Phillips 66 stock research
FY2024 Q2
Phillips 66 (PSX) Gross Margin — Quarter Ended Jun 30, 2024
Revenue increased compared to both the prior quarter and the same quarter last year, but gross profit was higher than the prior quarter and lower than the year-ago period. Gross margin declined sequentially and year-over-year.
Gross margin takeaway
Quarter ended Jun 30, 2024 · FY2024 Q2
Revenue increased compared to both the prior quarter and the same quarter last year, but gross profit was higher than the prior quarter and lower than the year-ago period. Gross margin declined sequentially and year-over-year.
- Revenue growth was accompanied by a proportionally larger increase in cost of revenue, which compressed the gross margin.
- Compared to the prior quarter, both revenue and cost of revenue rose, but gross margin narrowed. Compared to the same quarter last year, revenue increased while gross profit declined, resulting in a weaker gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
9.2%
Gross profit
$3.5B
Revenue
$38.1B
Cost of revenue
$34.6B
Quarter-over-quarter change
-0.4 pts
Year-over-year change
-3.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 30, 2023 | $39.6B | $5.3B | $34.3B | 13.4% |
| Dec 31, 2023 | $38.3B | $4.4B | $33.8B | 11.6% |
| Mar 31, 2024 | $35.8B | $3.4B | $32.4B | 9.6% |
| Jun 30, 2024 | $38.1B | $3.5B | $34.6B | 9.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2024
-0.4 pts
Year-over-year change
Jun 30, 2023
-3.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Revenue growth was accompanied by a proportionally larger increase in cost of revenue, which compressed the gross margin.
Compared to the prior quarter, both revenue and cost of revenue rose, but gross margin narrowed. Compared to the same quarter last year, revenue increased while gross profit declined, resulting in a weaker gross margin.
Monitor the relationship between cost of revenue and revenue growth in upcoming quarters.