Phillips 66 (PSX) financials

NYSE · Energy · Oil & Gas Refining & Marketing · 12,600 employees · CEO Mark E. Lashier

Price: $282.83 +3.37%
Market cap: $110B
Enterprise value: $123B
Last report: Q3 '26 filed 2026-10-28
Next report: 2027-02-03 EPS est. $10.89

Revenue (TTM)$170B+28.6% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)9.3%+7.9 pp vs a year agoOperating income $15.7B

Net income (TTM)$12.6B+735.6% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$14.3B+961.9% vs a year agoCapex $682M

Diluted EPS (TTM)$31.31+756.1% vs a year agoSum of the last 4 quarters

Net cash-$12.7B+36.3% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $110B
Revenue: $170B
Revenue growth: +37%
Profit margin: 7.4%
P/E: 9.0×
P/S: 0.7×
EV / EBITDA: 6.3×
Free cash flow: $14.3B
Net income: $12.6B
Revenue estimate: $181B
Earnings: 2027-02-03
Dividend: $5.01

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-28): revenue beat by 14.1%, EPS beat by 20.0%Revenue $51.2B vs $44.9B expected (+14.1%); EPS $14.08 vs $11.73 (+20.0%).
Revenue growth accelerating: 46.5% year on yearQ3 '26 revenue $50.5B, against an average of 16.0% over the four quarters before.
Operating margin 9.3% (TTM), +7.9 pp on a year agoOperating income grew 746.7% while revenue grew 28.6%.
Capex 0.4% of revenue (a year ago 1.6%)$682M invested in the last 4 quarters (-66.8% on a year earlier). Free cash flow $14.3B = 114.1% of net income.
Returned $5.2B to shareholders = 36.2% of free cash flowBuybacks $3.2B (a year earlier $1.58B), dividends $2B, stock-based pay $0 (TTM).
Diluted share count down 1.6% in a year399M diluted shares in Q3 '26, 406M a year earlier.
Net debt $12.7BCash + short-term investments $5.85B, debt incl. leases $18.5B; a year ago net debt $19.9B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$50.5B	$34.5B	+46.5%
Gross margin	15.6%	5.5%	+10.0 pp
Operating income	$6.4B	$901M	+609.9%
Operating margin	12.7%	2.6%	+10.0 pp
Net income	$5.62B	$133M	+4,122.6%
Diluted EPS	$14.08	$0.32	+4,300.0%
Operating cash flow	$7.28B	$1.18B	+518.1%
Capex	-$1.31B	$541M	-341.8%
Free cash flow	$8.59B	$637M	+1,248.4%
R&D	$0	$0	–
Stock-based compensation	$0	$0	–

Reported vs consensus

2026-10-28

	Actual	Consensus	vs consensus
Revenue	$51.2B	$44.9B	+14.1%
EPS (as estimated)	$14.08	$11.73	+20.0%

From the report of 2026-10-28 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Consolidation, Eliminations	$27.9B	+97.8%	70.5%	–	–
Refined petroleum products and renewable fuels	–	–	–	–	–
Natural Gas Liquids	$5.22B	+27.7%	13.2%	–	–
Crude oil resales	–	–	–	–	–
Crude Oil	$6.54B	+54.3%	16.5%	–	–
Natural gas liquids and natural gas	–	–	–	–	–
Other Product Line	-$89M	-113.2%	-0.2%	–	–
Services and other	–	–	–	–	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
United States	$41.1B	+52.4%	81.3%	$135B	+30.1%
United Kingdom	$6.18B	+82.2%	12.2%	$19.3B	+54.4%
Other Geographical Areas	$2.4B	-14.3%	4.7%	$10.2B	-1.8%
GERMANY	$872M	-35.8%	1.7%	$3.49B	-31.9%

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $15B
Capex: -$682M
Buybacks: -$3.2B
Dividends: -$2B
Acquisitions: $2.13B
Net debt issued: -$3.43B
Stock-based compensation: $0
Free cash flow: $14.3B
Returned to shareholders / FCF: 36.2%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	9.0×	14.4×	4.5× – 24.4×
EV / EBITDA	6.3×	7.9×	3.6× – 11.1×
EV / Sales	0.7×	0.5×	0.4× – 0.6×
Price / FCF	7.7×	13.2×	5.7× – 20.5×
Price / Book	3.3×	1.8×	1.7× – 2.0×
FCF yield	13.0%	9.7%	4.9% – 17.6%
Return on invested capital	19.1%	6.7%	2.5% – 12.8%
Return on equity	40.7%	18.0%	6.9% – 37.4%

