---
title: "Phillips 66: Business Model"
description: "Phillips 66 revenue by product line and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/phillips-66/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Phillips 66: Business Model & Revenue Engine

## Direct Answer

Phillips 66 reports revenue across 4 product and service lines in its fiscal 2025 Form 10-K. Refined Petroleum Products and Renewable Fuels is the largest, with $97.4 billion of revenue (74% of the total), followed by Natural Gas Liquids Reserves at $17.1 billion (13%). 79% of revenue came from the United States.

## How Does Phillips 66 Make Money?

Refined Petroleum Products and Renewable Fuels supplies 74% of revenue, so Phillips 66's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Natural Gas Liquids Reserves grew fastest (+17.3%) and Crude Oil slowest (-31.0%), so the revenue mix tilts toward Natural Gas Liquids Reserves while that gap lasts.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Refined Petroleum Products and Renewable Fuels | $97.4 billion | $104 billion | 73.5% | -6.1% |
| Natural Gas Liquids Reserves | $17.1 billion | $14.5 billion | 12.9% | 17.3% |
| Crude Oil | $15.2 billion | $22.0 billion | 11.5% | -31.0% |
| Other Product Line | $2.8 billion | $2.9 billion | 2.1% | -4.9% |

![Bar chart of Phillips 66 revenue by product line for fiscal 2025: Refined Petroleum Products and Renewable Fuels 73.5%, Natural Gas Liquids Reserves 12.9%, Crude Oil 11.5%, Other Product Line 2.1%.](https://www.getswoopr.com/images/charts/phillips-66-business-model-segment-mix.webp)
*Phillips 66 revenue by product line as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Where Does Phillips 66's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $104 billion | $114 billion | 78.8% | -8.2% |
| United Kingdom | $13.2 billion | $12.7 billion | 10.0% | 3.9% |
| Other Geographical Areas | $9.9 billion | $11.6 billion | 7.5% | -14.3% |
| Germany | $5.0 billion | $5.3 billion | 3.8% | -5.2% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Phillips 66's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Phillips 66 reported in the segment note and revenue disclosures of its Form 10-K filed February 20, 2026 (accession 0001534701-26-000006), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Phillips 66's main products and services?

In its fiscal 2025 Form 10-K, Phillips 66 reports revenue for Refined Petroleum Products and Renewable Fuels, Natural Gas Liquids Reserves, Crude Oil and Other Product Line.

### Which part of Phillips 66 brings in the most revenue?

Refined Petroleum Products and Renewable Fuels, with $97.4 billion of revenue in fiscal 2025, or 74% of the total.

### How much of Phillips 66's revenue comes from outside the United States?

21% in fiscal 2025, by the geographic breakdown Phillips 66 reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: Phillips 66 Form 10-K filed February 20, 2026](https://www.sec.gov/Archives/edgar/data/1534701/000153470126000006/psx-20251231.htm)
- [SEC EDGAR: Phillips 66 annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1534701&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Phillips 66 company dossier](https://www.getswoopr.com/stocks/companies/phillips-66/)
- [Phillips 66 financial metrics](https://www.getswoopr.com/stocks/companies/phillips-66/metrics/)
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- [Phillips 66 peer comparison](https://www.getswoopr.com/stocks/companies/phillips-66/competitors/)
- [Phillips 66 business model and revenue mix](https://www.getswoopr.com/stocks/companies/phillips-66/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).