undamentalytics Newsletter
Sign in

Phillips 66 (PSX) stock

Add to watchlist

Add holding +

NYSE: PSX NYSE Oil & Gas Refining & Marketing Next results ~January 25, 2027

B Fundamentals grade

Phillips 66 is a US-listed company in the oil & gas refining & marketing industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$280

Cash-flow model

Base case. Range ~$200–$390 across our lower- and higher-growth cases (5.9%–15.9% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 3% below our base value.

Price used: $275.04, November 2, 2026

Phillips 66 valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 7 selling2 purchases and 29 sales by directors and officers, last 12 monthsInsider trades
  • Funds937 adding, 893 cuttingOf 91 active managers that changed their stake, 48 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Phillips 66 files

10-Q filed October 28: Phillips 66

Rating: Sell to Hold Model value +93.9%

Revenue for the twelve months to September 2026 was $168.2bn, up 27.5% on a year earlier, faster than the 14.4% growth a quarter earlier. That growth ranks 3 of 11 among the oil & gas refining & marketing companies we cover. Free-cash-flow margin rose to 7.4% from 0.1% a year earlier. Our model value rises from $145 to $281 a share, against a share price of $280. The rating changes from Sell to Hold. At that price, our model says the market is pricing in about 5.8% a year of cash-flow growth for five years, slower than the 8.6% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed August 5: Phillips 66

Revenue for the twelve months to June 2026 was $168.2bn, up 27.5% on a year earlier, faster than the 14.4% growth a quarter earlier. That growth ranks 2 of 11 among the oil & gas refining & marketing companies we cover. Free-cash-flow margin rose to 7.4% from 0.1% a year earlier. Its fundamentals grade moves from C to B. Our model value rises from $143 to $145 a share, against a share price of $269. The rating stays Sell. At that price, our model says the market is pricing in about 14.0% a year of cash-flow growth for five years, faster than the 8.6% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Where Phillips 66 stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $152.2bn, up 14.4% on a year earlier, faster than -2.4% a quarter earlier. Free-cash-flow margin rose to 4.0% from 0.3% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 2 financial-health checks. Our cash-flow model value is $222 a share, against a share price of $290. At that price, our model says the market is pricing in about 11.9% a year of cash-flow growth for five years, faster than the 6.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Phillips 66's trailing-twelve-month revenue grew 27.5% year on year, with a free-cash-flow margin of 7.4%. Where it stands out: gross margin of 15.1% ranks 2 of 14 oil & gas refining & marketing companies we cover. Where it lags: days sales outstanding of 29 days ranks 11 of 13 oil & gas refining & marketing companies we cover.

Our discounted-cash-flow model values the business at ~$280 per share in the base case (~$200–$390 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 7897.4% while net income grew 735.6%: a 7162pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 27.5% over the last 12 months, against a median of 13.2% for oil & gas refining & marketing companies we cover.
  • Growth speeding up. The growth rate is 13.0 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 1.3% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 59.9% over 90 days.

Things to watch

  • Below peers: days sales outstanding. Days sales outstanding of 29 days ranks 11 of 13 oil & gas refining & marketing companies we cover (median 26 days).
  • Earnings expected to fall. The consensus expects earnings per share to fall 11% next year.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$14.08 against an average estimate of $11.79: beat by 19.4%
Revenue
$50.54bn, up 46.4% on a year earlier
Share reaction
+1.9% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026; average EPS estimate $10.10

Phillips 66's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.8%
  • 1 week-4.8%
  • 1 month+4.0%
  • This year+117.6%
  • 1 year+108.0%
  • 5 years+317.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$168B
Net margin
7.5%
EPS (TTM, diluted)
$31.19

Growth

Revenue growth
+27.5%
Change in growth rate
+13.0 pts
Share count change
−1.3%

Cash

Free cash flow (TTM)
$12.5B
FCF margin
7.4%

Earnings

Last results
October 28, 2026
Next results (est.)
January 25, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Dividend
  3. Announcement
  4. Leadership
  5. Results
  6. Insider trade
  7. Agreement
  8. Insider trade
  9. Announcement
  10. Insider trade
  11. Insider trade
  12. Announcement
  13. Results
  14. Buyback
  15. Insider trade
  16. Dividend
  17. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Phillips 66 valuation models and calculator

What the price is pricing in

The share price implies about 6.0% a year of cash-flow growth for five years.That is close to the 8.6% a year revenue growth Phillips 66 has delivered.

