Phillips 66 Financials

PSX

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 41/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Phillips 66's revenue declined 2.9% year-over-year, from $147.4B to $143.2B. This contraction results in a growth score of 20/100.

Leverage

Phillips 66 carries a low D/E ratio of 0.67, meaning only $0.67 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Phillips 66's current ratio of 1.19 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 27/100, which could limit financial flexibility.

Returns

Phillips 66's ROE of 7.7% shows moderate profitability relative to equity, earning a score of 31/100. This is down from 22.9% the prior year.

Piotroski F-Score Neutral

5/9

Phillips 66 passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.98x

For every $1 of reported earnings, Phillips 66 generates $1.98 in operating cash flow ($4.2B OCF vs $2.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Phillips 66 (PSX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$143.2B

YoY-2.9%

5Y CAGR+5.9%

10Y CAGR-1.2%

Phillips 66 generated $143.2B in revenue in fiscal year 2024. This represents a decrease of 2.9% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$2.1B

YoY-69.8%

5Y CAGR-7.2%

10Y CAGR-7.8%

Phillips 66 reported $2.1B in net income in fiscal year 2024. This represents a decrease of 69.8% from the prior year.

EPS (Diluted)

$4.99

YoY-67.8%

5Y CAGR-5.9%

10Y CAGR-5.0%

Phillips 66 earned $4.99 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 67.8% from the prior year.

Cash & Debt

$1.7B

YoY-47.7%

5Y CAGR+1.5%

10Y CAGR-10.4%

Phillips 66 held $1.7B in cash against $18.2B in long-term debt as of fiscal year 2024.

Dividends Per Share

$4.50

YoY+7.1%

5Y CAGR+5.2%

10Y CAGR+9.1%

Phillips 66 paid $4.50 per share in dividends in fiscal year 2024. This represents an increase of 7.1% from the prior year.

Shares Outstanding

408M

YoY-4.7%

5Y CAGR-1.5%

10Y CAGR-2.8%

Phillips 66 had 408M shares outstanding in fiscal year 2024. This represents a decrease of 4.7% from the prior year.

Gross Margin

9.2%

YoY-3.9pp

5Y CAGR-1.8pp

Phillips 66's gross margin was 9.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 3.9 percentage points from the prior year.

Operating Margin

N/A

Net Margin

1.5%

YoY-3.3pp

5Y CAGR-1.4pp

10Y CAGR-1.5pp

Phillips 66's net profit margin was 1.5% in fiscal year 2024, showing the share of revenue converted to profit. This is down 3.3 percentage points from the prior year.

Return on Equity

7.7%

YoY-15.2pp

5Y CAGR-4.6pp

10Y CAGR-14.3pp

Phillips 66's ROE was 7.7% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 15.2 percentage points from the prior year.

R&D Spending

$15.0M

YoY-44.4%

5Y CAGR-22.6%

10Y CAGR-13.2%

Phillips 66 invested $15.0M in research and development in fiscal year 2024. This represents a decrease of 44.4% from the prior year.

Share Buybacks

$3.5B

YoY-14.0%

5Y CAGR+15.9%

10Y CAGR+4.2%

Phillips 66 spent $3.5B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 14.0% from the prior year.

Capital Expenditures

N/A

PSX Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$143.2B-2.9%	$147.4B-13.3%	$170.0B+52.5%	$111.5B+73.8%	$64.1B-40.2%	$107.3B
Cost of Revenue	$130.0B+1.5%	$128.1B-14.6%	$149.9B+46.8%	$102.1B+76.9%	$57.7B-39.6%	$95.5B
Gross Profit	$13.2B-31.7%	$19.3B-3.7%	$20.1B+114.0%	$9.4B+46.0%	$6.4B-45.4%	$11.8B
R&D Expenses	$15.0M-44.4%	$27.0M-35.7%	$42.0M-10.6%	$47.0M-2.1%	$48.0M-11.1%	$54.0M
SG&A Expenses	$2.8B+11.4%	$2.5B+16.5%	$2.2B+24.3%	$1.7B+13.0%	$1.5B-8.1%	$1.7B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$919.0M+9.1%	$842.0M+37.8%	$611.0M+7.8%	$567.0M+3.1%	$550.0M+9.1%	$504.0M
Income Tax	$500.0M-77.6%	$2.2B-31.3%	$3.2B+2124.7%	$146.0M+111.7%	-$1.3B-256.1%	$801.0M
Net Income	$2.1B-69.8%	$7.0B-36.4%	$11.0B+737.1%	$1.3B+133.1%	-$4.0B-229.2%	$3.1B
EPS (Diluted)	$4.99-67.8%	$15.48-33.5%	$23.27+683.5%	$2.97+132.8%	$-9.06-233.8%	$6.77

