— Know what they know.
/
Not Investment Advice

PSX

NYSE · USD
Phillips 66
Energy · Oil & Gas Refining & Marketing
CEO Mark E. Lashier Employees 12,600 R&D / revenue 0.0%
Last price
$293.17+1.37%last session
Market cap
$117.5B
P/E (TTM)
16.6x
From 52w high
−1.4%
From 52w low
+131.0%
1-year return
+130.3%
RSI 14 · vs SMA200
70.7 · +53.2%
IS score
70.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

PSX   SPY   XLE (sector ETF) · weekly closes
100150200Jan 26Apr 26Jul 26Oct 26PSX 230XLE 160SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
44
Profitability
71
Growth
76
Value
94
Momentum
90
Risk (safety)
78
Quality
65
Balance sheet
88
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Insider buying
Warnings
None of the computed warning flags fires for PSX (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 9 / 9Altman Z 3.8Beta 0.703 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$0.03M bought
Form 144 notices (12m): 25, $64.0M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−18
165 new holders, 158 closed
2,114 filers hold 80.3% · 808 added, 738 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+259
1,229 funds adding shares
970 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
50.2%
20-day avg 57.7%, 50-day avg 56.3%
Latest 7.5 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$132.4B
Revenue growth YoY−7.5%
Gross margin5.0%
Operating income$3.3B
Operating margin2.5%
Net income$4.4B
Net margin3.3%
EPS (diluted)$10.79
Cash flow
Operating cash flow$5.0B
Capital expenditure$2.2B
Free cash flow$2.7B
FCF conversion (FCF / OCF)55.0%
Stock-based compensation$0
FCF less SBC$2.7B
Buybacks$1.2B
Dividends$1.9B
Balance sheet & returns
Cash & short-term investments$1.1B
Total debt$21.3B
Net debt$20.2B
Shareholders' equity$30.2B
Goodwill & intangibles$2.4B
Debt / equity0.65
ROE (TTM)24.4%
ROIC (TTM)12.7%
Operating margin by fiscal year
1.1%FY20215.9%FY20225.6%FY20231.2%FY20242.6%FY2025
Revenue $111.9B (FY2021) to $132.4B (FY2025), a 4.3% CAGR.

Valuation

P/E (TTM)16.6x
EV / EBITDA10.4x
Price / sales0.77x
Price / FCF18.4x
FCF yield5.44%
Buyback yield1.03%
SBC / revenue0.0%
Price / book3.73x
Forward P/E FY20269.4x
Forward P/E FY20279.6x
Forward P/E FY202813.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $270.63 across 16 analysts last quarter is theirs, not ours.

PSX vs industry median

55 companies in Oil & Gas Refining & Marketing
Gross margin 9.8% 10.8% Operating margin 6.7% 6.4% Net margin 4.6% 3.3% ROIC 12.7% 13.4%
PSX (TTM)Industry median Asset turnover 1.88 vs industry 1.74 · financial leverage 2.60

Earnings delivery

Next report 2026-10-28 · consensus EPS $11.84
67%
beat rate, 8 of 12 quarters
+17.2%
median EPS surprise
5
longest beat streak
-3+31-12+17+19-112-24+38+18+15+190+25
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-27 to 2026-08-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
PSX Phillips 66 $117.5B16.6x24.4%4.6%−7.5% +130.3%
VLO Valero Energy Corporation $128.0B18.4x29.4%10.2%+7.4% +186.2%
MPC Marathon Petroleum Corporati $134.3B16.5x47.9%9.9%+15.3% +165.3%
DINO HF Sinclair Corporation $22.3B11.9x19.6%8.6%+16.3% +155.5%
EQNR Equinor ASA $112.3B12.5x21.3%14.0%+6.7% +108.5%
BP BP p.l.c. $131.7B23.7x9.3%5.6%+17.0% —
WMB The Williams Companies, Inc. $87.2B28.3x24.0%27.1%+8.8% —
EOG EOG Resources, Inc. $82.9B12.2x22.5%31.6%+17.8% —
12-month window: SPY +15.9%, sector ETF XLE +60.0%. Past returns describe history only.

