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Phillips 66PSX

Sector
Energy
Industry
Petroleum Refining
Exchange
NYSE

Stock Price $PSX

Latest filings

You are here#6 of 25 in Energy by market cap

Filing record · 2016–202610-K1110-Q328-K124

PSX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 124 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Material agreement8-K · Oct ’21Oct ’21
  4. Material agreement8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  16. $132.38B
YoY changeLargest recent move+73.8%in FY21Latest −7.5%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All PSX Financial Metrics56 metrics

Income Statement15

Balance Sheet23

Cash Flow13

Per Share5

02—Overview

Phillips 66 Financial Overview 2021–2025

Updated Jul 10, 2026

In FY2025, Phillips 66 relied on $2.9 billiona in before-tax asset disposition gains to prop up its bottom line amidst softening refining margins. This massive windfall underlines the central investment reality: the company is rapidly restructuring its portfolio to insulate itself from crack spread volatility, funding heavy shareholder returns through strategic divestitures.

Tracking the company’s trajectory reveals extreme cyclicality, with net income surging from $1.3 billionb in FY2021 to a peak of $11.024 billion in FY2022, before settling at $4.4 billion in FY2025. To execute its strategic transition toward midstream natural gas liquids, Phillips 66 closed the $2.2 billion acquisition of EPIC Y-Grade while simultaneously committing to shut down its Los Angeles refinery. This physical capital rotation has required substantial financial leverage. By the end of Q1 2026, total debt swelled to $27.1 billion, driving the debt-to-capital ratio up to 48%. Further encumbering the balance sheet is an $833 million legal judgment against the company regarding trade secrets that remains under appeal.

Despite climbing leverage and litigation headwinds, management maintained its aggressive capital return policy, repurchasing $1.2 billionc in stock during FY2025. The market digested this mix of portfolio optimization and balance sheet strain by pricing the stock at $129.04, which represented a valuation of 12.0x earnings at the close of FY2025.

Recent Developments (Q4 2025 and Q1 2026)

In Q1 2026, Phillips 66 experienced a sharp drop in net income to $207 milliond, declining from $487 million in the prior year due to the absence of previous asset sale windfalls. Despite this bottom-line contraction, total revenues increased 7% year-over-year to $33.0 billion, supported by higher refined petroleum sales volumes. To preserve liquidity amid commodity volatility, the company secured a new $2.25 billion term loan in March 2026, boosting cash balances to $5.15 billion. Furthermore, leadership expanded the Board of Directors to 16 members.

Bulls can highlight a massive turnaround in the Refining segment, which swung to a $208 millione pre-tax profit from a $937 million loss the year prior due to improved crack spreads. Conversely, bears will point to severe cash burn, with operating activities consuming $2.3 billion in the quarter, questioning if the stock is overvalued at 16.1x earnings as of the Q1 2026 report.

What to watch: operating cash flow normalization following recent working capital drains; capital deployment strategies utilizing the expanded liquidity reserves.

03—Filings

Recent SEC Filings

  1. 8-KPhillips 66 8-K Report, Executive Changes (Oct 5, 2026)Phillips 66 (PSX) announced on October 5, 2026, that its Executive Vice President of Refining, Richard G. Harbison, has informed the company of his intention to retire. This retirement will be effective as of December 31, 2026. This news comes through an 8-K filing and signals a significant leadership transition within the Company's crucial refining segment. Investors should monitor the Company's subsequent filings for information regarding Mr. Harbison's successor. The transition in leadership within the refining division could have implications for operational strategies, future investments, and overall performance of this key business segment. Investors will be keen to understand the experience and strategic vision of the individual who will fill this important role.
  2. 8-KPhillips 66 8-K Report, Material Agreement (Aug 21, 2026)Phillips 66 (PSX) announced an amendment to its accounts receivable securitization program, enhancing its financial flexibility. The Fifth Amendment to the Receivables Purchase and Financing Agreement (RPFA) extends the program's maturity date to August 19, 2027, and increases the committed facility size from $1.75 billion to $2 billion. Additionally, the amendment establishes a new uncommitted facility of up to $250 million. This strategic move is likely aimed at providing Phillips 66 with increased access to liquidity and supporting its working capital needs, particularly given the extended maturity. Investors should view this as a positive development for operational and financial management.
  3. 8-KPhillips 66 8-K Report, Financial Results (Aug 5, 2026)Phillips 66 (PSX) has filed an 8-K report on August 5, 2026, to disclose its financial and operating results for the quarter ended June 30, 2026. The primary information is contained within the furnished press release (Exhibit 99.1) and supplemental financial and operating data (Exhibit 99.2), both incorporated by reference. Investors should refer to these exhibits for specific details on the company's performance during the second quarter of 2026. It is important to note that the information furnished in this report is not considered "filed" for SEC liability purposes and is not automatically incorporated into other registration statements unless explicitly stated.
  4. 8-KPhillips 66 8-K Report, Shareholder Vote Results (May 14, 2026)Phillips 66 (PSX) filed an 8-K on May 14, 2026, detailing the outcomes of its Annual Meeting of Shareholders held on May 13, 2026. The primary focus of this filing is the shareholder votes on routine corporate matters, including the election of directors, executive compensation, and the ratification of the independent auditor. These results indicate strong shareholder support for the company's current board and management, as well as its chosen auditing firm. Investors can take comfort in the overwhelming approval for the re-election of Class I directors and the advisory vote on executive compensation, suggesting alignment between shareholder interests and company leadership. The ratification of Ernst & Young LLP as the independent registered public accounting firm further solidifies confidence in the company's financial reporting and oversight processes. Overall, the filing presents a picture of stability and shareholder confidence in Phillips 66's governance and operational direction.
  5. 8-KPhillips 66 8-K Report, Financial Results (Apr 29, 2026)Phillips 66 (PSX) has filed an 8-K report on April 29, 2026, to disclose its financial and operating results for the first quarter ended March 31, 2026. The key details of these results are provided in the accompanying press release (Exhibit 99.1) and supplemental financial and operating information (Exhibit 99.2), both incorporated by reference into this filing. Investors should review these exhibits for a comprehensive understanding of the company's performance during the quarter. While the 8-K itself does not contain the specific financial figures, it serves as the official notification of their release. The furnished exhibits are crucial for assessing the company's profitability, operational efficiency, and any significant developments impacting its business segments during the reporting period. Investors should pay close attention to metrics such as refining margins, midstream throughput, chemicals performance, and any updates on capital allocation and strategic initiatives.
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04—See also

Related Companies

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