Phillips 66 (PSX)
Pretax margin
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 9,245,000 | 9,928,000 | 14,170,000 | 16,054,000 | 14,272,000 | 13,382,000 | 6,735,000 | 3,002,000 | 1,463,000 | -802,000 | -2,587,000 | -3,464,000 | -5,225,000 | -3,497,000 | -1,212,000 | 1,056,000 | 3,877,000 | 5,727,000 | 6,764,000 | 6,785,000 |
| Revenue (ttm) | US$ in thousands | 147,811,000 | 151,287,000 | 158,181,000 | 173,624,000 | 175,470,000 | 167,636,000 | 152,331,000 | 129,770,000 | 114,646,000 | 98,020,000 | 83,151,000 | 66,441,000 | 65,456,000 | 78,172,000 | 89,782,000 | 107,160,000 | 109,529,000 | 109,502,000 | 112,260,000 | 113,560,000 |
| Pretax margin | 6.25% | 6.56% | 8.96% | 9.25% | 8.13% | 7.98% | 4.42% | 2.31% | 1.28% | -0.82% | -3.11% | -5.21% | -7.98% | -4.47% | -1.35% | 0.99% | 3.54% | 5.23% | 6.03% | 5.97% |
December 31, 2023 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $9,245,000K ÷ $147,811,000K
= 6.25%
The pretax margin for Phillips 66 has fluctuated over the past eight quarters, ranging from a low of 2.65% in Q1 2022 to a high of 9.79% in Q1 2023. The pretax margin measures the company's profitability before accounting for taxes, representing the percentage of each dollar of revenue that is kept as pretax profit.
The pretax margin has generally shown an increasing trend from Q1 2022 to Q2 2023, indicating improved operational efficiency and cost management. The significant increase from Q1 2022 to Q2 2023, from 2.65% to 9.44%, suggests that the company has made substantial improvements in its cost structure and revenue generation during this period.
However, there was a slight dip in pretax margin in Q4 2023 compared to the previous quarter, dropping from 6.87% to 6.42%. This may indicate a decrease in profitability efficiency factors such as higher expenses, lower revenue, or other operational challenges during the quarter.
Overall, the pretax margin analysis suggests that Phillips 66 has been able to maintain a decent level of profitability over the quarters, with some fluctuations that may require further analysis to identify the underlying factors driving these changes.
Peer comparison
Dec 31, 2023