Recent 8-K filings

2026-10-05Officer/Director Change
2026-08-21Material Agreement; Financial Obligation; Exhibits
2026-08-05Earnings Release; Exhibits
2026-05-14Shareholder Vote
2026-04-29Earnings Release; Exhibits
2026-04-06Earnings Release; Exhibits

Context

Shares outstanding400,935,020
Free float99.4%
Institutional ownership80.3%
Beta0.70
Dividend yield1.71%
Last dividend$1.27 on 2026-08-18
50 / 200-day average$253.99 / $190.85
Large-cap Energy median P/E17.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where PSX sits among 14 scored companies in Oil & Gas Refining & Marketing (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasurePSXIndustry medianIndustry percentileSector median
P/E (TTM) 16.6x 15.7x
67th		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 0.8x 0.6x
77th		 1.8x
Price / book 3.7x 2.8x
58th		 1.9x
Price / tangible book 2.3x 3.1x
40th		 1.9x
Price / free cash flow 18.4x 10.7x
100th		 11.9x
Price / operating cash flow 13.2x 7.9x
77th		 6.9x
Enterprise value $134.0B $8.3B
92nd		 $5.3B
EV / sales 0.9x 0.8x
62nd		 2.4x
EV / EBITDA 10.4x 9.5x
69th		 9.0x
EV / EBIT 13.4x 12.0x
70th		 14.1x
EV / free cash flow 21.0x 13.0x
90th		 14.6x
Earnings yield 6.0% 5.8%
54th		 4.6%
FCF yield 5.4% 7.6%
23rd		 5.8%
Operating cash flow yield 7.6% 12.6%
23rd		 13.6%
Graham number (per share) $176.12 $112.27
78th		 $32.92

Profitability (TTM)

MeasurePSXIndustry medianIndustry percentileSector median
Gross margin 9.8% 10.2%
46th		 31.9%
EBITDA margin 8.4% 8.5%
46th		 26.7%
Operating margin 6.7% 5.8%
69th		 15.2%
EBIT margin 6.5% 4.7%
62nd		 13.3%
Net margin 4.6% 2.9%
69th		 8.0%
NOPAT margin 5.4% 4.3%
69th		 12.4%
FCF margin 4.2% 4.1%
54th		 7.8%
Operating cash flow margin 5.8% 6.1%
46th		 21.8%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 1.6% 1.7%
38th		 6.7%
Stock comp / revenue 0.0% 0.0%
0th		 0.7%
Effective tax rate 19.0% 21.0%
8th		 21.0%

Returns on capital

MeasurePSXIndustry medianIndustry percentileSector median
ROE (on average equity) 24.0% 20.2%
67th		 12.2%
ROA 9.0% 6.4%
62nd		 4.8%
ROIC 17.3% 15.9%
54th		 9.9%
ROCE 15.8% 14.6%
62nd		 9.8%
Return on tangible assets 12.7% 10.0%
62nd		 8.3%
Cash ROIC (OCF / invested capital) 18.6% 19.6%
46th		 18.4%
Gross profitability (GP / assets) 18.4% 16.0%
54th		 14.8%
ROIC, 3-yr average 10.2% 7.0%
75th		 7.0%
ROIC, 5-yr average 15.1% 12.6%
73rd		 10.1%
ROE, 5-yr average 21.0% 17.7%
55th		 14.8%
Incremental ROIC 189.4% 134.8%
64th		 14.8%

