# Phillips 66 (PSX) MD&A by fiscal year

Verbatim Item 7 Management's Discussion and Analysis sections from Phillips 66's 10-K filings, one page per fiscal year. Extracted from SEC filings with the same bounded parser for every year. Filer text, not grepcent analysis or investment advice.

- [FY 2025 MD&A](/company/PSX/mda/fy2025/): filed 2026-02-20; accession 0001534701-26-000006 (https://www.sec.gov/Archives/edgar/data/1534701/000153470126000006/psx-20251231.htm); latest 10-K
- [FY 2024 MD&A](/company/PSX/mda/fy2024/): filed 2025-02-21; accession 0001534701-25-000074 (https://www.sec.gov/Archives/edgar/data/1534701/000153470125000074/psx-20241231.htm)
- [FY 2023 MD&A](/company/PSX/mda/fy2023/): filed 2024-02-21; accession 0001534701-24-000078 (https://www.sec.gov/Archives/edgar/data/1534701/000153470124000078/psx-20231231.htm)
- [FY 2022 MD&A](/company/PSX/mda/fy2022/): filed 2023-02-22; accession 0001534701-23-000053 (https://www.sec.gov/Archives/edgar/data/1534701/000153470123000053/psx-20221231.htm)
- [FY 2021 MD&A](/company/PSX/mda/fy2021/): filed 2022-02-18; accession 0001534701-22-000078 (https://www.sec.gov/Archives/edgar/data/1534701/000153470122000078/psx-20211231.htm)

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