Detailed financial statements for Phillips 66 (PSX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
Phillips 66 reported revenue of $132.19B in the most recent fiscal year, growing at a 5-year CAGR of 15.7%.
Trailing-twelve-month margins: gross margin 9.8%, operating margin 6.7%, net margin 4.6%.
At the current price of $269.72, PSX trades at a P/E of 15.08 and an ROE of 15.13%. Market capitalisation stands at $108.1B, placing it among large-cap names.
Balance sheet quality for PSX: current ratio of 1.3, net debt of $21.77B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $2.73B represents 62% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $71.35B | $89.55B | $111.27B | $107.44B | $63.69B | $111.94B | $170.12B | $147.26B | $143.12B | $132.19B |
| Cost of Revenue | $67.87B | $85.43B | $104.12B | $102.13B | $63.51B | $108.56B | $157.35B | $135.98B | $138.25B | $125.70B |
| Gross Profit | $3.48B | $4.12B | $7.14B | $5.32B | $180.0M | $3.38B | $12.77B | $11.29B | $4.86B | $6.49B |
| Research & Development | $60.0M | $60.0M | $55.0M | $54.0M | $48.0M | $47.0M | $42.0M | $27.0M | $15.0M | $6.0M |
| Selling, General & Admin | $1.58B | $1.64B | $1.62B | $1.63B | $1.50B | $1.70B | $2.13B | $2.28B | $2.19B | $2.17B |
| Operating Expenses | $1.95B | $2.10B | $2.10B | $2.09B | $2.01B | $2.15B | $2.70B | $3.02B | $2.54B | $2.97B |
| Operating Income | $1.53B | $2.01B | $5.04B | $3.23B | -$1.83B | $1.23B | $10.07B | $8.27B | $2.32B | $3.52B |
| EBITDA | $3.72B | $5.33B | $9.33B | $6.00B | -$3.05B | $3.95B | $16.91B | $12.37B | $5.99B | $9.76B |
| Interest Expense | $338.0M | $438.0M | $504.0M | $458.0M | $499.0M | $581.0M | $619.0M | $897.0M | $907.0M | $1.04B |
| Pre-tax Income | $2.19B | $3.56B | $7.45B | $4.18B | -$4.96B | $1.74B | $14.64B | $9.47B | $2.67B | $5.42B |
| Income Tax | $547.0M | -$1.69B | $1.57B | $801.0M | -$1.25B | $146.0M | $3.25B | $2.23B | $500.0M | $892.0M |
| Net Income | $1.55B | $5.11B | $5.59B | $3.08B | -$3.98B | $1.31B | $11.02B | $7.00B | $2.12B | $4.40B |
| EPS | $2.94 | $9.90 | $11.89 | $6.80 | $-9.06 | $2.97 | $23.36 | $15.56 | $5.01 | $10.84 |
| EPS (Diluted) | $2.92 | $9.85 | $11.80 | $6.77 | $-9.06 | $2.97 | $23.27 | $15.45 | $4.99 | $10.79 |
| Shares Outstanding (Diluted) | $530.1M | $518.5M | $474.0M | $453.9M | $439.5M | $440.4M | $473.7M | $453.2M | $421.9M | $408.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $34.51B | $34.02B | $34.08B | $51.00B |
| Gross Profit | $1.91B | $2.14B | $3.62B | $7.34B |
| Operating Income | $901.0M | $1.50B | $2.85B | $4.99B |
| EBITDA | $1.28B | $4.58B | $1.12B | $5.87B |
| Net Income | $133.0M | $2.91B | $207.0M | $3.85B |
| EPS | $0.32 | $7.21 | $0.51 | $9.59 |
| EPS (Diluted) | $0.32 | $7.17 | $0.51 | $9.55 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.71B | $3.12B | $3.02B | $1.61B | $2.51B | $3.15B | $6.13B | $3.32B | $1.74B | $1.12B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $6.40B | $7.51B | $6.17B | $8.51B | $6.52B | $7.47B | $10.98B | $11.73B | $11.03B | $9.77B |
