Phillips 66 (PSX) financial statements: income statement, balance sheet and cash flow

Phillips 66's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Phillips 66 reported revenue of $136.6B (-6.1% year on year) and net income of $4.5B (+108.2% year on year).

Income statement

Phillips 66 income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Sales and other operating revenues	$132.4B	$143.2B	$147.4B	$170.0B
Equity in earnings of affiliates	$762.0M	$1.8B	$2.0B	$3.0B
Net gain on dispositions	$3.0B	$321.0M	$115.0M	$7.0M
Other income	$438.0M	$243.0M	$359.0M	$2.7B
Total Revenues and Other Income	$136.6B	$145.5B	$149.9B	$175.7B
Purchased crude oil and products	$116.1B	$130.0B	$128.1B	$149.9B
Operating expenses	$6.4B	$5.9B	$6.2B	$6.1B
Selling, general and administrative expenses	$2.4B	$2.8B	$2.5B	$2.2B
Depreciation and amortization	$3.3B	$2.4B	$2.0B	$1.6B
Impairments	$1.1B	$456.0M	$24.0M	$60.0M
Taxes other than income taxes	$791.0M	$329.0M	$707.0M	$530.0M
Accretion on discounted liabilities	$47.0M	$40.0M	$29.0M	$23.0M
Interest and debt expense	$1.0B	$907.0M	$897.0M	$619.0M
Foreign currency transaction (gains) losses	($1.0M)	$11.0M	$22.0M	($9.0M)
Total Costs and Expenses	$131.1B	$142.8B	$140.4B	$161.1B
Income before income taxes	$5.4B	$2.7B	$9.5B	$14.6B
Income tax expense	$892.0M	$500.0M	$2.2B	$3.2B
Net Income	$4.5B	$2.2B	$7.2B	$11.4B
Less: net income attributable to noncontrolling interests	$125.0M	$58.0M	$224.0M	$367.0M
Net Income Attributable to Phillips 66	$4.4B	$2.1B	$7.0B	$11.0B
Basic (in dollars per share)	$10.82	$5.01	$15.56	$23.36
Diluted (in dollars per share)	$10.79	$4.99	$15.48	$23.27
Basic (in shares)	406.0M	420.2M	450.1M	471.5M
Diluted (in shares)	408.1M	421.9M	453.2M	473.7M

Phillips 66 income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Sales and other operating revenues	$51.0B	$32.5B	$34.5B	$33.3B
Equity in earnings of affiliates	$635.0M	$252.0M	$337.0M	$153.0M
Net gain (loss) on dispositions	$117.0M	$6.0M	$11.0M	($93.0M)
Other income	$288.0M	$204.0M	$116.0M	$139.0M
Total Revenues and Other Income	$52.0B	$33.0B	$35.0B	$33.5B
Purchased crude oil and products	$43.7B	$29.2B	$30.2B	$29.1B
Operating expenses	$1.8B	$1.9B	$1.5B	$1.4B
Selling, general and administrative expenses	$538.0M	$537.0M	$792.0M	$582.0M
Depreciation and amortization	$585.0M	$558.0M	$826.0M	$816.0M
Impairments	$9.0M	$8.0M	$951.0M	$4.0M
Taxes other than income taxes	$127.0M	$234.0M	$221.0M	$218.0M
Accretion on discounted liabilities	$13.0M	$12.0M	$12.0M	$10.0M
Interest and debt expense	$314.0M	$286.0M	$259.0M	$264.0M
Foreign currency transaction (gains) losses	$13.0M	$10.0M	$8.0M	($9.0M)
Total Costs and Expenses	$47.1B	$32.7B	$34.8B	$32.4B
Income before income taxes	$5.0B	$260.0M	$199.0M	$1.1B
Income tax expense	$1.1B	$41.0M	$32.0M	$212.0M
Net Income	$3.9B	$219.0M	$167.0M	$908.0M
Less: net income attributable to noncontrolling interests	$32.0M	$12.0M	$34.0M	$31.0M
Net Income Attributable to Phillips 66	$3.8B	$207.0M	$133.0M	$877.0M
Basic (in usd per share)	$9.59	$0.51	$0.32	$2.15
Diluted (in usd per share)	$9.55	$0.51	$0.32	$2.15
Basic (in shares)	401.0M	402.0M	404.5M	406.8M
Diluted (in shares)	402.6M	403.3M	405.5M	407.9M

