Phillips 66 is a downstream energy company that buys feedstocks, refines and markets fuels, operates midstream infrastructure, produces renewable fuels, and owns 50% of petrochemical producer CPChem.
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A snapshot of what Phillips 66 owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001534701-24-000078 | Feb 21, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001534701-25-000074 | Feb 21, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001534701-26-000006 | Feb 20, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Phillips 66’s latest reported results show a strong but uneven recovery. Second-quarter 2026 net income attributable to the company reached $3.847 billion, supported by stronger refining margins and renewable-fuel credits. That does not establish a lasting improvement in demand: management linked market conditions partly to supply disruptions, while marketing margins weakened and first-half Midstream profit declined. Cash generation improved, but receivables sales and working-capital timing contributed. June cash was higher, although debt also exceeded year-end levels; the temporary March term loan was subsequently repaid. The August receivables-facility extension provides conditional financing capacity, not cash. Material remaining exposures include the Propel appeal, environmental and Los Angeles closure obligations, and policy-sensitive renewable economics. Financial results extend through June 30; later supplied filings update selected events through October 5, 2026.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-08-20 · 8-K · 2026-09-29
Phillips 66 earns processing and product margins rather than producing its own crude oil. Its five segments span Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels. It reports 10 operating U.S. and European refineries. Midstream combines fee-based infrastructure with commodity-exposed natural-gas-liquids operations; Chemicals principally reflects its 50% equity-method interest in CPChem. Branded fuel outlets are not all company-owned stores.
Acquisitions change the comparison. WRB became fully consolidated on October 1, 2025, while Los Angeles refinery capacity was removed from operating statistics. Coastal Bend’s April 2025 acquisition expanded Midstream. Lindsey’s acquisition closed April 28, 2026 for $115 million, with $202 million of property, plant and equipment and $87 million of retirement obligations recorded. Its disclosed purpose is storage and infrastructure integration with Humber—not an established refinery-production restart.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The unaudited June 2026 statements, filed August 5, report second-quarter revenue of $51.004 billion versus $33.323 billion and parent-attributable GAAP net income of $3.847 billion versus $877 million. First-half revenue was $83.544 billion versus $63.753 billion, with parent profit of $4.054 billion versus $1.364 billion. Management attributes revenue growth mainly to prices, not equivalent physical-demand growth.
Refining led the improvement: quarterly pretax income reached $3.062 billion versus $359 million. Worldwide realized refining margin rose to $24.08 from $11.25 per barrel. This non-GAAP spread excludes operating expenses, depreciation and other costs; its adjusted input denominator includes proportional affiliate inputs, so it is not profit per barrel. Management linked stronger market spreads to low inventories and geopolitical supply disruption. Chemicals also benefited from higher polyethylene prices despite lower CPChem sales volumes.
The recovery was not uniform. First-half Midstream pretax income declined to $1.376 billion from $1.482 billion as recontracting pressure, winter weather and the absence of a prior disposal gain outweighed benefits elsewhere. Marketing fuel margins weakened. Renewable Fuels benefited from higher regulatory-credit values, but higher RIN costs burdened Refining. First-half commodity derivatives generated a $2.003 billion loss already included in results; management expects timing differences against physical inventory to unwind, not necessarily an equivalent future cash recovery. Lower Los Angeles accelerated depreciation and a $110 million disposal adjustment also helped comparisons, while its redevelopment costs moved to Corporate and Other.
Sources: 10-Q · 2026-06-30
First-half operating cash flow was $4.995 billion versus $1.032 billion, despite approximately $7.3 billion generated in the second quarter alone. The reversal illustrates timing volatility. Receivables, inventories and prepayments absorbed cash, largely offset by payables and accruals. Factoring supplied $1.7 billion of first-half receipts; separate securitization sales supplied $342 million cash and $264 million noncash debt reduction. These accelerate receivable monetization, and the noncash component is not another cash receipt or repayment. The securitization structure also retained payment-guarantee exposure.
First-half consolidated capital spending was $1.308 billion, acquisitions used $179 million, and dividends plus cash repurchases used $1.665 billion. Affiliate operating distributions fell to $287 million from $501 million and are not controlled or assured. CPChem’s separately funded capital program is outside consolidated spending; continued self-funding is management’s expectation. Approximately $186 million of additional pension and postretirement contributions was expected for the remainder of 2026. Management’s $2.4 billion annual capital budget excludes acquisitions and affiliate spending.
Sources: 10-Q · 2026-06-30
At June 30, cash was $4.099 billion versus $1.116 billion at year-end, and debt was $20.565 billion versus $19.716 billion, including $1.797 billion short-term. Separately reported available committed capacity of approximately $6.4 billion was not cash. The $2.25 billion loan funded March 18 was fully repaid by July 31; that does not establish a new consolidated debt balance. On August 20, the receivables facility’s committed maximum increased to $2 billion and maturity extended to August 19, 2027, with up to $250 million separately uncommitted. Updated utilization and full borrowing conditions are not established.
The 65% contractual net-debt-to-capitalization limit differs from the reported 39% gross debt-to-capital ratio; no precise covenant cushion can be inferred. Operating leases, guarantees and commodity purchase commitments remain distinct from funded debt. Finance lease liabilities are already included in reported total debt. The $17 billion end-2027 debt target is a plan. Likewise, July’s additional $10 billion repurchase authorization is not executed spending; shareholder returns remain discretionary.
Sources: 8-K · 2026-03-13 · 10-Q · 2026-06-30 · 8-K · 2026-08-20 · 10-K · 2025-12-31
The Propel judgment remained under appeal, with a $928 million accrual and 10% postjudgment interest. Phillips 66 denies wrongdoing, but losses may exceed the accrual. DAPL received authorization in May 2026 to continue operating under enhanced conditions; further challenges remain possible, alongside approximately $215 million of contingent equity exposure. Los Angeles idling and redevelopment review remained ongoing. Environmental accruals were $467 million, and some environmental indemnities carry potentially unlimited exposure.
Future earnings and funding depend on commodity spreads, renewable-credit policy, maintenance and project execution, affiliate distributions and credit conditions. The annual filing also describes a conditional CPChem ownership consequence following specified sustained below-investment-grade ratings; it is not an event established as triggered. Separately, refining chief Richard Harbison gave notice September 29 of intended retirement on December 31, 2026. The October 5 filing identifies neither a successor nor completed departure.
Sources: 10-Q · 2026-06-30 · 10-K · 2025-12-31 · 8-K · 2026-09-29
USD 132.376 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 132.376 bn | -7.5% |
| 2024 | USD 143.153 bn | -2.9% |
| 2023 | USD 147.399 bn | — |
Consolidated operating revenues, excluding equity earnings, disposition gains and other income.
Sources: 10-K · 2025-12-31
USD 4.962 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.962 bn | — |
Reported consolidated operating cash flow, including working-capital changes and cash proceeds from qualifying receivable sales.
Sources: 10-K · 2025-12-31
USD 4.191 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 4.191 bn | -40.4% |
| 2023 | USD 7.029 bn | — |
Reported consolidated operating cash flow, including working-capital changes.
Sources: 10-K · 2025-12-31
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