  • Priced in6.0%
  • Last 12 months27.5%
  • 3 years a year4.0%
  • 5 years a year8.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($273.22, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$280
Price used
$273.22close November 3, 2026
Implied change
▲ +3%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Phillips 66's free cash flow after stock-based pay with after-tax interest added back ($5.9B, FY2026 Q3 TTM), growing -1.9% and 3.6% in the next two years (forecasts, guidance and its record), then back to 10.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$200–~$390 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Phillips 66's free cash flow after stock-based pay ( $5.9B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Phillips 66 as an operating company, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.73 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$280 ~$200–$390 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$340 ~$240–$410 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$230 ~$220–$300 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$470 ~$340–$680 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$370 ~$310–$460 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$330 ~$230–$470 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Phillips 66 with Oil & Gas Refining & Marketing in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −14%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $178$255$356$490$664$889
8.5% $128$184$257$352$476$636
10% $98$141$197$270$365$486

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$55.00$59.93$72.49$63.58$85.19$56.35$61.14$91.46$121.71$107.56$126.39$275.04
Market value$30.1bn$31.8bn$37.6bn$30.1bn$38.7bn$24.8bn$26.9bn$43.3bn$55.2bn$45.4bn$51.6bn$110.9bn
+ Net debt (− = net cash)$5.8bn$7.9bn$7.0bn$8.1bn$10.1bn$13.4bn$11.3bn$11.1bn$16.0bn$18.3bn$18.6bn$12.7bn
Enterprise value$35.9bn$39.6bn$44.6bn$38.3bn$48.8bn$38.1bn$38.2bn$54.4bn$71.2bn$63.7bn$70.2bn$123.6bn
Multiples
Price / sales 0.3x0.4x0.4x0.3x0.4x0.4x0.2x0.3x0.4x0.3x0.4x0.7x
Price / earnings 7.1x20.4x7.4x5.4x12.6x—20.4x3.9x7.9x21.4x11.7x8.8x
Price / free cash flow ————————————
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

42 /100

Weak moat

How hard Phillips 66's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Net income has been a median 6.1% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 11.2%, moving by 2.1 percentage points (standard deviation) across 9 years.

  • Durability 0 / 20

    Net margin has been a median 3.2%; its worst year was -3.5%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 3.6% of revenue.

  • Discipline 14 / 20

    The diluted share count fell 8.3% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $34.08 +429% $171.5bn +26%
Next $30.35 −11% $155.8bn −9%

Next year's EPS estimate has moved +59.9% in 90 days, across 19 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +62.1% on 90 days ago. In the last 30 days, 11 analysts raised Phillips 66's forecast and 0 cut it.

Consensus EPS forecast Phillips 66, last 90 days
$15.00 $20.00 $25.00 $30.00 $35.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $21.02 Current fiscal year, 60 days ago: $25.77 Current fiscal year, 30 days ago: $29.04 Current fiscal year, 7 days ago: $32.60 Current fiscal year, Now: $34.08 $34.08 Next fiscal year, 90 days ago: $18.98 Next fiscal year, 60 days ago: $20.69 Next fiscal year, 30 days ago: $25.59 Next fiscal year, 7 days ago: $30.35 Next fiscal year, Now: $30.35 $30.35

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $21.02$18.98
60 days ago $25.77$20.69
30 days ago $29.04$25.59
7 days ago $32.60$30.35
Now $34.08$30.35

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $11.79 $14.08 +19.4%
Jun 2026 $7.50 $9.41 +25.4%
Mar 2026 −$0.39 $0.49 +225.7%
Dec 2025 $2.15 $2.47 +14.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026

No numeric guidance in Phillips 66's latest earnings release (filed August 5, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Phillips 66's revenue by -1.9% next year and +3.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-8.0%, weight 68%) and the company's own record (+10.9%, weight 32%) . How the weights are set.