Balance sheet

Phillips 66 balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$1.1B	$1.7B	$3.3B	$6.1B
Accounts and notes receivable (net of allowances of $68 million in 2025 and $70 million in 2024)	$9.8B	$11.0B	$11.7B	$9.5B
Inventories	$5.1B	$4.0B	$3.8B	$3.3B
Prepaid expenses and other current assets	$1.3B	$1.1B	$1.1B	$1.5B
Total Current Assets	$17.3B	$17.9B	$19.9B	$21.9B
Investments and long-term receivables	$11.9B	$14.4B	$15.3B	$14.9B
Net properties, plants and equipment	$39.1B	$35.3B	$35.7B	$35.2B
Goodwill	$1.4B	$1.6B	$1.6B	$1.5B
Intangibles	$978.0M	$1.2B	$920.0M	$831.0M
Other assets	$3.0B	$2.3B	$2.1B	$2.1B
Total Assets	$73.7B	$72.6B	$75.5B	$76.4B
Accounts payable	$8.9B	$10.3B	$10.9B	$10.7B
Short-term debt	$1.0B	$1.8B	$1.5B	$529.0M
Accrued income and other taxes	$1.4B	$1.1B	$1.2B	$1.4B
Employee benefit obligations	$680.0M	$732.0M	$863.0M	$764.0M
Other accruals	$1.4B	$1.2B	$1.4B	$1.9B
Total Current Liabilities	$13.3B	$15.1B	$15.9B	$15.9B
Long-term debt	$18.7B	$18.2B	$17.9B	$16.7B
Asset retirement obligations and accrued environmental costs	$1.0B	$1.1B	$864.0M	$879.0M
Deferred income taxes	$7.3B	$7.1B	$7.4B	$6.7B
Employee benefit obligations	$573.0M	$703.0M	$630.0M	$937.0M
Other liabilities and deferred credits	$2.5B	$1.9B	$1.2B	$1.3B
Total Liabilities	$43.4B	$44.1B	$43.9B	$42.3B
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2025—656,987,861 shares; 2024—654,842,101 shares) Par value	7.0M	7.0M	7.0M	7.0M
Capital in excess of par	$19.9B	$19.8B	$19.6B	$19.8B
Treasury stock (at cost: 2025—258,252,603 shares; 2024—248,594,923 shares)	-23.9B	-22.8B	-19.3B	—
Retained earnings	$33.2B	$30.8B	$30.6B	$25.4B
Accumulated other comprehensive loss	($167.0M)	($407.0M)	($282.0M)	($460.0M)
Total Stockholders’ Equity	$29.1B	$27.4B	$30.6B	$29.5B
Noncontrolling interests	$1.1B	$1.1B	$1.1B	$4.6B
Total Equity	$30.2B	$28.5B	$31.6B	$34.1B
Total Liabilities and Equity	$73.7B	$72.6B	$75.5B	$76.4B

