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Phillips 66

Petroleum RefiningFounded 1917
Reviewed by Swet Parvadiya
Company data updated: October 2026
Independent Editorial Analysis
12 historical events · Editorial analysis

Phillips 66 Company Profile: Revenue, Business Model & Strategy

Research depth: 12 milestones · 10 FAQs

Phillips 66 (NYSE: PSX) reported $132.376 billion in FY2025 sales and other operating revenues and $4.403 billion of net income, had about 12,600 employees, and earned $3.847 billion in 2Q 2026. CEO: Mark Lashier.

How Phillips 66 makes money: Phillips 66 earns money in five reported areas. Refining turns crude into gasoline, diesel and jet fuel, and profits depend on crack spreads and utilization.

Revenue & employeesCEO historyFoundersBusiness model
Annual Revenue (FY2025)$132.4B
Employees12,600
CEOMark Lashier
Founded1917
IndustryEnergy
By Swet ParvadiyaLast reviewed:
Data sources: annual reports, SEC filings, methodology
Industry:Petroleum Refining

Phillips 66 key figures

Phillips 66 had revenue of $132.4B for fiscal year 2025, down 7.5% from FY2024. Net income was $4.4B, a net margin of 3.3%.

Source: Phillips 66 annual report (Form 10-K, SEC EDGAR, filed 2026-02-20) · Last reviewed October 2026

Revenue growth, FY2016 to FY2025
+5.1% a year
Compound annual rate, $84.3B to $132.4B
Peak revenue year
FY2022
$170B; the latest reported year is 22.1% below the peak
Revenue per employee
$10.5M
FY2025 revenue divided by 12,600 employees; headcount may use another date
Current chief executive
Mark Lashier
In the role since 2022 (4 years)
Documented transactions
6
Between 1946 and 2025
Founded
1917
109 years ago
Where was Phillips 66 founded?
Phillips 66 was founded in Bartlesville, Oklahoma, United States in 1917.
When did Phillips 66 start?
Phillips 66 was founded in 1917.
Who founded Phillips 66?
Phillips 66 was founded by Frank Phillips and L.E. Phillips.
How old is Phillips 66?
Phillips 66 is 109 years old as of 2026.
In-Depth Analysis
153 words · 1 min read

From Phillips Petroleum to Phillips 66

Frank and L.E. Phillips incorporated Phillips Petroleum in Bartlesville, Oklahoma, in 1917, and the Phillips 66 gasoline brand followed in 1927. Phillips Petroleum merged with Conoco in 2002 to form ConocoPhillips, which spun off its refining, midstream, chemicals and marketing businesses as Phillips 66 in 2012.

Portfolio Reshaping Since 2023

Phillips 66 bought out DCP Midstream for about $3.8 billion in 2023. In 2025 it acquired Cenovus's 50% of WRB Refining for $1.4 billion, bought EPIC NGL (now Coastal Bend) for about $2.2 billion, and sold most of its European retail business, while shareholders elected two Elliott Management nominees to the board.

2026 Results

After first-quarter 2026 earnings of $207 million, Phillips 66 earned $3.847 billion in the second quarter with 96% refining utilization, and cut total debt by $6.6 billion to $20.6 billion. Growth spending is focused on Permian gas processing and Corpus Christi NGL fractionation.

Table of Contents

Phillips 66 Key Facts

CompanyPhillips 66
Annual revenue change-7.5% (FY2024–FY2025)
Financials$132.4B (FY2025, last reviewed October 2026)
Market Cap$109.4B
FY2025 net income$4.4B
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded1917
Founder(s)Frank Phillips, L.E. Phillips
CEOMark Lashier
HeadquartersHouston, Texas
IndustryPetroleum Refining
Employees12,600+
TickerPSX

Phillips 66 Company Profile: Revenue, Business Model & Strategy

"Phillips 66 reported $132.376 billion of FY2025 sales and other operating revenues, but the real story is mix: refining stayed cyclical while midstream, marketing, and portfolio gains helped net income attributable to Phillips 66 reach $4.403 billion."

Phillips 66 (NYSE: PSX) reported $132.376 billion in FY2025 sales and other operating revenues and $4.403 billion of net income, had about 12,600 employees, and earned $3.847 billion in 2Q 2026. CEO: Mark Lashier.

Revenue

$132.4B

Founded

1917

Author: CorpDigest Research DeskCompany Research

Recorded annual revenue change

Phillips 66 had $143.2B of annual revenue in FY2024 and $132.4B in FY2025. Revenue fell 7.5% between those fiscal years.

Source for FY2025

Explore Phillips 66 In Depth

Detailed research across every dimension of Phillips 66 — history, financials, leadership, and strategy.

