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Phillips 66

PSX · NYSE

Phillips 66 reported $132.4 billion of 2025 revenue and $5.0 billion of operating cash flow, but first-quarter 2026 cash flow turned negative and the thesis depends on refining margins, midstream stability, capital discipline and leverage through the cycle.

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NYSEPSXCoverage BootstrapRefining and midstream energyEnergyPhillips 66
Latest ReportMay 20, 2026Phillips 66: a refining giant where cash flow still follows the cycleView report ->Total Reports1Published reportView all ->Active Discussions0No visible comments yetView discussions ->Member WorkspaceLockedFinancials, timeline, comparisons, scorecard, and discussion require a paid login.View access ->
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Latest Thesis

Phillips 66: a refining giant where cash flow still follows the cycle

Phillips 66 reported $132.4 billion of 2025 revenue and $5.0 billion of operating cash flow, but first-quarter 2026 cash flow turned negative and the thesis depends on refining margins, midstream stability, capital discipline and leverage through the cycle.

May 20, 2026Research reportSlides available
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Phillips 6666: a refining giant where cash flow still follows the cycleMay 20, 2026
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Phillips 66: a refining giant where cash flow still follows the cyclePhillips 66 reported $132.4 billion of 2025 revenue and $5.0 billion of operating cash flow, but first-quarter 2026 cash flow turned negative and the thesis depends on refining margins, midstream stability, capital discipline and leverage through the cycle.NYSEMay 20, 2026Research reportReadSlides