$PSX

Phillips 66

CIK:0001534701|SEC Filings

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues and Other Income
Sales and other operating revenues	$ 51,004	$ 33,323	$ 83,544	$ 63,753
Equity in earnings of affiliates	635	153	887	306
Net gain (loss) on dispositions	117	(93)	123	994
Other income	288	139	492	195
Total Revenues and Other Income	52,044	33,522	85,046	65,248
Costs and Expenses
Purchased crude oil and products	43,664	29,077	72,880	56,737
Operating expenses	1,810	1,440	3,691	3,062
Selling, general and administrative expenses	538	582	1,075	1,101
Depreciation and amortization	585	816	1,143	1,607
Impairments	9	4	17	30
Taxes other than income taxes	127	218	361	451
Accretion on discounted liabilities	13	10	25	22
Interest and debt expense	314	264	600	485
Foreign currency transaction (gains) losses	13	(9)	23	(15)
Total Costs and Expenses	47,073	32,402	79,815	63,480
Income before income taxes	4,971	1,120	5,231	1,768
Income tax expense	1,092	212	1,133	334
Net Income	3,879	908	4,098	1,434
Less: net income attributable to noncontrolling interests	32	31	44	70
Net Income Attributable to Phillips 66	$ 3,847	$ 877	$ 4,054	$ 1,364
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic (in usd per share)	$ 9.59	$ 2.15	$ 10.09	$ 3.33
Diluted (in usd per share)	$ 9.55	$ 2.15	$ 10.05	$ 3.32
Weighted-Average Common Shares Outstanding (thousands)
Basic (in shares)	400,954	406,763	401,493	407,966
Diluted (in shares)	402,618	407,929	403,472	409,448

Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities
Net income	$ 3,879	$ 908	$ 4,098	$ 1,434
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	585	816	1,143	1,607
Impairments	9	4	17	30
Accretion on discounted liabilities	13	10	25	22
Deferred income taxes			133	(181)
Undistributed equity earnings			(600)	195
Net gain on dispositions			(123)	(994)
Unrealized investment loss			17	14
Other			306	52
Working capital adjustments
Accounts and notes receivable			(2,184)	(843)
Inventories			(858)	(1,607)
Prepaid expenses and other current assets			(1,199)	(426)
Accounts payable			3,159	1,075
Taxes and other accruals			1,061	654
Net Cash Provided by Operating Activities			4,995	1,032
Cash Flows From Investing Activities
Capital expenditures and investments	(726)	(587)	(1,308)	(1,010)
Acquisitions, net of cash acquired			(179)	(2,220)
Return of investments in equity affiliates			41	43
Proceeds from asset dispositions			71	2,031
Other			31	13
Net Cash Used in Investing Activities			(1,344)	(1,143)
Cash Flows From Financing Activities
Issuance of debt			6,889	3,499
Repayment of debt			(5,901)	(2,375)
Issuance of common stock			101	25
Repurchase of common stock			(648)	(666)
Dividends paid on common stock			(1,017)	(956)
Distributions to noncontrolling interests			(46)	(95)
Contributions from noncontrolling interests			51	106
Other			(56)	(61)
Net Cash Used in Financing Activities			(627)	(523)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			(41)	40
Net Change in Cash and Cash Equivalents, including cash classified within Assets held for sale			2,983	(594)
Cash and cash equivalents at beginning of period			1,116	1,738
Cash and Cash Equivalents at End of Period, including cash classified within Assets held for sale	4,099	1,144	4,099	1,144
Reconciliation of Cash and Cash Equivalents at end of period
Cash and cash equivalents	4,099	1,052	4,099	1,052
Cash and cash equivalents included in Assets held for sale	0	92	0	92
Cash and cash equivalents at end of period, including cash classified within Assets held for sale	$ 4,099	$ 1,144	$ 4,099	$ 1,144

Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 4,099	$ 1,116
Inventories	5,922	5,097
Prepaid expenses and other current assets	2,483	1,287
Total Current Assets	24,221	17,271
Investments and long-term receivables	12,347	11,905
Net properties, plants and equipment	39,649	39,097
Goodwill	1,433	1,433
Intangibles	955	978
Other assets	3,205	2,996
Total Assets	81,810	73,680
Liabilities
Short-term debt	1,797	1,038
Accrued income and other taxes	2,012	1,362
Employee benefit obligations	497	680
Other accruals	1,999	1,379
Total Current Liabilities	18,354	13,326
Long-term debt	18,768	18,678
Asset retirement obligations and accrued environmental costs	1,082	1,022
Deferred income taxes	7,448	7,308
Employee benefit obligations	592	573
Other liabilities and deferred credits	2,863	2,532
Total Liabilities	49,107	43,439
Equity
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	7
Capital in excess of par	20,063	19,948
Treasury stock (at cost: 2026—262,154,856 shares; 2025—258,252,603 shares)	(24,578)	(23,934)
Retained earnings	36,270	33,239
Accumulated other comprehensive loss	(256)	(167)
Total Stockholders’ Equity	31,506	29,093
Noncontrolling interests	1,197	1,148
Total Equity	32,703	30,241
Total Liabilities and Equity	81,810	73,680
Nonrelated Party
Assets
Accounts and financing receivable, after allowance for credit loss, current	11,052	9,158
Liabilities
Accounts payable, current	11,643	8,581
Related Party
Assets
Accounts and financing receivable, after allowance for credit loss, current	665	613
Liabilities
Accounts payable, current	$ 406	$ 286