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Phillips 66 cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$7.3B in Q3 2026 · $15.0B over twelve months

Operating cash flow$7.3B
Free cash flow+$7.3B
Cash / net income1.3×

Analysis

In Q3 2026, Phillips 66 generated $7.3B of operating cash flow. That is $6.1B more than in Q3 2025 ($1.2B).

Over the twelve months to Sep 30, 2026, operating cash flow was $15.0B; the largest uses were other financing ($14.1B), buybacks ($3.2B), other investing ($2.6B); besides operations, cash came from net borrowing (+) / repaid (−) ($10.6B), asset & business sales ($1.6B); the cash balance rose by $3.9B.

Operating cash flow was $7.3B against net income of $5.6B — 1.3× profit, cash ran ahead of reported earnings. The largest differences: payables +$2.1B, receivables −$1.6B, depreciation & amortization +$591M.

Free cash flow

Phillips 66: free cash flow by quarterPhillips 66: free cash flow by quarter$1.2BQ4 2024$187MQ1 2025$845MQ2 2025$1.2BQ3 2025$2.8BQ4 2025−$2.3BQ1 2026$7.3BQ2 2026$7.3BQ3 2026
Operating cash flow less capital spending.
Phillips 66: operating cash flow against capital spendingPhillips 66: operating cash flow against capital spendingOperating cash flowCapital spending$1.2B$0Q4 2024$187M$0Q1 2025$845M$0Q2 2025$1.2B$0Q3 2025$2.8B$0Q4 2025−$2.3B$0Q1 2026$7.3B$0Q2 2026$7.3B$0Q3 2026
Latest (Q3 2026): Operating cash flow $7.3B, Capital spending $0.

Capital allocation, year by year

Phillips 66: where the cash came from (up) and went (down), by fiscal yearPhillips 66: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesAcquisitionsBuybacksDividendsFY2021: Operating cash flow $6.0BFY2021: Net borrowing −$1.5BFY2021: Shares issued $26.0MFY2021: Asset sales $27.0MFY2021: Dividends −$1.6B$6.1BFY2021FY2022: Operating cash flow $10.8BFY2022: Net borrowing −$2.4BFY2022: Shares issued $103MFY2022: Asset sales $4.0MFY2022: Acquisitions −$306MFY2022: Buybacks −$1.5BFY2022: Dividends −$1.8B$10.9BFY2022FY2023: Operating cash flow $7.0BFY2023: Net borrowing $2.0BFY2023: Shares issued $123MFY2023: Asset sales $392MFY2023: Acquisitions −$263MFY2023: Buybacks −$4.0BFY2023: Dividends −$1.9B$9.5BFY2023FY2024: Operating cash flow $4.2BFY2024: Net borrowing $2.1BFY2024: Shares issued $86.0MFY2024: Asset sales $1.1BFY2024: Acquisitions −$625MFY2024: Buybacks −$3.5BFY2024: Dividends −$1.9B$7.5BFY2024FY2025: Operating cash flow $5.0BFY2025: Net borrowing −$379MFY2025: Shares issued $107MFY2025: Asset sales $3.5BFY2025: Acquisitions −$3.5BFY2025: Buybacks −$1.2BFY2025: Dividends −$1.9B$8.6BFY2025
Over these 5 years operating cash flow totalled $33.0B; the largest uses were buybacks ($10.2B) and dividends ($9.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.8B
Debt$18.5B
Net debt$12.7B
Due within a year$1.0B

Phillips 66 funds itself: free cash flow was $15.0B over the last twelve months, and $5.8B of cash and investments stands against $18.5B of debt ($1.0B due within a year, 5.6× covered by cash).

Phillips 66: debt maturities by year (FY2025)Phillips 66: debt maturities by year (FY2025)$1.0BYear 1$1.3BYear 2$1.3BYear 3$1.2BYear 4$1.2BYear 5
Principal due in each year as disclosed in the annual report, against $5.8B of cash and investments now.

Where the cash came from and went

Phillips 66: sources (+) and uses (−) of cash, Q3 2026Phillips 66: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$7.3BOther financing−$3.4BBuybacks−$2.3BCash drawn (+) / kept (−)−$1.7BNet borrowing (+) / repaid (−)$1.3BOther investing−$702MDividends−$504MShares issued$54.0MPartners−$48.0MAsset & business sales$16.0MExchange rates$10.0M
Phillips 66: sources (+) and uses (−) of cash, TTM to Q3 2026Phillips 66: sources (+) and uses (−) of cash, 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 profit to cash

Phillips 66: net income to operating cash flow, Q3 2026Phillips 66: net income to operating cash flow, Q3 2026Net income$5.6BDepreciation & amortization$591MDeferred taxes$242MImpairments$32.0MOther non-cash$16.0MReceivables−$1.6BInventory−$332MPayables$2.1BPrepaid and other assets−$110MOperating cash flow$7.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$7.3B—−$2.3B−$504M$1.3B$54.0M−$1.7B$7.3B
Q2 2026$7.3B−$113M−$379M−$508M−$6.7B$17.0M$1.1B$7.3B
Q1 2026−$2.3B−$66.0M−$269M−$509M$7.7B$84.0M−$4.0B−$2.3B
Q4 2025$2.8B−$1.3B−$274M−$482M−$2.3B$14.0M$834M$2.8B
Q3 2025$1.2B$10.0M−$267M−$484M$838M$68.0M−$806M$1.2B
Q2 2025$845M−$2.2B−$419M−$487M$2.4B$2.0M$345M$845M
Q1 2025$187M—−$247M−$469M−$1.3B$23.0M$249M$187M
Q4 2024$1.2B−$58.0M−$647M−$472M$423M$4.0M−$101M$1.2B

Phillips 66: income statement and cash flow

Phillips 66, Q3 2026: revenue $50.5B (+46% year over year), operating margin 14.1%. The chart follows the revenue to costs, profit and cash.

Phillips 66: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.