Analyst recommendations

20 analysts, Oct 2026
Buy1155%
Hold735%
Sell210%

Monthly trend

  1. Oct 202638720
  2. Sep 202639620
  3. Aug 202639620
  4. Jul 202639620

Counts of recommendations published by analysts covering Phillips 66, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.0%
of tradable shares
Days to cover
2.23
at average volume
Short interest, 1 month
+0%
to October 15, 2026
Held by institutions
82%
of shares
Held by insiders
0.2%
of shares
Employees
12,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +108.0%

$132.22 on October 31, 2025 to $275.04

ThenNowEffect
Revenue (last 12 months) $133.0bn $152.2bn +14.4%
Net margin 1.3% 4.7% +260.8%
P/E multiple 31.7x 15.7x −50.5%
Share count 412m 405m +1.8%

Biggest factor: net margin.

Last 3 years +160.0%

$105.79 on November 3, 2023 to $275.04

ThenNowEffect
Revenue (last 12 months) $154.7bn $152.2bn −1.7%
Net margin 7.1% 4.7% −34.0%
P/E multiple 4.6x 15.7x +244.7%
Share count 471m 405m +16.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PSX+9%+50%+33%−12%+18%+118%
Industry peers (median)+36%+41%+10%−18%+19%+62%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PSX42%75%58%42%75%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PSX−30%−32%−17%−35%−29%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 64% from November 8, 2019 to March 23, 2020. Getting back needed a 179% gain, reached on June 6, 2022, 805 days after the low.

Price behaviour

52-week range
$125.13 – $297.29
From 52-week high
−7.5%
vs 50-day average
+3.1%
vs 200-day average
+38.7%
Volatility (1 year)
33%
Beta vs S&P 500
-0.39

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±3.1%
After a week
5 up, 6 down
typical move ±5.4%
After a month
9 up, 2 down
typical move ±7.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +1.9% 0.0% — —
August 5, 2026 −0.2% −0.4% +9.6% +24.3%
April 29, 2026 +8.5% +1.0% +4.0% +7.3%
April 6, 2026 −0.9% +0.5% −9.0% +2.3%
February 4, 2026 +4.3% −1.7% +9.1% +13.0%
October 29, 2025 +2.6% −1.1% +1.7% +3.3%
July 25, 2025 +2.7% +0.4% −3.8% +5.2%
April 25, 2025 +1.0% +0.8% +2.3% +10.3%
January 31, 2025 −2.5% −1.2% −0.4% +2.1%
October 29, 2024 −5.3% −0.1% −5.5% +4.4%
July 30, 2024 +3.6% +1.1% −5.2% −3.1%
April 26, 2024 −3.6% +1.3% −8.7% −8.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Phillips 66’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.42× the last 60 days’ realised volatility , richer than 86% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is 1.42x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

PSX Phillips 66 Grade B $278.18

Own 100 shares, sell the $285 call expiring November 27, 2026 (25 days) for $8.60 a share — $860 per contract.

Previous session · Bid $8.60, ask $10.30, quoted Mon 2 Nov, 17:34 New York time with PSX at $278.18. Option prices move with the shares: check the live chain at your broker before trading.

