Phillips 66 (PSX) — payout ratio, two ways
Fiscal year ending 2025-12-31 · sector Energy · computed from SEC filings, not taken from a data vendor.
Free cash flow is not shown for this company. It cannot be computed from what this company files — the inputs are absent from its XBRL, not zero. The figure marked in the table is operating cash flow instead.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 44.0% | Swings with the commodity, not with the business. A payout ratio for a producer says as much about the oil price in that fiscal year as about the dividend. |
| Operating cash flow | 38.7% | Before capital spending, so it understates the payout that free cash flow shows. |
No free cash flow figure is shown. This company does not report the inputs for it in its XBRL filings — capital expenditure, in particular, is often folded into a single investing total rather than tagged on its own. The figure is absent from the filings, not zero, and inventing one from a balance-sheet movement would be a guess dressed as a measurement.
Spread between highest and lowest: 5 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $4.75 ÷ diluted EPS $10.79
- Operating cash flow — dividends paid $1,922.0m ÷ operating cash flow $4,962.0m
Where the figures came from
- 10-K filed 2026-02-20 · accession
0001534701-26-000006
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- ebitda built from net income (no operating income reported)
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.