Filing Flows

Filing Flows › Energy › Phillips 66 (PSX)

Phillips 66 (PSX) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Phillips 66 (PSX) Q3 2026 earnings results →

Q3 2026 Revenue up 46% year over year to $50.5B · 11¢ of every $1 of revenue kept as net profit · operating margin 14.1%

Phillips 66 made $50.5B in Q3 2026 (+46% Y/Y): M&S $32.0B, Refining $11.7B, Midstream $6.2B. Operating margin 14.1%, net earnings $5.6B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$50.5B
Year over year+46%
Operating margin14.1%
Net earnings$5.6B
Operating cash flow$7.3B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Phillips 66 Q3 2026 revenue breakdown: Sankey diagram of revenue (M&S, Refining, Midstream, Renewable Fuels), costs, profit and cash flow
Phillips 66 Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
Embed this chart on your site

Free to use with the credit line. Click a box to select the code.

What changed this quarter

Revenue was $50.5B in Q3 2026, up 46% year over year and down 1% from the previous quarter. M&S was the largest line at 63% of revenue. M&S added $9.9B year over year (up 45%), 62% of the total change. Renewable Fuels declined 7%.

Operating profit was $7.1B, a 14.1% margin (up 13.5 points year over year). Of the extra revenue versus Q3 2025, 43% reached operating profit, above the 1% margin then. Total costs grew 27% against revenue growth of 46%. The fastest-growing cost line was Cost of revenue (+35%). Net earnings were $5.6B, up 4123% year over year. The effective tax rate was 20.7%.

Operating cash flow was $7.3B (up 518% year over year), 129% of net earnings. Non-cash charges added back $0.59B of depreciation and amortization. Working capital and other items added $1.1B. Capital expenditures of $0.68B left free cash flow of $6.6B.

Quarterly history

Phillips 66 revenue by quarterPhillips 66 revenue by quarter$30.4BQ1 2025$33.3BQ2 2025$34.5BQ3 2025$34.1BQ4 2025$32.5BQ1 2026$51.0BQ2 2026$50.5BQ3 2026
Phillips 66 net earnings by quarterPhillips 66 net earnings by quarter$487MQ1 2025$877MQ2 2025$167MQ3 2025$2.9BQ4 2025$207MQ1 2026$3.9BQ2 2026$5.6BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 28, 2026$50.5B+46%14.1%$5.6B$7.3B
Q2 202610-QAug 5, 2026$51.0B+53%9.7%$3.9B$7.3B
Q1 202610-QApr 29, 2026$32.5B+7%0.8%$207M−$2.3B
Q4 202510-KFeb 20, 2026$34.1B+1%10.1%$2.9B$2.8B
Q3 202510-QOct 29, 2025$34.5B-3%0.6%$167M$1.2B
Q2 202510-QJul 28, 2025$33.3B-13%3.4%$877M$845M
Q1 202510-QApr 25, 2025$30.4B-15%2.1%$487M$187M

Charts

Phillips 66: revenue growth, year over year and quarter over quarterPhillips 66: revenue growth, year over year and quarter over quarterY/YQ/Q-15%Q1 2025-13%+10%Q2 2025-3%+4%Q3 2025+1%-1%Q4 2025+7%-5%Q1 2026+53%+57%Q2 2026+46%-1%Q3 2026
Latest (Q3 2026): Y/Y +46%, Q/Q -1%.
Phillips 66: where the cash came from (+) and went (−), TTM to Q3 2026Phillips 66: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$15.0BOther financing−$14.1BNet borrowing (+) / repaid (−)$10.6BCash drawn (+) / kept (−)−$3.9BBuybacks−$3.2BOther investing−$2.6BDividends−$2.0BAsset & business sales$1.6BAcquisitions−$1.5BShares issued$169MPartners−$76.0MNot reconciled−$24.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Phillips 66: profit against cash, quarter by quarterPhillips 66: profit against cash, quarter by quarterNet incomeOperating cash flow$25.0M$1.2BQ4 2024$526M$187MQ1 2025$908M$845MQ2 2025$167M$1.2BQ3 2025$2.9B$2.8BQ4 2025$219M−$2.3BQ1 2026$3.9B$7.3BQ2 2026$5.6B$7.3BQ3 2026
Latest (Q3 2026): Net income $5.6B, Operating cash flow $7.3B.
Phillips 66: diluted shares by fiscal yearPhillips 66: diluted shares by fiscal year440MFY2020440MFY2021474MFY2022453MFY2023422MFY2024408MFY2025
-7.2% since FY2020: buybacks shrank the count.
Phillips 66: long-term debt falling due (FY2025)Phillips 66: long-term debt falling due (FY2025)$1.0B2026$1.3B2027$1.3B2028$1.2B2029$1.2B2030
Cash $1.1B, short-term investments —, long-term debt — at 2025-12-31.
Phillips 66 in its industry: growth against margin (15 companies, SIC 2911)Phillips 66 in its industry: growth against margin (15 companies, SIC 2911)revenue growth, year over year →↑ operating marginmedian +52%median 19%XOMCVXMPCVLOCOPSUNCSUNPBFPBF Holding Co LLCIMODKCVIIEPCLMTPSX (+46%, 14%)
Petroleum Refining; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

Customers and suppliers named in filings

Buys from

About Phillips 66

Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Texas, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.

In its own words, from its 8-K, filed Aug 5, 2026.

Phillips 66 against its Petroleum Refining peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +46% against the peers' median +46%. Operating margin: 14.1% against the peers' median 18.7%.

CompanyQuarterRevenueY/YOp. margin
PSX Phillips 66Q3 2026$50.5B+46%14.1%
XOM ExxonMobil HoldingsQ3 2026$113.2B+33%18.8%
CVX ChevronQ3 2026$67.8B+36%20.1%
MPC Marathon PetroleumQ3 2026$56.0B+61%18.7%
VLO Valero EnergyQ3 2026$46.1B+43%19.7%
COP ConocoPhillipsQ3 2026$19.4B+29%30.8%
SUNC SunocoCorp LLCQ3 2026$18.0B+199%4.1%
PBF PBF EnergyQ3 2026$12.1B+59%17.3%
PBF Holding Co LLCQ2 2026$11.7B+56%10.2%

Source: Phillips 66 10-Q on SEC EDGAR · CIK 1534701 · Petroleum Refining

Guidance and outlook

Phillips 66: what its forward-looking statements are about (10-Q filed 2026-10-28)Phillips 66: what its forward-looking statements are about (10-Q filed 2026-10-28)Other8Costs5Capital spending3Buybacks & dividends2Margins2Legal & regulation2Financing1People1
24 statements; tone +0.04 (−1 all cautious, +1 all confident); 2 hedged.
Phillips 66: outlook statements against the filing beforePhillips 66: outlook statements against the filing beforeNew3Updated1Dropped1Confident6Cautious5

13F: who owns PSX and who is buying

Largest holders of PSX (13F)Largest holders of PSX (13F)Vanguard Group$6.7BBlackRock$5.8BVanguard Capital Management LLC$4.4BState Street$4.4BVanguard Portfolio Management LLC$3.8BElliott Investment Management L.P.$3.3BWells Fargo$2.1BGeode Capital Management, LLC$1.9BMorgan Stanley$1.2BBank of New York Mellon$1.1B
Funds' net buying of PSX by quarter (13F)Funds' net buying of PSX by quarter (13F)−$73.4M2024-09$171M2024-12−$89.6M2025-03$1.0B2025-06−$672M2025-09$342M2025-12$1.1B2026-03−$46.5M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PSX

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

Compare PSX with

中文版：Phillips 66（PSX）财报

Español · Français