Current Phillips 66 reports a gross margin of 12.7%, an operating margin of 9.8%, an EBITDA margin of 11.2%, and a net margin of 7.3%. Operating margin headed the improvement across the available margins, gaining by 7.6 percentage points.
PSX margin history
Over the last 3 years, Phillips 66's margins averaged 8.59% gross, 4.68% operating, 6.35% EBITDA, and 3.1% net. Compared with their three-year averages, all four current margins are higher.
PSX margin expansion
The biggest expansion was in operating margin, which rose by 7.6 percentage points. The other available margins also improved.
PSX Gross margin
Phillips 66 recorded an average gross margin of 8.59% across the last 3 years. Phillips 66 currently reports a gross margin of 12.7%, 4.1 percentage points above its three-year average. Phillips 66's gross margin ranged from a low of 6.4% in Dec 2024 to a high of 12.7% in Sep 2026.
PSX Operating margin
Phillips 66 recorded an average operating margin of 4.68% across the last 3 years. The current operating margin of 9.8% is 5.1 percentage points above its three-year average. During this period, operating margin reached a high of 9.8% in Sep 2026 and a low of 2.2% in Sep 2025.
PSX EBITDA margin
Looking at the last 3 years, Phillips 66 had an average EBITDA margin of 6.35%. Against its three-year average, Phillips 66's EBITDA margin is currently 11.2%, 4.9 percentage points above its three-year average. Looking back over the last 3 years, Phillips 66's EBITDA margin reached 11.2% at its highest point in Sep 2026 and 4% at its lowest in Dec 2024.
PSX Net margin
Phillips 66's net margin averaged 3.1% in the last 3 years. The latest net margin for Phillips 66 is 7.3%, 4.2 percentage points above its three-year average. Over the last 3 years, Phillips 66's net margin peaked at 7.3% in Sep 2026 and reached a low of 1.1% in Sep 2025.
PSX margin group comparison
With a gross margin of 12.7%, PSX is below the Energy sector, the industry and its peers average. Compared to its Energy sector average of 42.5%, Phillips 66's gross margin is 70% lower.
PSX margin peer comparison
Frequently asked questions
What is Phillips 66's gross margin?
For the period ending Sep 30, 2026, PSX recorded a gross margin of 12.7%.
What is Phillips 66's operating margin?
For the period ending Sep 30, 2026, PSX recorded an operating margin of 9.8%.
What is Phillips 66's EBITDA margin?
As of Sep 30, 2026, PSX has an EBITDA margin of 11.2%.
What is Phillips 66's net margin?
The current net margin for PSX is 7.3% as of Sep 30, 2026.
What are the average margins of PSX?
Phillips 66's average margins over the last 3 years were 8.6% gross, 4.7% operating, 6.4% EBITDA, and 3.1% net.
What are the highest historical margins of PSX?
In the last 5 years, the highest margins reported by PSX were 12.7% gross in Sep 2026, 9.9% operating in Mar 2023, 11.2% EBITDA in Sep 2026, and 7.3% net in Sep 2026.
What are the lowest historical margins of PSX?
In the last 5 years, the lowest margins reported by PSX were 6.3% gross in Dec 2021, 2% operating in Dec 2021, 3.2% EBITDA in Dec 2021, and 1.1% net in Dec 2021.