Phillips 66

PSX · NYSE · Energy · Financials, fiscal 2016 to 2025

PSX · Last close · October 26, 2026

$288.85

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%.

Phillips 66 Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001534701-26-000006 Updated October 9, 2026

Revenue

$132.4B

7.5%

Net margin

3.3%

1.9 pts

Net income

$4.4B

108.0%

Free cash flow

—

Return on capital

11.2%

5.0 pts

Market cap

$116.3B

Oct 26 close

P/E

16.5x

On $17.51 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Refining and chemical margins that swing with market conditions it does not control.
Plant downtime, accidents and other operating hazards at its refineries and pipelines.
Relying on joint ventures, such as CPChem, which limit its control over risk.
Demand for fossil fuels falling because of emissions rules, climate concerns and changing technology.
Large projects that take years and whose returns can shrink if conditions change.

From Phillips 66's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 15.6% a year and net income 12.3% a year, as buybacks cut the share count by 23%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Phillips 66's filings doesn't give both for any year, so free cash flow is left out.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Phillips 66 yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Phillips 66's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Phillips 66's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow, as its free cash flow was not available) of $1.7B, net cash of −$18.6B at December 31, 2025 and 408 million diluted shares, from its filings. The scenarios are fitted to Phillips 66: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -8.0% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Oil & Gas Refining & Marketing), plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Phillips 66's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Phillips 66's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 13% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $288.85
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Phillips 66's earnings per share of $17.51 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 16.5×, the middle of Phillips 66's own P/E today, its peers' median and its sector's median (Phillips 66's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Marathon Petroleum, Valero Energy, PBF Energy.

Earnings growth in the years ahead (% a year) Starts at Phillips 66's revenue growth over the last 3 years, -8.0% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $288.85
Value at this multiple, against the last close: —
Phillips 66's P/E at the last close: 16.5×

Company	Last close	Earnings per share	P/E today
Valero EnergyVLO	$426.76	$24.05	17.7×
Phillips 66PSX	$288.85	$17.51	16.5×
Marathon PetroleumMPC	$470.64	$29.04	16.2×
PBF EnergyPBF	$80.55	$11.33	7.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	3.1	6.1	3.3	1.7	1.1
Debt incl. finance leases	14.4	17.2	19.4	20.1	19.7
Net debt (negative means net cash)	11.3	11.1	16.0	18.3	18.6
Net debt to EBITDA	2.9x	0.7x	1.3x	3.1x	1.9x
Debt to equity	0.8x	0.6x	0.6x	0.7x	0.7x
Interest coverage	4.1x	25.0x	12.2x	3.9x	6.4x
Current ratio	1.1x	1.4x	1.3x	1.2x	1.3x
Quick ratio	0.9x	1.2x	1.0x	0.9x	0.9x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $60,608 of Phillips 66 shares on the open market, and 7 insiders sold $62.7 million, $10.1 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 16, 2026	Brian MandellExecutive Vice President	Sold	23,400	$265.06	$6.2 million	Form 4
Aug 12, 2026	Richard G HarbisonEVP, Refining	Sold	52,100	$223.76	$11.7 million	Form 4
Aug 11, 2026	Brian MandellExecutive Vice President	Sold	30,000	$215.00	$6.5 million	Form 4
Aug 10, 2026	Ann M KluppelSVP and Controller	Sold	6,034	$212.50	$1.3 million	Form 4
Aug 10, 2026	Brian MandellExecutive Vice President	Sold	3,300	$214.02	$706,266	Form 4
Aug 10, 2026	Lisa Ann DavisDirector	Sold	1,515	$207.73	$314,716	Form 4
Aug 7, 2026	Ann M KluppelSVP and Controller	Sold	1,800	$205.00	$369,000	Form 4
Jul 20, 2026	Vanessa Allen SutherlandEVP, GC and Secretary	Sold plan	563	$211.01	$118,799	Form 4
Jul 9, 2026	Kevin J MitchellExec. VP and CFO	Sold plan	11,021	$190.03	$2.1 million	Form 4
May 11, 2026	Kevin J MitchellExec. VP and CFO	Sold	600	$171.56	$102,936	Form 4
May 8, 2026	Kevin J MitchellExec. VP and CFO	Sold	29,400	$170.01	$5.0 million	Form 4
May 6, 2026	Kevin Omar MeyersDirector	Bought	175	$173.13	$30,298	Form 4

The latest 12 of 24 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Fail	Fail	Fail
F-score	6 of 9	4 of 9	8 of 9
Accruals ratio	−0.0%	−2.8%	−0.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Phillips 66 side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Phillips 66	FY25	−7.5%	—	—	11.2%	1.9x	8
Marathon Petroleum	FY25	−4.4%	6.2%	3.6%	13.6%	2.5x	8	Compare
Valero Energy	FY25	−5.5%	2.6%	—	7.2%	0.9x	6	Compare
World Kinect	FY25	−12.4%	−1.5%	0.6%	−20.9%	—	5	Compare
PBF Energy	FY25	−11.4%	−0.2%	−2.7%	−0.6%	5.2x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	84.3	102.4	111.5	107.3	64.1	111.5	170.0	147.4	143.2	132.4
Revenue growth	−14.8%	21.4%	8.9%	−3.7%	−40.2%	73.8%	52.5%	−13.3%	−2.9%	−7.5%
Gross profit	21.8	22.9	13.5	11.8	6.4	9.4	20.1	19.3	13.2	16.3
Research and development	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	1.6	5.1	5.6	3.1	−4.0	1.3	11.0	7.0	2.1	4.4
Diluted EPS (US$)	2.92	9.85	11.80	6.77	−9.06	2.97	23.27	15.48	4.99	10.79
Diluted shares (millions)	530	518	474	454	440	440	474	453	422	408
Cash flow
Cash from operations	3.0	3.6	7.6	4.8	2.1	6.0	10.8	7.0	4.2	5.0
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	1.3	1.4	1.4	1.6	1.6	1.6	1.8	1.9	1.9	1.9
Share buybacks	1.0	1.6	4.6	1.6	0.4	0.0	1.5	4.0	3.5	1.2
Acquisitions	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.3	0.6	3.5
Stock-based compensation	0.2	0.1	0.1	0.2	0.1	0.1	0.2	0.3	0.2	0.2
Balance sheet at fiscal year end
Cash and short-term investments	2.7	3.1	3.0	1.6	2.5	3.1	6.1	3.3	1.7	1.1
Debt incl. finance leases	10.1	10.1	11.2	11.8	15.9	14.4	17.2	19.4	20.1	19.7
Total assets	51.7	54.4	54.3	58.7	54.7	55.6	76.4	75.5	72.6	73.7
Total liabilities	27.9	26.9	27.1	31.6	33.2	34.0	42.3	43.9	44.1	43.4
Shareholders' equity	22.4	25.1	24.7	24.9	19.0	19.2	29.5	30.6	27.4	29.1
Margins and ratios
Gross margin	25.9%	22.4%	12.1%	11.0%	10.0%	8.4%	11.8%	13.1%	9.2%	12.3%
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	1.9%	5.0%	5.0%	2.9%	−6.2%	1.2%	6.5%	4.8%	1.5%	3.3%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
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 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%
Net debt to EBITDA	2.0x	1.3x	0.9x	1.7x	—	2.9x	0.7x	1.3x	3.1x	1.9x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Phillips 66's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Phillips 66.