Analysts

Consensus target $290.50 (+2.7%)
range $216.00 – $346.00 · rating Buy

Strong buy0

Buy19

Hold15

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$181B	+36.9%	$33.25	+208.2%	8.5×	8
FY2027	$168B	-7.5%	$31.82	-4.3%	8.9×	11
FY2028	$158B	-5.9%	$21.60	-32.1%	13.1×	4
FY2029	$173B	+10.0%	$46.14	+113.6%	6.1×	1
FY2030	$186B	+7.0%	$75.94	+64.6%	3.7×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 300 figures Phillips 66 tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	9,0032026-03-31	–	–	–	–	–
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	$303M2025-12-31	$174M	+74.1%	$303M	$174M	+74.1%
Accounts Receivable, after Allowance for Credit Loss, Current	$13.2B	$10.5B	+25.5%	$9.77B	$11B	-11.4%
Accounts Receivable, Allowance for Credit Loss, Current	$72M	$73M	-1.4%	$68M	$70M	-2.9%
Accounts Receivable, before Allowance for Credit Loss	$10.9B	$8.62B	+26.4%	$7.78B	$8.62B	-9.7%
Accretion Expense, Including Asset Retirement Obligations	$14M	$12M	+16.7%	$47M	$40M	+17.5%
Accrual for Environmental Loss Contingencies	$472M	$521M	-9.4%	$506M	$439M	+15.3%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$254M	-$163M	-55.8%	-$167M	-$407M	+59.0%
Additional Paid in Capital, Common Stock	$20.1B	$19.9B	+1.1%	$19.9B	$19.8B	+0.8%
Advertising Expense	–	–	–	$62M	$51M	+21.6%
Amortization of Intangible Assets	–	–	–	$138M	$53M	+160.4%
Asset Impairment Charges	$32M	$951M	-96.6%	$1.06B	$456M	+132.5%
Asset Retirement Obligation	$721M2025-12-31	$771M	-6.5%	$721M	$771M	-6.5%
Asset Retirement Obligation, Accretion Expense	–	–	–	$34M	$27M	+25.9%
Asset Retirement Obligation, Cash Paid to Settle	–	–	–	$84M	$25M	+236.0%
Asset Retirement Obligation, Foreign Currency Translation Gain (Loss)	–	–	–	-$15M	$7M	-314.3%
Asset Retirement Obligation, Liabilities Incurred	–	–	–	$42M	$261M	-83.9%
Asset Retirement Obligation, Liabilities Settled	–	–	–	$138M	$55M	+150.9%
Asset Retirement Obligation, Period Increase (Decrease)	–	–	–	-$50M	$234M	-121.4%
Asset Retirement Obligation, Revision of Estimate	–	–	–	$81M	$33M	+145.5%
Assets	$86B	$76.1B	+12.9%	$73.7B	$72.6B	+1.5%
Assets, Current	$27.9B	$22B	+26.8%	$17.3B	$17.9B	-3.6%
Assets, Fair Value Disclosure	$11.2B	$2.79B	+302.9%	$2.97B	$2.47B	+20.3%
Cash and Cash Equivalents, at Carrying Value	$5.85B	$1.85B	+217.0%	$1.12B	$1.74B	-35.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$5.85B	$1.85B	+217.0%	$1.74B2024-12-31	$3.32B	-47.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	$0	$105M	-100.0%	–	–	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$5.85B	$1.95B	+199.9%	$1.12B	$1.74B	-35.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$1.75B	$806M	+117.0%	-$622M	-$1.59B	+60.8%
Common Stock, Dividends, Per Share, Cash Paid	$1.27	$1.20	+5.8%	$4.75	$4.50	+5.6%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	2.5B	2.5B	0.0%	2.5B	2.5B	0.0%
Common Stock, Shares, Issued	662M	659M	+0.4%	659M	657M	+0.4%
Common Stock, Value, Issued	$7M	$7M	0.0%	$7M	$7M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$23M	$34M	-32.4%	$125M	$58M	+115.5%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$5.62B	$88M	+6,284.1%	$4.64B	$1.99B	+133.1%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$5.64B	$122M	+4,523.8%	$4.77B	$2.05B	+132.6%
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding	$693M	–	–	–	–	–
Contract with Customer, Asset, before Allowance for Credit Loss	$931M	$769M	+21.1%	$820M	$643M	+27.5%
Contract with Customer, Liability	$240M	$215M	+11.6%	$198M	$232M	-14.7%
Cost of Goods and Services Sold	$40.8B	$30.2B	+35.1%	$116B	$130B	-10.7%
Current Federal Tax Expense (Benefit)	–	–	–	$390M	$662M	-41.1%
Current Foreign Tax Expense (Benefit)	–	–	–	$261M	$78M	+234.6%
Current State and Local Tax Expense (Benefit)	–	–	–	$63M	$11M	+472.7%
Debt and Lease Obligation	$19.7B2025-12-31	$20.1B	-1.7%	$19.7B	$20.1B	-1.7%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$173M2025-12-31	$169M	+2.4%	$173M	$169M	+2.4%
Debt, Current	$1.05B	$2.59B	-59.6%	$1.04B	$1.83B	-43.3%
Debt, Long-term and Short-term, Combined Amount	$19.5B2025-12-31	$19.9B	-1.7%	$19.5B	$19.9B	-1.7%
Deferred Credits and Other Liabilities, Noncurrent	$2.94B	$2.35B	+25.2%	$2.53B	$1.87B	+35.5%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$114M	-$282M	+140.4%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$57M	$95M	-40.0%
Deferred Income Tax Expense (Benefit)	$242M	$14M	+1,628.6%	$178M	-$251M	+170.9%
Deferred Income Tax Liabilities, Net	$7.69B	$6.97B	+10.3%	$7.31B	$7.1B	+2.9%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$7M	-$64M	+110.9%
Deferred Tax Assets, Gross	$1.25B2025-12-31	$1.29B	-2.7%	$1.25B	$1.29B	-2.7%
Deferred Tax Assets, Inventory	$8M2025-12-31	$82M	-90.2%	$8M	$82M	-90.2%
Deferred Tax Assets, Net of Valuation Allowance	$1.09B2025-12-31	$1.15B	-5.0%	$1.09B	$1.15B	-5.0%
Deferred Tax Assets, Other	$246M2025-12-31	$299M	-17.7%	$246M	$299M	-17.7%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits	$296M2025-12-31	$355M	-16.6%	$296M	$355M	-16.6%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other	$72M2025-12-31	$91M	-20.9%	$72M	$91M	-20.9%
Deferred Tax Assets, Valuation Allowance	$160M2025-12-31	$137M	+16.8%	$160M	$137M	+16.8%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01