Phillips 66 (PSX) Operating Expenses (2011 - 2026)

Phillips 66 has reported Operating Expenses for 16 years, with the latest figure at $32.7 billion in Q1 2026.

• For the quarter ending Q1 2026, Operating Expenses rose 5.35% year-over-year to $32.7 billion; the trailing twelve-month figure through Mar 2026 stood at $132.8 billion (down 4.06% YoY), and the FY2025 full-year result was $131.1 billion, down 8.18% from the prior year.
• Operating Expenses for Q1 2026 stood at $32.7 billion, roughly flat from $32.9 billion in the prior quarter.
• The five-year high for Operating Expenses was $45.2 billion in Q2 2022, with the low at $31.1 billion in Q1 2025.
• Historically, Operating Expenses has averaged $35.8 billion across 5 years, with a median of $35.5 billion in 2024.
• Annual changes were most pronounced in 2022 — Operating Expenses jumped 64.68% — and 2023, when it fell 25.9%.
• Phillips 66's Operating Expenses 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.