Filing Flows › Phillips 66 (PSX) › Q1 2025
Phillips 66 (PSX) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 25, 2025
Phillips 66 (PSX) reported revenue of $30.4B for the first quarter 2025 (Q1 2025), -15% from a year earlier and -10% from the quarter before. Operating margin was 2.1%, net earnings $487M (1.6% of revenue).
Phillips 66, Q1 2025: revenue $30.4B (-15% year over year), operating margin 2.1%, net earnings $487M, operating cash flow $187M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $30.4B | -10% | -15% |
| Operating profit | $648M | — | -33% |
| Net earnings | $487M | 61× | -35% |
| Operating cash flow | $187M | -84% | — |
What changed
Revenue was $30.4B in Q1 2025, down 15% year over year and down 10% from the previous quarter. Refined petroleum products and renewable fuels was the largest line at 73% of revenue. Refined petroleum products and renewable fuels lost $3.5B year over year (down 14%), 65% of the total change.
Operating profit was $0.65B, a 2.1% margin (down 0.6 points year over year). Total costs fell 15% while revenue fell 15%. Net earnings were $0.49B, down 35% year over year. The effective tax rate was 18.8%.
Operating cash flow was $0.19B, 36% of net income including minority interests. Non-cash charges added back $0.79B of depreciation and amortization. Working capital and other items used $1.1B. Capital expenditures of $0.42B exceeded it, leaving free cash flow of −$0.24B.
Questions
What was Phillips 66's revenue in the first quarter 2025?
Phillips 66 (PSX) reported revenue of $30.4B for the first quarter 2025 (Q1 2025), -15% from a year earlier and -10% from the quarter before.
Was Phillips 66 profitable in the first quarter 2025?
Operating profit was $648M (2.1% of revenue) and net earnings $487M.
Source: Phillips 66 10-Q on SEC EDGAR.