Phillips 66
PSX on NYSE. Petroleum refining. Market value $107.6bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Energy stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$269.79 a share, 113% above its 1-year low
Over the past year the price has ranged from $126.74 to $277.12.
Dividend: 1.8% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $111.5bn | $170.0bn | $147.4bn | $143.2bn | $132.4bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 0.75 | 0.58 | 0.63 | 0.73 | 0.68 |
| Shares outstanding | |||||
| Shares outstanding | 0.47bn | 0.44bn | 0.41bn | 0.40bn | 0.40bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.68× equity
- Revenue growth, five yearsStrong, 15.6% a year
- Buying back its own sharesYes, 16% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $51 billion last quarter, up 53% on a year ago.
- Profit: $3.8 billion, up 339% on a year ago.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $16.5 billion more than cash, down from $19.9 billion a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $35.5bn |
| December 2024 | $33.7bn |
| March 2025 | $30.4bn |
| June 2025 | $33.3bn |
| September 2025 | $34.5bn |
| December 2025 | $34.1bn |
| March 2026 | $32.5bn |
| June 2026 | $51.0bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $346m |
| December 2024 | $8m |
| March 2025 | $487m |
| June 2025 | $877m |
| September 2025 | $133m |
| December 2025 | $2.9bn |
| March 2026 | $207m |
| June 2026 | $3.8bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 28 October 2026
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
17 long-term investors we follow own it, unchanged from 17 last quarter. 2,100 funds in all.
- Elliott Investment ManagementPaul Singer
- Value
- $3.3bn
- Share of fund
- 22.8%
- LSV Asset ManagementJosef Lakonishok
- Value
- $131m
- Share of fund
- 0.2%
- First Manhattan Co.First Manhattan partners
- Value
- $11m
- Share of fund
- <0.1%
- Hosking PartnersJeremy Hosking
- Value
- $9m
- Share of fund
- 0.3%
- Tweedy, BrowneTweedy Browne partners
- Value
- $2m
- Share of fund
- 0.2%
- Mairs & PowerAndy Adams
- Value
- $1m
- Share of fund
- <0.1%
- Aristotle Capital ManagementHoward Gleicher
- Value
- $444,806
- Share of fund
- <0.1%
- Dodge & CoxDodge & Cox investment committee
- Value
- $439,530
- Share of fund
- <0.1%
- Semper AugustusChristopher Bloomstran
- Value
- $248,842
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Elliott Investment ManagementPaul Singer | $3.3bn | 22.8% | |
| Harris Associates (Oakmark)Bill Nygren | $297m | 0.4% | Cut |
| Boston PartnersBoston Partners team | $286m | 0.3% | Added |
| LSV Asset ManagementJosef Lakonishok | $131m | 0.2% | |
| Barrow HanleyBarrow Hanley team | $111m | 0.3% | Cut |
| Torray Investment PartnersRobert Torray (founder) | $20m | 2.7% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $14m | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $11m | <0.1% | |
| Hosking PartnersJeremy Hosking | $9m | 0.3% | |
| GMOJeremy Grantham | $6m | <0.1% | Added |
| Auxier Asset ManagementJeff Auxier | $3m | 0.4% | Cut |
| GAMCO InvestorsMario Gabelli | $2m | <0.1% | Cut |
| Tweedy, BrowneTweedy Browne partners | $2m | 0.2% | |
| Mairs & PowerAndy Adams | $1m | <0.1% | |
| Aristotle Capital ManagementHoward Gleicher | $444,806 | <0.1% | |
| Dodge & CoxDodge & Cox investment committee | $439,530 | <0.1% | |
| Semper AugustusChristopher Bloomstran | $248,842 | <0.1% |
Largest holders overall
- BlackRock$5.8bnAdded
- Vanguard Capital Management$4.4bn
- State Street$4.4bn
- Vanguard Portfolio Management$3.8bn
- Elliott Investment Management$3.3bn
- Wells Fargo & Company$2.1bnCut
- Geode Capital Management$1.9bnAdded
- Morgan Stanley$1.2bn
- Bank of New York Mellon$1.1bnCut
- Goldman Sachs Group$949m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Link CoPassive investor10.0%Since 4 September 2015
What they said
This filing is made to formally record the Reporting Owners 10 percent interest and to facilitate the Institutional Repatriation and asset reconciliation of equity entitlements. The Reporting Owner intends to maintain this position for long-term administrative and investment…
Read the filing - Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Link Co Passive investor | 10.0% | 4 September 2015 | What they saidThis filing is made to formally record the Reporting Owners 10 percent interest and to facilitate the Institutional Repatriation and asset reconciliation of equity entitlements. The Reporting Owner intends to maintain this position for long-term administrative and investment… Read the filing |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $60,608 of shares on the open market. 7 sold $7.5bn, $7.4bn of it under preset trading plans.