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$34.5B+3.6%	$33.3B+9.5%	$30.4B-9.7%	$33.7B-11.7%	$38.1B+6.5%	$35.8B-6.4%	$38.3B-3.5%	$39.6B
Cost of Revenue	$30.2B+3.9%	$29.1B+5.1%	$27.7B-10.1%	$30.8B-11.2%	$34.6B+6.9%	$32.4B-4.3%	$33.8B-1.4%	$34.3B
Gross Profit	$4.3B+1.2%	$4.2B+53.3%	$2.8B-5.5%	$2.9B-16.3%	$3.5B+2.2%	$3.4B-22.6%	$4.4B-16.7%	$5.3B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$792.0M+36.1%	$582.0M+12.1%	$519.0M+1.6%	$511.0M-7.4%	$552.0M-0.9%	$557.0M-15.3%	$658.0M-1.6%	$669.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$259.0M-1.9%	$264.0M+19.5%	$221.0M-4.7%	$232.0M+0.4%	$231.0M+1.8%	$227.0M+39.3%	$163.0M-26.2%	$221.0M
Income Tax	$32.0M-84.9%	$212.0M+73.8%	$122.0M+421.1%	-$38.0M-113.1%	$291.0M+43.3%	$203.0M-57.4%	$476.0M-29.0%	$670.0M
Net Income	$133.0M-84.8%	$877.0M+80.1%	$487.0M+5987.5%	$8.0M-99.2%	$1.0B+35.7%	$748.0M-40.6%	$1.3B-39.9%	$2.1B
EPS (Diluted)	$0.32-85.1%	$2.15+82.2%	$1.18+1866.7%	$0.06-97.5%	$2.38+37.6%	$1.73-39.7%	$2.87-38.8%	$4.69

