Phillips 66

Listed Company

PSXCIK 0001534701NYSELarge AcceleratedPetroleum RefiningDelawareFY ends Dec 31

Period

FY 2025

Revenue

$132.38B

Net Income

$4.40B

Total Assets

$73.68B

Equity

$29.09B

Shares Out

400.94M

Op. Cash Flow

$4.96B

Business

Phillips 66 refines, transports, markets and processes petroleum, natural gas liquids and renewable feedstocks as an integrated downstream energy company. It produces gasoline, distillates including aviation fuels, petrochemicals and plastics (via a 50% stake in Chevron Phillips Chemical), lubricants, base oils and renewable diesel/jet fuels, and provides terminaling, fractionation and export services. Its operations are organized into Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels segments. It serves customers primarily in the United States and Europe through pipelines, terminals, retail and wholesale outlets, marine, rail and export channels.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Sales and other operating revenues	132,376	143,153	147,399	169,990	111,476
Equity in earnings of affiliates	762	1,779	2,017	2,968	2,904
Net gain on dispositions	2,984	321	115	7	18
Other income	438	243	359	2,737	454
Total Revenues and Other Income	136,560	145,496	149,890	175,702	114,852
Purchased crude oil and products	116,093	129,962	128,086	149,932	102,102
Operating expenses	6,423	5,939	6,154	6,111	5,147
Selling, general and administrative expenses	2,437	2,814	2,525	2,168	1,744
Depreciation and amortization	3,251	2,363	1,977	1,629	1,605
Impairments	1,100	456	24	60	1,498
Taxes other than income taxes	791	329	707	530	410
Accretion on discounted liabilities	47	40	29	23	24
Interest and debt expense	1,039	907	897	619	581
Foreign currency transaction (gains) losses	−1	11	22	−9	1
Total Costs and Expenses	131,140	142,821	140,421	161,063	113,112
Income before income taxes	5,420	2,675	9,469	14,639	1,740
Income tax expense	892	500	2,230	3,248	146
Net Income	4,528	2,175	7,239	11,391	1,594
Less: net income attributable to noncontrolling interests	125	58	224	367	277
Net Income Attributable to Phillips 66	4,403	2,117	7,015	11,024	1,317
Basic (in dollars per share)	10.82	5.01	15.56	23.36	2.97
Diluted (in dollars per share)	10.79	4.99	15.48	23.27	2.97
Basic (in shares)	406	420	450	471	440
Diluted (in shares)	408	422	453	474	440

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,116	1,738	3,323	6,133	3,147
Inventories	5,097	3,995	3,750	3,276	3,394
Prepaid expenses and other current assets	1,287	1,144	1,138	1,528	686
Total Current Assets	17,271	17,910	19,941	21,922	14,697
Investments and long-term receivables	11,905	14,378	15,302	14,950	14,471
Net properties, plants and equipment	39,097	35,264	35,712	35,163	22,435
Goodwill	1,433	1,575	1,550	1,486	1,484
Intangibles	978	1,161	920	831	813
Other assets	2,996	2,294	2,076	2,090	1,694
Total Assets	73,680	72,582	75,501	76,442	55,594
Short-term debt	1,038	1,831	1,482	529	1,489
Accrued income and other taxes	1,362	1,060	1,200	1,397	1,254
Employee benefit obligations	680	732	863	764	638
Other accruals	1,379	1,160	1,410	1,876	959
Total Current Liabilities	13,326	15,087	15,856	15,889	12,801
Long-term debt	18,678	18,231	17,877	16,661	12,959
Asset retirement obligations and accrued environmental costs	1,022	1,129	864	879	727
Deferred income taxes	7,308	7,101	7,424	6,671	5,475
Employee benefit obligations	573	703	630	937	1,055
Other liabilities and deferred credits	2,532	1,868	1,200	1,299	940
Total Liabilities	43,439	44,119	43,851	42,336	33,957
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2025656,987,861 shares; 2024654,842,101 shares) Par value	7	7	7	7	7
Capital in excess of par	19,948	19,788	19,650	19,791	20,504
Treasury stock (at cost: 2025258,252,603 shares; 2024248,594,923 shares)	−23,934	−22,751	−19,342	−15,276	—
Retained earnings	33,239	30,771	30,550	25,432	16,216
Accumulated other comprehensive loss	−167	−407	−282	−460	−445
Total Stockholders Equity	29,093	27,408	30,583	29,494	19,166
Noncontrolling interests	1,148	1,055	1,067	4,612	2,471
Total Equity	30,241	28,463	31,650	34,106	21,637
Total Liabilities and Equity	73,680	72,582	75,501	76,442	55,594

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes	178	−251	840	1,320	−272
Undistributed equity earnings	120	−411	−822	−1,308	−128
Loss (gain) on early redemption of debt	0	−3	53	0	0
Net gain on dispositions	−2,984	−321	−115	−7	−7
Unrealized investment loss	12	0	38	433	−365
Other	−69	758	−419	217	−51
Accounts and notes receivable	−508	574	−696	−2,073	−922
Inventories	160	−278	−245	74	511
Prepaid expenses and other current assets	−259	44	269	−249	−339
Accounts payable	−804	−491	−480	1,736	2,925
Taxes and other accruals	230	−464	−663	580	−56
Net Cash Provided by Operating Activities	4,962	4,191	7,029	10,813	6,017
Capital expenditures and investments	−2,233	−1,859	−2,155	−1,888	−1,860
Acquisitions, net of cash acquired	−3,498	−625	−263	−306	—
Purchases of government obligations	0	−1,100	0	0	—
Return of investments in equity affiliates	90	141	201	125	267
Proceeds from asset dispositions	3,520	1,082	392	4	27
Other	24	−102	35	−10	2
Net Cash Used in Investing Activities	−2,097	−2,463	−1,790	−1,488	−1,872
Issuance of debt	8,395	6,272	6,260	453	1,443
Repayment of debt	−8,774	−4,140	−4,252	−2,883	−2,954
Issuance of common stock	107	86	123	103	26
Repurchase of common stock	−1,207	−3,451	−4,014	−1,513	0
Dividends paid on common stock	−1,922	−1,882	−1,882	−1,793	−1,585
Distributions to noncontrolling interests	−164	−70	−163	−185	−324
Repurchase of noncontrolling interests	0	0	−4,067	−500	−24
Contributions from noncontrolling interests	132	0	0	—	—
Other	−104	−120	−97	−70	−52
Net Cash Used in Financing Activities	−3,537	−3,305	−8,092	−6,388	−3,470
Effect of Exchange Rate Changes on Cash and Cash Equivalents	50	−8	43	49	−42
Net Change in Cash and Cash Equivalents	−622	−1,585	−2,810	2,986	633

Filings

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