Filing Flows › Phillips 66 (PSX) › Q3 2026 › vs Q3 2025
Phillips 66 (PSX) Q3 2026 vs Q3 2025 (year over year)
Phillips 66's revenue rose $16.0B (+46%) from $34.5B in Q3 2025 to $50.5B in Q3 2026. The biggest changes: M&S +$9.9B (+45%); Refining +$4.4B (+61%); Midstream +$1.7B (+38%). Operating margin 14.1% against 0.6% (+13.5 pts).
Phillips 66, Q3 2026: revenue $50.5B (+46% year over year), operating margin 14.1%, net earnings $5.6B, operating cash flow $7.3B. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 14.1% | 0.6% | +13.5 pts |
| Net margin | 11.2% | 0.5% | +10.7 pts |
| Free cash flow margin | 13.1% | 1.8% | +11.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| M&S | $32.0B | $22.0B | $9.9B | +45% |
| Refining | $11.7B | $7.3B | $4.4B | +61% |
| Midstream | $6.2B | $4.5B | $1.7B | +38% |
| Renewable Fuels | $712M | $765M | −$53.0M | -7% |
| Revenue | $50.5B | $34.5B | $16.0B | +46% |
| Operating profit | $7.1B | $199M | $6.9B | 36× |
| Costs & expenses | $43.4B | $34.3B | $9.1B | +27% |
| Pre-tax earnings | $7.1B | $199M | $6.9B | 36× |
| Cost of revenue | $40.8B | $30.2B | $10.6B | +35% |
| SG&A | $625M | $792M | −$167M | -21% |
| Other operating costs | $2.0B | $3.3B | −$1.3B | -40% |
| Net earnings | $5.6B | $167M | $5.5B | 34× |
| Income tax | $1.5B | $32.0M | $1.4B | 46× |
| Depreciation & amortization | $591M | $826M | −$235M | -28% |
| Working capital & other | $1.1B | $185M | $866M | +468% |
| Operating cash flow | $7.3B | $1.2B | $6.1B | +518% |
| Free cash flow (OCF − capex) | $6.6B | $637M | $6.0B | +936% |
| Capital expenditures | $680M | $541M | $139M | +26% |
Questions
How much did Phillips 66's revenue grow year over year in Q3 2026?
Phillips 66's revenue rose $16.0B (+46%) from $34.5B in Q3 2025 to $50.5B in Q3 2026.
What drove Phillips 66's revenue change in Q3 2026?
M&S +$9.9B (+45%); Refining +$4.4B (+61%); Midstream +$1.7B (+38%).