- Mandell BrianExecutive Vice PresidentSold
- Date
- 16 September 2026
- Shares
- 23,400
- Price
- $265.06
- Value
- $6m
- Harbison Richard GEVP, RefiningSold
- Date
- 12 August 2026
- Shares
- 52,100
- Price
- $223.76
- Value
- $12m
- Mandell BrianExecutive Vice PresidentSold
- Date
- 11 August 2026
- Shares
- 30,000
- Price
- $215.00
- Value
- $6m
- Mandell BrianExecutive Vice PresidentSold
- Date
- 10 August 2026
- Shares
- 3,300
- Price
- $214.02
- Value
- $706,266
- Kluppel Ann MSVP and ControllerSold
- Date
- 10 August 2026
- Shares
- 6,034
- Price
- $212.50
- Value
- $1m
- Davis Lisa AnnDirectorSold
- Date
- 10 August 2026
- Shares
- 1,515
- Price
- $207.73
- Value
- $314,713
- Kluppel Ann MSVP and ControllerSold
- Date
- 7 August 2026
- Shares
- 1,800
- Price
- $205.00
- Value
- $369,000
- Sutherland Vanessa AllenEVP, GC and SecretarySold
- Date
- 21 July 2026
- Shares
- 3,523
- Price
- $211.05
- Value
- $743,523
- Sutherland Vanessa AllenEVP, GC and SecretarySoldunder a preset trading plan
- Date
- 21 July 2026
- Shares
- 3,523
- Price
- $2110482.00
- Value
- $7.4bn
- Sutherland Vanessa AllenEVP, GC and SecretarySoldunder a preset trading plan
- Date
- 20 July 2026
- Shares
- 563
- Price
- $211.01
- Value
- $118,798
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 16 September 2026 | Mandell Brian Executive Vice President | Sold | 23,400 | $265.06 | $6m |
| 12 August 2026 | Harbison Richard G EVP, Refining | Sold | 52,100 | $223.76 | $12m |
| 11 August 2026 | Mandell Brian Executive Vice President | Sold | 30,000 | $215.00 | $6m |
| 10 August 2026 | Mandell Brian Executive Vice President | Sold | 3,300 | $214.02 | $706,266 |
| 10 August 2026 | Kluppel Ann M SVP and Controller | Sold | 6,034 | $212.50 | $1m |
| 10 August 2026 | Davis Lisa Ann Director | Sold | 1,515 | $207.73 | $314,713 |
| 7 August 2026 | Kluppel Ann M SVP and Controller | Sold | 1,800 | $205.00 | $369,000 |
| 21 July 2026 | Sutherland Vanessa Allen EVP, GC and Secretary | Sold | 3,523 | $211.05 | $743,523 |
| 21 July 2026 | Sutherland Vanessa Allen EVP, GC and Secretary | Sold under a preset trading plan | 3,523 | $2110482.00 | $7.4bn |
| 20 July 2026 | Sutherland Vanessa Allen EVP, GC and Secretary | Sold under a preset trading plan | 563 | $211.01 | $118,798 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.