  • If PSX ends below $285: you keep your shares and the $860 — 3.1% extra on the position, 45.1% a year at that pace.
  • If it ends above $285: your shares are sold at $285, a total return of 5.5% including the premium — at or above our value of ~$280.
$1.5k $0 −$5.4k Break-even $269.58 Price $278.18 Our value $280
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$860
Annualised
45.1%
Break-even
$269.58
Max gain
$1,542.5
Chance of selling
~46%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Phillips 66 in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Phillips 66
$130B $140B $150B $160B $170B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $147.4B Revenue (TTM), FY24 Q1: $148.8B Revenue (TTM), FY24 Q2: $151.9B Revenue (TTM), FY24 Q3: $147.7B Revenue (TTM), FY24 Q4: $143.2B Revenue (TTM), FY25 Q1: $137.8B Revenue (TTM), FY25 Q2: $133B Revenue (TTM), FY25 Q3: $132B Revenue (TTM), FY25 Q4: $132.4B Revenue (TTM), FY26 Q1: $134.5B Revenue (TTM), FY26 Q2: $152.2B Revenue (TTM), FY26 Q3: $168.2B $168.2B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $147.4B
FY24 Q1 $148.8B
FY24 Q2 $151.9B
FY24 Q3 $147.7B
FY24 Q4 $143.2B
FY25 Q1 $137.8B
FY25 Q2 $133B
FY25 Q3 $132B
FY25 Q4 $132.4B
FY26 Q1 $134.5B
FY26 Q2 $152.2B
FY26 Q3 $168.2B
Revenue growth, TTM YoY Phillips 66
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -13.3% Revenue growth, TTM YoY, FY24 Q1: -11.5% Revenue growth, TTM YoY, FY24 Q2: -1.9% Revenue growth, TTM YoY, FY24 Q3: -1.1% Revenue growth, TTM YoY, FY24 Q4: -2.9% Revenue growth, TTM YoY, FY25 Q1: -7.4% Revenue growth, TTM YoY, FY25 Q2: -12.4% Revenue growth, TTM YoY, FY25 Q3: -10.7% Revenue growth, TTM YoY, FY25 Q4: -7.5% Revenue growth, TTM YoY, FY26 Q1: -2.4% Revenue growth, TTM YoY, FY26 Q2: 14.4% Revenue growth, TTM YoY, FY26 Q3: 27.5% 27.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -13.3%
FY24 Q1 -11.5%
FY24 Q2 -1.9%
FY24 Q3 -1.1%
FY24 Q4 -2.9%
FY25 Q1 -7.4%
FY25 Q2 -12.4%
FY25 Q3 -10.7%
FY25 Q4 -7.5%
FY26 Q1 -2.4%
FY26 Q2 14.4%
FY26 Q3 27.5%
FCF margin (TTM) Phillips 66
-2% 0% 2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 3.4% FCF margin (TTM), FY24 Q1: 2.4% FCF margin (TTM), FY24 Q2: 3.1% FCF margin (TTM), FY24 Q3: 2.1% FCF margin (TTM), FY24 Q4: 1.3% FCF margin (TTM), FY25 Q1: 1.4% FCF margin (TTM), FY25 Q2: 0.3% FCF margin (TTM), FY25 Q3: 0.1% FCF margin (TTM), FY25 Q4: 1.3% FCF margin (TTM), FY26 Q1: -0.4% FCF margin (TTM), FY26 Q2: 4.0% FCF margin (TTM), FY26 Q3: 7.4% 7.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 3.4%
FY24 Q1 2.4%
FY24 Q2 3.1%
FY24 Q3 2.1%
FY24 Q4 1.3%
FY25 Q1 1.4%
FY25 Q2 0.3%
FY25 Q3 0.1%
FY25 Q4 1.3%
FY26 Q1 -0.4%
FY26 Q2 4.0%
FY26 Q3 7.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 146.6 195.9 179.3 171.6 161.2 99.0 84.3 102.4 111.5 107.3 64.1 111.5 170.0 147.4 143.2 132.4 168.2
Gross profit — — — — — — 21.8 22.9 13.5 11.8 6.4 9.4 20.1 19.3 13.2 16.3 25.4
Net income 0.7 4.8 4.1 3.7 4.8 4.2 1.6 5.1 5.6 3.1 −4.0 1.3 11.0 7.0 2.1 4.4 12.6
Diluted EPS $1.16 $7.52 $6.48 $6.02 $8.33 $7.73 $2.92 $9.85 $11.80 $6.77 −$9.06 $2.97 $23.27 $15.48 $4.99 $10.79 $31.19
Growth (year on year)
Revenue — +33.7% −8.5% −4.3% −6.1% −38.6% −14.8% +21.4% +8.9% −3.7% −40.2% +73.8% +52.5% −13.3% −2.9% −7.5% +27.5%
Net income — — −13.6% −9.7% +27.8% −11.2% −63.2% — +9.6% −45.0% −229.2% — — −36.4% −69.8% — —
