Phillips 66 (PSX) Operating Expenses (2011 - 2026)
Phillips 66's Operating Expenses was $47.07 billion in Q2 2026, up 45.3% from $32.4 billion a year earlier and up 43.8% from the prior quarter.
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Analysis
Phillips 66 (PSX) Operating Expenses (2011 - 2026) Analysis & Trends
On a trailing twelve-month basis, Phillips 66's Operating Expenses was $147.48 billion through Jun 30, 2026, up 10.7% year-over-year; for FY2025, it was $131.14 billion, down 8.2% from FY2024.
- Operating Expenses shows a five-year compound annual growth rate of 13.2% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $142.82 billion in FY2024 (+1.7%), $140.42 billion in FY2023 (-12.8%), $161.06 billion in FY2022 (+42.4%) and $113.11 billion in FY2021 (+60.5%).
- The Q2 2026 figure marks the highest quarterly Operating Expenses since Q4 2011.
- Compared with a year earlier, Operating Expenses was higher in two of the last eight quarters, with growth averaging 0.7%.
- The best year-over-year quarter for Operating Expenses over five years was Q4 2021 (growth of 82.9%); the worst was Q2 2023 (a decline of 25.9%).
- Per Business Quant data, PSX's Operating Expenses in the three quarters before Q2 2026 was $32.74 billion (Q1 2026), $32.88 billion (Q4 2025) and $34.78 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 746.42 Bn | 702.90 Bn | - | 96.59 Bn |
| 2 | Chevron | 442.96 Bn | 415.08 Bn | 33.45 Bn | 53.37 Bn |
| 3 | Shell | 313.69 Bn | 243.43 Bn | 30.13 Bn | 8.70 Bn |
| 4 | TotalEnergies SE | 200.00 Bn | 80.58 Bn | 61.77 Bn | 46.44 Bn |
| 5 | Conocophillips | 177.72 Bn | 150.43 Bn | 12.81 Bn | 2.43 Bn |
| 6 | Equinor Asa | 121.70 Bn | 36.16 Bn | - | -22.18 Bn |
| 7 | Phillips 66 | 117.59 Bn | 105.38 Bn | 8.38 Bn | 47.07 Bn |
| 8 | Canadian Natural Resources | 112.49 Bn | 109.50 Bn | 8.84 Bn | 114.95 Mn |
| 9 | Suncor Energy | 94.96 Bn | 80.71 Bn | - | - |
| 10 | Eni Spa | 89.38 Bn | 33.94 Bn | - | - |
Historic Data
Download Data
Historic 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 |
API Access
Phillips 66 Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=PSX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "PSX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=PSX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();