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Side-by-side financial comparison of Phillips 66 (PSX) and AT&T (T). Click either name above to swap in a different company.
Phillips 66 is the larger business by last-quarter revenue ($34.1B vs $31.5B, roughly 1.1× AT&T). AT&T runs the higher net margin — 13.3% vs 8.5%, a 4.8% gap on every dollar of revenue. On growth, AT&T posted the faster year-over-year revenue change (2.9% vs 1.3%). Over the past eight quarters, AT&T's revenue compounded faster (2.8% CAGR vs -2.4%).
The Phillips 66 Company is an American multinational energy company headquartered in Westchase, Houston, Texas. Its name, dating back to 1927 as a trademark of the Phillips Petroleum Company, assisted in establishing the newly reconfigured Phillips 66. The company today was formed ten years after Phillips merged with Conoco to form ConocoPhillips.
AT&T Inc., an abbreviation of its predecessor's original name, the American Telephone and Telegraph Company, is an American multinational telecommunications conglomerate headquartered at the Whitacre Tower in Downtown Dallas, Texas. AT&T is the world’s third-largest telecommunications company by revenue, the third largest wireless carrier in the United States behind T-Mobile and Verizon, and the nation's biggest fiber internet provider.
PSX vs T — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $34.1B | $31.5B |
| Net Profit | $2.9B | $4.2B |
| Gross Margin | 14.6% | — |
| Operating Margin | — | 21.1% |
| Net Margin | 8.5% | 13.3% |
| Revenue YoY | 1.3% | 2.9% |
| Net Profit YoY | 36225.0% | -10.9% |
| EPS (diluted) | $7.14 | $0.54 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $31.5B | ||
| Q4 25 | $34.1B | $33.5B | ||
| Q3 25 | $34.5B | $30.7B | ||
| Q2 25 | $33.3B | $30.8B | ||
| Q1 25 | $30.4B | $30.6B | ||
| Q4 24 | $33.7B | $32.3B | ||
| Q3 24 | $35.5B | $30.2B | ||
| Q2 24 | $38.1B | $29.8B |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.9B | $3.8B | ||
| Q3 25 | $133.0M | $9.3B | ||
| Q2 25 | $877.0M | $4.5B | ||
| Q1 25 | $487.0M | $4.4B | ||
| Q4 24 | $8.0M | $4.1B | ||
| Q3 24 | $346.0M | $-174.0M | ||
| Q2 24 | $1.0B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 14.6% | — | ||
| Q3 25 | 12.4% | — | ||
| Q2 25 | 12.7% | — | ||
| Q1 25 | 9.1% | — | ||
| Q4 24 | 8.7% | — | ||
| Q3 24 | 9.4% | — | ||
| Q2 24 | 9.2% | — |
| Q1 26 | — | 21.1% | ||
| Q4 25 | — | 17.3% | ||
| Q3 25 | — | 19.9% | ||
| Q2 25 | — | 21.1% | ||
| Q1 25 | — | 18.8% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | — | 7.0% | ||
| Q2 24 | — | 19.3% |
| Q1 26 | — | 13.3% | ||
| Q4 25 | 8.5% | 11.3% | ||
| Q3 25 | 0.4% | 30.3% | ||
| Q2 25 | 2.6% | 14.6% | ||
| Q1 25 | 1.6% | 14.2% | ||
| Q4 24 | 0.0% | 12.6% | ||
| Q3 24 | 1.0% | -0.6% | ||
| Q2 24 | 2.7% | 12.1% |
| Q1 26 | — | $0.54 | ||
| Q4 25 | $7.14 | $0.52 | ||
| Q3 25 | $0.32 | $1.29 | ||
| Q2 25 | $2.15 | $0.62 | ||
| Q1 25 | $1.18 | $0.61 | ||
| Q4 24 | $0.06 | $0.56 | ||
| Q3 24 | $0.82 | $-0.03 | ||
| Q2 24 | $2.38 | $0.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $12.0B |
| Total DebtLower is stronger | $18.7B | $131.6B |
