PSX Phillips 66

Overview and Growth

Fiscal 2025 results for Phillips 66 combined $132.38B of revenue with net income of $4.40B and an operating cash inflow of $4.96B. At $132.38B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $143.15B in fiscal 2024, revenue decreased 7.5%, a top-line contraction that reduced operating scale. Diluted earnings per share were $10.79, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 116.2% increase from fiscal 2024 diluted EPS of $4.99. Diluted shares averaged 408.05M; this is the reported share base over which the company’s diluted per-share earnings were spread. Compared with 421.89M diluted shares in fiscal 2024, the current 408.05M base was 3.3% lower. At period end, total assets were $73.68B, framing the scale of the company’s operating and financing commitments. Revenue equaled 1.8x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $16.28B as gross profit before recognizing operating expenses and other items. Gross profit represented 12.3% of revenue, showing how much of the top line remained after direct costs. Net income came to $4.40B, completing the progression from revenue through gross and operating profitability to the final reported result. The final earnings result represented 3.3% of revenue, connecting the absolute net income figure with the company’s top-line scale. The company recognized $892.00M of income tax for the period, completing the transition from pretax income to net income. The relationship between net income and period-end equity was 14.6%, indicating the profitability achieved on book capital. Net income represented 6.0% of period-end assets, placing the company’s bottom-line result against the total resource base employed. The company moved from fiscal 2024 net income of $2.12B to $4.40B, with the current outcome ending above that comparison.

Liquidity and Capital Structure

The company held $73.68B of assets against $43.44B of liabilities and $30.24B of equity, revealing how the asset base was financed. Current assets were $17.27B against $13.33B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 1.3x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $1.12B, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 8.4%, excluding receivables and other current assets. Equity equaled 41.0% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 59.0%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 1.5%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 1.5% higher than fiscal 2024 assets of $72.58B, measuring the company’s own balance-sheet change. Against $28.46B of equity in fiscal 2024, the current book-equity balance moved 6.2% and ended higher. Cash and equivalents were 35.8% lower than fiscal 2024 cash of $1.74B, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $4.96B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 1.13x, showing the relationship between accrual earnings and operating cash. Compared with $4.19B in fiscal 2024, current operating cash flow of $4.96B was above the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.