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Phillips 66 vs Valero Energy: PSX and VLO compared
Phillips 66 is the larger company: $50.5B of revenue in its latest quarter (Q3 2026) against $46.1B for Valero Energy (Q3 2026). Phillips 66 is growing faster (+46% against +43% a year earlier). Valero Energy is more profitable, with an operating margin of 19.7% against 14.1%.
Where the money goes: PSX and VLO
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.
Valero Energy (VLO) · Q3 2026
Valero Energy, Q3 2026: revenue $46.1B (+43% year over year), operating margin 19.7%, net earnings $6.8B, operating cash flow $6.9B. The chart follows the revenue to costs, profit and cash.
| Phillips 66 (PSX) | Valero Energy (VLO) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $50.5B | $46.1B |
| Revenue growth, Y/Y | +46% | +43% |
| Operating margin | 14.1% | 19.7% |
| Net earnings | $5.6B | $6.8B |
| Net margin | 11.2% | 14.8% |
| Operating cash flow | $7.3B | $6.9B |
| Free cash flow | $6.6B | — |
| Market value | $98.0B | $100.1B |
| P/E | 7.9× | 7.9× |
| Analysts’ mean target | $292.37 | $427.00 |
Where the revenue comes from
Phillips 66
- M&S: $32.0B (63%)
- Refining: $11.7B (23%)
- Midstream: $6.2B (12%)
- Renewable Fuels: $712M (1%)
Valero Energy
- Refining: $44.4B (96%)
- Ethanol: $1.1B (2%)
- Renewable Diesel: $664M (1%)
Questions
Which is bigger, Phillips 66 or Valero Energy?
Phillips 66 is the larger company: $50.5B of revenue in its latest quarter (Q3 2026) against $46.1B for Valero Energy (Q3 2026).
Is Phillips 66 or Valero Energy growing faster?
Phillips 66 is growing faster (+46% against +43% a year earlier).
Which is more profitable, Phillips 66 or Valero Energy?
Valero Energy is more profitable, with an operating margin of 19.7% against 14.1%.
More: Phillips 66 earnings · how Phillips 66 makes money · Valero Energy earnings · how Valero Energy makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.