| Stockholders' EquityBook value | $29.1B | $125.6B |
| Total Assets | $73.7B | $421.2B |
| Debt / EquityLower = less leverage | 0.64× | 1.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.0B | ||
| Q4 25 | $1.1B | $18.2B | ||
| Q3 25 | $1.8B | $20.3B | ||
| Q2 25 | $1.1B | $10.5B | ||
| Q1 25 | $1.5B | $6.9B | ||
| Q4 24 | $1.7B | $3.3B | ||
| Q3 24 | $1.6B | $2.6B | ||
| Q2 24 | $2.4B | $3.1B |
| Q1 26 | — | $131.6B | ||
| Q4 25 | $18.7B | $127.1B | ||
| Q3 25 | $19.2B | $128.1B | ||
| Q2 25 | $17.2B | $123.1B | ||
| Q1 25 | $17.7B | $117.3B | ||
| Q4 24 | $18.2B | $118.4B | ||
| Q3 24 | $18.5B | $126.4B | ||
| Q2 24 | $17.2B | $125.4B |
| Q1 26 | — | $125.6B | ||
| Q4 25 | $29.1B | $126.5B | ||
| Q3 25 | $26.9B | $126.8B | ||
| Q2 25 | $27.5B | $121.4B | ||
| Q1 25 | $27.3B | $119.9B | ||
| Q4 24 | $27.4B | $118.2B | ||
| Q3 24 | $28.7B | $116.3B | ||
| Q2 24 | $29.5B | $119.3B |
| Q1 26 | — | $421.2B | ||
| Q4 25 | $73.7B | $420.2B | ||
| Q3 25 | $76.1B | $423.2B | ||
| Q2 25 | $75.9B | $405.5B | ||
| Q1 25 | $71.8B | $397.5B | ||
| Q4 24 | $72.6B | $394.8B | ||
| Q3 24 | $75.1B | $393.7B | ||
| Q2 24 | $75.9B | $398.0B |
| Q1 26 | — | 1.05× | ||
| Q4 25 | 0.64× | 1.00× | ||
| Q3 25 | 0.71× | 1.01× | ||
| Q2 25 | 0.63× | 1.01× | ||
| Q1 25 | 0.65× | 0.98× | ||
| Q4 24 | 0.67× | 1.00× | ||
| Q3 24 | 0.64× | 1.09× | ||
| Q2 24 | 0.58× | 1.05× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $2.8B | $7.6B |
| Free Cash FlowOCF − Capex | — | $2.5B |
| FCF MarginFCF / Revenue | — | 8.0% |
| Capex IntensityCapex / Revenue | — | 15.5% |
| Cash ConversionOCF / Net Profit | 0.95× | 1.82× |
| TTM Free Cash FlowTrailing 4 quarters | — | $17.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $7.6B | ||
| Q4 25 | $2.8B | $11.3B | ||
| Q3 25 | $1.2B | $10.2B | ||
| Q2 25 | $845.0M | $9.8B | ||
| Q1 25 | $187.0M | $9.0B | ||
| Q4 24 | $1.2B | $11.9B | ||
| Q3 24 | $1.1B | $10.2B | ||
| Q2 24 | $2.1B | $9.1B |
| Q1 26 | — | $2.5B | ||
| Q4 25 | — | $4.5B | ||
| Q3 25 | — | $5.3B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | $4.8B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $4.9B | ||
| Q2 24 | — | $4.7B |
| Q1 26 | — | 8.0% | ||
| Q4 25 | — | 13.6% | ||
| Q3 25 | — | 17.1% | ||
| Q2 25 | — | 15.8% | ||
| Q1 25 | — | 15.6% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | — | 16.3% | ||
| Q2 24 | — | 15.9% |
| Q1 26 | — | 15.5% | ||
| Q4 25 | — | 20.3% | ||
| Q3 25 | — | 15.9% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | — | 14.0% | ||
| Q4 24 | — | 21.2% | ||
| Q3 24 | — | 17.5% | ||
| Q2 24 | — | 14.6% |
| Q1 26 | — | 1.82× | ||
| Q4 25 | 0.95× | 2.99× | ||
| Q3 25 | 8.86× | 1.09× | ||
| Q2 25 | 0.96× | 2.17× | ||
| Q1 25 | 0.38× | 2.08× | ||
| Q4 24 | 149.75× | 2.92× | ||
| Q3 24 | 3.27× | — | ||
| Q2 24 | 2.07× | 2.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PSX
| Marketing Speciality Segment | $21.7B | 64% |
| Crude Oil | $3.7B | 11% |
| GB | $3.5B | 10% |
| Other Geographical Areas | $2.4B | 7% |
| DE | $1.1B | 3% |
| Renewable Fuels | $876.0M | 3% |
| Other Product Line | $634.0M | 2% |
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
