Phillips 66

Name: Phillips 66 financial statements and ratios
Creator: Annalist

PSX · NYSE · Energy, refining and marketing · United States · US GAAP · Fiscal year ends December

Latest report: Q3 FY2026, the quarter ended 30 September 2026, released 28 October 2026. Snapshot FY2026Q3_2132d5a0.

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Overview

Revenue, quarter

+46.4% year on year

Pre-tax income, quarter

n/a

Net income, quarter

+4,123% year on year

Diluted EPS, quarter

+4,300% year on year

Pre-tax margin, last 4 quarters

n/a

Return on equity, last 4 quarters

+35.7pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 September 2026 was US$50.5 billion, 46.4% higher than in the same quarter a year earlier.
Weakenedin Q3 FY2026 · stated since Q4 FY202546.4% from 53.1% in Q2 FY2026
Rule: Revenue against a year earlier · Sources 10-Q 2026-09
History of this finding, 10 records
1. Q3 FY2026 WeakenedRevenue for the quarter ended 30 September 2026 was US$50.5 billion, 46.4% higher than in the same quarter a year earlier.Recorded from FY2026Q3_2132d5a0 · data update
2. Q2 FY2026 StrengthenedRevenue for the quarter ended 30 June 2026 was US$51.0 billion, 53.1% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q1 FY2026 StrengthenedRevenue for the quarter ended 31 March 2026 was US$32.5 billion, 6.9% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q4 FY2025 NewRevenue for the quarter ended 31 December 2025 was US$34.1 billion, 1.3% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q4 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
6. Q3 FY2025 WeakenedRevenue for the quarter ended 30 September 2025 was US$34.5 billion, 2.9% lower than in the same quarter a year earlier.Reconstructed · data update
7. Q2 FY2025 WeakenedRevenue for the quarter ended 30 June 2025 was US$33.3 billion, 12.6% lower than in the same quarter a year earlier.Reconstructed · data update
8. Q1 FY2025 StrengthenedRevenue for the quarter ended 31 March 2025 was US$30.4 billion, 15.0% lower than in the same quarter a year earlier.Reconstructed · data update
9. Q4 FY2024 StrengthenedRevenue for the quarter ended 31 December 2024 was US$33.7 billion, 12.0% lower than in the same quarter a year earlier.Reconstructed · data update
10. Q3 FY2024 NewRevenue for the quarter ended 30 September 2024 was US$35.5 billion, 10.4% lower than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$5.6 billion, 4,122.6% higher than in the same quarter a year earlier.
Strengthenedin Q3 FY2026 · stated since Q2 FY20264,123% from 339% in Q2 FY2026
Rule: Net income against a year earlier · Sources 10-Q 2026-09
History of this finding, 12 records
1. Q3 FY2026 StrengthenedNet income attributable to the company was US$5.6 billion, 4,122.6% higher than in the same quarter a year earlier.Recorded from FY2026Q3_2132d5a0 · data update
2. Q2 FY2026 NewNet income attributable to the company was US$3.8 billion, 338.7% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q2 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. Q1 FY2026 NewNet income attributable to the company was US$207 million, 57.5% lower than in the same quarter a year earlier.Reconstructed · data update
5. Q1 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
6. Q4 FY2025 NewNet income attributable to the company was US$2.9 billion, 36,225.0% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q4 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
8. Q3 FY2025 StrengthenedNet income attributable to the company was US$133 million, 61.6% lower than in the same quarter a year earlier.Reconstructed · data update
9. Q2 FY2025 WeakenedNet income attributable to the company was US$877 million, 13.6% lower than in the same quarter a year earlier.Reconstructed · data update
10. Q1 FY2025 WeakenedNet income attributable to the company was US$487 million, 34.9% lower than in the same quarter a year earlier.Reconstructed · data update
11. Q4 FY2024 StrengthenedNet income attributable to the company was US$8 million, 99.4% lower than in the same quarter a year earlier.Reconstructed · data update
12. Q3 FY2024 NewNet income attributable to the company was US$346 million, 83.5% lower than in the same quarter a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 41.1%, against 5.4% a year earlier.
Strengthenedin Q3 FY2026 · stated since Q4 FY2025
Rule: Return on equity against a year earlier · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 3 more
History of this finding, 10 records
1. Q3 FY2026 StrengthenedReturn on equity over the last 4 quarters was 41.1%, against 5.4% a year earlier.Recorded from FY2026Q3_2132d5a0 · data update
2. Q2 FY2026 StrengthenedReturn on equity over the last 4 quarters was 24.0%, against 6.0% a year earlier.Reconstructed · data update
3. Q1 FY2026 ConfirmedReturn on equity over the last 4 quarters was 14.8%, against 6.5% a year earlier.Reconstructed · data update
4. Q4 FY2025 NewReturn on equity over the last 4 quarters was 15.6%, against 7.3% a year earlier.Reconstructed · data update
5. Q4 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
6. Q3 FY2025 WeakenedReturn on equity over the last 4 quarters was 5.4%, against 11.3% a year earlier.Reconstructed · data update
7. Q2 FY2025 WeakenedReturn on equity over the last 4 quarters was 6.0%, against 17.3% a year earlier.Reconstructed · data update
8. Q1 FY2025 WeakenedReturn on equity over the last 4 quarters was 6.5%, against 19.3% a year earlier.Reconstructed · data update
9. Q4 FY2024 StrengthenedReturn on equity over the last 4 quarters was 7.3%, against 23.4% a year earlier.Reconstructed · data update
10. Q3 FY2024 NewReturn on equity over the last 4 quarters was 11.3%, against 25.9% a year earlier.Reconstructed · initial
Net debt was US$12.7 billion at 30 September 2026.
Weakenedin Q3 FY2026 · stated since Q3 FY2024
Rule: Net debt or net cash · Sources 10-Q 2026-09
History of this finding, 9 records
1. Q3 FY2026 WeakenedNet debt was US$12.7 billion at 30 September 2026.Recorded from FY2026Q3_2132d5a0 · data update
2. Q2 FY2026 WeakenedNet debt was US$16.5 billion at 30 June 2026.Reconstructed · data update
3. Q1 FY2026 StrengthenedNet debt was US$22.0 billion at 31 March 2026.Reconstructed · data update
4. Q4 FY2025 WeakenedNet debt was US$18.6 billion at 31 December 2025.Reconstructed · data update
5. Q3 FY2025 ConfirmedNet debt was US$19.9 billion at 30 September 2025.Reconstructed · data update
6. Q2 FY2025 StrengthenedNet debt was US$19.9 billion at 30 June 2025.Reconstructed · data update
7. Q1 FY2025 WeakenedNet debt was US$17.3 billion at 31 March 2025.Reconstructed · data update
8. Q4 FY2024 ConfirmedNet debt was US$18.3 billion at 31 December 2024.Reconstructed · data update
9. Q3 FY2024 NewNet debt was US$18.4 billion at 30 September 2024.Reconstructed · initial

