(Diethyldiphenylphosphonium)+ (7,7,8,8‐tetracyano‐p‐quinodimethanide) 2−, (Et2Φ2P) (TCNQ)2, is monoclinic, space group C2/c, with a = 32.119(7), b = 6.605(1), c = 16.023(7) Å, β = 105.01(3)°. The structure is refined to R = 0.038 for 2348 reflections. The TCNQ's stack plane‐to‐plane, in columns parallel to b, with an exocyclic bond to quinonoid ring overlap and a uniform intermolecular spacing of 3.30 Å along the chains. Adjacent columns form sheets parallel to (100), the sheets being interleaved along a by the Et2Φ2P cations. In this direction, electrostatic coupling between the anion and cation stacks is effectively screened by the bulky ethyl and phenyl groups which act as steric spacers. The conductivity, determined parallel to b, the direction of stacking, varies as σ = σ0 exp (−Ea/kT) where σ300K = (1 to 10) S cm−1 and Ea = (0.04 to 0.06) eV. The magnetic susceptibility also exhibits exponential bahviour with χT = C0 exp(−J/kT), where J = 0.0092 eV. Corresponding values for the dimethy 1 analogue, (Me2Φ2P)(TCNQ)2, are σ300K = (0.02 to 0.05) S cm−1, Ea = (0.20 to 0.22) eV and J = 0.039 eV.