Phillips 66 (PSX) Cash Flow Statement
Where PSX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.96B +18.4% vs 2024
- Capital expenditures
- $2.23B 1.7% of revenue
- Free cash flow
- $2.73B 2.1% margin
- Returned to shareholders
- $3.13B 115% of free cash flow
- Change in cash
- −$622.0M cash at year-end $1.12B
Drawn to scale: where the cash came from and how it was used. Hover for values.
PSX operating cash flow, capex and free cash flow
PSX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.96B2016 | $4.96B2025 | +5.9%/yr | |
| Capital expenditures | $2.84B2016 | $2.23B2025 | −2.7%/yr | |
| Free cash flow | $119.0M2016 | $2.73B2025 | +41.6%/yr | |
| Free cash flow margin | 0.2%2016 | 2.1%2025 | +1.9 pts | |
| Operating cash flow / net income | 1.912016 | 1.102025 | −0.82 | |
| Stock-based compensation | $156.0M2016 | $297.0M2023 | +9.6%/yr | |
| Dividends paid | $1.28B2016 | $1.92B2025 | +4.6%/yr | |
| Share buybacks (net) | $1.05B2016 | $1.21B2025 | +1.5%/yr | |
| Capex / revenue | 4.0%2016 | 1.7%2025 | −2.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PSX cash flow by activity
PSX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PSX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.53B | $2.11B | $7.00B | $11.39B | $1.59B | −$3.71B | $3.38B | $5.59B | $5.10B | $1.55B |
| Depreciation & amortization | $3.25B | $2.40B | $2.01B | $1.63B | $1.60B | $1.40B | $1.34B | $1.38B | $1.34B | $1.19B |
| Stock-based compensation | — | — | $297.0M | $210.0M | $998.0M | $4.48B | $698.0M | $100.0M | $142.0M | $156.0M |
| Change in working capital | −$1.18B | −$615.0M | −$1.81B | $68.0M | $2.12B | −$326.0M | −$830.0M | −$273.0M | $62.0M | $501.0M |
| Other non-cash items | −$1.64B | $296.0M | −$463.0M | −$2.48B | −$299.0M | $278.0M | $222.0M | $778.0M | −$3.00B | −$432.0M |
| Cash from operating activities | $4.96B | $4.19B | $7.03B | $10.81B | $6.02B | $2.11B | $4.81B | $7.57B | $3.65B | $2.96B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.23B | −$1.86B | −$2.42B | −$2.19B | −$1.86B | −$2.92B | −$3.87B | −$2.64B | −$1.83B | −$2.84B |
| Investments (net) | — | −$2.46B | −$1.79B | $712.0M | $267.0M | −$80.0M | −$3.0M | $1.0M | $10.0M | $432.0M |
| Acquisitions & other investing | $268.0M | $1.86B | −$1.65B | −$6.0M | −$279.0M | −$79.0M | $188.0M | $167.0M | $358.0M | −$746.0M |
| Cash from investing activities | −$1.97B | −$2.46B | −$5.86B | −$1.49B | −$1.87B | −$3.08B | −$3.69B | −$2.47B | −$1.46B | −$3.16B |
| Financing activities | ||||||||||
| Dividends paid | −$1.92B | −$1.88B | −$1.88B | −$1.79B | −$1.58B | −$1.57B | −$1.57B | −$1.44B | −$1.40B | −$1.28B |
| Share repurchases & issuance (net) | −$1.21B | −$3.45B | −$4.01B | −$1.51B | $1.44B | −$443.0M | −$1.65B | −$4.64B | −$1.59B | −$1.05B |
| Net borrowing (repayment) | −$379.0M | $2.13B | $2.01B | −$2.43B | −$1.51B | $4.13B | $1.78B | $2.18B | $3.51B | $2.09B |
| Shares issued | $107.0M | $86.0M | $123.0M | $103.0M | $26.0M | $10.0M | $205.0M | $167.0M | $0 | $0 |
| Other financing | −$268.0M | −$190.0M | −$260.0M | −$755.0M | −$1.84B | −$328.0M | −$1.28B | −$1.44B | −$2.63B | $68.0M |
| Cash from financing activities | −$3.67B | −$3.31B | −$4.03B | −$6.39B | −$3.47B | $1.79B | −$2.51B | −$5.17B | −$2.11B | −$178.0M |
| Summary | ||||||||||
| Net change in cash | −$622.0M | −$1.58B | −$2.81B | $2.99B | $633.0M | $900.0M | −$1.41B | −$100.0M | $408.0M | −$363.0M |
| Cash at end of period | $1.12B | $1.74B | $3.32B | $6.13B | $3.15B | $2.51B | $1.61B | $3.02B | $3.12B | $2.71B |
| Free cash flow | $2.73B | $2.33B | $4.61B | $8.62B | $4.16B | −$809.0M | $935.0M | $4.93B | $1.82B | $119.0M |
| Free cash flow margin | 2.1% | 1.6% | 3.1% | 5.1% | 3.7% | −1.3% | 0.9% | 4.4% | 2.0% | 0.2% |
| Capex / revenue | 1.7% | 1.3% | 1.6% | 1.3% | 1.7% | 4.6% | 3.6% | 2.4% | 2.0% | 4.0% |
| Operating cash flow / net income | 1.10 | 1.99 | 1.00 | 0.95 | 3.77 | — | 1.42 | 1.35 | 0.72 | 1.91 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.89B | $207.0M | $2.93B | $167.0M | $908.0M | $526.0M | $6.0M | $343.0M | $1.01B | $746.0M | $1.26B | $2.14B |
| Depreciation & amortization | $585.0M | $558.0M | $818.0M | $826.0M | $816.0M | $791.0M | $832.0M | $551.0M | $507.0M | $513.0M | $528.0M | $488.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $297.0M | −$292.0M |