Records before Q3 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents27 documents, latest Form 10-Q, period ended 30 September 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026Q3_2132d5a0

Corporate Events

No corporate event found in the filings since 2020.

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Income Before Income Taxes

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q3 FY2026

Form 10-Q, period ended 30 September 2026, filed 28 October 2026. Changes are against the previous report, and each figure shows its period.

5changes0thresholds crossed

Changes in This Report 5

WeakenedRevenue Against a Year Earlier10-Q 2026-09
Revenue for the quarter ended 30 September 2026 was US$50.5 billion, 46.4% higher than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Revenue for the quarter ended 30 June 2026 was US$51.0 billion, 53.1% higher than in the same quarter a year earlier.
StrengthenedNet Income Against a Year Earlier10-Q 2026-09
Net income attributable to the company was US$5.6 billion, 4,122.6% higher than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Net income attributable to the company was US$3.8 billion, 338.7% higher than in the same quarter a year earlier.
StrengthenedReturn on Equity Against a Year Earlier10-Q 2026-09
Return on equity over the last 4 quarters was 41.1%, against 5.4% a year earlier.
Earlier record, Q2 FY2026
Return on equity over the last 4 quarters was 24.0%, against 6.0% a year earlier.
WeakenedNet Debt or Net Cash10-Q 2026-09
Net debt was US$12.7 billion at 30 September 2026.
Earlier record, Q2 FY2026
Net debt was US$16.5 billion at 30 June 2026.

1 more change

StrengthenedCash Backing of Earnings10-Q 2026-09
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.0% of average total assets.
Earlier record, Q2 FY2026
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.3% of average total assets.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities						est.
Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt						est.
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt						est.

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Total debt	$14.4bn	$17.2bn	$19.4bn	$20.1bn	$19.7bn	$18.5bn
Operating lease liabilities	$1.1bn	$1.0bn	$1.2bn	$1.4bn	$1.9bn	$1.9bn
Lease-adjusted debt	$15.5bn	$18.2bn	$20.5bn	$21.4bn	$21.6bn	$20.4bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
Operating lease cost is reported in the annual report only. Over the last 4 quarters, the lease figures that the quarters do not report are estimated from the latest fiscal year, and every value computed with such an estimate is marked.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Debt Maturities at 31 December 2025

Principal due by fiscal year, US dollars

FY2026	FY2027	FY2028	FY2029	FY2030	After FY2030	Total
$1.0bn	$1.3bn	$1.3bn	$1.2bn	$1.2bn	n/a	n/a