PSX Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$72.6B-3.9%	$75.5B-1.2%	$76.4B+37.5%	$55.6B+1.6%	$54.7B-6.8%	$58.7B
Current Assets	$17.9B-10.2%	$19.9B-9.0%	$21.9B+49.2%	$14.7B+10.7%	$13.3B-7.8%	$14.4B
Cash & Equivalents	$1.7B-47.7%	$3.3B-45.8%	$6.1B+94.9%	$3.1B+25.2%	$2.5B+55.8%	$1.6B
Inventory	$4.0B+6.5%	$3.8B+14.5%	$3.3B-3.5%	$3.4B-12.8%	$3.9B+3.1%	$3.8B
Accounts Receivable	$11.0B-5.9%	$11.7B+6.8%	$11.0B+47.1%	$7.5B+14.5%	$6.5B-23.4%	$8.5B
Goodwill	$1.6B+1.6%	$1.6B+4.3%	$1.5B+0.1%	$1.5B+4.1%	$1.4B-56.4%	$3.3B
Total Liabilities	$44.1B+0.6%	$43.9B+3.6%	$42.3B+24.7%	$34.0B+2.3%	$33.2B+5.2%	$31.6B
Current Liabilities	$15.1B-4.8%	$15.9B-0.2%	$15.9B+24.1%	$12.8B+34.5%	$9.5B-18.3%	$11.6B
Long-Term Debt	$18.2B+2.0%	$17.9B+7.3%	$16.7B+28.6%	$13.0B-13.1%	$14.9B+32.9%	$11.2B
Total Equity	$27.4B-10.4%	$30.6B+3.7%	$29.5B+53.9%	$19.2B+1.0%	$19.0B-23.8%	$24.9B
Retained Earnings	$30.8B+0.7%	$30.6B+20.1%	$25.4B+56.8%	$16.2B-1.7%	$16.5B-25.2%	$22.1B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$76.1B+0.2%	$75.9B+5.7%	$71.8B-1.0%	$72.6B-4.4%	$75.9B-0.6%	$76.4B+1.2%	$75.5B-2.9%	$77.8B
Current Assets	$22.0B+4.5%	$21.1B+15.3%	$18.3B+2.1%	$17.9B-14.4%	$20.9B+1.0%	$20.7B+3.8%	$19.9B-11.4%	$22.5B
Cash & Equivalents	$1.8B+75.4%	$1.1B-29.3%	$1.5B-14.3%	$1.7B-28.9%	$2.4B+55.7%	$1.6B-52.8%	$3.3B-6.1%	$3.5B
Inventory	$6.4B+15.0%	$5.6B+6.5%	$5.2B+31.2%	$4.0B-38.7%	$6.5B+3.8%	$6.3B+67.6%	$3.8B-34.6%	$5.7B
Accounts Receivable	$10.5B-7.0%	$11.3B+10.9%	$10.2B-7.4%	$11.0B+1.3%	$10.9B-5.6%	$11.5B-1.7%	$11.7B-2.1%	$12.0B
Goodwill	$1.4B0.0%	$1.4B-9.0%	$1.6B0.0%	$1.6B+1.4%	$1.6B0.0%	$1.6B+0.2%	$1.6B-0.3%	$1.6B
Total Liabilities	$48.0B+1.5%	$47.3B+8.8%	$43.5B-1.4%	$44.1B-2.9%	$45.4B-0.4%	$45.6B+4.0%	$43.9B-4.2%	$45.8B
Current Liabilities	$17.9B-8.8%	$19.7B+32.3%	$14.9B-1.4%	$15.1B-17.4%	$18.3B+3.4%	$17.7B+11.4%	$15.9B-9.0%	$17.4B
Long-Term Debt	$19.2B+11.4%	$17.2B-3.1%	$17.7B-2.7%	$18.2B+6.1%	$17.2B-3.6%	$17.8B-0.3%	$17.9B-3.5%	$18.5B
Total Equity	$26.9B-2.1%	$27.5B+0.8%	$27.3B-0.5%	$27.4B-6.9%	$29.5B-0.9%	$29.7B-2.8%	$30.6B-0.8%	$30.8B
Retained Earnings	$30.8B-1.1%	$31.2B+1.3%	$30.8B0.0%	$30.8B-1.9%	$31.4B+1.7%	$30.8B+1.0%	$30.6B+2.7%	$29.8B

PSX Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$4.2B-40.4%	$7.0B-35.0%	$10.8B+79.7%	$6.0B+185.0%	$2.1B-56.1%	$4.8B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$2.5B-37.6%	-$1.8B-20.3%	-$1.5B+20.5%	-$1.9B+39.2%	-$3.1B+16.5%	-$3.7B
Financing Cash Flow	-$3.3B+59.2%	-$8.1B-26.7%	-$6.4B-84.1%	-$3.5B-293.7%	$1.8B+171.3%	-$2.5B
Dividends Paid	$1.9B0.0%	$1.9B+5.0%	$1.8B+13.1%	$1.6B+0.6%	$1.6B+0.3%	$1.6B
Share Buybacks	$3.5B-14.0%	$4.0B+165.3%	$1.5B	$0-100.0%	$443.0M-73.2%	$1.6B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$1.2B+39.4%	$845.0M+351.9%	$187.0M-84.4%	$1.2B-42.9%	$2.1B+988.6%	-$236.0M-110.8%	$2.2B-18.4%	$2.7B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$487.0M+82.2%	-$2.7B-271.8%	$1.6B+561.2%	-$345.0M-205.5%	$327.0M+149.2%	-$665.0M-9.4%	-$608.0M-25.4%	-$485.0M
Financing Cash Flow	$112.0M-92.7%	$1.5B+174.5%	-$2.0B-183.0%	-$724.0M+53.1%	-$1.5B-82.4%	-$846.0M+53.6%	-$1.8B-10.1%	-$1.7B
Dividends Paid	$484.0M-0.6%	$487.0M+3.8%	$469.0M-0.6%	$472.0M-2.7%	$485.0M+8.3%	$448.0M-2.0%	$457.0M-1.7%	$465.0M
Share Buybacks	$267.0M-36.3%	$419.0M+69.6%	$247.0M-61.8%	$647.0M-23.0%	$840.0M-27.8%	$1.2B+1.0%	$1.2B+53.3%	$752.0M