Diluted EPS — — −13.8% −7.1% +38.4% −7.2% −62.2% — +19.8% −42.6% −233.8% — — −33.5% −67.8% — —
Margins
Gross margin — — — — — — 25.9% 22.4% 12.1% 11.0% 10.0% 8.4% 11.8% 13.1% 9.2% 12.3% 15.1%
Net margin 0.5% 2.4% 2.3% 2.2% 3.0% 4.3% 1.8% 5.0% 5.0% 2.9% −6.2% 1.2% 6.5% 4.8% 1.5% 3.3% 7.5%
Cash flow
Cash from operations 2.1 5.0 4.3 6.0 3.5 5.7 3.0 3.6 7.6 4.8 2.1 6.0 10.8 7.0 4.2 5.0 15.0
Stock-based pay 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.2 0.3 0.2 0.2 —
Balance sheet
Cash 0.0 0.0 3.5 5.4 5.2 3.1 2.7 3.1 3.0 1.6 2.5 3.1 6.1 3.3 1.7 1.1 5.8
Total debt 0.0 0.4 7.0 6.2 8.6 8.9 10.6 10.1 11.2 11.8 15.9 14.4 17.2 19.4 20.1 19.7 18.5
Net debt (negative = net cash) 0.0 0.4 3.5 0.8 3.4 5.8 7.9 7.0 8.1 10.1 13.4 11.3 11.1 16.0 18.3 18.6 12.7
Diluted shares 635m 635m 637m 619m 572m 547m 530m 519m 474m 454m 440m 440m 474m 453m 422m 408m 403m
Returned to shareholders
Dividends 0.0 0.0 0.3 0.8 1.1 1.2 1.3 1.4 1.4 1.6 1.6 1.6 1.8 1.9 1.9 1.9 2.0
Buybacks 0.0 0.0 0.4 2.2 2.3 1.5 1.0 1.6 4.6 1.7 0.4 0.0 1.5 4.0 3.5 1.2 3.2
Total returned 0.0 0.0 0.6 3.1 3.3 2.7 2.3 3.0 6.1 3.2 2.0 1.6 3.3 5.9 5.3 3.1 5.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 30, 2026
What it owns · $86.0bn
Short-term assets $27.9bnLonger-term assets $58.0bn
What it owes, and who funded it · $84.8bn
Short-term liabilities $20.8bnLonger-term liabilities $29.7bnShareholders' equity $34.3bn
  • Short-term assets cover short-term liabilities $27.9bn of assets due within a year against $20.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $27.9bn short-term assets against $29.7bn of longer-dated liabilities.
  • More cash than debt $5.8bn of cash against $18.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 54% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 59% to 54% over five years.
  • A year's operating cash flow covers at least 20% of debt $15.0bn of operating cash flow against $18.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Phillips 66's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$3.2B
Dividends (TTM)
$2B
Returned to shareholders
42%
of free cash flow
Buybacks, last 3 fiscal years
$8.7B
Diluted share count
−1.3%
year over year
Total shareholder yield
4.7%
dividends 1.8% + buybacks 2.9% of market value
Dividend payout ratio
16%
of net income paid out
Sales & admin spending
1.3%
of revenue
Days sales outstanding
29 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas refining & marketing
Last 12 months unless stated PSX MPC VLO WKC PBF DINO Median
Revenue, last 12 months $168.2bn $153.6bn $153.3bn $45.6bn $38.9bn $34.8bn $10.3bn
Revenue growth, last 12 months 27.5% 15.0% 24.6% 21.1% 31.5% 29.5% 13.0%
Revenue growth, 3-year average 4.0% −0.7% 0.5% −2.8% −1.0% 1.5% −0.8%
Revenue growth, latest quarter 46.4% 53.8% 43.3% 41.3% 58.6% 49.7% 46.4%
Gross margin 15.1% 12.5% 12.3% 2.5% 8.9% 18.5% 8.0%
Operating margin — 9.2% 11.5% −0.1% 9.8% 13.5% 2.9%
Operating margin, 3-year average — 7.0% 5.6% −0.1% 2.3% 5.8% 2.3%
Net margin 7.5% 5.6% 8.4% −0.4% 7.0% 10.1% 1.8%
Cash from operations / revenue 8.9% 11.2% 10.4% 0.3% 9.0% 10.8% 5.1%
Free-cash-flow margin 7.4% 8.4% 9.3% 0.2% 6.8% 9.4% 4.8%
Free-cash-flow margin, 3-year average 3.2% 5.7% 4.7% 0.4% 1.1% 5.2% 2.4%
Stock pay / revenue — 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Change in share count −1.3% −6.5% −5.8% −6.3% 4.3% −4.3% −1.4%

