Filing Flows › Phillips 66 (PSX) › Q2 2026 › vs Q2 2025
Phillips 66 (PSX) Q2 2026 vs Q2 2025 (year over year)
Phillips 66's revenue rose $17.7B (+53%) from $33.3B in Q2 2025 to $51.0B in Q2 2026. The biggest changes: Refined petroleum products and renewable fuels +$12.8B (+53%); Crude oil resales +$4.1B (+99%); Natural gas liquids and natural gas +$574M (+14%). Operating margin 9.7% against 3.4% (+6.4 pts).
Phillips 66, Q2 2026: revenue $51.0B (+53% year over year), operating margin 9.7%, net earnings $3.9B, operating cash flow $7.3B. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 9.7% | 3.4% | +6.4 pts |
| Net margin | 7.6% | 2.7% | +4.9 pts |
| Free cash flow margin | 12.8% | 0.8% | +12.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Refined petroleum products and renewable fuels | $37.0B | $24.2B | $12.8B | +53% |
| Crude oil resales | $8.3B | $4.2B | $4.1B | +99% |
| Natural gas liquids and natural gas | $4.7B | $4.1B | $574M | +14% |
| Services and other | $1.1B | $885M | $231M | +26% |
| Revenue | $51.0B | $33.3B | $17.7B | +53% |
| Operating profit | $5.0B | $1.1B | $3.9B | +344% |
| Costs & expenses | $46.0B | $32.2B | $13.8B | +43% |
| Pre-tax earnings | $5.0B | $1.1B | $3.9B | +344% |
| Cost of revenue | $43.7B | $29.1B | $14.6B | +50% |
| SG&A | $538M | $582M | −$44.0M | -8% |
| Other operating costs | $1.8B | $2.5B | −$713M | -28% |
| Net earnings | $3.9B | $908M | $3.0B | +327% |
| Income tax | $1.1B | $212M | $880M | +415% |
| Depreciation & amortization | $585M | $816M | −$231M | -28% |
| Working capital & other | $2.8B | −$879M | $3.7B | — |
| Operating cash flow | $7.3B | $845M | $6.4B | +759% |
| Free cash flow (OCF − capex) | $6.5B | $258M | $6.3B | 25× |
| Capital expenditures | $726M | $587M | $139M | +24% |
Questions
How much did Phillips 66's revenue grow year over year in Q2 2026?
Phillips 66's revenue rose $17.7B (+53%) from $33.3B in Q2 2025 to $51.0B in Q2 2026.
What drove Phillips 66's revenue change in Q2 2026?
Refined petroleum products and renewable fuels +$12.8B (+53%); Crude oil resales +$4.1B (+99%); Natural gas liquids and natural gas +$574M (+14%).