# Phillips 66 (PSX)

> Source: Nexqual · https://nexqual.com/PSX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Phillips 66 (PSX), nexqual.com/PSX" · informational, not investment advice.

**Price:** USD 284.63 (-1.88% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 290.07 · day 278.08–293 · 52w 127.16–299.39 · market cap $114B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $152B, net income $7.09B (4.7% margin) (SEC filings).
- Valuation: P/E 16.1x (avg 14.4x at the last 3 fiscal year-ends), net debt $16.5B.
- 6 of 80 tracked superinvestors hold PSX (13F, Q2 2026): 0 new, 0 added, 4 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $7.47B; 6 not under a Rule 10b5-1 plan ($32.1M); 2 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $30K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +115.8% vs S&P 500 +14.9%; 5Y +311.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 11.79, revenue estimate $43.2B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $111B | $170B | $147B | $143B | $132B | $152B |
| Gross profit | $9.37B | $20.1B | $19.3B | $13.2B | $16.3B | — |
| Net income | $1.32B | $11.0B | $7.01B | $2.12B | $4.40B | $7.09B |
| EPS (diluted) | $2.97 | $23.27 | $15.48 | $4.99 | $10.79 | — |
| Gross margin | 8.4% | 11.8% | 13.1% | 9.2% | 12.3% | — |
| Net margin | 1.2% | 6.5% | 4.8% | 1.5% | 3.3% | 4.7% |
| Revenue growth | +73.8% | +52.5% | -13.3% | -2.9% | -7.5% | — |
| Cash + short-term investments | $3.15B | $6.13B | $3.32B | $1.74B | $1.12B | — |
| Total debt | $14.4B | $17.2B | $19.4B | $20.1B | $19.7B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.1x · P/S 0.8x · EV/Sales 0.9x · P/B 3.6x · Earnings yield 6.22% · Dividend yield (paid, TTM) 1.74% · Buyback yield (TTM) 1.04% · Net debt $16.5B · EV $131B
P/E at fiscal year-ends: Dec 2025 12.0x, Dec 2024 22.7x, Dec 2023 8.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold PSX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds |  | 2.69% | $19.9M | Reduced -16.5% |
| Bill Nygren | Oakmark Funds | 0.40% | $297M | Reduced -80.8% |
| Tweedy Browne |  | 0.16% | $2.1M | Reduced -0.7% |
| Christopher Bloomstran | Semper Augustus | 0.03% | $249K | Unchanged |
| Mairs & Power | Mairs & Power Funds | 0.01% | $1.1M | Reduced -0.8% |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $440K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-16 | Mandell Brian | Executive Vice President | 23,400 | $6.2M | 27.5% | No | Too little history (no open-market trades in 2024) |
| 2026-08-12 | Harbison Richard G | EVP, Refining | 52,100 | $11.7M | 53% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-10…2026-08-11 | Mandell Brian | Executive Vice President | 33,300 | $7.2M | 35.1% | No | Too little history (no open-market trades in 2024) |
| 2026-08-10 | Davis Lisa Ann | Director | 1,515 | $315K | 17.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07…2026-08-10 | Kluppel Ann M | SVP and Controller | 7,834 | $1.7M | 21.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-20…2026-07-21 | Sutherland Vanessa Allen | EVP, GC and Secretary | 4,086 | $7.44B | 12.9% | Yes (adopted March 17, 2026) | Too little history (no open-market trades in 2024) |
| 2026-07-09 | Mitchell Kevin J | Exec. VP and CFO | 11,021 | $2.1M | 10.2% | Yes (adopted November 21, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-08…2026-05-11 | Mitchell Kevin J | Exec. VP and CFO | 30,000 | $5.1M | 23.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $30K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-06 | Meyers Kevin Omar | Director | 175 | $30K | 173.13 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | TD Cowen | Target raised | Buy | $295 → $308 |
| 2026-10-14 | Wells Fargo | Target raised | Overweight | $335 → $345 |
| 2026-10-13 | Citigroup | Target raised | Neutral | $217 → $297 |
| 2026-10-12 | Barclays | Target raised | Equal-Weight | $216 → $282 |
| 2026-10-12 | Evercore ISI Group | Target raised | Outperform | $220 → $250 |
| 2026-10-08 | Mizuho | Downgrade | Outperform → Neutral | $220 → $300 |
| 2026-10-01 | Goldman Sachs | Target raised | Neutral | $245 → $274 |
| 2026-09-30 | TD Cowen | Target raised | Buy | $255 → $295 |
| 2026-09-17 | BMO Capital | Target raised | Outperform | $260 → $310 |
| 2026-09-14 | Raymond James | Target raised | Outperform | $240 → $300 |
| 2026-09-14 | Morgan Stanley | Target raised | Overweight | $196 → $284 |
| 2026-09-08 | UBS | Target raised | Buy | $235 → $300 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +115.8% | +311.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +116.4% | +32.6% |
| Volatility (annualized) | 31.5% | 34.7% |
| Max drawdown | -17.3% (Mar 2026→Apr 2026) | -41.0% (Apr 2024→Apr 2025) |