Median of all 16 companies we cover in oil & gas refining & marketing. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

16 oil & gas refining & marketing companies
Measure Company Peer median Rank
Revenue growth Growth 27.5% 13.2% 4 of 16
Change in growth rate Growth +13.0pp +12.9pp 7 of 16
Gross margin Profitability 15.1% 7.1% 2 of 14
Net margin Profitability 7.5% 1.9% 4 of 16
Free-cash-flow margin Cash generation 7.4% 4.8% 4 of 15
Long-term debt as % of assets Balance sheet 20.3% 23.4% 6 of 12
Change in share count Balance sheet -1.3% -1.4% 9 of 15
Days sales outstanding Balance sheet 29 days 26 days 11 of 13

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Marketing Speciality $83.7B 63.3% ▼ 7.3%
Refining $26.9B 20.3% ▼ 22.8%
Midstream $18.6B 14.0% ▲ 16.0%
Renewable Fuels $3.1B 2.4% ▲ 57.9%
Chemicals $0 0.0% —
Products and services
Line of business Revenue Share YoY
Refined Petroleum Products and Renewable Fuels $97.4B 73.5% ▼ 6.1%
Natural Gas Liquids Reserves $17.1B 12.9% ▲ 17.3%
Crude Oil $15.2B 11.5% ▼ 31.0%
Other Product Line $2.8B 2.1% ▼ 4.9%
Geography
Region Revenue Share YoY
United States $104B 78.8% ▼ 8.2%
United Kingdom $13.2B 10.0% ▲ 3.9%
Other Geographical Areas $9.9B 7.5% ▼ 14.3%
Germany $5B 3.8% ▼ 5.2%

From Phillips 66's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$53.6B
Institutions reporting
2,097
Shares held vs prior quarter
▲ 1.2%
Positions opened / closed
133 / 162

Top buyers and sellers, Q2 2026: 937 institutions bought and 893 sold ; the biggest buyer was Blackrock, Inc (+2.1M shares) and the biggest seller Harris Associates L P (−7.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.8B 34.1M 10.8% ▲ 6.5%
Vanguard Capital Management LLC $4.4B 26.2M 8.3% ▲ 0.3%
State Street Corp $4.4B 26.0M 8.2% ▲ 1.1%
Vanguard Portfolio Management LLC $3.8B 22.2M 7.0% ▲ 0.5%
Elliott Investment Management L.P. $3.3B 19.3M 6.1% 0.0%
Wells Fargo & Company $2.1B 12.5M 3.9% ▼ 9.5%
Geode Capital Management, LLC $1.9B 11.1M 3.5% ▲ 4.4%
Morgan Stanley $1.2B 7.2M 2.3% ▲ 1.5%
Bank Of New York Mellon Corp $1.1B 6.5M 2.0% ▼ 6.0%
Goldman Sachs Group Inc $949M 5.6M 1.8% ▼ 1.9%
AQR Capital Management LLC $759M 4.5M 1.4% ▲ 32.7%
Norges Bank $704M 4.2M 1.3% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Phillips 66's complete shareholder register. Values are as reported by the filers ; 7 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $60,608 2 trades by 1 insider, last 12 months Insider sales History → $7.5B 29 trades by 7 insiders · 99% under pre-set plans
Net ▼ $7.5B net selling
Insider Date Trade Shares Price Value
Mandell Brian Executive Vice President September 16, 2026 Sell 23,400 $265.06 $6.2M
Harbison Richard G EVP, Refining August 12, 2026 Sell 52,100 $223.76 $11.7M
Mandell Brian Executive Vice President August 11, 2026 Sell 30,000 $215.00 $6.5M
Kluppel Ann M SVP and Controller August 10, 2026 Sell 2,100 $210.63 $442,323
Kluppel Ann M SVP and Controller August 10, 2026 Sell 1,967 $215.00 $422,905
Kluppel Ann M SVP and Controller August 10, 2026 Sell 1,967 $212.00 $417,004
Davis Lisa Ann Director August 10, 2026 Sell 315 $208.99 $65,832
Davis Lisa Ann Director August 10, 2026 Sell 200 $208.37 $41,674
Davis Lisa Ann Director August 10, 2026 Sell 1,000 $207.21 $207,210
Mandell Brian Executive Vice President August 10, 2026 Sell 3,300 $214.02 $706,266
Kluppel Ann M SVP and Controller August 7, 2026 Sell 1,800 $205.00 $369,000
Sutherland Vanessa Allen EVP, GC and Secretary July 21, 2026 Sell pre-set plan 3,523 $2110482.00 $7.4B