PSX Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	9.2%-3.9pp	13.1%+1.3pp	11.8%+3.4pp	8.4%-1.6pp	10.0%-1.0pp	11.0%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	1.5%-3.3pp	4.8%-1.7pp	6.5%+5.3pp	1.2%+7.4pp	-6.2%-9.1pp	2.9%
Return on Equity	7.7%-15.2pp	22.9%-14.4pp	37.4%+30.5pp	6.9%	N/A	12.3%
Return on Assets	2.9%-6.4pp	9.3%-5.1pp	14.4%+12.0pp	2.4%+9.6pp	-7.3%-12.5pp	5.2%
Current Ratio	1.19-0.1	1.26-0.1	1.38+0.2	1.15-0.2	1.39+0.2	1.24
Debt-to-Equity	0.67+0.1	0.58+0.0	0.56-0.1	0.68-0.1	0.79+0.3	0.45
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	12.4%-0.3pp	12.7%+3.6pp	9.1%+0.4pp	8.7%-0.5pp	9.2%-0.4pp	9.6%-2.0pp	11.6%-1.8pp	13.4%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	0.4%-2.2pp	2.6%+1.0pp	1.6%+1.6pp	0.0%-2.6pp	2.7%+0.6pp	2.1%-1.2pp	3.3%-2.0pp	5.3%
Return on Equity	0.5%-2.7pp	3.2%+1.4pp	1.8%+1.8pp	0.0%-3.4pp	3.5%+0.9pp	2.5%-1.6pp	4.1%-2.7pp	6.8%
Return on Assets	0.2%-1.0pp	1.1%+0.5pp	0.7%+0.7pp	0.0%-1.3pp	1.3%+0.4pp	1.0%-0.7pp	1.7%-1.0pp	2.7%
Current Ratio	1.23+0.2	1.07-0.2	1.23+0.0	1.19+0.0	1.14-0.0	1.17-0.1	1.26-0.0	1.29
Debt-to-Equity	0.71+0.1	0.63-0.0	0.65-0.0	0.67+0.1	0.58-0.0	0.60+0.0	0.58-0.0	0.60
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Phillips 66's annual revenue?

Phillips 66 (PSX) reported $143.2B in total revenue for fiscal year 2024. This represents a -2.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Phillips 66's revenue growing?

Phillips 66 (PSX) revenue declined by 2.9% year-over-year, from $147.4B to $143.2B in fiscal year 2024.

Is Phillips 66 profitable?

Yes, Phillips 66 (PSX) reported a net income of $2.1B in fiscal year 2024, with a net profit margin of 1.5%.

What is Phillips 66's earnings per share (EPS)?

Phillips 66 (PSX) reported diluted earnings per share of $4.99 for fiscal year 2024. This represents a -67.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Phillips 66 have?

As of fiscal year 2024, Phillips 66 (PSX) had $1.7B in cash and equivalents against $18.2B in long-term debt.

What is Phillips 66's gross margin?

Phillips 66 (PSX) had a gross margin of 9.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Phillips 66's net profit margin?

Phillips 66 (PSX) had a net profit margin of 1.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Phillips 66 pay dividends?

Yes, Phillips 66 (PSX) paid $4.50 per share in dividends during fiscal year 2024.

What is Phillips 66's return on equity (ROE)?

Phillips 66 (PSX) has a return on equity of 7.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Phillips 66's operating cash flow?

Phillips 66 (PSX) generated $4.2B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Phillips 66's total assets?

Phillips 66 (PSX) had $72.6B in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Phillips 66 spend on research and development?

Phillips 66 (PSX) invested $15.0M in research and development during fiscal year 2024.

Does Phillips 66 buy back shares?

Yes, Phillips 66 (PSX) spent $3.5B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Phillips 66 have outstanding?

Phillips 66 (PSX) had 408M shares outstanding as of fiscal year 2024.

What is Phillips 66's current ratio?

Phillips 66 (PSX) had a current ratio of 1.19 as of fiscal year 2024, which is considered adequate.

What is Phillips 66's debt-to-equity ratio?

Phillips 66 (PSX) had a debt-to-equity ratio of 0.67 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Phillips 66's return on assets (ROA)?

Phillips 66 (PSX) had a return on assets of 2.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Phillips 66's Piotroski F-Score?

Phillips 66 (PSX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Phillips 66's earnings high quality?

Phillips 66 (PSX) has an earnings quality ratio of 1.98x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Phillips 66?

Phillips 66 (PSX) scores 41 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.