# Phillips 66 (PSX) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PSX/thesis · /stocks/PSX/memo

## Financial Snapshot

---
ticker: PSX
step: 04
generated: 2026-05-12
source: quick-research
---

### Phillips 66 (PSX) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $170.0B | $147.4B | $143.2B | -3% |
| Gross Margin | ~5.5% | ~6.8% | ~12.3% | +5.5pp |
| Operating Margin | ~4.5% | ~5.1% | ~2.7% | -2.4pp |
| Net Income | ~$8.1B | $7.0B | ~$2.1B | -70% |
| EPS (diluted) | ~$16.50 | $15.48 | ~$4.88 | -68% |

*Note: FY2022 was an exceptional year for refining due to record crack spreads post-Ukraine invasion. FY2024 net income decline reflects significant refining margin compression and heavy turnaround activity. Gross margin increase reflects mix shift toward higher-margin Midstream/Chemicals.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$5.4B |
| Free Cash Flow | ~$3.4B |
| Cash & Equivalents | ~$2.0B |
| Total Debt | ~$18B |

#### Key Ratios (approximate)
- P/E: ~20x (FY2024) | EV/EBITDA: ~8x | FCF Yield: ~8%
- Revenue Growth (FY2024): -3% | FCF Margin: ~2.4%
- Dividend Yield: ~2.9%

#### Growth Profile
Phillips 66's revenue is structurally declining as it sells downstream assets (including the Rodeo Renewed renewable fuels conversion) and shifts capital toward Midstream, which generates lower absolute revenue but superior margins and cash flow predictability. The Midstream segment's adjusted EBITDA is targeted to reach $4B, with $1.1B in 2026 Midstream growth capex supporting NGL well-head-to-market expansion. Chemicals earnings (CPChem JV) are recovering from a trough driven by overcapacity, with new Gulf Coast II cracker targeted for completion around 2026.

#### Forward Estimates
- FY2025E Revenue: ~$132B (consensus) — continuing revenue decline due to asset rationalization
- FY2025E Net Income: ~$4.4B (implied by 107.98% increase over FY2024)
- FY2026E: $2.4B capex budget ($1.3B growth); earnings recovery expected from Midstream and CPChem normalization

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PSX/fundamental

## Navigation

- Overview: /stocks/PSX
- Financials (this page): /stocks/PSX/financials
- Thesis: /stocks/PSX/thesis
- Investment Memo: /stocks/PSX/memo
- Coverage universe: /stocks