The report gives no amount for After FY2030, so the schedule has no total.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings
Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule						n/a

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −3.0% · Q3 FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.0% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin Q3 FY2026 · stated since Q2 FY2026−3.0% from −2.3% in Q2 FY2026
Rule: Cash backing of earnings · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 2 more
History of this finding, 11 records
1. Q3 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.0% of average total assets.Recorded from FY2026Q3_2132d5a0 · data update
2. Q2 FY2026 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.3% of average total assets.Reconstructed · data update
3. Q2 FY2026 RetiredThe finding changed to earnings backed by cash.Reconstructed · data update
4. Q1 FY2026 NewNet income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 2.1% of average total assets.Reconstructed · data update
5. Q1 FY2026 RetiredThe finding changed to earnings led by accruals.Reconstructed · data update
6. Q4 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 0.8% of average total assets.Reconstructed · data update
7. Q3 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.5% of average total assets.Reconstructed · data update
8. Q2 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.2% of average total assets.Reconstructed · data update
9. Q1 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.7% of average total assets.Reconstructed · data update
10. Q4 FY2024 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.8% of average total assets.Reconstructed · data update
11. Q3 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.4% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 1.57, Beneish −2.80 · Piotroski 6 of 9 · FY2020

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2020 was 1.57, between the distress threshold of 1.10 and the safe threshold of 2.60.
Interpretation. By this model, the company is between the 2 groups of its original study: below 1.10 the profile resembles companies that went bankrupt, above 2.60 companies that did not. Large share buybacks lower book equity and so lower the score.
Newin FY2020 · first stated
Rule: Altman Z'' zone · Sources 10-K 2021-12, 10-K 2022-12, 10-K 2020-12
History of this finding, 1 record
1. FY2020 NewThe Altman Z'' score for fiscal 2020 was 1.57, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 2.80, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Strengthenedin FY2025 · stated since FY2023−2.80 from −2.49 in FY2024
Rule: Beneish M-score against its threshold · Sources 10-K 2025-12, 10-Q 2026-09
History of this finding, 3 records
1. FY2025 StrengthenedThe Beneish M-score for fiscal 2025 was minus 2.80, below the model threshold of minus 1.78.Reconstructed · data update
2. FY2024 ConfirmedThe Beneish M-score for fiscal 2024 was minus 2.49, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.52, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were long-term debt to assets lower than a year earlier, no common equity issued and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Newin FY2025 · first stated
Rule: Piotroski F-score · Sources 10-K 2024-12, 10-K 2025-12, 10-Q 2026-09
History of this finding, 5 records
1. FY2025 NewThe Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were long-term debt to assets lower than a year earlier, no common equity issued and asset turnover higher than a year earlier.Reconstructed · data update
2. Q4 FY2025 RetiredThe finding changed to a middle score.Reconstructed · data update
3. FY2024 NewThe Piotroski F-score for fiscal 2024 was 3 of 9. The 6 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, current ratio higher than a year earlier, no common equity issued, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
4. Q4 FY2024 RetiredThe finding changed to a low score.Reconstructed · data update
5. FY2023 NewThe Piotroski F-score for fiscal 2023 was 5 of 9. The 4 signals not met were return on assets higher than a year earlier, current ratio higher than a year earlier, no common equity issued and asset turnover higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a

Altman Z'' Score

fiscal 2020

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

1.57Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 1.57 is in the grey zone of the model, between 1.10 and 2.60. The largest part is retained earnings, at 0.98; an operating loss lowers the score by 0.55.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.069	6.560	0.451
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.302	3.260	0.983
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	−0.082	6.720	−0.548
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.648	1.050	0.681
Score			1.566

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.80Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.80 is below the model threshold of minus 1.78.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	0.958	0.920	0.881
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	0.749	0.528	0.396
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.879	0.404	0.355
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	0.925	0.892	0.825
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	0.818	0.115	0.094
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	0.937	−0.172	−0.161
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.008	4.679	−0.035
Leverage indexDebt against total assets, against a year earlier.	0.946	−0.327	−0.309
Score			−2.795

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.66 means a probability of a misstatement 0.66 times the average rate in the Dechow sample: 0.25% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.033	0.790	0.026
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.017	2.518	−0.043
Change in inventories / average total assetsThe growth of stock against average assets.	0.015	1.191	0.018
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.454	1.979	0.899
Change in cash salesThe growth of sales collected in cash.	−0.071	0.171	−0.012
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.032	−0.932	−0.029
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	1.000	1.029	1.029
Predicted value			−6.006
Probability of a misstatement			0.25%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