Growth

MeasurePSXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 15.6% 11.4%
83rd		 10.2%
Revenue growth (QoQ) 49.7% 41.7%
77th		 13.0%
Revenue CAGR, 3 yr -0.1% -5.1%
92nd		 2.0%
Revenue CAGR, 5 yr 13.6% 11.9%
75th		 13.7%
Gross profit CAGR, 3 yr 8.2% 1.6%
67th		 1.7%
Operating income CAGR, 3 yr 4.9% -7.2%
60th		 -2.0%
Net income growth (TTM YoY) 312.9% 300.7%
75th		 23.5%
Net income CAGR, 3 yr -13.4% -12.7%
29th		 -7.8%
EPS growth (TTM YoY) 318.3% 318.3%
50th		 19.9%
EPS CAGR, 3 yr -9.8% -6.1%
29th		 -9.8%
EPS CAGR, 5 yr —
FCF growth (TTM YoY) 329.7% 162.5%
86th		 19.9%
FCF CAGR, 3 yr -5.9% -11.1%
62nd		 -3.4%
Operating cash flow CAGR, 3 yr -3.9% -7.6%
58th		 3.2%
Book value CAGR, 3 yr 6.1% 3.3%
82nd		 5.6%
Dividend CAGR, 3 yr 5.7% 3.7%
60th		 -0.1%
Sustainable growth rate 17.3% 19.3%
44th		 9.4%

Margin history & stability

MeasurePSXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 6.3% 8.7%
33rd		 31.0%
Operating margin, 3-yr average 3.8% 2.5%
58th		 15.4%
Net margin, 3-yr average 3.1% 1.0%
67th		 8.7%
FCF margin, 3-yr average 2.7% 2.5%
58th		 7.2%
Revenue stability (0-1) 0.54 0.41
75th		 0.64
Earnings stability (0-1) 0.11 0.07
75th		 0.22
Margin stability (0-1) 0.38 0.36
58th		 0.73

Liquidity (latest quarter)

MeasurePSXIndustry medianIndustry percentileSector median
Cash & short-term investments $4.1B $682.8M
85th		 $248.6M
Net cash (− = net debt) −$16.5B −$1.1B
8th		 −$1.1B
Working capital $5.9B $588.0M
85th		 $205.0M
Current ratio 1.32 1.33
46th		 1.41
Quick ratio 1.00 0.92
69th		 1.13
Cash ratio (cash + ST investments / current liabilities) 0.22 0.21
54th		 0.36
Defensive interval (days) 1,209 days 1,209 days
50th		 768 days

Leverage & solvency (latest quarter)

MeasurePSXIndustry medianIndustry percentileSector median
Total debt $20.6B $2.2B
92nd		 $1.3B
Debt / equity 0.65 0.69
42nd		 0.61
Net debt / equity 0.52 0.62
42nd		 0.45
Debt / assets 25.1% 31.5%
31st		 28.7%
Debt / capital 39.5% 41.0%
42nd		 37.9%
Debt / EBITDA 1.60 2.19
38th		 1.98
Net debt / EBITDA 1.28 1.48
31st		 1.43
Interest coverage (EBIT / interest) 8.7x 8.2x
58th		 4.1x
Cash interest coverage 7.7x 6.5x
54th		 6.7x
Debt payback (years of OCF) 2.3 yrs 3.0 yrs
38th		 2.3 yrs
Liabilities / assets 60.0% 67.1%
38th		 54.6%
IS credit model rating A+ — —
Implied credit spread (bps) 125 288
23rd		 275

Efficiency

MeasurePSXIndustry medianIndustry percentileSector median
Asset turnover 1.95 2.02
46th		 0.49
Fixed asset turnover 3.87 4.42
31st		 0.94
Inventory turnover 24.1 15.2
69th		 11.7
Receivables turnover 13.7 18.8
31st		 7.8
Days sales outstanding 27 days 20 days
69th		 46 days
Days inventory outstanding 15 days 24 days
31st		 31 days
Days payables outstanding 30 days 26 days
69th		 41 days
Cash conversion cycle (days) 12 days 15 days
38th		 18 days
Capex / revenue 1.6% 1.9%
38th		 11.9%
Capex / depreciation 0.90 0.73
69th		 1.04
Operating expense ratio 4.6% 4.6%
50th		 16.5%

