Phillips 66 PSX

EnergyOil & GasUnited States of America

Last close 282.83 USD on Nov 1, 2026, +123.7% year to date

Quant rating

Quant rating A+ Rank 1 of 167 in Energy

Growth B 79 of 167
Valuation B 35 of 167
Quality A 15 of 167
Revisions A 7 of 167
Momentum A 4 of 167

Wall Street consensus Buy (2.33)Average target 282.93 USD 0.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 110.3B
Enterprise value: 124.2B
52-week range: 127.23 – 299.39
3-year range: 92.87 – 299.39
Dividend yield: 1.88%
Beta (5 years): 0.70
Shares outstanding: 390M
Next earnings: Feb 2, 2027

About the company

Phillips 66 is an integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. Its segments include Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. The Midstream segment offers crude oil and refined petroleum product transportation, terminaling and storage services, as well as natural gas and NGL gathering, processing, transportation, fractionation, storage and marketing services in the United States. The Chemicals segment manufactures and markets petrochemicals and plastics. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasoline and distillates, including aviation fuels. The Marketing and Specialties segment purchases for resale and markets refined products in the United States and Europe. The Renewable Fuels segment processes renewable feedstocks into renewable products at the Rodeo Complex and at its Humber Refinery.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	132,376	143,153	147,399	169,990	111,476	–
Revenue growth	−7.5%	−2.9%	−13.3%	52.5%	73.8%	15.6%
EPS (basic, normalized)	6.44	6.15	15.81	18.79	5.70	–
EPS growth	4.7%	−61.1%	−15.9%	229.6%	–	–
Gross margin	12.3%	9.2%	13.1%	11.8%	8.4%	11.0%
Net margin	3.3%	1.5%	4.8%	6.5%	1.2%	3.4%
ROE	15.6%	7.3%	23.4%	45.3%	6.9%	19.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	5,848
Current ratio	1.34x
Long-term debt (mil)	17,485
Net debt (mil)	13,854
Total equity (mil)	34,331
Net debt / equity	0.40x
Net debt / EBITDA	1.66x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	132,376	−7.5%	0.9x	8,363	+20.8%	14.8x	6.44	+4.7%	43.9x
2026	179,342	+35.5%	0.7x	20,931	+150.3%	5.9x	33.09	+413.9%	8.5x
2027	163,403	−8.9%	0.8x	19,290	−7.8%	6.4x	31.82	−3.8%	8.9x
2028	148,422	−9.2%	0.8x	13,705	−29.0%	9.1x	21.60	−32.1%	13.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	179,342	+5.1%	+17.1%	+18.4%	33.09	+15.6%	+59.2%	+120.4%
2027	163,403	+4.0%	+15.8%	+14.7%	31.82	+21.0%	+68.3%	+106.0%
2028	148,422	+1.0%	+8.5%	+7.1%	21.60	+17.4%	+30.1%	+54.7%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	36,436	38,911	36,163	33,986	31,726	33,522	34,979	36,333	33,002	52,044
Sales mean (mil)	33,075	35,426	34,456	32,240	31,332	32,038	32,350	32,061	35,353	43,716
Surprise	+10.2%	+9.8%	+5.0%	+5.4%	+1.3%	+4.6%	+8.1%	+13.3%	−6.7%	+19.0%
EPS reported	1.90	2.31	2.04	−0.15	−0.90	2.38	2.52	2.47	0.49	9.41
EPS mean	2.17	1.98	1.66	−0.23	−0.73	1.71	2.17	2.16	−0.40	7.44
Surprise	−12.5%	+16.7%	+23.1%	+36.1%	−22.5%	+39.5%	+16.3%	+14.1%	−222.5%	+26.5%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PSX Phillips 66	110.3B	1.66x	3.3%	3.21x	8.5x	8.9x	5.9x	6.4x
XOM Exxonmobil Holdings Corp	770.0B	0.43x	8.9%	2.97x	14.2x	15.2x	8.0x	8.1x
CVX Chevron Corporation	465.3B	0.85x	6.7%	2.45x	13.3x	14.9x	6.9x	7.5x
SHEL Shell plc	308.3B	0.73x	6.7%	1.67x	8.5x	10.6x	4.2x	4.7x
COP ConocoPhillips	185.0B	0.62x	12.8%	2.83x	13.8x	14.8x	5.9x	6.2x
MPC Marathon Petroleum Corporation	124.9B	2.65x	3.0%	6.60x	7.1x	8.5x	5.2x	6.2x
Mean		1.15x	6.9%	3.29x	10.9x	12.2x	6.0x	6.5x
Median		0.79x	6.7%	2.90x	10.9x	12.7x	5.9x	6.3x