| Inventory | $3.15B | $3.40B | $3.54B | $3.78B | $3.89B | $3.39B | $3.28B | $3.75B | $4.00B | $5.10B |
| Total Current Assets | $12.68B | $14.39B | $13.21B | $14.39B | $13.28B | $14.70B | $21.92B | $19.94B | $17.91B | $17.27B |
| Property, Plant & Equipment | $20.86B | $21.46B | $22.02B | $23.79B | $23.72B | $22.43B | $35.16B | $35.71B | $35.26B | $39.10B |
| Goodwill | $3.27B | $3.27B | $3.27B | $3.27B | $1.43B | $1.48B | $1.49B | $1.55B | $1.57B | $1.43B |
| Intangible Assets | $888.0M | $876.0M | $869.0M | $869.0M | $843.0M | $813.0M | $831.0M | $920.0M | $1.16B | $978.0M |
| Total Assets | $51.65B | $54.37B | $54.30B | $58.72B | $54.72B | $55.59B | $76.44B | $75.50B | $72.58B | $73.68B |
| Accounts Payable | $7.06B | $8.03B | $6.59B | $8.57B | $5.55B | $8.46B | $11.32B | $10.90B | $10.30B | $8.87B |
| Short-term Debt | $550.0M | $41.0M | $67.0M | $547.0M | $987.0M | $1.49B | $529.0M | $1.48B | $1.83B | $1.61B |
| Total Current Liabilities | $9.46B | $10.11B | $8.94B | $11.65B | $9.52B | $12.80B | $15.89B | $15.86B | $15.09B | $13.33B |
| Long-term Debt | $9.59B | $10.07B | $11.09B | $11.22B | $14.91B | $12.96B | $16.66B | $17.88B | $18.23B | $19.67B |
| Total Liabilities | $27.93B | $26.94B | $27.15B | $31.55B | $33.20B | $33.96B | $42.34B | $43.85B | $44.12B | $43.44B |
| Retained Earnings | $12.61B | $16.31B | $20.49B | $22.06B | $16.50B | $16.22B | $25.43B | $30.55B | $30.77B | $33.24B |
| Total Equity | $22.39B | $25.09B | $24.65B | $24.91B | $18.98B | $19.17B | $29.49B | $30.58B | $27.41B | $29.09B |
| Total Debt | $10.14B | $10.11B | $11.16B | $12.04B | $16.16B | $14.74B | $17.19B | $19.36B | $20.06B | $22.88B |
| Net Debt | $7.43B | $6.99B | $8.14B | $10.43B | $13.64B | $11.59B | $11.06B | $16.04B | $18.32B | $21.77B |
| Working Capital | $3.22B | $4.28B | $4.27B | $2.75B | $3.76B | $1.90B | $6.03B | $4.08B | $2.82B | $3.94B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.84B | $1.12B | $5.15B | $4.10B |
| Total Assets | $76.12B | $73.68B | $84.08B | $81.81B |
| Total Liabilities | $48.04B | $43.44B | $54.40B | $49.11B |
| Total Equity | $26.92B | $29.09B | $28.53B | $31.51B |
| Total Debt | $21.75B | $22.88B | $27.12B | $20.57B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.55B | $5.10B | $5.59B | $3.07B | -$3.98B | $1.31B | $11.01B | $7.00B | $2.11B | $4.53B |
| Depreciation & Amortization | $1.19B | $1.34B | $1.38B | $1.36B | $1.42B | $1.63B | $1.65B | $2.01B | $2.40B | $3.25B |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $501.0M | $62.0M | -$273.0M | -$830.0M | -$326.0M | $2.12B | $68.0M | -$1.81B | -$615.0M | -$1.18B |
| Operating Cash Flow | $2.96B | $3.65B | $7.57B | $4.81B | $2.11B | $6.02B | $10.81B | $7.03B | $4.19B | $4.96B |
| Capital Expenditure | -$2.84B | -$1.83B | -$2.64B | -$3.87B | -$2.92B | -$1.86B | -$2.19B | -$2.42B | -$1.86B | -$2.23B |
| Acquisitions | $156.0M | $86.0M | $57.0M | $157.0M | $51.0M | $3.0M | -$496.0M | -$3.67B | $457.0M | $154.0M |
| Stock Repurchased | -$1.05B | -$1.59B | -$4.64B | -$1.65B | -$443.0M | 0 | -$1.51B | -$4.01B | -$3.45B | -$1.21B |