Phillips 66 balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$4.1B	$5.2B	$1.8B	$1.1B
Accounts and financing receivable, after allowance for credit loss, current	$11.7B	$11.9B	$10.5B	$11.3B
Inventories	$5.9B	$6.7B	$6.4B	$5.6B
Prepaid expenses and other current assets	$2.5B	$3.6B	$1.6B	$1.5B
Total Current Assets	$24.2B	$27.4B	$22.0B	$21.1B
Investments and long-term receivables	$12.3B	$12.0B	$12.5B	$13.3B
Net properties, plants and equipment	$39.6B	$39.1B	$36.4B	$36.7B
Goodwill	$1.4B	$1.4B	$1.4B	$1.4B
Intangibles	$955.0M	$969.0M	$1.0B	$1.1B
Other assets	$3.2B	$3.1B	$2.8B	$2.4B
Total Assets	$81.8B	$84.1B	$76.1B	$75.9B
Accounts payable, current	$12.0B	$11.9B	$10.2B	$10.9B
Short-term debt	$1.8B	$8.4B	$2.6B	$3.7B
Accrued income and other taxes	$2.0B	$1.2B	$1.4B	$1.5B
Employee benefit obligations	$497.0M	$398.0M	$581.0M	$441.0M
Other accruals	$2.0B	$2.3B	$1.7B	$1.7B
Total Current Liabilities	$18.4B	$24.2B	$17.9B	$19.7B
Long-term debt	$18.8B	$18.7B	$19.2B	$17.2B
Asset retirement obligations and accrued environmental costs	$1.1B	$991.0M	$1.0B	$983.0M
Deferred income taxes	$7.4B	$7.4B	$7.0B	$7.0B
Employee benefit obligations	$592.0M	$562.0M	$562.0M	$611.0M
Other liabilities and deferred credits	$2.9B	$2.6B	$2.3B	$1.9B
Total Liabilities	$49.1B	$54.4B	$48.0B	$47.3B
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2025—659,131,505 shares; 2024—656,987,861 shares) Par value	7.0M	7.0M	7.0M	7.0M
Capital in excess of par	$20.1B	$20.0B	$19.9B	$19.8B
Treasury stock (at cost: 2026—262,154,856 shares; 2025—258,252,603 shares)	-24.6B	-24.2B	-23.7B	-23.4B
Retained earnings	$36.3B	$32.9B	$30.8B	$31.2B
Accumulated other comprehensive loss	($256.0M)	($231.0M)	($163.0M)	($118.0M)
Total Stockholders’ Equity	$31.5B	$28.5B	$26.9B	$27.5B
Noncontrolling interests	$1.2B	$1.2B	$1.2B	$1.1B
Total Equity	$32.7B	$29.7B	$28.1B	$28.6B
Total Liabilities and Equity	$81.8B	$84.1B	$76.1B	$75.9B

Cash flow statement

Phillips 66 cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$4.5B	$2.2B	$7.2B	$11.4B
Depreciation and amortization	$3.3B	$2.4B	$2.0B	$1.6B
Impairments	$1.1B	$456.0M	$24.0M	$60.0M
Accretion on discounted liabilities	$47.0M	$40.0M	$29.0M	$23.0M
Deferred income taxes	$178.0M	($251.0M)	$840.0M	$1.3B
Undistributed equity earnings	$120.0M	($411.0M)	($822.0M)	($1.3B)
Loss (gain) on early redemption of debt	$0	($3.0M)	$53.0M	—
Net gain on dispositions	($3.0B)	($321.0M)	($115.0M)	($7.0M)
Unrealized investment loss	$12.0M	$0	$38.0M	$433.0M
Other	($69.0M)	$758.0M	($419.0M)	$217.0M
Accounts and notes receivable	($508.0M)	$574.0M	($696.0M)	($2.1B)
Inventories	$160.0M	($278.0M)	($245.0M)	$74.0M
Prepaid expenses and other current assets	($259.0M)	$44.0M	$269.0M	($249.0M)
Accounts payable	($804.0M)	($491.0M)	($480.0M)	$1.7B
Taxes and other accruals	$230.0M	($464.0M)	($663.0M)	$580.0M
Net Cash Provided by Operating Activities	$5.0B	$4.2B	$7.0B	$10.8B
Capital expenditures and investments	($2.2B)	($1.9B)	($2.4B)	($2.2B)
Acquisitions, net of cash acquired	($3.5B)	($625.0M)	—	—
Purchases of government obligations	$0	($1.1B)	—	—
Return of investments in equity affiliates	$90.0M	$141.0M	$201.0M	$125.0M
Proceeds from asset dispositions	$3.5B	$1.1B	$392.0M	$4.0M
Other	$24.0M	($106.0M)	$32.0M	($10.0M)
Net Cash Used in Investing Activities	($2.1B)	($2.5B)	($1.8B)	($1.5B)
Issuance of debt	$8.4B	$6.3B	$6.3B	$453.0M
Repayment of debt	($8.8B)	($4.1B)	($4.3B)	($2.9B)
Issuance of common stock	$107.0M	$86.0M	$123.0M	$103.0M
Repurchase of common stock	($1.2B)	($3.5B)	($4.0B)	($1.5B)
Dividends paid on common stock	($1.9B)	($1.9B)	($1.9B)	($1.8B)
Distributions to noncontrolling interests	($164.0M)	($70.0M)	($163.0M)	($185.0M)
Repurchase of noncontrolling interests	$0	$0	($4.1B)	($500.0M)
Contributions from noncontrolling interests	$132.0M	—	—	—
Other	($104.0M)	($120.0M)	($97.0M)	($70.0M)
Net Cash Used in Financing Activities	($3.5B)	($3.3B)	($8.1B)	($6.4B)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	$50.0M	($8.0M)	$43.0M	$49.0M
Net Change in Cash and Cash Equivalents	($622.0M)	($1.6B)	($2.8B)	$3.0B
Cash and cash equivalents at beginning of year	$1.7B	$3.3B	$6.1B	$3.1B
Cash and Cash Equivalents at End of Year	$1.1B	$1.7B	$3.3B	$6.1B

