Phillips 66 operates as an integrated downstream energy provider in the United States, the United Kingdom, Germany, and internationally. It operates through five segments: Midstream, Chemicals, Refining, Marketing and Specialties (M&S), and Renewable Fuels. The Midstream segment provides crude oil and refined petroleum product transportation, terminaling, and storage services, as well as natural gas and natural gas liquids (NGL) gathering, processing, transportation, fractionation, storage and marketing services. It also exports liquefied petroleum gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining; and petrochemicals and plastics. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines and distillates, including aviation fuels. The M&S segment purchases for resale and markets refined products, including gasolines, distillates, and aviation fuels. This segment also manufactures and markets specialty products, such as automotive, commercial, industrial, and specialty lubricants, as well as base oils. The Renewable Fuels segment processes renewable feedstocks into renewable products, as well as supplies sustainable aviation fuel. This segment also procures renewable feedstocks, manages certain regulatory credits, and markets renewable diesel, renewable jet fuel, and other renewable fuels. The company markets its products under the Phillips 66, Conoco and 76, JET, Kendall, Red Line, and other private label brands. Phillips 66 was founded in 1875 and is headquartered in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $132.4B | $9.8B | $4.4B | $2.7B | 15.1% | -7.5% | 108.0% |
| 2024 | $143.2B | $6.0B | $2.1B | $2.3B | 7.7% | -2.9% | -69.8% |
| 2023 | $147.4B | $12.4B | $7.0B | $4.9B | 22.9% | -13.3% | -36.4% |
| 2022 | $170.0B | $16.9B | $11.0B | $8.9B | 37.4% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 169,990 | 147,399 | 143,153 | 132,376 |
| Operating Revenue | - | 169,990 | 147,399 | 143,153 | 132,376 |
| Cost Of Revenue | - | 151,561 | 130,063 | 132,325 | 119,344 |
| Gross Profit | - | 18,429 | 17,336 | 10,828 | 13,032 |
| Operating Expense | - | 8,809 | 9,386 | 9,082 | 9,651 |
| Selling General And Administration | - | 2,168 | 2,525 | 2,814 | 2,437 |
| Total Expenses | - | 160,370 | 139,449 | 141,407 | 128,995 |
| Operating Income | - | 9,620 | 7,950 | 1,746 | 3,381 |
| EBITDA | - | 16,910 | 12,372 | 5,985 | 9,757 |
| Normalized EBITDA | - | 14,295 | 12,242 | 6,083 | 7,760 |
| EBIT | - | 15,281 | 10,395 | 3,622 | 6,506 |
| Interest Income | - | 82 | 269 | 158 | 141 |
| Interest Expense | - | 642 | 926 | 947 | 1,086 |
| Net Interest Income | - | -560 | -657 | -789 | -945 |
| Other Non Operating Income Expenses | - | -4 | 29 | 37 | 225 |
| Other Income Expense | - | 5,579 | 2,176 | 1,718 | 2,984 |
| Interest Income Non Operating | - | 82 | 269 | 158 | 141 |
| Interest Expense Non Operating | - | 642 | 926 | 947 | 1,086 |
| Net Non Operating Interest Income Expense | - | -560 | -657 | -789 | -945 |
| Pretax Income | - | 14,639 | 9,469 | 2,675 | 5,420 |
| Tax Provision | - | 3,248 | 2,230 | 500 | 892 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 580.20 | 30.68 | -18.32 | 328.66 |
| Net Income Continuous Operations | - | 11,391 | 7,239 | 2,175 | 4,528 |
| Net Income From Continuing And Discontinued Operation | - | 11,024 | 7,015 | 2,117 | 4,403 |
| Net Income From Continuing Operation Net Minority Interest | - | 11,024 | 7,015 | 2,117 | 4,403 |
| Net Income | - | 11,024 | 7,015 | 2,117 | 4,403 |
| Net Income Common Stockholders | - | 11,014 | 7,004 | 2,107 | 4,394 |
| Net Income Including Noncontrolling Interests | - | 11,391 | 7,239 | 2,175 | 4,528 |
| Normalized Income | - | 8,989.20 | 6,915.68 | 2,196.68 | 2,734.66 |
| Diluted NI Availto Com Stockholders | - | 11,014 | 7,004 | 2,107 | 4,401 |
| Basic Average Shares | - | 471.50 | 450.14 | 420.17 | 406.01 |
| Diluted Average Shares | - | 473.73 | 453.21 | 421.89 | 408.05 |
| Reconciled Depreciation | - | 1,629 | 1,977 | 2,363 | 3,251 |
| Reconciled Cost Of Revenue | - | 151,561 | 130,063 | 132,325 | 119,344 |
| Total Unusual Items | - | 2,615 | 130 | -98 | 1,997 |
| Total Unusual Items Excluding Goodwill | - | 2,615 | 130 | -98 | 1,997 |
| Minority Interests | - | -367 | -224 | -58 | -125 |
| Special Income Charges | - | 2,960 | 91 | -135 | 1,924 |
| Write Off | - | 60 | 24 | 456 | 1,060 |
| Impairment Of Capital Assets | 1,288 | 13 | 10 | - | - |
| Restructuring And Mergern Acquisition | 0 | -3,013 | 0 | 0 | - |
| Gain On Sale Of Security | - | -345 | 39 | 37 | 73 |
| Gain On Sale Of Ppe | - | 7 | 115 | 321 | 2,984 |
| Other Operating Expenses | - | 6,111 | 6,154 | 5,939 | 6,423 |
| Otherunder Preferred Stock Dividend | - | 10 | 11 | 10 | 9 |
| Earnings From Equity Interest | - | 2,968 | 2,017 | 1,779 | 762 |
| Average Dilution Earnings | 0 | 10 | - | - | 7 |
| Other Taxes | - | 530 | 707 | 329 | 791 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Phillips 66this co. | PSX | $73.8B | 16.77β discount | 2.54 | 15.1% | 9.47 |
| The Williams Companies, Inc. | WMB | $88.6B | 33.84 | 6.94 | 20.5% | 15.90 |
| SLB N.V. | SLB | $86.7B | 25.70 | 3.32 | 12.9% | 13.70 |
| Marathon Petroleum Corporation | MPC | $78.0B | 19.26 | 4.50 | 23.4% | 9.30 |
| Valero Energy Corporation | VLO | $76.9B | 32.73 |
| - |
| - |
| - |
| - |
| 3.24 |
| 9.9% |
| 12.48 |
| EOG Resources, Inc. | EOG | $75.0B | 15.07 | 2.52 | 16.7% | 7.24 |
| Kinder Morgan, Inc. | KMI | $70.5B | 23.08 | 2.26 | 9.8% | 14.25 |
| Baker Hughes Company | BKR | $65.6B | 25.34 | 3.48 | 13.7% | 15.85 |
| Occidental Petroleum Corporation | OXY | $58.4B | 25.09 | 2.10 | 8.4% | 6.84 |
| Peer Median | - | 25.22 | 3.28 | 13.3% | 13.09 | |