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How Phillips 66 (PSX) makes money
Phillips 66 (PSX) made $50.5B of revenue in the third quarter 2026 (Q3 2026), +46% from a year earlier. M&S brought in $32.0B (63%); Refining brought in $11.7B (23%); Midstream brought in $6.2B (12%). Of every dollar of revenue, 14¢ was left as operating profit, 11¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| M&S | $32.0B | 63.2% | — | +45% |
| Refining | $11.7B | 23.1% | — | +61% |
| Midstream | $6.2B | 12.2% | — | +38% |
| Renewable Fuels | $712M | 1.4% | — | -7% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $50.5B | 100.0% |
| Operating profit | $7.1B | 14.1% |
| Income tax | $1.5B | 2.9% |
| Net earnings | $5.6B | 11.2% |
| Operating cash flow | $7.3B | 14.4% |
| Free cash flow | $6.6B | 13.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $50.5B | +46% |
| Q2 2026 | $51.0B | +53% |
| Q1 2026 | $32.5B | +7% |
| Q4 2025 | $34.1B | +1% |
| Q3 2025 | $34.5B | -3% |
| Q2 2025 | $33.3B | -13% |
| Q1 2025 | $30.4B | -15% |
From Phillips 66's 10-Q filed Oct 28, 2026 (on EDGAR).
Questions
How does Phillips 66 make money?
Phillips 66 (PSX) made $50.5B of revenue in the third quarter 2026 (Q3 2026), +46% from a year earlier. M&S brought in $32.0B (63%); Refining brought in $11.7B (23%); Midstream brought in $6.2B (12%). Of every dollar of revenue, 14¢ was left as operating profit, 11¢ was left as net earnings.
What is Phillips 66's biggest business?
M&S: $32.0B in the third quarter 2026, 63% of revenue, +45% from a year earlier.
What is Phillips 66's profit margin?
Net earnings were $5.6B, 11.2% of revenue, in the third quarter 2026; the operating margin was 14.1%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.