Filing Flows › Phillips 66 (PSX) › Q4 2025
Phillips 66 (PSX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Phillips 66 (PSX) reported revenue of $34.1B for the fourth quarter 2025 (Q4 2025), +1% from a year earlier and -1% from the quarter before. Operating margin was 10.1%, net earnings $2.9B (8.6% of revenue).
Phillips 66, Q4 2025: revenue $34.1B (+1% year over year), operating margin 10.1%, net earnings $2.9B, operating cash flow $2.8B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $34.1B | -1% | +1% |
| Operating profit | $3.5B | 17× | — |
| Net earnings | $2.9B | 18× | 117× |
| Operating cash flow | $2.8B | +134% | +130% |
| Free cash flow | $2.1B | +225% | +199% |
What changed
Revenue was $34.1B in Q4 2025, up 1% year over year and down 1% from the previous quarter. Refined petroleum products and renewable fuels was the largest line at 74% of revenue.
Operating profit was $3.5B, a 10.1% margin (up 10.2 points year over year). Total costs fell 9% while revenue rose 1%. Net earnings were $2.9B, up 36225% year over year. The effective tax rate was 15.2%.
Operating cash flow was $2.8B (up 130% year over year), 94% of net earnings. Non-cash charges added back $0.82B of depreciation and amortization. Working capital and other items used $1.0B. Capital expenditures of $0.68B left free cash flow of $2.1B.
Questions
What was Phillips 66's revenue in the fourth quarter 2025?
Phillips 66 (PSX) reported revenue of $34.1B for the fourth quarter 2025 (Q4 2025), +1% from a year earlier and -1% from the quarter before.
Was Phillips 66 profitable in the fourth quarter 2025?
Operating profit was $3.5B (10.1% of revenue) and net earnings $2.9B.
Source: Phillips 66 10-K on SEC EDGAR.