Zacks Investment Research·1 day ago
Phillips 66 Stock Up Almost 40% in a Year: Is it too Late to Get In?PSX has surged almost 40%, but softer oil prices, midstream stability and rising 2026 earnings estimates may keep it attractive.
Phillips 66(PSX)Earnings, Financials & Key Ratios
PSX•NYSE
$178.84
16.6× P/E·Price updated Jul 7, 2026
AboutPhillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines, distillates, aviation, and renewable fuels at 12 refineries in the United States and Europe. The M&S segment purchases for resale and markets refined petroleum products, including gasolines, distillates, and aviation fuels primarily in the United States and Europe. This segment also manufactures and markets specialty products, such as base oils and lubricants. The company was founded in 1875 and is headquartered in Houston, Texas.Show more
- Revenue$132.19B-7.6%
- EBITDA$6.82B+44.2%
- Net Income$4.4B+108.0%
- EPS (Diluted)10.79+116.2%
- Gross Margin4.91%+44.4%
- EBITDA Margin5.16%+56.1%
- Operating Margin2.66%+63.9%
- Net Margin3.33%+125.2%
- ROE15%+113.0%
PSX Price & Volume
Phillips 66 (PSX) stock price & volume — 10-year historical chart
Loading chart...
Cyclical Margin Volatility Masks Structural Debt Accumulation
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Strained
Financial:Healthy
Cash Flow:Deteriorating
Primary Risk:Refining margin volatility
Key Thesis Takeaways
- Phillips 66 faces a challenging outlook characterized by extreme earnings volatility and a deteriorating cash flow profile that complicates its aggressive capital return strategy.
- While the company achieved a 11.7% revenue growth rate in 2026Q1, the underlying reliance on debt-funded operations—evidenced by a total debt increase to $27.1 billion—suggests significant long-term solvency risks.
- Investors should monitor whether the firm can stabilize its erratic operating cash flow, which swung to a negative $2.3 billion in 2026Q1, before committing capital to this cyclical refining play.
Verdict Logic
while the forward P/E of 9.67 appears attractive, the company's inability to maintain consistent free cash flow, which plummeted to negative $2.8 billion in 2026Q1, warrants a cautious wait-and-see approach.
PSX Growth Metrics
Phillips 66 (PSX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years4.51%
5 Years15.72%
3 Years-8.06%
TTM-1.33%
Profit CAGR
10 Years0.41%
5 Years-
3 Years-26.36%
TTM122.14%
EPS CAGR
10 Years3.39%
5 Years-
3 Years-22.6%
TTM131.35%
Return on Capital
10 Years6.86%
5 Years9.2%
3 Years7.9%
Last Year5.97%
PSX Recent Earnings
Phillips 66 (PSX) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
Apr 29, 2026Metric
Actual
Est
EPS
$0.49+190.3%
$0.54
Rev
$33.0B-8.0%
$35.9B
Q1 2026
Feb 4, 2026Metric
Actual
Est
EPS
$2.47+14.9%
$2.15
Rev
$36.3B+7.3%
$33.9B
Q4 2025
Oct 29, 2025Metric
Actual
Est
EPS
$2.52+17.8%
$2.14
Rev
$35.0B+4.3%
$33.5B
Q3 2025
Jul 25, 2025Metric
Actual
Est
EPS
$2.38+38.4%
$1.72
Rev
$33.3B+0.1%
$33.3B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 29, 2026 | $0.49vs $0.54+190.3% | $33.0Bvs $35.9B-8.0% |
| Q1 2026 | Feb 4, 2026 | $2.47vs $2.15+14.9% | $36.3Bvs $33.9B+7.3% |
| Q4 2025 | Oct 29, 2025 | $2.52vs $2.14+17.8% | $35.0Bvs $33.5B+4.3% |
| Q3 2025 | Jul 25, 2025 | $2.38vs $1.72+38.4% | $33.3Bvs $33.3B+0.1% |
Based on last 12 quarters of dataView full earnings history →
Latest PSX News
Recent stock market news and headlines for Phillips 66 (PSX)
Zacks Investment Research·4 days ago
Why Phillips 66 is Well-Positioned in a Softer Oil-Price EnvironmentPSX may benefit from lower crude costs, diversified midstream and chemicals operations, and resilient refining demand in a softer oil-price backdrop.
Zacks Investment Research·5 days ago
Oil Below $70: Buy These 2 Refiners Before the Next RallyPSX and PARR have rallied sharply over the past year, and softer crude prices may offer further support to their refining operations.
Zacks Investment Research·6 days ago
Are These 2 Large-Cap Energy Stocks Still Buys After a Massive Run-Up?Phillips 66 and Halliburton have surged past the oil-energy sector, but softer crude prices and resilient business models may keep the momentum alive.
Zacks Investment Research·6 days ago
Why Phillips 66 (PSX) is a Top Value Stock for the Long-TermWhether you're a value, growth, or momentum investor, finding strong stocks becomes easier with the Zacks Style Scores, a top feature of the Zacks Premium research service.
Peers Comparison
Key metrics vs top competitors for Phillips 66 (PSX)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $178.84 | $71.7B | 16.57 | -7.64% | 3.33% | 15% | 2.63% | |
| $266.22 | $79.61B | 35.17 | -5.54% | 3.33% | 15.69% | — | |
| $266.33 | $77.75B | 20.07 | -4.44% | 3.41% | 19.57% | — | |
| $48.46 | $5.73B | -34.86 | -11.42% | 1.46% | 8.15% | — | |
| $52.32 | $3.21B | -137.68 | -9.53% | -0.48% | -12.94% | — | |
| $173.94 | $346.42B | 26.24 | -4.64% | 5.92% | 6.08% | — |
Compare PSX vs Peers
Phillips 66 (PSX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
PSX SEC Filings & Documents
Phillips 66 (PSX) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
Apr 29, 2026·SEC
Material company update
Apr 6, 2026·SEC
Material company update
Mar 18, 2026·SEC
10-K Annual Reports
210-Q Quarterly Reports
4Get notified when PSX posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
PSX Frequently Asked Questions
Phillips 66 (PSX) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Phillips 66's revenue?
Phillips 66 (PSX) reported $135.77B in revenue for fiscal year 2025. This represents a 20% increase from $112.69B in 2009.
How fast is Phillips 66 growing?
Phillips 66 (PSX) saw revenue decline by 7.6% over the past year.
Is PSX profitable?
Yes, Phillips 66 (PSX) is profitable, generating $4.12B in net income for fiscal year 2025 (3.3% net margin).
Dividend & Returns
Does PSX pay dividends?
Yes, Phillips 66 (PSX) pays a dividend with a yield of 2.63%. This makes it attractive for income-focused investors.
What is PSX's return on equity?
Phillips 66 (PSX) has a return on equity (ROE) of 15.0%. This is reasonable for most industries.
What is Phillips 66's free cash flow?
Phillips 66 (PSX) generated $119.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.