How does Phillips 66 (PSX) make money?

Phillips 66 (PSX) generates revenue primarily from Consolidation, Eliminations, which accounted for 66.6% of total revenue in TTM through Q1 2026. The company reported $135.77B in revenue and converted 3% of it into net profit, equivalent to roughly $4.12B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Phillips 66 (PSX)?

Phillips 66 (PSX) reported a gross profit margin of 7% in TTM through Q1 2026, equivalent to $9.56B in gross profit on $135.77B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Phillips 66 (PSX)?

Phillips 66 (PSX) reported an operating profit margin of 4.7% in TTM through Q1 2026, equivalent to $6.34B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Phillips 66 (PSX)?

Phillips 66 (PSX) reported a net profit margin of 3% in TTM through Q1 2026, equivalent to $4.12B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Phillips 66 (PSX) profitable?

Yes. Phillips 66 (PSX) reported $4.12B in net income for TTM through Q1 2026, with a net profit margin of 3%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Phillips 66 (PSX) spend on capital expenditures?

Phillips 66 (PSX) spent $2.39B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 1.8% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Phillips 66 (PSX) generate?

Phillips 66 (PSX) generated $119.00M in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 0.1%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Phillips 66 (PSX)?

Phillips 66 (PSX) had an effective tax rate of 16.1% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Phillips 66 (PSX)?

Phillips 66 (PSX) reports revenue across 4 reportable product segments, led by Consolidation, Eliminations at 66.6% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

Where does Phillips 66 (PSX) generate most of its revenue?

UNITED STATES is the largest geographic market for Phillips 66 (PSX), accounting for 78.7% of revenue in the most recent annual filing. The complete regional split — including international markets and any Rest-of-World rollup — is shown in the revenue-by-geography table on this page.

How Phillips 66 Makes Money: 2026 Visual Revenue Map

Phillips 66 (PSX) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 29, 2026).

Phillips 66 (PSX) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Phillips 66 (PSX) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Consolidation, Eliminations	$90.44B	66.6%
Natural Gas Liquids	$22.95B	16.9%
Crude Oil	$20.72B	15.3%
Other Product Line	$1.66B	1.2%
Total	$135.77B	100%

Consolidation, Eliminations$90.44B
Natural Gas Liquids$22.95B
Crude Oil$20.72B
Other Product Line$1.66B
Total$135.77B

Phillips 66 (PSX) Revenue by Geography — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported regions changed mid-year.

Revenue contribution by geographic region for Phillips 66 (PSX), TTM through Q1 2026
Region	Revenue (USD)	% of total
UNITED STATES	$105.89B	78.7%
UNITED KINGDOM	$14.02B	10.4%
Other Geographical Areas	$10.09B	7.5%
GERMANY	$4.48B	3.3%
Total	$134.49B	100%

UNITED STATES
UNITED KINGDOM
Other Geographical Areas
GERMANY
Total

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Phillips 66 (PSX) reports revenue across 4 operating segments; the largest segment was Consolidation, Eliminations at 66.6%, followed by Natural Gas Liquids (16.9%) and Crude Oil (15.3%). Separately, by end-market geography, UNITED STATES accounted for 78.7% of revenue, followed by UNITED KINGDOM (10.4%) and Other Geographical Areas (7.5%).

Frequently asked questions

Data & methodology

Phillips 66 (PSX) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation