Phillips 66
PSX · NYSEPetroleum Refining · Fiscal year ends Dec 31
Phillips 66 reported revenue of $132B in the fiscal year ended Dec 2025, down 7.5% from the year before. Net income was $4.4B. Net debt was $18.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $111B | $170B | $147B | $143B | $132B |
| Cost of revenue | $102B | $150B | $128B | $130B | $116B |
| Gross profit | $9.4B | $20.1B | $19.3B | $13.2B | $16.3B |
| Research & development | $47M | $42M | $27M | $15M | $6M |
| Selling, general & admin | $1.7B | $2.2B | $2.5B | $2.8B | $2.4B |
| Interest expense | $567M | $611M | $842M | $919M | $997M |
| Income tax | $146M | $3.2B | $2.2B | $500M | $892M |
| Net income | $1.3B | $11B | $7B | $2.1B | $4.4B |
| Diluted EPS | 2.97 | 23.27 | 15.48 | 4.99 | 10.79 |
| Diluted shares | 440M | 474M | 453M | 422M | 408M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.1B | $6.1B | $3.3B | $1.7B | $1.1B |
| Receivables | $7.5B | $11B | $11.7B | $11B | $9.8B |
| Inventory | $3.4B | $3.3B | $3.8B | $4B | $5.1B |
| Current assets | $14.7B | $21.9B | $19.9B | $17.9B | $17.3B |
| Goodwill | $1.5B | $1.5B | $1.6B | $1.6B | $1.4B |
| Total assets | $55.6B | $76.4B | $75.5B | $72.6B | $73.7B |
| Payables | $7.6B | $10.7B | – | – | – |
| Deferred revenue | $90M | $156M | $187M | $232M | $198M |
| Current liabilities | $12.8B | $15.9B | $15.9B | $15.1B | $13.3B |
| Short-term debt | $1.5B | $529M | $1.5B | $1.8B | $1B |
| Long-term debt | $13B | $16.7B | $17.9B | $18.2B | $18.7B |
| Total liabilities | $34B | $42.3B | $43.9B | $44.1B | $43.4B |
| Shareholders' equity | $19.2B | $29.5B | $30.6B | $27.4B | $29.1B |
| Backlog (remaining obligations) | – | $445M | $365M | $566M | $854M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $6B | $10.8B | $7B | $4.2B | $5B |
| Depreciation & amortisation | $1.6B | $1.6B | $2B | $2.4B | $3.3B |
| Stock-based compensation | $144M | $210M | $297M | $210M | $220M |
| Acquisitions | – | $306M | $263M | $625M | $3.5B |
| Share buybacks | $0 | $1.5B | $4B | $3.5B | $1.2B |
| Dividends paid | $1.6B | $1.8B | $1.9B | $1.9B | $1.9B |
| Dividend per share | 3.62 | 3.83 | 4.20 | 4.50 | 4.75 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 52.5% | −13.3% | −2.9% | −7.5% |
| EPS growth (YoY) | – | 683.5% | −33.5% | −67.8% | 116.2% |
| Gross margin | 8.4% | 11.8% | 13.1% | 9.2% | 12.3% |
| Net margin | 1.2% | 6.5% | 4.8% | 1.5% | 3.3% |
| Return on equityBlank when equity is negative | 6.9% | 37.4% | 22.9% | 7.7% | 15.1% |
| Cash conversion (CFO ÷ net income) | 4.57x | 0.98x | 1.00x | 1.98x | 1.13x |
| Receivable days | 24 | 24 | 29 | 28 | 27 |
| Inventory days | 12 | 8 | 11 | 11 | 16 |
| Payable days | 27 | 26 | – | – | – |
| Debt ÷ equity | 0.75x | 0.58x | 0.63x | 0.73x | 0.68x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $11.3B | $11.1B | $16B | $18.3B | $18.6B |
| Current ratio | 1.15x | 1.38x | 1.26x | 1.19x | 1.30x |
Recent filings
More in Petroleum Refining
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.