Filing Flows › Phillips 66 (PSX) › Q3 2025
Phillips 66 (PSX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Phillips 66 (PSX) reported revenue of $34.5B for the third quarter 2025 (Q3 2025), -3% from a year earlier and +4% from the quarter before. Operating margin was 0.6%, net earnings $167M (0.5% of revenue).
Phillips 66, Q3 2025: revenue $34.5B (-3% year over year), operating margin 0.6%, net earnings $167M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $34.5B | +4% | -3% |
| Operating profit | $199M | -82% | -52% |
| Net earnings | $167M | -82% | -55% |
| Operating cash flow | $1.2B | +39% | +4% |
| Free cash flow | $637M | — | -18% |
What changed
Revenue was $34.5B in Q3 2025, down 3% year over year and up 4% from the previous quarter. Refined petroleum products and renewable fuels was the largest line at 74% of revenue. Crude oil resales lost $1.5B year over year (down 27%), 152% of the total change.
Operating profit was $0.20B, a 0.6% margin (down 0.6 points year over year). Total costs fell 2% while revenue fell 3%. The fastest-growing cost line was Other operating costs (+91%). Net earnings were $0.13B, down 62% year over year. The effective tax rate was 16.1%.
Operating cash flow was $1.2B (up 4% year over year), 705% of net income including minority interests. Non-cash charges added back $0.83B of depreciation and amortization. Working capital and other items added $0.18B. Capital expenditures of $0.54B left free cash flow of $0.64B.
Questions
What was Phillips 66's revenue in the third quarter 2025?
Phillips 66 (PSX) reported revenue of $34.5B for the third quarter 2025 (Q3 2025), -3% from a year earlier and +4% from the quarter before.
Was Phillips 66 profitable in the third quarter 2025?
Operating profit was $199M (0.6% of revenue) and net earnings $167M.
Source: Phillips 66 10-Q on SEC EDGAR.