Cash flow & earnings quality

MeasurePSXIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.26 1.51
30th		 2.02
FCF / net income 0.90 1.09
40th		 0.96
FCF / operating cash flow 71.6% 68.2%
54th		 48.4%
Capex / operating cash flow 28.4% 31.8%
46th		 51.6%
Accruals ratio -2.3% -4.7%
69th		 -7.7%
Sloan accruals ratio 2.1% -1.7%
85th		 -4.7%
Earnings quality score (0-1) 1.00 0.75
70th		 0.75

Dividends & buybacks

MeasurePSXIndustry medianIndustry percentileSector median
Dividend yield 1.7% 1.5%
62nd		 1.7%
Dividend per share (TTM) $5.01 $1.06
100th		 $0.66
Payout ratio (dividends / net income) 28.0% 27.5%
60th		 29.4%
Dividends / FCF 31.0% 14.0%
80th		 28.1%
Dividend growth (YoY) 5.5% 5.5%
50th		 0.5%
Buyback yield 1.0% 1.1%
46th		 0.2%
Shareholder yield (dividends + buybacks) 2.7% 2.8%
46th		 3.2%
Share count change (YoY) -1.3% -2.7%
58th		 0.2%
Buybacks, last 5 years $7.3B $55.9M
85th		 $38.8M

Scores & forensic checks

MeasurePSXIndustry medianIndustry percentileSector median
IS score 71 57
77th		 51
IS profitability 44 32
77th		 50
IS growth 71 71
42nd		 61
IS value 76 66
77th		 57
IS momentum 94 89
83rd		 77
IS risk (safety) 90 90
46th		 50
IS quality 78 58
85th		 68
IS balance sheet 65 52
69th		 55
IS earnings quality 88 75
85th		 65
IS cash flow 60 50
69th		 50
Piotroski F-score (0-9) 9 8
69th		 6
Altman Z-score 3.8 3.6
69th		 2.0
Beneish M-score −2.66 −2.66
50th		 −2.62
Ohlson O-score −8.83 −6.75
15th		 −7.87
IS credit score 80 58
69th		 58

Per share

MeasurePSXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $17.62 $2.92
85th		 $1.88
Book value per share $78.25 $18.06
92nd		 $14.22
Tangible book per share $75.61 $5.94
92nd		 $12.86
Revenue per share $381.50 $174.18
77th		 $19.06
FCF per share $15.88 $4.79
85th		 $2.05
Operating cash flow per share $22.17 $8.54
85th		 $4.95
Cash per share $10.18 $6.05
77th		 $1.70

Size (TTM)

MeasurePSXIndustry medianIndustry percentileSector median
Market cap $117.5B $5.5B
85th		 $4.1B
Revenue $153.6B $11.4B
92nd		 $2.0B
EBITDA $12.8B $886.2M
85th		 $606.3M
Net income $7.1B $149.3M
85th		 $134.0M
Free cash flow $6.4B $392.6M
85th		 $199.4M
Total assets $81.8B $7.1B
92nd		 $4.4B
Shareholders' equity $31.5B $1.4B
100th		 $1.8B
Employees 12,600 3,362
85th		 1,717