| Change in working capital | $2.94B | −$2.96B | $708.0M | −$742.0M | −$1.07B | −$72.0M | $297.0M | −$381.0M | $916.0M | −$1.45B | $207.0M | $286.0M |
| Other non-cash items | −$159.0M | −$66.0M | −$1.70B | $927.0M | $196.0M | −$1.06B | $63.0M | $619.0M | −$338.0M | −$48.0M | −$99.0M | $60.0M |
| Cash from operating activities | $7.26B | −$2.26B | $2.75B | $1.18B | $845.0M | $187.0M | $1.20B | $1.13B | $2.10B | −$236.0M | $2.19B | $2.69B |
| Investing activities | ||||||||||||
| Capital expenditures | −$726.0M | −$582.0M | −$682.0M | −$541.0M | −$587.0M | −$423.0M | −$506.0M | −$358.0M | −$367.0M | −$628.0M | −$634.0M | −$855.0M |
| Investments (net) | — | — | — | −$487.0M | −$2.73B | $1.59B | −$345.0M | −$1.78B | $327.0M | −$665.0M | −$608.0M | −$485.0M |
| Acquisitions & other investing | −$12.0M | −$24.0M | $347.0M | $541.0M | $587.0M | $423.0M | $506.0M | $358.0M | $367.0M | $628.0M | $524.0M | $158.0M |
| Cash from investing activities | −$738.0M | −$606.0M | −$335.0M | −$487.0M | −$2.73B | $1.59B | −$345.0M | −$1.78B | $327.0M | −$665.0M | −$718.0M | −$1.18B |
| Financing activities | ||||||||||||
| Dividends paid | −$508.0M | −$509.0M | −$482.0M | −$484.0M | −$487.0M | −$469.0M | −$472.0M | −$477.0M | −$485.0M | −$448.0M | −$457.0M | −$465.0M |
| Share repurchases & issuance (net) | −$379.0M | −$269.0M | −$274.0M | −$267.0M | −$419.0M | −$247.0M | −$647.0M | −$800.0M | −$840.0M | −$1.16B | −$1.15B | −$752.0M |
| Net borrowing (repayment) | −$6.68B | $7.66B | −$2.34B | $838.0M | $2.41B | −$1.29B | $423.0M | $1.11B | — | — | — | −$488.0M |
| Shares issued | $17.0M | $84.0M | $14.0M | $68.0M | $2.0M | $23.0M | $4.0M | $18.0M | $14.0M | $50.0M | $20.0M | $91.0M |
| Other financing | −$1.0M | −$50.0M | −$175.0M | −$43.0M | $19.0M | −$69.0M | −$32.0M | −$43.0M | −$232.0M | $716.0M | −$125.0M | −$43.0M |
| Cash from financing activities | −$7.55B | $6.92B | −$3.26B | $112.0M | $1.53B | −$2.05B | −$724.0M | −$192.0M | −$1.54B | −$846.0M | −$1.72B | −$1.66B |
| Summary | ||||||||||||
| Net change in cash | −$1.05B | $4.03B | −$834.0M | $806.0M | −$345.0M | −$249.0M | $101.0M | −$807.0M | $874.0M | −$1.75B | −$216.0M | $510.0M |
| Cash at end of period | $4.10B | $5.15B | $1.12B | $1.95B | $1.14B | $1.49B | $1.74B | $1.64B | $2.44B | $1.57B | $3.32B | $3.54B |
| Free cash flow | $6.53B | −$2.85B | $2.07B | $637.0M | $258.0M | −$236.0M | $692.0M | $774.0M | $1.73B | −$864.0M | $1.56B | $1.83B |
| Free cash flow margin | 12.8% | −8.4% | 6.1% | 1.8% | 0.8% | −0.8% | 2.1% | 2.2% | 4.5% | −2.4% | 4.1% | 4.6% |
| Capex / revenue | 1.4% | 1.7% | 2.0% | 1.6% | 1.8% | 1.4% | 1.5% | 1.0% | 1.0% | 1.7% | 1.7% | 2.1% |
| Operating cash flow / net income | 1.87 | −10.94 | 0.94 | 7.05 | 0.93 | 0.36 | 199.67 | 3.30 | 2.07 | −0.32 | 1.74 | 1.25 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PSX cash generation
In fiscal 2025 (ended December 31, 2025), Phillips 66 generated $5.0 billion of cash from operations (up 18.4%) and spent $2.2 billion on capital expenditures, leaving free cash flow of $2.7 billion, 2.1% of revenue. It returned $3.1 billion to shareholders through dividends ($1.9 billion) and net share buybacks ($1.2 billion). Cash and equivalents fell by $622.0 million over the year.
Related: PSX income statement, PSX balance sheet, PSX dividend history. See the PSX stock overview for the latest quote and news.
PSX cash flow FAQ
What is Phillips 66's free cash flow?
Phillips 66's free cash flow was $2.7 billion in fiscal 2025: $5.0 billion of operating cash flow minus $2.2 billion of capital expenditures It was $2.3 billion a year earlier..
How much cash does Phillips 66 generate from operations?
Phillips 66 generated $5.0 billion of cash from operating activities in fiscal 2025, 1.10 times its net income of $4.5 billion.
How much does Phillips 66 spend on capital expenditures?
Phillips 66 spent $2.2 billion on capital expenditures in fiscal 2025, 1.7% of revenue, compared with $1.9 billion the year before.
How much stock does Phillips 66 buy back?
Phillips 66 spent $1.2 billion on net share repurchases in fiscal 2025.
How much does Phillips 66 pay in dividends?
Phillips 66 paid $1.9 billion in dividends in fiscal 2025, 70.4% of free cash flow.