Filing Flows › Phillips 66 (PSX) › Q2 2025
Phillips 66 (PSX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 28, 2025
Phillips 66 (PSX) reported revenue of $33.3B for the second quarter 2025 (Q2 2025), -13% from a year earlier and +10% from the quarter before. Operating margin was 3.4%, net earnings $877M (2.6% of revenue).
Phillips 66, Q2 2025: revenue $33.3B (-13% year over year), operating margin 3.4%, net earnings $877M, operating cash flow $845M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $33.3B | +10% | -13% |
| Operating profit | $1.1B | +73% | -15% |
| Net earnings | $877M | +80% | -14% |
| Operating cash flow | $845M | +352% | -60% |
| Free cash flow | $258M | — | -85% |
What changed
Revenue was $33.3B in Q2 2025, down 13% year over year and up 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 $3.9B year over year (down 14%), 80% of the total change.
Operating profit was $1.1B, a 3.4% margin (down 0.1 points year over year). Total costs fell 13% while revenue fell 13%. The fastest-growing cost line was Other operating costs (+55%). Net earnings were $0.88B, down 14% year over year. The effective tax rate was 18.9%.
Operating cash flow was $0.84B (down 60% year over year), 93% of net income including minority interests. Non-cash charges added back $0.82B of depreciation and amortization. Working capital and other items used $0.88B. Capital expenditures of $0.59B left free cash flow of $0.26B.
Questions
What was Phillips 66's revenue in the second quarter 2025?
Phillips 66 (PSX) reported revenue of $33.3B for the second quarter 2025 (Q2 2025), -13% from a year earlier and +10% from the quarter before.
Was Phillips 66 profitable in the second quarter 2025?
Operating profit was $1.1B (3.4% of revenue) and net earnings $877M.
Source: Phillips 66 10-Q on SEC EDGAR.