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-16Mandell Brian
Executive Vice President
 Option exercise 23,400$74.70$1.7M84,995
2026-09-16Mandell Brian
Executive Vice President
 Open-market sale 23,400$265.06$6.2M61,595
2026-09-16Mandell Brian
Executive Vice President
 Option exercise 23,400$74.70$1.7M0
2026-09-10Kluppel Ann M
SVP & Controller
 Gift 40——25,361
2026-08-12Harbison Richard G
EVP, Refining
 Option exercise 13,500$74.70$1.0M52,594
2026-08-12Harbison Richard G
EVP, Refining
 Option exercise 14,800$89.05$1.3M67,394
2026-08-12Harbison Richard G
EVP, Refining
 Option exercise 23,800$100.44$2.4M91,194
2026-08-12Harbison Richard G
EVP, Refining
 Open-market sale 52,100$223.76$11.7M39,094
2026-08-12Harbison Richard G
EVP, Refining
 Option exercise 13,500$74.70$1.0M0
2026-08-12Harbison Richard G
EVP, Refining
 Option exercise 14,800$89.05$1.3M0
2026-08-12Harbison Richard G
EVP, Refining
 Option exercise 23,800$100.44$2.4M0
2026-08-11Mandell Brian
Executive Vice President
 Option exercise 30,000$74.70$2.2M91,595

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
GiftDisposed140—
Open-market buyAcquired1175$30,297
Open-market saleDisposed16163,256$35.0M
Option exerciseDisposed13157,655$13.6M
Option exerciseAcquired13157,655$13.6M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 25 notices · 349,667 shares · $64.0M
FiledFilerShares proposedEst. proceeds
2026-09-16Brian Mandell23,400$6.2M
2026-08-12Richard G. Harbison52,100$11.7M
2026-08-11Brian Mandell3,300$706,266
2026-08-11Brian Mandell30,000$6.5M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 0 trades (0 purchases) · Senate 2 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-03-27Alan ArmstrongSenateSale$50,001 - $100,0002026-07-21
2026-03-27Alan ArmstrongSenateSale (Full)$50,001 - $100,0002026-07-20
2025-05-11Jefferson ShreveHouseSale (Full)$15,001 - $50,0002025-06-23
2025-04-06Jefferson ShreveHousePurchase$15,001 - $50,0002025-05-09
2025-01-17Shelley Moore CapitoSenateSale (Partial)$1,001 - $15,0002025-02-13
2025-01-17Shelley Moore CapitoSenateSale (Partial)$1,001 - $15,0002025-02-12
2024-10-15Greg LandsmanHouseSale$15,001 - $50,0002024-11-15
2024-06-20Ro KhannaHousePurchase$50,001 - $100,0002024-07-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.34,112,861$5.8B8.51%
VANGUARD CAPITAL MANAGEMENT LLC26,183,335$4.4B6.53%
STATE STREET CORP26,044,694$4.4B6.50%
VANGUARD PORTFOLIO MANAGEMENT LLC22,214,319$3.8B5.54%
Elliott Investment Management L.P.19,251,000$3.3B4.80%
WELLS FARGO & COMPANY/MN12,479,393$2.1B3.11%
GEODE CAPITAL MANAGEMENT, LLC11,122,010$1.9B2.77%
Bank of New York Mellon Corp6,434,209$1.1B1.60%
GOLDMAN SACHS GROUP INC5,613,271$948.9M1.40%
MORGAN STANLEY4,182,086$707.0M1.04%
NORGES BANK4,164,661$704.0M1.04%
Sixth Street Partners Management Company, L.P.4,088,015$691.1M1.02%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC4,088,015$691.1M1.02%
PRICE T ROWE ASSOCIATES INC /MD/3,795,912$641.7M0.95%
Invesco Ltd.3,741,815$632.6M0.93%

Institutional ownership by quarter

2023-092026-0680.3%
% of shares held by 13F filers
2023-092026-062,114
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,11480.3%165808738158
2026-03-312,13278.1%35368974595
2025-12-311,90777.2%225700629119
2025-09-301,83976.3%210632640114
2025-06-301,76978.7%140626689147
2025-03-311,80076.9%178644667132
2024-12-311,78776.6%223618645184
2024-09-301,77975.6%136611681126
2024-06-301,79178.1%113644698179
2024-03-311,88580.1%21062275397
2023-12-311,79581.9%260568681100
2023-09-301,66480.0%21556759671