## Peers (Oil & Gas Refining & Marketing)
VLO (Valero Energy Corporation) USD 426.28 -2.40% · MPC (Marathon Petroleum Corporation) USD 459.28 -1.86% · DINO (HF Sinclair Corporation) USD 122.32 -2.59% · PBF (PBF Energy Inc.) USD 79.25 -2.81% · UGP (Ultrapar Participacoes S.A. (Ne) USD 7.8 -2.13% · CVI (CVR Energy Inc.) USD 58.63 -3.46%

## More
Full page: https://nexqual.com/PSX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PSX's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/1534701/000153470126000006/psx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Excel Paralubes | "Other products produced include off-road diesel, home heating oil, gas oil and hydrogen feedstock for our Excel Paralubes LLC (Excel Paralubes) joint venture in our M&S segment, and high-quality specialty graphite and fu…" |
| Partner | CENOVUS ENERGY INC. (CVE) | "On October 1, 2025, we acquired the remaining 50% equity interest in WRB Refining LP (WRB), a joint venture that owned the Wood River and Borger refineries, from subsidiaries of Cenovus Energy Inc. (Cenovus)." |
| Partner | Mineraloelraffinerie Oberrhein | "* Mineraloelraffinerie Oberrhein GmbH, joint venture in which we own an 18.75% interest." |
| Partner | Coop Mineraloel | "On January 31, 2025, we sold our 49% ownership interest in Coop Mineraloel AG, a joint venture that markets refined petroleum products in Switzerland." |
| Partner | Chevron (CVX) | "For example, Phillips 66's agreement with Chevron Corporation (Chevron) regarding CPChem permits Chevron to buy Phillips 66's 50% interest in CPChem for fair market value if Phillips 66 experiences a change in control or…" |
| Partner | DCP Midstream | "Prior to the DCP Midstream Merger, we and Enbridge each held a 50% interest and jointly governed DCP Midstream, whose primary assets are its general partner and limited partner interests in DCP Midstream, LP (DCP LP), an…" |
| Partner | ENBRIDGE INC (ENB) | "Prior to the DCP Midstream Merger, we and Enbridge each held a 50% interest and jointly governed DCP Midstream, whose primary assets are its general partner and limited partner interests in DCP Midstream, LP (DCP LP), an…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| M&S | $31.30B | 61.4% | +49.8% |
| Refining | $13.62B | 26.7% | +91.7% |
| Midstream | $5.23B | 10.3% | +15.5% |
| Renewable Fuels | $849.0M | 1.7% | +8.7% |
| Total revenue | $51.00B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Refined petroleum products and renewable fuels | $36.98B | 72.5% | +52.7% |
| Crude oil resales | $8.26B | 16.2% | +99.0% |
| Natural gas liquids and natural gas | $4.65B | 9.1% | +14.1% |
| Services and other | $1.12B | 2.2% | +26.1% |
| Total revenue | $51.00B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $41.22B | 80.8% | +58.4% |
| United Kingdom | $5.84B | 11.5% | +72.4% |
| Other countries | $3.14B | 6.2% | +20.6% |
| Germany | $806.0M | 1.6% | -38.4% |
| Total revenue | $51.00B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $11.79 | $8.05 | +46.4% | $43.23B | 18 |
| Next quarter (ends 2026-12-31) | $10.65 | $4.93 | +115.8% | $44.64B | 18 |
| Current fiscal year (ends 2026-12-31) | $32.60 | $20.92 | +55.8% | $172.17B | 16 |
| Next fiscal year (ends 2027-12-31) | $30.35 | $18.86 | +60.9% | $155.69B | 19 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-28): ±6.1%; last 8 reports averaged ±2.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 51.4% | ±6.1% |
| 2026-11-06 | 14 | 45.5% | ±7.4% |
| 2026-11-13 | 21 | 45.4% | ±8.9% |
| 2026-11-20 | 28 | 44.5% | ±10.1% |
| 2026-11-27 | 35 | 43.8% | ±11.0% |
| 2026-12-04 | 42 | 43.9% | ±12.0% |
| 2026-12-18 | 56 | 44.2% | ±13.8% |
| 2027-01-15 | 84 | 42.0% | ±16.0% |