6 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Not met	Not met
Current ratio higher than a year earlier	Met	Not met
No common equity issued	Not met	Not met
Margin higher than a year earlier	Met	Not met
Asset turnover higher than a year earlier	Not met	Not met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 September 2026	28 Oct 2026	10-Q:0001534701-26-000037
Form 10-Q, period ended 30 June 2026	5 Aug 2026	10-Q:0001534701-26-000032
Form 10-Q, period ended 31 March 2026	29 Apr 2026	10-Q:0001534701-26-000022
Form 10-K, period ended 31 December 2025	20 Feb 2026	10-K:0001534701-26-000006
Form 10-Q, period ended 30 September 2025	29 Oct 2025	10-Q:0001534701-25-000155
Form 10-Q, period ended 30 June 2025	28 Jul 2025	10-Q:0001534701-25-000137
Form 10-Q, period ended 31 March 2025	25 Apr 2025	10-Q:0001534701-25-000094
Form 10-K, period ended 31 December 2024	21 Feb 2025	10-K:0001534701-25-000074
Form 10-Q, period ended 30 September 2024	29 Oct 2024	10-Q:0001534701-24-000166
Form 10-Q, period ended 30 June 2024	31 Jul 2024	10-Q:0001534701-24-000132
Form 10-Q, period ended 31 March 2024	29 Apr 2024	10-Q:0001534701-24-000104
Form 10-K, period ended 31 December 2023	21 Feb 2024	10-K:0001534701-24-000078
Form 10-Q, period ended 30 September 2023	3 Nov 2023	10-Q:0001534701-23-000148
Form 10-Q, period ended 30 June 2023	4 Aug 2023	10-Q:0001534701-23-000123
Form 10-Q, period ended 31 March 2023	4 May 2023	10-Q:0001534701-23-000080
Form 10-K, period ended 31 December 2022	22 Feb 2023	10-K:0001534701-23-000053
Form 10-Q, period ended 30 September 2022	9 Nov 2022	10-Q:0001534701-22-000185
Form 10-Q, period ended 30 June 2022	29 Jul 2022	10-Q:0001534701-22-000143
Form 10-Q, period ended 31 March 2022	29 Apr 2022	10-Q:0001534701-22-000103
Form 10-K, period ended 31 December 2021	18 Feb 2022	10-K:0001534701-22-000078
Form 10-Q, period ended 30 September 2021	29 Oct 2021	10-Q:0001534701-21-000209
Form 10-Q, period ended 30 June 2021	3 Aug 2021	10-Q:0001534701-21-000150
Form 10-Q, period ended 31 March 2021	30 Apr 2021	10-Q:0001534701-21-000106
Form 10-K, period ended 31 December 2020	24 Feb 2021	10-K:0001534701-21-000074
Form 10-Q, period ended 30 September 2020	30 Oct 2020	10-Q:0001534701-20-000154
Form 10-Q, period ended 30 June 2020	31 Jul 2020	10-Q:0001534701-20-000120
Form 10-Q, period ended 31 March 2020	1 May 2020	10-Q:0001534701-20-000085

Checks

297287 of 297 checks passed, 10 warnings

Fiscal calendar70 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year125 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level.

Reported quarters0 of 1 passedA quarter that a filing reports on its own agrees with the figures of the same filing. Checked at warning level.

Depreciation and amortisation, Q4 FY2021: $155m against $524m

Withheld values3 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Proceeds from issuance of long-term debt, Q3 FY2021: withheld, negative where the item cannot be negative

Proceeds from issuance of long-term debt, Q2 FY2024: withheld, negative where the item cannot be negative

Proceeds from issuance of long-term debt, Q2 FY2026: withheld, negative where the item cannot be negative

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity27 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Balance sheet structure27 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

Lease liabilities6 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Debt maturities0 of 6 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.

31 Dec 2020: $6,755m against $15,893m

31 Dec 2021: $5,326m against $14,448m

31 Dec 2022: $5,192m against $17,190m

31 Dec 2023: $8,323m against $19,359m

31 Dec 2024: $7,230m against $20,062m

31 Dec 2025: $6,048m against $19,716m

Quarters and 9 months14 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Interest and debt6 passedInterest expense of a fiscal year is between 0.5% and 15% of the average total debt at its opening and closing dates, so that the debt captured carries the interest reported. Checked at warning level.

Primary statements5 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,447
Confirmed by other figures	51.1%, 739 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	19.1%, 277 values
Values withheld	3
Restated figures tracked	0
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Phillips 66, snapshot phillips-66/FY2026Q3_2132d5a0 (as of FY2026 Q3); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q3_2132d5a0 · dataset SHA-256 2132d5a059c9dee501f09d9ac37f302997017d3620aaade128a41df542263efc · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json