NYSE: PSX
Phillips 66CIK 0001534701 · SIC 2911 · Petroleum Refining
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Phillips 66 expands receivables securitization to $2B, extends maturity to Aug 2027
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Phillips 66 Q2 2026 net income surges 339% to $3.85B
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Latest financial statements
From 10-Q filed Aug 5, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statement of Income
Millions of Dollars
| Description | Three months ended June 30 2026 | Three months ended June 30 2025 | Six months ended June 30 2026 | Six months ended June 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 | 9.59 | 2.15 | 10.09 | 3.33 |
| Diluted | 9.55 | 2.15 | 10.05 | 3.32 |
| Weighted-Average Common Shares Outstanding (thousands) | ||||
| Basic | 400,954 | 406,763 | 401,493 | 407,966 |
| Diluted | 402,618 | 407,929 | 403,472 | 409,448 |
| See Notes to Consolidated Financial Statements. | ||||
Consolidated Balance Sheet
Millions of Dollars
| Description | June 30 2026 | December 31 2025 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 4,099 | 1,116 |
| Accounts and notes receivable (net of allowances of $66 million in 2026 and $68 million in 2025) | 11,052 | 9,158 |
| Accounts and notes receivable—related parties | 665 | 613 |
| 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 | ||
| Accounts payable | 11,643 | 8,581 |
| Accounts payable—related parties | 406 | 286 |
| 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 (2026—661,175,772 shares; 2025—659,391,484 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 |
Consolidated Statement of Cash Flows
Millions of Dollars
| Description | Six months ended June 30 2026 | Six months ended June 30 2025 |
|---|---|---|
| Cash Flows From Operating Activities | ||
| Net income | 4,098 | 1,434 |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Depreciation and amortization | 1,143 | 1,607 |
| Impairments | 17 | 30 |
| Accretion on discounted liabilities | 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 | (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 |
Amounts as printed on the EDGAR/iXBRL face — Millions of Dollars. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