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Phillips 66PSX

Sector
Energy
Industry
Petroleum Refining
Exchange
NYSE

Stock Price $PSX

Latest filings

You are here#7 of 32 in Energy by market cap

Filing record · 2016–202610-K1110-Q338-K125

PSX filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 125 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

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All PSX Financial Metrics56 metrics

Income Statement15

Balance Sheet23

Cash Flow13

Per Share5

02—Overview

Phillips 66 Financial Overview 2021–2025

Updated Nov 2, 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 (Q2 and Q3 2026)

Phillips 66 recorded a massive profitability surge across Q2 2026 and Q3 2026, driven by widening crack spreads and peak refining utilization of 98%. Realized refining margins jumped to $24.08/bbld in Q2 2026, up from $10.11/bbl in Q1 2026. This catalyzed a nine-month net income leap to $9.7 billion, rising sharply from $1.5 billion in the prior year. Operating cash flow over this period expanded to $12.3 billion.

The company aggressively deleveraged with this cash generation, paying down $8.6 billione in total debt over six months. Management augmented shareholder returns by adding $10 billion to the share repurchase authorization while advancing growth projects like the Western Gateway Pipeline. Additionally, Executive Vice President of Refining Richard G. Harbison announced his retirement effective December 31, 2026. Bulls argue the rapidly repaired balance sheet enables immense capital return flexibility. Bears note the stock appears richly valued at 25.4x earnings as of October 28, 2026, signaling that peak margin conditions are fully priced in.

What to watch: succession plans for the head of refining; execution of the Western Gateway Pipeline project

03—Filings

Recent SEC Filings

  1. 8-KPhillips 66 8-K Report, Financial Results (Oct 28, 2026)Phillips 66 (PSX) reported robust third-quarter 2026 financial and operating results, with earnings reaching $5.6 billion, or $14.08 per share. This performance was driven by strong contributions across its business segments, notably a significant increase in Refining earnings due to higher realized margins and volumes, benefitting from favorable market crack spreads. The company also demonstrated strong operational execution, with refining utilization at 98% and record distillate yield. Key financial highlights include a substantial return of capital to shareholders totaling $2.8 billion through dividends and share repurchases. Phillips 66 also continued to strengthen its balance sheet by decreasing total debt by $2.0 billion and net debt by $3.8 billion. The company remains committed to its disciplined capital allocation strategy, targeting to return over 50% of net operating cash flow to shareholders and achieve sustainable dividend growth, reinforced by a recent dividend increase.
  2. 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.
  3. 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.
  4. 8-KPhillips 66 8-K Report, Financial Results (Aug 5, 2026)Phillips 66 (PSX) reported a sharply stronger second quarter of 2026, with GAAP earnings of $3.85 billion ($9.55 per diluted share) and adjusted earnings of $3.79 billion ($9.41 per share), versus roughly $207 million (GAAP) and $200 million (adjusted) in the first quarter. The swing was driven primarily by the Refining segment, where pre-tax income rose to $3.06 billion from $208 million, and realized refining margin per barrel climbed to $24.08 from $10.11, reflecting higher crack spreads and favorable mark-to-market effects. Adjusted EBITDA rose to $5.89 billion from $1.23 billion, and Midstream, Chemicals, Marketing and Specialties, and Renewable Fuels also improved. Refinery crude utilization of 96% and clean product yield of 86% indicate solid operations, and the Midstream business set record NGL fractionation (1,020 MBD) and LPG export volumes. Balance sheet deleveraging was the other major takeaway. Total debt fell by $6.6 billion to $20.6 billion, and net debt dropped to $16.5 billion from $22.0 billion, bringing the net debt-to-capital ratio to 33% from 43%. Cash flow from operations was $7.3 billion, versus a $2.3 billion outflow in the first quarter, which was driven by working capital swings; excluding working capital, operating cash flow was $4.3 billion. Shareholder returns totaled $887 million (dividends of $508 million and buybacks of $379 million), and capital spending was $726 million. Results also include a $110 million pre-tax gain from post-closing adjustments on the December 2025 sale of 65% of the Germany and Austria retail marketing business, which is excluded from adjusted earnings along with a legal accrual related to Propel Fuels litigation. On growth, Phillips 66 reported completion of the 220 MMCFD Dos Picos II gas plant in the Permian and announced two new projects: the 300 MMCFD Zeus Gas Plant and a 100 MBD Coastal Bend NGL Fractionator in Corpus Christi. CPChem's Golden Triangle and Ras Laffan polymer projects are expected to reach full operations in 2027. Investors should weigh the strong quarter as heavily dependent on cyclical refining margins, which the company itself attributes partly to market crack spreads and mark-to-market gains, rather than assuming the result is a run-rate.
  5. 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.
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04—See also

Related Companies

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