Phillips 66 (PSX) Operating Expenses (2011 - 2026)
Phillips 66's (PSX) quarterly Operating Expenses came in at $32.7 billion in Q1 2026, up 5.35% YoY from $31.1 billion in Q1 2025, and little changed on a QoQ basis from $32.9 billion in Q4 2025.
Phillips 66 (PSX) Operating Expenses (2011 - 2026) Analysis & Trends
Phillips 66 (PSX) has 16 years of Operating Expenses data on file, last reported at $32.7 billion in Q1 2026.
- Quarterly Operating Expenses rose 5.35% year-over-year to $32.7 billion in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $132.8 billion (down 4.06% YoY) and the FY2025 annual result came in at $131.1 billion, down 8.18% from the prior year.
- Operating Expenses was little changed at $32.7 billion in Q1 2026, from $32.9 billion in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $45.2 billion in Q2 2022 to a low of $31.1 billion in Q1 2025.
- A 5-year average of $35.8 billion and a median of $35.5 billion in 2024 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2022 — Operating Expenses jumped 64.68% — and 2023, when it fell 25.9%.
- Tracing PSX's Operating Expenses over 5 years: stood at $38.4 billion in 2022, then decreased by 3.6% to $37.0 billion in 2023, then slipped by 8.06% to $34.0 billion in 2024, then retreated by 3.29% to $32.9 billion in 2025, then retreated by 0.42% to $32.7 billion in 2026.
- The last three Operating Expenses figures came in at $32.7 billion (Q1 2026), $32.9 billion (Q4 2025), and $34.8 billion (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Marathon Petroleum | 93.93 Bn | 86.16 Bn | 9.27 Bn | 45.02 Bn |
| 2 | Valero Energy | 93.32 Bn | 85.44 Bn | 5.47 Bn | 233.00 Mn |
| 3 | Phillips 66 | 87.68 Bn | 83.59 Bn | 8.38 Bn | 47.07 Bn |
| 4 | HF Sinclair | 15.29 Bn | 13.03 Bn | 1.57 Bn | 9.22 Bn |
| 5 | Sunoco | 10.01 Bn | 9.24 Bn | 1.46 Bn | 13.68 Bn |
| 6 | PBF Energy | 7.94 Bn | 7.04 Bn | 1.15 Bn | 10.41 Bn |
| 7 | Cosan | 6.62 Bn | 1.51 Bn | 552.94 Mn | 803.77 Mn |
| 8 | Ultrapar Holdings | 6.51 Bn | 4.79 Bn | 603.08 Mn | -124.64 Mn |
| 9 | Icahn Enterprises | 4.98 Bn | 3.01 Bn | 198.00 Mn | 3.36 Bn |
| 10 | Delek US Holdings | 3.74 Bn | 3.11 Bn | 365.10 Mn | 3.78 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 47.07 Bn |
| Mar 31, 2026 | 32.74 Bn |
| Dec 31, 2025 | 32.88 Bn |
| Sep 30, 2025 | 34.78 Bn |
| Jun 30, 2025 | 32.40 Bn |
| Mar 31, 2025 | 31.08 Bn |
| Dec 31, 2024 | 34.00 Bn |
| Sep 30, 2024 | 35.75 Bn |
| Jun 30, 2024 | 37.60 Bn |
| Mar 31, 2024 | 35.47 Bn |
| Dec 31, 2023 | 36.98 Bn |
| Sep 30, 2023 | 37.51 Bn |
| Jun 30, 2023 | 33.50 Bn |
| Mar 31, 2023 | 32.44 Bn |
| Dec 31, 2022 | 38.36 Bn |
| Sep 30, 2022 | 41.61 Bn |
| Jun 30, 2022 | 45.20 Bn |
| Mar 31, 2022 | 35.89 Bn |
| Dec 31, 2021 | 31.94 Bn |
| Sep 30, 2021 | 31.02 Bn |