Chevron vs Phillips 66
Chevron is the larger business, with $189.03bn of revenue in fiscal 2025 against $132.38bn for Phillips 66 (1.4 times as much). Chevron grew faster (-6.8% against -7.5%). Chevron kept more of each dollar of sales as profit: a net margin of 6.5% against 3.3%. Chevron carries less debt relative to equity (27.2% against 67.8%).
| Latest fiscal year | ChevronCVX, 2025 | Phillips 66PSX, 2025 |
|---|---|---|
| Revenue | $189.03bn | $132.38bn |
| Revenue growth | -6.8% | -7.5% |
| Net income | $12.30bn | $4.40bn |
| Operating margin | — | — |
| Net margin | 6.5% | 3.3% |
| Return on equity | 7.3% | 15.6% |
| Free cash flow | $16.59bn | — |
| Cash | $7.29bn | $1.12bn |
| Total debt | $50.70bn | $19.72bn |
| Debt to equity | 27.2% | 67.8% |
| Dividend per share | $6.84 | $4.75 |
| Dividend yield | 3.1% | 1.8% |
| Share buybacks | $12.08bn | $1.21bn |
| Employees | — | 12,600 |
| Market value | $445.73bn | $109.16bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 61 (Moderate) | 42 (Weak) |
| Insider trades, 12 months | 0 buys, 80 sales | 2 buys, 29 sales |