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 32 trades and filings

No trades in Phillips 66 disclosed in the last 12 months; 32 earlier trades on record.

  • Jefferson Shreve(R-IN 6):Sale (full), $15,001 - $50,000, traded May 12, 2025, filed June 22, 2025
  • Jefferson Shreve(R-IN 6):Purchase, $15,001 - $50,000, traded April 7, 2025, filed May 8, 2025
  • Greg Landsman(D-OH 1):Sale (full), $15,001 - $50,000, traded October 15, 2024, filed November 14, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • August 5, 2026
  • April 29, 2026
  • April 6, 2026
  • February 4, 2026
  • October 29, 2025

Recent SEC filings

Data status

When each part of this page on Phillips 66 was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Phillips 66 in brief

What does Phillips 66 do?
Phillips 66 is a US-listed company in the oil & gas refining & marketing industry. Its financial year ends in December.
What is Phillips 66's stock ticker?
Phillips 66 trades under the ticker PSX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Phillips 66's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Phillips 66 reported revenue of $168B, 27.5% higher than a year earlier, according to its SEC filings.
What is Phillips 66's free cash flow?
Phillips 66's free-cash-flow margin is 7.4% of revenue over the trailing twelve months, ranking 4 of the 15 oil & gas refining & marketing companies we cover.
What is Phillips 66's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Phillips 66's free cash flow after stock-based pay gives ~$280 per share in the base case, and ~$200–$390 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Phillips 66's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Phillips 66 buying back stock, and does it pay a dividend?
Phillips 66 spent $3.2B on share repurchases over the trailing twelve months, and its diluted share count fell 1.3% over the year.
What is Phillips 66's market cap?
On November 2, 2026, Phillips 66's market capitalisation was about $111B, with a price-to-earnings ratio of 8.8 and net debt of $12.7B. Market figures come from third-party market data and may be delayed.
Does Phillips 66 pay a dividend?
Yes: Phillips 66 paid $2B in dividends over the trailing twelve months, a dividend yield of 1.83% and a payout ratio of 15.9%.
How much debt does Phillips 66 have?
Phillips 66's debt-to-equity ratio is 54.0%, from its latest balance sheet (59.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Phillips 66's competitors?
In our Oil & Gas Refining & Marketing peer group, the companies closest to Phillips 66 are Marathon Petroleum, Valero Energy, World Kinect Corp, PBF Energy Inc. and HF Sinclair Corp. The side-by-side comparison below sets their revenue, margins and growth against Phillips 66's.
Are insiders buying or selling Phillips 66 stock?
Over the last 12 months, Phillips 66's directors and officers reported 2 open-market purchases and 29 sales on Form 4. The insider trading page charts every trade.
When is Phillips 66's next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Phillips 66 announces its own schedule.