Phillips 66 financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Phillips 66 files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	84,279	102,354	111,461	107,293	64,129	111,476	169,990	147,399	143,153	132,376
Cost of revenue	62,468	79,409	97,930	95,529	57,707	102,102	149,932	128,086	129,962	116,093
Gross profit	21,811	22,945	13,531	11,764	6,422	9,374	20,058	19,313	13,191	16,283
Research and development	60	60	55	54	48	47	42	27	15	6
Selling, general and administrative	1,638	1,695	1,677	1,681	1,544	1,744	2,168	2,525	2,814	2,437
Interest expense	338	438	493	504	550	567	611	842	919	997
Interest income	18	31	45	43	14	11	82	269	158	141
Other non-operating income	74	521	61	119	66	454	2,737	359	243	438
Pre-tax income	2,191	3,555	7,445	4,178	-4,964	1,737	12,628	7,887	1,796	1,035
Income tax	547	-1,693	1,572	801	-1,250	146	3,248	2,230	500	892
Income from continuing operations	1,555	5,106	5,595	3,076	-3,975	1,317	11,024	7,015	2,117	4,403
Net income to minority interests	89	142	278	301	261	277	367	224	58	125
Net income	1,555	5,106	5,595	3,076	-3,975	1,317	11,024	7,015	2,117	4,403
EPS, basic	2.94	9.90	11.87	6.80	-9.06	2.97	23.36	15.56	5.01	10.82
EPS, diluted	2.92	9.85	11.80	6.77	-9.06	2.97	23.27	15.48	4.99	10.79
Shares, basic (weighted)	528	515	471	451	440	440	471	450	420	406
Shares, diluted (weighted)	530	519	474	454	440	440	474	453	422	408
Dividend per share	2.45	2.73	3.10	3.50	3.60	3.62	3.83	4.20	4.50	4.75

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,711	3,119	3,019	1,614	2,514	3,147	6,133	3,323	1,738	1,116
Receivables	6,397	7,506	6,173	8,510	6,522	7,470	10,985	11,730	11,033	9,771
Inventory	3,150	3,395	3,543	3,776	3,893	3,394	3,276	3,750	3,995	5,097
Other current assets	422	370	474	495	347	686	1,528	1,138	1,144	1,287
Total current assets	12,680	14,390	13,209	14,395	13,276	14,697	21,922	19,941	17,910	17,271
Property, plant and equipment	20,855	21,460	22,018	23,786	23,716	22,435	35,163	35,712	35,264	39,097
Lease right-of-use assets				1,312	1,211	1,050	995	1,116	1,320	1,807
Goodwill	3,270	3,270	3,270	3,270	1,425	1,484	1,486	1,550	1,575	1,433
Intangible assets	888	876	869	869	843	813	831	920	1,161	978
Other non-current assets	426	434	515	1,829	1,837	1,694	2,090	2,076	2,294	2,996
Total assets	51,653	54,371	54,302	58,720	54,721	55,594	76,442	75,501	72,582	73,680
Accounts payable	6,395	7,242	6,113	8,043	5,171	7,629	10,748
Short-term debt	550	41	67	547	987	1,489	529	1,482	1,831	1,038
Total current liabilities	9,463	10,107	8,935	11,646	9,518	12,801	15,889	15,856	15,087	13,326
Long-term debt	9,588	10,069	11,093	11,216	14,906	12,959	16,661	17,877	18,231	18,678
Lease liabilities				806	853	725	745	790	934	1,296
Total liabilities	27,928	26,943	27,149	31,551	33,198	33,957	42,336	43,851	44,119	43,439
Total debt	10,138	10,110	11,160	11,763	15,893	14,448	17,190	19,359	20,062	19,716
Paid-in capital	19,559	19,768	19,873	20,301	20,383	20,504	19,791	19,650	19,788	19,948
Retained earnings	12,608	16,306	20,489	22,064	16,500	16,216	25,432	30,550	30,771	33,239
Treasury stock	-8,788	-10,378	-15,023	-16,673	-17,116	-17,116	-15,276	-19,342	-22,751	-23,934
Other comprehensive income	-995	-617	-692	-788	-789	-445	-460	-282	-407	-167
Shareholders' equity	22,390	25,085	24,653	24,910	18,984	19,166	29,494	30,583	27,408	29,093
Minority interests	1,335	2,343	2,500	2,259	2,539	2,471	4,612	1,067	1,055	1,148
Total equity	23,725	27,428	27,153	27,169	21,523	21,637	34,106	31,650	28,463	30,241
Total liabilities and equity	51,653	54,371	54,302	58,720	54,721	55,594	76,442	75,501	72,582	73,680

