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Chevron vs Phillips 66: CVX and PSX compared
Chevron is the larger company: $67.8B of revenue in its latest quarter (Q3 2026) against $50.5B for Phillips 66 (Q3 2026). Phillips 66 is growing faster (+46% against +36% a year earlier). Chevron is more profitable, with an operating margin of 20.1% against 14.1%.
Where the money goes: CVX and PSX
Chevron (CVX) · Q3 2026
Chevron, Q3 2026: revenue $67.8B (+36% year over year), operating margin 20.1%, net earnings $9.9B, operating cash flow $16.0B. The chart follows the revenue to costs, profit and cash.
Phillips 66 (PSX) · Q3 2026
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 follows the revenue to costs, profit and cash.
| Chevron (CVX) | Phillips 66 (PSX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $67.8B | $50.5B |
| Revenue growth, Y/Y | +36% | +46% |
| Operating margin | 20.1% | 14.1% |
| Net earnings | $9.9B | $5.6B |
| Net margin | 14.6% | 11.2% |
| Operating cash flow | $16.0B | $7.3B |
| Free cash flow | $12.0B | $6.6B |
| Market value | $417.3B | $98.0B |
| P/E | 15.2× | 7.9× |
| Analysts’ mean target | $243.46 | $292.37 |
Where the revenue comes from
Phillips 66
- M&S: $32.0B (63%)
- Refining: $11.7B (23%)
- Midstream: $6.2B (12%)
- Renewable Fuels: $712M (1%)
Questions
Which is bigger, Chevron or Phillips 66?
Chevron is the larger company: $67.8B of revenue in its latest quarter (Q3 2026) against $50.5B for Phillips 66 (Q3 2026).
Is Chevron or Phillips 66 growing faster?
Phillips 66 is growing faster (+46% against +36% a year earlier).
Which is more profitable, Chevron or Phillips 66?
Chevron is more profitable, with an operating margin of 20.1% against 14.1%.
More: Chevron earnings · how Chevron makes money · Phillips 66 earnings · how Phillips 66 makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.