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%30,148,338
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.5%22,173,687
2026-04-03SCHEDULE 13DLink Co10.0%1
2025-10-30SCHEDULE 13G/AThe Vanguard Group12.8%51,721,704
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.14%$3.2B
VTI0.14%$3.2B
VSMPX0.14%$3.2B
VTSAX0.14%$3.2B
VFINX0.15%$2.7B
VFFSX0.15%$2.7B

Share structure

Shares outstanding400,935,020
Float398,494,691
Free float99.4%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$111.9B$170.1B$147.3B$143.1B$132.4B
Cost of revenue$108.6B$157.3B$136.0B$138.3B$125.8B
Gross profit$3.4B$12.8B$11.3B$4.9B$6.6B
R&D$47.0M$42.0M$27.0M$15.0M$0
SG&A$1.7B$2.1B$2.3B$2.2B$2.4B
Operating income$1.2B$10.1B$8.3B$2.3B$3.3B
EBITDA$4.0B$16.9B$12.4B$6.0B$9.8B
Pretax income$1.7B$14.6B$9.5B$2.7B$5.4B
Income tax$146.0M$3.2B$2.2B$500.0M$892.0M
Net income$1.3B$11.0B$7.0B$2.1B$4.4B
EPS, diluted$2.97$23.27$15.45$4.99$10.79
Diluted shares440.4M473.7M453.2M421.9M408.1M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$3.1B$6.1B$3.3B$1.7B$1.1B
Receivables$7.5B$11.0B$11.7B$11.0B$9.8B
Inventory$3.4B$3.3B$3.8B$4.0B$5.1B
Total current assets$14.7B$21.9B$19.9B$17.9B$17.3B
PP&E, net$22.4B$35.2B$35.7B$35.3B$39.1B
Goodwill & intangibles$2.3B$2.3B$2.5B$2.7B$2.4B
Total assets$55.6B$76.4B$75.5B$72.6B$73.7B
Accounts payable$8.5B$11.3B$10.9B$10.3B$8.9B
Total current liabilities$12.8B$15.9B$15.9B$15.1B$13.3B
Long-term debt$13.0B$16.7B$17.9B$18.2B$19.7B
Total liabilities$34.0B$42.3B$43.9B$44.1B$43.4B
Shareholders' equity$21.6B$34.1B$31.6B$28.5B$30.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.3B$11.0B$7.0B$2.1B$4.5B
Depreciation & amortization$1.6B$1.7B$2.0B$2.4B$3.3B
Stock-based compensation$0$0$0$0$0
Change in working capital$2.1B$68.0M−$1.8B−$615.0M−$1.2B
Operating cash flow$6.0B$10.8B$7.0B$4.2B$5.0B
Capital expenditure−$1.9B−$2.2B−$2.4B−$1.9B−$2.2B
Free cash flow$4.2B$8.6B$4.6B$2.3B$2.7B
Investing cash flow−$1.9B−$2.0B−$5.9B−$2.5B−$2.0B
Net debt issued / repaid−$1.5B−$2.4B$2.0B$2.1B−$379.0M
Buybacks$0−$1.5B−$4.0B−$3.5B−$1.2B
Dividends paid−$1.6B−$1.8B−$1.9B−$1.9B−$1.9B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin3.0%7.5%7.7%3.4%5.0%
Operating margin1.1%5.9%5.6%1.2%2.6%
Net margin1.2%6.5%4.8%1.5%3.3%
FCF margin3.7%5.1%3.1%1.6%2.1%
ROE6.9%45.3%23.4%7.3%15.6%
ROIC3.6%19.3%13.6%3.1%5.6%
ROA2.4%16.7%9.2%2.9%6.0%
Debt / equity0.770.580.630.730.79
Interest coverage4.0x24.6x11.6x3.9x6.2x
Current ratio1.151.381.261.191.30
Revenue growth+75.8%+52.0%−13.4%−2.8%−7.5%
EPS growth+132.9%+680.5%−31.5%−68.3%+115.0%
P/E at year end21.0x4.0x7.8x21.7x11.9x
EV / EBITDA at year end9.9x3.3x5.7x10.7x7.6x
FCF yield at year end15.08%19.46%8.42%5.07%5.22%
Dividend payout120.5%16.3%26.8%88.9%43.7%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Refined products$89.0B$131.8B$108.6B——
Marketing And Specialties Segment$2.0B——$92.8B—
Refining Segment———$85.0B—
Consolidation, Eliminations———−$58.7B$55.8B
Crude Oil$12.8B$20.6B$20.8B—$15.2B
Midstream Segment—$2.9B−$2.8B$19.7B—
Natural Gas Liquids$9.1B$16.2B$14.5B—$17.1B
Renewable Fuels———$5.6B—
Other Product Line$581.0M$1.4B$3.5B—$2.8B
Chemicals Segment———$863.0M—
Corporate and Other———$236.0M—

