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Phillips 66 vs Valero Energy: revenue, profit, margins and growth compared

Phillips 66 brought in $132.4B of revenue in fiscal 2025, Valero Energy $122.7B in fiscal 2025. Revenue changed by -7.5% at Phillips 66 and -5.5% at Valero Energy on the year before, so Valero Energy grew faster. Phillips 66 kept 3.3% of its revenue as net profit, Valero Energy 1.9%.

Side by side, latest fiscal year

PSXVLO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$132.4B$122.7B
Revenue growth-7.5%-5.5%
Net income$4.4B$2.3B
Net margin3.3%1.9%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)$10.79$7.57
Cash$1.1B$4.7B
Debt$19.7B$8.3B
Price to earnings23.751.1
Market value$102B$111.5B
Dividend yield1.86%1.17%
Rank by revenue in sector#4 of 129 · Energy#5 of 129 · Energy

Over the years

Revenue
PSX FY2018: $111.5BPSX FY2019: $107.3BPSX FY2020: $64.1BPSX FY2021: $111.5BPSX FY2022: $170BPSX FY2023: $147.4BPSX FY2024: $143.2BPSX FY2025: $132.4BVLO FY2018: $117BVLO FY2019: $108.3BVLO FY2020: $64.9BVLO FY2021: $114BVLO FY2022: $176.4BVLO FY2023: $144.8BVLO FY2024: $129.9BVLO FY2025: $122.7BFY18FY19FY20FY21FY22FY23FY24FY25
PSX $132.4BVLO $122.7B
Net income
PSX FY2018: $5.6BPSX FY2019: $3.1BPSX FY2020: -$4BPSX FY2021: $1.3BPSX FY2022: $11BPSX FY2023: $7BPSX FY2024: $2.1BPSX FY2025: $4.4BVLO FY2018: $3.1BVLO FY2019: $2.4BVLO FY2020: -$1.4BVLO FY2021: $930MVLO FY2022: $11.5BVLO FY2023: $8.8BVLO FY2024: $2.8BVLO FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
PSX $4.4BVLO $2.3B
Net margin
PSX FY2018: 5.0%PSX FY2019: 2.9%PSX FY2020: -6.2%PSX FY2021: 1.2%PSX FY2022: 6.5%PSX FY2023: 4.8%PSX FY2024: 1.5%PSX FY2025: 3.3%VLO FY2018: 2.7%VLO FY2019: 2.2%VLO FY2020: -2.2%VLO FY2021: 0.8%VLO FY2022: 6.5%VLO FY2023: 6.1%VLO FY2024: 2.1%VLO FY2025: 1.9%FY18FY19FY20FY21FY22FY23FY24FY25
PSX 3.3%VLO 1.9%
Revenue growth
PSX FY2019: -3.7%PSX FY2020: -40.2%PSX FY2021: +73.8%PSX FY2022: +52.5%PSX FY2023: -13.3%PSX FY2024: -2.9%PSX FY2025: -7.5%VLO FY2019: -7.4%VLO FY2020: -40.1%VLO FY2021: +75.6%VLO FY2022: +54.8%VLO FY2023: -17.9%VLO FY2024: -10.3%VLO FY2025: -5.5%FY19FY20FY21FY22FY23FY24FY25
PSX -7.5%VLO -5.5%
Free cash flow
VLO FY2018: $995MVLO FY2019: $2.7BVLO FY2020: -$1.5BVLO FY2021: $3.4BVLO FY2022: $9.8BVLO FY2023: $7.3BVLO FY2024: $4.6BFY18FY19FY20FY21FY22FY23FY24
PSXVLO $4.6B

Fiscal years as each company reports them; the two may end in different months.

Questions about Phillips 66 and Valero Energy

Which is bigger by revenue, Phillips 66 or Valero Energy?

Phillips 66 is bigger by revenue: $132.4B in fiscal 2025, against $122.7B for Valero Energy in fiscal 2025.

Which keeps more of its revenue as profit, Phillips 66 or Valero Energy?

Phillips 66 had a net margin of 3.3% in fiscal 2025; Valero Energy had 1.9% in fiscal 2025.

Which grew revenue faster, Phillips 66 or Valero Energy?

In their latest fiscal years revenue changed by -7.5% at Phillips 66 and -5.5% at Valero Energy.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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