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,644	5,248	5,873	3,377	-3,714	1,594	11,391	7,239	2,175	4,528
Depreciation and amortization	1,168	1,318	1,356	1,341	1,395	1,605	1,629	1,977	2,363	3,251
Stock-based compensation	156	142	100	169	127	144	210	297	210	220
Deferred income tax	612	-1,886	252	183	126	-272	1,320	840	-251	178
Change in receivables	-1,258	-1,182	1,320	-2,308	2,023	-922	-2,073	-696	574	-508
Change in inventory	216	-176	-202	-204	-71	511	74	-245	-278	160
Change in payables	1,579	1,153	-1,546	1,941	-2,887	2,925	1,736	-480	-491	-804
Cash from operations	2,963	3,648	7,573	4,808	2,111	6,017	10,813	7,029	4,191	4,962
Acquisitions							-306	-263	-625	-3,498
Purchases of investments							0	0	-1,100	0
Cash from investing	-3,158	-1,146	-2,471	-3,688	-3,079	-1,872	-1,488	-1,790	-2,463	-2,097
Debt issued	2,090	3,508	2,184	1,783	5,178	1,443	453	6,260	6,272	8,395
Stock issued		35	39	32	8	26	103	123	86	107
Share buybacks	-1,042	-1,590	-4,645	-1,650	-443	0	-1,513	-4,014	-3,451	-1,207
Dividends paid	-1,282	-1,395	-1,436	-1,570	-1,575	-1,585	-1,793	-1,882	-1,882	-1,922
Cash from financing	-178	-2,111	-5,167	-2,511	1,791	-3,470	-6,388	-8,092	-3,305	-3,537
Exchange rate effect	10	17	-35	-14	77	-42	49	43	-8	50
Net change in cash	-363	408	-100	-1,405	900	633	2,986	-2,810	-1,585	-622
Interest paid	311	421	465	426	478	549	572	816	901	972
Income taxes paid	-375	-257	984	955	103	-1,065	2,071	1,397	1,186	200

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $255.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	13.1%	Gross profit / revenue.
Net margin	4.7%	Net income / revenue.
Operating cash flow margin	5.9%	Cash from operations / revenue.
Return on equity (ROE)	22.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.7%	Net income / average total assets.
SG&A / revenue	1.6%	Selling, general and administrative expense / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-7.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-8.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	23.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	108.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-26.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	116.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-22.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	18.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-22.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.32x	Current assets / current liabilities.
Quick ratio	0.86x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.22x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.60x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.9%	Total debt / total assets.
Liabilities / assets	60.0%	Total liabilities / total assets.
Net debt	$14.67B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$5.87B	Current assets - current liabilities.
Goodwill and intangibles / assets	2.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$29.12B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.86x	Revenue / average total assets.
Fixed asset turnover	3.84x	Revenue / average property, plant and equipment.
Inventory turnover	22.3x	Cost of revenue / average inventory.
Days inventory	16 days	365 x average inventory / cost of revenue.
Receivables turnover	13.0x	Revenue / average receivables.
Days sales outstanding	28 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$17.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$377.94	Revenue / diluted weighted shares.
Operating cash flow per share	$22.17	Cash from operations / diluted weighted shares.
Book value per share	$78.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$72.32	Tangible book value / shares outstanding.
Cash per share	$10.18	(Cash + short-term investments) / shares outstanding.
Payout ratio	28.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$102.05B	Share price x shares outstanding.
Enterprise value	$116.72B	Market cap + total debt - cash - short-term investments.
P/E	14.4x	Market cap / net income. Only when net income is positive.
P/S	0.67x	Market cap / revenue.
P/B	3.24x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.50x	Market cap / tangible book value, when positive.
P/OCF	11.4x	Market cap / cash from operations, when positive.
EV/Sales	0.77x	Enterprise value / revenue.
Earnings yield	7.0%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	3.1%	(Dividends paid + share buybacks) / market cap.

What was Phillips 66's revenue in fiscal 2025?

Phillips 66 reported revenue of $132.38B for fiscal 2025, 7.5% lower than the year before.

Was Phillips 66 profitable in fiscal 2025?

Yes. Net income was $4.40B, a net margin of 3.3%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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