Revenue by region · FY2025

UNITED STATES$104.3B · 79%
UNITED KINGDOM$13.2B · 10%
Other Geographical Areas$9.9B · 7%
GERMANY$5.0B · 4%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $11.84 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$175.0B$155.0B – $197.3B$31.20$20.78 – $35.21109.4x
2027$163.6B$114.0B – $230.2B$30.62$18.81 – $37.09119.6x
2028$158.2B$136.6B – $177.2B$21.40$15.79 – $29.10413.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-05$7.50$9.41+25.5%$43.6B$51.9B+19.1%
2026-04-29$-0.54$0.49+190.3%$35.9B$33.0B−8.0%
2026-02-04$2.15$2.47+14.9%$33.9B$36.3B+7.3%
2025-10-29$2.14$2.52+17.8%$33.5B$35.0B+4.3%
2025-07-25$1.72$2.38+38.4%$33.3B$33.3B+0.1%
2025-04-25$-0.72$-0.90−24.5%$31.7B$30.4B−4.0%
2025-01-31$1.23$-0.15−112.2%$34.3B$33.7B−1.9%
2024-10-29$1.71$2.04+19.3%$37.0B$35.5B−4.0%
2024-07-30$1.98$2.31+16.7%$37.8B$38.1B+0.8%
2024-04-26$2.17$1.90−12.4%$35.9B$35.8B−0.2%
2024-01-31$2.35$3.09+31.5%$36.5B$38.3B+4.9%
2023-10-27$4.76$4.63−2.7%$39.0B$39.6B+1.8%
2023-08-02$3.56$3.87+8.7%$34.6B$35.1B+1.6%
2023-05-03$3.56$4.21+18.3%$34.2B$34.4B+0.5%
2023-01-31$4.35$4.00−8.0%$39.2B$40.3B+2.7%
2022-11-01$4.98$6.46+29.7%$39.3B$45.0B+14.2%
2022-07-29$5.97$6.77+13.4%$43.6B$48.6B+11.5%
2022-04-29$1.28$1.32+3.1%$36.6B$36.2B−1.2%
2022-01-28$1.95$2.94+50.8%$28.6B$32.6B+14.2%
2021-10-29$1.95$3.18+63.1%$26.6B$30.2B+13.8%
2021-08-03$0.60$0.74+23.3%$27.9B$27.0B−3.2%
2021-04-30$-1.41$-1.16+17.7%$18.0B$21.6B+20.1%
2021-01-29$-1.09$-1.16−6.4%$14.9B$16.4B+10.4%
2020-10-30$-0.80$-0.01+98.8%$61.7B$15.9B−74.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.506-150.706-220.506-290.607-060.707-130.707-200.607-270.808-030.708-101.008-170.608-240.908-31
Week ofNotionalSharesTrades
2026-08-31$879.4M3,477,35379,731
2026-08-24$606.8M2,515,97170,558
2026-08-17$1.0B4,296,74086,286
2026-08-10$710.9M3,162,17284,671
2026-08-03$759.5M3,713,92984,525
2026-07-27$607.0M2,910,10878,259