Company History

Phillips 66 is a downstream and midstream company: it does not drill for oil. It processes crude in refineries in the United States and at Humber in the UK, moves and fractionates NGLs, earns equity income from CPChem,…

Full Phillips 66 history →

Revenue & Financials

Phillips 66 had $132.4B in revenue for fiscal year 2025. Data covers 10 fiscal years. Market capitalization stands at approximately $109B.

Phillips 66 financials →

Founders

Phillips 66 was founded by Frank Phillips, L.E. Phillips in 1917. Explore each founder's background, motivations, and their role in building the company.

Phillips 66 founders →

CEO & Leadership

Phillips 66 is currently led by Mark Lashier. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

Phillips 66 CEO history →

Business Model

Phillips 66 earns money in five reported areas. Refining turns crude into gasoline, diesel and jet fuel, and profits depend on crack spreads and utilization.

How Phillips 66 makes money →

Acquisitions

Phillips 66 has completed 6 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

Phillips 66 acquisitions →

Competitive Strategy

Phillips 66 is growing mainly through Midstream NGL infrastructure: the 2025 Coastal Bend (EPIC NGL) acquisition, the Dos Picos II gas plant, the planned Zeus plant and a new Coastal Bend fractionator.

Phillips 66 strategy →

CorpDigest Research Desk

 Research Profile

Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

About the Author →Our Methodology →

Sources & References

All data point citations [1], [2], etc. in the tables above refer to these primary sources.

Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

Primary source: www.sec.gov/Archives/edgar/data/1534701/000153470126000006/p

Editorial Methodology

Company Research

We use company filings, annual reports, company statements and press reports, with primary sources preferred where available. Each financial row shows its recorded source. Full-year figures are separated from annualized run-rates, partial periods and forecasts; unaudited figures carry a label. Source detail varies by company, so check the linked material when the reporting basis matters.

1. Primary Sources

Public companies may provide filings and annual reports. Private-company figures may come from statements or press coverage. A missing figure stays missing, and a source link should identify where its number came from.

2. Expert Curation

We organize company records and review claims for strategic context, source quality and clarity. Pages show a review date where one is recorded.

3. Multi-Pass Audit

Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

Swet Parvadiya
SEC filings & public records methodology
Sourced from public financial records

Frequently Asked Questions About Phillips 66

How does Phillips 66 make money?

Phillips 66 makes money by refining crude oil into fuels, charging fees to gather, process, transport and fractionate natural gas liquids, earning equity income from its 50% stake in Chevron Phillips Chemical, selling branded fuels and lubricants, and producing renewable diesel at Rodeo, California. Refining margins drive most of the swings in profit.

Who owns Phillips 66?

Phillips 66 is a publicly traded company listed on the NYSE as PSX, owned by its shareholders, mostly large institutional investors. Activist investor Elliott Management built a stake of about $2.5 billion and won two board seats in 2025.

Who is the CEO of Phillips 66?

Mark Lashier has been CEO of Phillips 66 since July 2022 and is also chairman. He previously ran Chevron Phillips Chemical. Kevin Mitchell is executive vice president and CFO.

Who are Phillips 66's main competitors?

Its main refining rivals are Marathon Petroleum and Valero, along with the downstream arms of ExxonMobil, Chevron and Shell. In Midstream it competes with Enterprise Products Partners, Energy Transfer and Targa Resources.

What was Phillips 66 revenue in 2025?

Phillips 66 reported FY2025 sales and other operating revenues of $132.376 billion, down 7.5% from $143.153 billion in 2024. Net income attributable to Phillips 66 was $4.403 billion.

How did Phillips 66 perform in the second quarter of 2026?

Phillips 66 reported 2Q 2026 earnings of $3.847 billion, or $9.55 per diluted share, versus $207 million in 1Q 2026. Adjusted EBITDA was $5.891 billion, refining utilization was 96%, and total debt fell by $6.6 billion to $20.6 billion.

What is Chevron Phillips Chemical (CPChem)?

CPChem is a petrochemicals joint venture owned 50/50 by Phillips 66 and Chevron since 2000. It is building the Golden Triangle Polymers project in Orange, Texas, and the Ras Laffan polymers project in Qatar, with full operations expected in 2027.

What is Rodeo Renewed?

Rodeo Renewed is Phillips 66's conversion of its Rodeo, California, refinery into a renewable fuels plant that began commercial operations in 2024 and is designed to make about 50,000 barrels per day of renewable diesel and sustainable aviation fuel.

Are ConocoPhillips and Phillips 66 the same company?

Not anymore. In 2012, ConocoPhillips executed a massive corporate spin-off, splitting into two independent companies: ConocoPhillips (which only does upstream oil extraction) and Phillips 66 (which only handles downstream refining and gas stations).

Who founded Phillips?

The original Phillips Petroleum Company was founded in 1917 by brothers L.E. Phillips and Frank Phillips in Bartlesville, Oklahoma.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.