Phillips 66 cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$4.1B	$219.0M	$1.6B	$1.4B
Depreciation and amortization	$1.1B	$558.0M	$2.4B	$1.6B
Impairments	$17.0M	$8.0M	$981.0M	$30.0M
Accretion on discounted liabilities	$25.0M	$12.0M	$34.0M	$22.0M
Deferred income taxes	$133.0M	$67.0M	($167.0M)	($181.0M)
Undistributed equity earnings	($600.0M)	($86.0M)	$140.0M	$195.0M
Net gain on dispositions	($123.0M)	($6.0M)	($1.0B)	($994.0M)
Unrealized investment loss	$17.0M	$9.0M	$10.0M	$14.0M
Other	$306.0M	($82.0M)	$72.0M	$52.0M
Accounts and notes receivable	($2.2B)	($2.5B)	($42.0M)	($843.0M)
Inventories	($858.0M)	($1.7B)	($2.4B)	($1.6B)
Prepaid expenses and other current assets	($1.2B)	($2.3B)	($534.0M)	($426.0M)
Accounts payable	$3.2B	$3.0B	$406.0M	$1.1B
Taxes and other accruals	$1.1B	$470.0M	$711.0M	$654.0M
Net Cash Provided by Operating Activities	$5.0B	($2.3B)	$2.2B	$1.0B
Capital expenditures and investments	($1.3B)	($582.0M)	($1.6B)	($1.0B)
Acquisitions, net of cash acquired	($179.0M)	($66.0M)	($2.2B)	($2.2B)
Return of investments in equity affiliates	$41.0M	$26.0M	$58.0M	$43.0M
Proceeds from asset dispositions	$71.0M	$7.0M	$2.0B	$2.0B
Other	$31.0M	$9.0M	$40.0M	$12.0M
Net Cash Used in Investing Activities	($1.3B)	($606.0M)	($1.6B)	($1.1B)
Issuance of debt	$6.9B	$9.6B	$5.9B	$3.5B
Repayment of debt	($5.9B)	($2.0B)	($4.0B)	($2.4B)
Issuance of common stock	$101.0M	$84.0M	$93.0M	$25.0M
Repurchase of common stock	($648.0M)	($269.0M)	($933.0M)	($666.0M)
Dividends paid on common stock	($1.0B)	($509.0M)	($1.4B)	($956.0M)
Distributions to noncontrolling interests	($46.0M)	($22.0M)	($123.0M)	($95.0M)
Contributions from noncontrolling interests	$51.0M	$15.0M	$124.0M	$106.0M
Other	($56.0M)	($43.0M)	($94.0M)	($61.0M)
Net Cash Used in Financing Activities	($627.0M)	$6.9B	($411.0M)	($523.0M)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	($41.0M)	($16.0M)	$43.0M	$40.0M
Net Change in Cash and Cash Equivalents, including cash classified within Assets held for sale	$3.0B	$4.0B	$212.0M	($594.0M)
Cash and cash equivalents at beginning of period	$1.1B	$1.1B	$1.7B	$1.7B
Cash and cash equivalents	$4.1B	—	$1.8B	$1.1B
Cash and cash equivalents included in Assets held for sale	$0	—	$105.0M	$92.0M
Cash and cash equivalents at end of period, including cash classified within Assets held for sale	$4.1B	—	$1.9B	$1.1B

Phillips 66 score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.