Phillips 66
Phillips 66 returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 13.51% | 13.61% | — | 24.01% | 8.99% | 5.8 pp |
| FY 2026 Q1 | Mar 31, 2026 | — | — | — | 14.75% | 5.29% | — |
| FY 2025 Q4 | Dec 31, 2025 | 8.7% | 8.45% | 106.36% | 15.55% | 6.02% | 1 pp |
| FY 2025 Q3 | Sep 30, 2025 | — | — | — | 5.38% | 1.99% | — |
| FY 2025 Q2 | Jun 30, 2025 | — | — | — | 6% | 2.26% | — |
| FY 2025 Q1 | Mar 31, 2025 | — | — | — | 6.48% | 2.5% | — |
| FY 2024 Q4 | Dec 31, 2024 | 4.19% | 4.15% | — | 7.27% | 2.86% | -3.5 pp |
| FY 2024 Q3 | Sep 30, 2024 | — | — | — | 11.28% | 4.41% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | — | — | 17.22% | 6.79% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | — | — | 19.31% | 7.55% | — |
| FY 2023 Q4 | Dec 31, 2023 | 15% | 15.16% | -91.03% | 23.32% | 9.23% | 7.3 pp |
| FY 2023 Q3 | Sep 30, 2023 | — | — | — | 25.84% | 9.85% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | — | — | 40.32% | 15.88% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | — | — | 47.6% | 17.99% | — |
| FY 2022 Q4 | Dec 31, 2022 | 23.72% | 23.03% | 66.12% | 45.27% | 16.7% | 16 pp |
| FY 2022 Q3 | Sep 30, 2022 | — | — | — | 44.87% | 15.57% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | — | — | 25.53% | 9.06% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | — | — | 12.78% | 4.4% | — |
| FY 2021 Q4 | Dec 31, 2021 | 3.47% | 2.92% | — | 6.85% | 2.39% | -4.2 pp |
| FY 2021 Q3 | Sep 30, 2021 | — | — | — | -2.66% | -0.89% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | — | — | -8.77% | -3.04% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | — | — | -10.87% | -3.92% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | -10.9% | — | -18.15% | -7.01% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | -7.25% | — | -12.14% | -4.78% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | -2.2% | — | -5.25% | -2.12% | — |
| FY 2020 Q1 | Mar 31, 2020 | 1.77% | 2.86% | — | 1.63% | 0.68% | -5.9 pp |
| FY 2019 Q4 | Dec 31, 2019 | 9.04% | 8.78% | -125.69% | 12.39% | 5.44% | 1.3 pp |
| FY 2019 Q3 | Sep 30, 2019 | 13.14% | 13.07% | — | 18.99% | 7.99% | 5.4 pp |
| FY 2019 Q2 | Jun 30, 2019 | 15.63% | 15.52% | — | 22.65% | 9.52% | 7.9 pp |
| FY 2019 Q1 | Mar 31, 2019 | 15.27% | 15.61% | — | 22.85% | 9.59% | 7.6 pp |
| FY 2018 Q4 | Dec 31, 2018 | 16.71% | 16.48% | — | 22.47% | 10.3% | 9 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 11.84% | — | 28.57% | 12.07% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 10.2% | — | 26.19% | 11.03% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 7.94% | — | 22.99% | 9.84% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | 7.02% | — | 21.48% | 9.63% | — |
| FY 2017 Q3 | Sep 30, 2017 | 5.65% | 5.86% | -15.42% | 9.1% | 4.02% | -2 pp |
| FY 2017 Q2 | Jun 30, 2017 | 4.8% | 4.85% | -178.5% | 7.76% | 3.44% | -2.9 pp |
| FY 2017 Q1 | Mar 31, 2017 | 4.51% | 4.51% | -132.57% | 7.53% | 3.42% | -3.2 pp |
| FY 2016 Q4 | Dec 31, 2016 | 5.22% | 5.09% | -186.15% | 6.81% | 3.1% | -2.5 pp |
| FY 2016 Q3 | Sep 30, 2016 | 7.01% | 7.17% | -96.64% | 8.84% | 4.1% | -0.7 pp |
| FY 2016 Q2 | Jun 30, 2016 | 10.82% | 11.14% | -31.24% | 13.73% | 6.2% | 3.1 pp |
| FY 2016 Q1 | Mar 31, 2016 | 12.77% | 12.96% | -10.14% | 16.26% | 7.45% | 5.1 pp |
| FY 2015 Q4 | Dec 31, 2015 | 15.19% | 15.06% | 4.51% | 18.89% | 8.69% | 7.5 pp |
| FY 2015 Q3 | Sep 30, 2015 | 17.39% | 16.76% | 34.82% | 20.99% | 9.54% | 9.7 pp |
| FY 2015 Q2 | Jun 30, 2015 | 16.9% | 15.31% | 31.76% | 19.67% | 8.59% | 9.2 pp |
| FY 2015 Q1 | Mar 31, 2015 | 16.78% | 15.16% | 29.67% | 19.33% | 8.36% | 9.1 pp |
| FY 2014 Q4 | Dec 31, 2014 | 16.46% | 15.1% | 16.06% | 21.84% | 9.67% | 8.8 pp |
| FY 2014 Q3 | Sep 30, 2014 | 15.37% | 15.1% | 3.51% | 20.49% | 8.83% | 7.7 pp |
| FY 2014 Q2 | Jun 30, 2014 | 12.79% | 12.75% | — | 17.56% | 7.54% | 5.1 pp |
| FY 2014 Q1 | Mar 31, 2014 | 13.31% | 12.94% | — | 18.19% | 7.63% | 5.6 pp |
| FY 2013 Q4 | Dec 31, 2013 | 15.28% | 15.02% | — | 17.42% | 7.61% | 7.6 pp |
| FY 2013 Q3 | Sep 30, 2013 | 15.29% | 15.2% | — | 17.11% | 6.99% | 7.6 pp |
| FY 2013 Q2 | Jun 30, 2013 | 19.24% | 20.23% | — | 22.99% | 9.49% | 11.5 pp |
| FY 2013 Q1 | Mar 31, 2013 | 18.61% | 20.1% | — | 21.15% | 9.4% | 10.9 pp |
| FY 2012 Q4 | Dec 31, 2012 | — | — | — | — | — | — |
| FY 2012 Q3 | Sep 30, 2012 | — | — | — | — | — | — |
| FY 2012 Q2 | Jun 30, 2012 | — | — | — | — | — | — |
| FY 2012 Q1 | Mar 31, 2012 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · PSX, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.