Forensic Analysis · Refining & Downstream · as of Nov 10, 2026

Phillips 66 (PSX)

A forensic read on Phillips 66 built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Clean

Earnings quality

Forensic signals

15.6%

ROE

-7.5%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Phillips 66 earns a B (Sound & dependable) forensic quality grade. 1 forensic signal was flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

115% of FCF

FY2025

Shareholder returns. Returned $3.1B to shareholders (buybacks + dividends) in FY2025 — 115% of free cash flow, but 63% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep. Counting the $220M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 123%.

Key fundamentals

Latest Revenue$132.38B

Revenue Growth YoY-7.5%

Revenue CAGR (2yr)-5.2%

Net Margin3.3%

Free Cash Flow$2.73B

Return on Equity15.6%

Debt / Equity0.68x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.