Technical analysis

1M+11.5%
3M+38.1%
1Y+117.9%
3Y+181.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Phillips 66, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	132,376	143,153	147,399	169,990	111,476	64,129
Cost of revenue	116,093	129,962	128,086	149,932	102,102	57,707
Gross profit	16,283	13,191	19,313	20,058	9,374	6,422
Selling, general & administrative expenses	3,228	3,143	3,017	2,520	2,154	2,008
Research & development	–	–	–	–	–	–
Depreciation/amortization	2,287	2,110	1,977	1,629	1,605	1,395
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2,059	753	239	−2,775	1,498	4,252
Other operating expenses	6,435	5,935	6,183	6,134	5,171	4,585
Operating income	2,274	1,250	7,897	12,550	−1,054	−5,818
Net interest income (expense)	−150	1,019	1,329	2,007	2,698	694
Gain (loss) on sale of assets	2,984	321	115	7.0	18.0	108
Other non-operating income (expense)	312	85.0	128	75.0	78.0	52.0
Net income before taxes	5,420	2,675	9,469	14,639	1,740	−4,964
Provision for taxes	892	500	2,230	3,248	146	−1,250
Minority interest	−125	−58.0	−224	−367	−277	−261
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	4,403	2,117	7,015	11,024	1,317	−3,975
Extraordinary items	–	–	–	–	–	–
Net income	4,403	2,117	7,015	11,024	1,317	−3,975
EBIT, normalized	4,029	2,003	8,136	9,845	356	−1,566
EBITDA, normalized	6,316	4,113	10,113	11,474	1,961	−171
Basic EPS, normalized	6.44	6.15	15.81	18.79	5.70	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Phillips 66, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,116	1,738	3,323	6,133	3,147	2,514
Receivables	9,771	11,033	11,730	10,985	7,470	6,522
Total inventory	5,097	3,995	3,750	3,276	3,394	3,893
Prepaid expenses	1,287	1,144	1,138	1,528	686	347
Other current assets	0	0	0	0	0	0
Total current assets	17,271	17,910	19,941	21,922	14,697	13,276
Property, plant & equipment	40,904	36,584	36,828	36,158	23,485	24,927
Goodwill	1,433	1,575	1,550	1,486	1,484	1,425
Intangibles	978	1,161	920	831	813	843
Long-term investments	11,602	14,204	14,923	14,621	13,512	13,182
Note receivable	303	174	379	329	959	442
Other long-term assets	1,189	974	960	1,095	644	626
Total assets	73,680	72,582	75,501	76,442	55,594	54,721
Liabilities
Accounts payable	8,867	10,304	10,901	11,323	8,461	5,549
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3,421	2,952	3,473	4,037	2,851	2,982
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,038	1,831	1,482	529	1,489	987
Other current liabilities	0	0	0	0	0	0
Total current liabilities	13,326	15,087	15,856	15,889	12,801	9,518
Long-term debt	18,678	18,231	17,877	16,661	12,959	14,906
Minority interest	1,148	1,055	1,067	4,612	2,471	2,539
Other liabilities	11,435	10,801	10,118	9,786	8,197	8,774
Total liabilities	44,587	45,174	44,918	46,948	36,428	35,737
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	7.0	7.0	7.0	7.0	7.0	6.0
Additional paid-in capital	19,948	19,788	19,650	19,791	20,504	20,383
Retained earnings (accumulated deficit)	33,239	30,771	30,550	25,432	16,216	16,500
Treasury stock	−23,934	−22,751	−19,342	−15,276	−17,116	−17,116
Other equity	−167	−407	−282	−460	−445	−789
Total equity	29,093	27,408	30,583	29,494	19,166	18,984
Total liabilities & shareholders' equity	73,680	72,582	75,501	76,442	55,594	54,721

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Phillips 66, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	4,528	2,175	7,239	11,391	1,594	−3,714
Depreciation, depletion & amortization	3,251	2,363	1,977	1,629	1,605	1,395
Deferred taxes	178	−251	840	1,320	−272	126
Non-cash items	−1,814	519	−1,212	−3,595	971	4,630
Changes in working capital	−1,181	−615	−1,815	68.0	2,119	−326
Cash from operations	4,962	4,191	7,029	10,813	6,017	2,111
Investing activities
Capital expenditures	−2,233	−1,859	−2,418	−2,194	−1,860	−2,920
Other investing cash flows	136	−604	628	706	−12.0	−159
Cash from investing	−2,097	−2,463	−1,790	−1,488	−1,872	−3,079
Financing activities
Financing cash flow items	−136	−190	−4,327	−755	−400	−328
Cash dividends paid	−1,922	−1,882	−1,882	−1,793	−1,585	−1,575
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,479	−1,233	−1,883	−3,840	−1,485	3,694
Cash from financing	−3,537	−3,305	−8,092	−6,388	−3,470	1,791
Foreign exchange effects	50.0	−8.0	43.0	49.0	−42.0	77.0
Net change in cash	−622	−1,585	−2,810	2,986	633	900
Free cash flow	2,729	2,332	4,611	8,619	4,157	−809

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.