54	Beat
Q2 2026	$9.41	$7.50	Beat

Peers

Company overview

IPO dateApr 12, 2012

CEOMark E. Lashier

Employees12,600

SectorEnergy

IndustryOil & Gas Refining & Marketing

CountryUS

ExchangeNew York Stock Exchange

Websitewww.phillips66.com

Phillips 66 operates as a diversified energy company, specializing in both manufacturing and logistics. Its comprehensive business model is structured across four primary segments: Midstream, Chemicals, Refining, and Marketing & Specialties (M&S). The Midstream division manages the vital infrastructure for transporting and processing various energy commodities. This includes moving crude oil and other feedstocks, delivering refined petroleum products to market, offering terminaling and storage solutions, and handling natural gas liquids (NGLs) through processes like transportation, storage, fractionation, export, and marketing. It also provides fee-based processing services and oversees the gathering, processing, transportation, and marketing of natural gas. The Chemicals segment is dedicated to the production and distribution of a broad spectrum of chemical products. This encompasses olefins like ethylene, aromatics and styrenics such as benzene, cyclohexane, styrene, and polystyrene, alongside various specialty chemicals. These specialty products include organosulfur compounds, solvents, catalysts, and chemicals utilized in drilling and mining operations. Through its Refining segment, Phillips 66 transforms crude oil and other feedstocks into essential petroleum products. These include different grades of gasoline, distillates, aviation fuels, and renewable fuels, processed at its network of 12 refineries located in the United States and Europe. The Marketing & Specialties (M&S) segment focuses on the procurement, resale, and marketing of refined petroleum products like gasolines, distillates, and aviation fuels, primarily serving markets in the United States and Europe. This segment also manufactures and distributes specialized products, including base oils and lubricants. Phillips 66, founded in 1875, is headquartered in Houston, Texas.

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