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1550.2%
DateShort shareShort volumeTotal volume
2026-10-1550.2%438,480873,602
2026-10-1461.1%649,2171,062,299
2026-10-1364.8%533,265822,551
2026-10-1257.7%298,978518,190
2026-10-0951.9%476,387917,921
2026-10-0863.2%629,222995,983
2026-10-0761.7%341,090553,195
2026-10-0665.3%372,755570,637
2026-10-0563.5%436,029686,161
2026-10-0267.1%520,515776,145
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.1Jan+2.7Feb+0.6Mar+1.4Apr+2.4May-0.8Jun+2.1Jul+2.0Aug-0.4Sep+2.8Oct+4.4Nov-0.8Dec
MonthAvg returnUp yearsYears
Jan+1.1%57%14
Feb+2.7%64%14
Mar+0.6%57%14
Apr+1.4%43%14
May+2.4%57%14
Jun−0.8%50%14
Jul+2.1%71%14
Aug+2.0%57%14
Sep−0.4%50%14
Oct+2.8%57%14
Nov+4.4%71%14
Dec−0.8%50%14
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1470.7
MFI85.0
ADX33.1
Stochastic %K / %D91.4 / 93.6
Williams %R-8.7
CCI121
TSI / signal40.5 / 34.4
Chaikin money flow0.00
ATR$8.74
Bollinger width21.4%
Volume vs 20-day avg0.53x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$270.07 (+8.6%)
SMA 50$255.58 (+14.7%)
SMA 200$191.35 (+53.2%)
EMA 21$273.86 (+7.1%)
EMA 50$255.18 (+14.9%)
EMA 200$202.28 (+44.9%)
Bollinger upper$299.03 (−2.0%)
Bollinger lower$241.10 (+21.6%)
Parabolic SAR$276.04 (+6.2%)
Open the live chart, 110+ indicators

About Phillips 66

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.

https://www.phillips66.com

Key executives

NameTitlePayBorn
Mark E. LashierChief Executive Officer & Chairman$6.4M1962
Kevin J. MitchellExecutive Vice President & Chief Financial Officer$2.7M1966
Donald A. BaldridgeExecutive Vice President of Midstream & Chemicals$2.7M1970
Richard G. HarbisonExecutive Vice President of Refining$2.3M1965
Brian MandellExecutive Vice President of Marketing & Commercial$2.2M1964
Vanessa L. Allen SutherlandExecutive Vice President of Government Affairs, General Counsel & Corporate Secretary$2.1M1972
Ann KluppelSenior VP & Controller—1969
Sean MaherVice President of Investor Relations & Chief Economist—1973

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Greg C. Garland, Chairman and CEO2012$933,333$10.0M$3.0M$14.4M
Tim G. Taylor, Executive Vice President2012$442,935$1.8M$1.0M$3.4M
Lawrence M. Ziemba, Executive Vice President2012$376,976$1.3M$829,752$3.0M
Greg G. Maxwell, Executive Vice President and CFO2012$389,231$1.5M$727,064$2.8M
Paula A. Johnson, Senior Vice President and General Counsel2012$285,684$709,400$483,973$1.6M

Employees

14k201814k201914k202014k202113k202214k202313k202413k2025

Dividends

Ex-dateAmountPaid
2026-08-18$1.272026-09-01
2026-05-18$1.272026-06-01
2026-02-23$1.272026-03-04
2025-11-17$1.22025-12-01
2025-08-19$1.22025-09-02
2025-05-19$1.22025-06-02
2025-02-24$1.152025-03-05
2024-11-18$1.152024-12-02

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage53
Intangibles55
Switching costs42
Network effect35
Efficient scale95
Our component scores (0-100) and overall 54.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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