Phillips 66
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of Phillips 66 (PSX). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | Q1 2025 | Q2 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| M&S | $19.16B 63.0% | $20.90B 62.7% | $19.54B 60.1% | $31.30B 61.4% |
| Refining | $5.70B 18.7% | $7.11B 21.3% | $7.77B 23.9% | $13.62B 26.7% |
| Midstream | $4.83B 15.9% | $4.53B 13.6% | $4.72B 14.5% | $5.23B 10.3% |
| Renewable Fuels | $728.0M 2.4% | $781.0M 2.3% | $496.0M 1.5% | $849.0M 1.7% |
| Chemicals | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by region
| Segment | Q1 2025 | Q2 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| United States | $24.16B 79.4% | $26.02B 78.1% | $25.79B 79.3% | $41.22B 80.8% |
| United Kingdom | $2.96B 9.7% | $3.39B 10.2% | $3.77B 11.6% | $5.84B 11.5% |
| Other countries | $2.09B 6.9% | $2.60B 7.8% | $2.27B 7.0% | $3.14B 6.2% |
| Germany | $1.22B 4.0% | $1.31B 3.9% | $709.0M 2.2% | $806.0M 1.6% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by product line
| Segment | Q1 2025 | Q2 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Refined petroleum products and renewable fuels | $22.25B 73.1% | $24.21B 72.7% | $24.88B 76.5% | $36.98B 72.5% |
| Crude oil resales | $3.10B 10.2% | $4.15B 12.5% | $4.32B 13.3% | $8.26B 16.2% |
| Natural gas liquids and natural gas | $4.51B 14.8% | $4.08B 12.2% | $4.54B 14.0% | $4.65B 9.1% |
| Services and other | $573.0M 1.9% | $885.0M 2.7% | -$1.20B -3.7% | $1.12B 2.2% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Remaining performance obligations
Remaining performance obligations are the part of the business already sold but not yet delivered and therefore not yet booked as revenue. In subscription and project businesses it points the way earlier than revenue does.
| As of | Remaining performance obligations |
|---|---|
| Q2 2026 | $761.0M |
| Q1 2026 | $819.0M |
| Q4 2025 | $854.0M |
| Q3 2025 | $894.0M |
| Q2 2025 | $927.0M |
| Q1 2025 | $579.0M |
| Q4 2024 | $566.0M |
| Q3 2024 | $341.0M |
Operating metrics
Operating metrics are the figures a company uses to measure its own business — customer counts, stores, deliveries or the churn rate. None of them appear in the financial statements, and they often explain earlier than revenue does why revenue is moving.
| Metric | Q2 2025 | Q3 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Worldwide refining capacity utilization | 98.0% | 99.0% | 95.0% | 96.0% -2.0% |
| Global olefins and polyolefins capacity utilization | 92.0% | 104.0% | 94.0% | 91.0% -1.1% |
These metrics are not part of the financial statements; they sit in the narrative text of the filings. We read them out of the SEC filings using artificial intelligence and check every single figure against the original passage in the report; anything that is not found there verbatim is discarded. Source: SEC EDGAR (annual and quarterly reports, 10-K/10-Q).
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: September 25, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.