PSXPhillips 66
- Employees
- 12,600
- Headquarters
- Houston, TX
- Next results
- around Feb 3, 2027
What changed
10-K filed Feb 20, 2026 against Feb 21, 2025| Area | What changed | Source |
|---|---|---|
| Risk factors | 2 new paragraphs, nothing like them in the previous 10-K | 10-K Item 1A |
| Inventory growing faster than revenue | Inventory +27.6% vs revenue -7.5% (+35.1 pts) | 10-K · XBRL |
| Critical audit matters changed | New this year: WRB Refining LP Acquisition (“As discussed in Note 5 to the financial statements, the Company entered into a definitive agreement to acquire the 50% equity interest in WRB Refining LP it did not already own from subsidiaries of Cenovus Energy Inc. The transaction closed on October 1, 2025 and was accounted for as a business comb”). No longer listed: Impairment assessment of WRB Refining LP, an equity method investment | 10-K · XBRL |
| Accounting checks | 9 other checks clear, 2 worth a look | 10-K · XBRL |
| Insiders | No open-market buys in the last 90 days | Form 4 |
| Filings | 2 in the last 30 days | EDGAR |
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
What's new, in their words
10-K filed Feb 20, 2026Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-21. Quoted as filed.
Cybersecurity incidents and other disruptions could compromise our information and systems resulting in disruption of operations, financial loss and reputational harm.
10-K, Item 1A
Accounting checks
latest 10-K9 of 11 clear 2 worth a look. Checks, not verdicts.
- !Inventory growing faster than revenueInventory +27.6% vs revenue -7.5% (+35.1 pts)
- !Critical audit matters changedNew this year: WRB Refining LP Acquisition (“As discussed in Note 5 to the financial statements, the Company entered into a definitive agreement to acquire the 50% equity interest in WRB Refining LP it did not already own from subsidiaries of Cenovus Energy Inc. The transaction closed on October 1, 2025 and was accounted for as a business comb”). No longer listed: Impairment assessment of WRB Refining LP, an equity method investment
- ✓Receivables -11.4% vs revenue -7.5% (-3.9 pts)
- ✓Cash from operations $5.0B vs net income $4.4B (FY ending 2025-12-31)
- ✓Same auditor in both 10-Ks: Ernst & Young LLP
- ✓No statement of substantial doubt about going concern
- ✓No 8-K item 4.02 in the last 2 years
- ✓No NT 10-K or NT 10-Q in the last 2 years
- ✓No sentence in the 10-K concludes that controls were not effective because of a material weakness
- ✓No 8-K item 2.06 in the last 2 years
- ✓No 8-K item 1.03 in the last 2 years
In the last 30 days
All filings →- Oct 28, 20268-K Quarterly results 8-K item 2.02
- Oct 28, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026
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