| Dividends Paid | -$1.28B | -$1.40B | -$1.44B | -$1.57B | -$1.57B | -$1.58B | -$1.79B | -$1.88B | -$1.88B | -$1.92B |
| Free Cash Flow | $119.0M | $1.82B | $4.93B | $935.0M | -$809.0M | $4.16B | $8.62B | $4.61B | $2.33B | $2.73B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.18B | $2.75B | -$2.26B | $7.26B |
| Capital Expenditure | -$541.0M | -$682.0M | -$582.0M | -$726.0M |
| Free Cash Flow | $637.0M | $2.07B | -$2.85B | $6.53B |
| Dividends Paid | -$484.0M | -$482.0M | -$509.0M | -$508.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +25.5% | +24.3% | -3.4% | -40.7% | +75.8% | +52.0% | -13.4% | -2.8% | -7.6% | |
| Net Income Growth (YoY) | +228.4% | +9.6% | -45.0% | -229.5% | +133.0% | +738.3% | -36.5% | -69.8% | +108.0% | |
| EPS Growth (YoY) | +236.7% | +20.1% | -42.8% | -233.2% | +132.8% | +686.5% | -33.4% | -67.8% | +116.4% | |
| Shares Change (YoY) | -2.2% | -8.6% | -4.3% | -3.2% | +0.2% | +7.6% | -4.3% | -6.9% | -3.3% | |
| FCF Growth (YoY) | +1,426.1% | +171.7% | -81.0% | -186.5% | +613.8% | +107.3% | -46.5% | -49.4% | +17.0% | |
| Gross Margin | 4.9% | 4.6% | 6.4% | 4.9% | 0.3% | 3.0% | 7.5% | 7.7% | 3.4% | 4.9% |
| Operating Margin | 2.1% | 2.2% | 4.5% | 3.0% | -2.9% | 1.1% | 5.9% | 5.6% | 1.6% | 2.7% |
| EBITDA Margin | 5.2% | 6.0% | 8.4% | 5.6% | -4.8% | 3.5% | 9.9% | 8.4% | 4.2% | 7.4% |
| Net Margin | 2.2% | 5.7% | 5.0% | 2.9% | -6.3% | 1.2% | 6.5% | 4.8% | 1.5% | 3.3% |
| FCF Margin | 0.2% | 2.0% | 4.4% | 0.9% | -1.3% | 3.7% | 5.1% | 3.1% | 1.6% | 2.1% |
| Effective Tax Rate | 25.0% | -47.6% | 21.1% | 19.2% | 25.2% | 8.4% | 22.2% | 23.6% | 18.7% | 16.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.22 | $3.50 | $10.41 | $2.06 | $-1.84 | $9.44 | $18.19 | $10.17 | $5.53 | $6.69 |
| Dividends Per Share | $2.42 | $2.69 | $3.03 | $3.46 | $3.58 | $3.60 | $3.78 | $4.15 | $4.46 | $4.71 |
| Shares Outstanding (Basic) | $527.5M | $515.1M | $470.7M | $451.4M | $439.5M | $440.0M | $471.5M | $450.1M | $420.2M | $406.0M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 15.13% |
| Return on Invested Capital | 4.75% |
| Return on Assets | 5.98% |
| Gross Margin | 9.78% |
| Operating Margin | 6.67% |
| Net Margin | 4.62% |
Financial Health
| Debt / Equity | 0.65 |
| Current Ratio | 1.32 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 3.37 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 29.39 | 10.22 | 7.25 | 16.38 | -7.72 | 24.40 | 4.46 | 8.56 | 22.74 | 11.90 |
| P/B | 2.04 | 2.08 | 1.64 | 2.02 | 1.62 | 1.66 | 1.66 | 1.96 | 1.75 | 1.80 |
| P/S | 0.64 | 0.58 | 0.36 | 0.47 | 0.48 | 0.28 | 0.29 | 0.41 | 0.33 | 0.40 |
| Gross Margin | 4.9% | 4.6% | 6.4% | 4.9% | 0.3% | 3.0% | 7.5% | 7.7% | 3.4% | 4.9% |
| Operating Margin | 2.1% | 2.2% | 4.5% | 3.0% | -2.9% | 1.1% | 5.9% | 5.6% | 1.6% | 2.7% |
| Net Margin | 2.2% | 5.7% | 5.0% | 2.9% | -6.3% | 1.2% | 6.5% | 4.8% | 1.5% | 3.3% |
Related companies: E · EOG · ET · KMI · MPC · MPLX · SLB
Explore sector: Energy · Oil & Gas Refining & Marketing
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