Chevron (CVX) FY2018 results: revenue $166.3 billion, up 17.4% on the year
Chevron Corp. (CVX) reported revenue of $166.3 billion for fiscal 2018, the year ended 31 December 2018, up 17.4% on the year before. Net income was $14.8 billion, up 61.2%, and diluted earnings per share $7.74. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$166.3 billion
+17.4% on the year
FY2011FY2018
Operating margin
12.4%
6.5% a year earlier
FY2011FY2018
Net income
$14.8 billion
+61.2% on the year
FY2011FY2018
Diluted EPS
$7.74
+59.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
166,339
141,722
114,472
+17.4%
Cost of revenue
94,578
75,765
59,321
+24.8%
Gross profit
71,761
65,957
55,151
+8.8%
Gross margin
43.1%
46.5%
48.2%
Research and development
453
433
476
+4.6%
Selling, general and administrative
3,838
4,110
4,305
-6.6%
Operating income
20,575
9,221
-2,160
+123.1%
Operating margin
12.4%
6.5%
-1.9%
Interest expense
748
307
201
+143.6%
Pre-tax income
20,575
9,221
-2,160
+123.1%
Income tax
5,715
-48.0
-1,729
Effective tax rate
27.8%
-0.5%
n/a
Net income
14,824
9,195
-497
+61.2%
Net margin
8.9%
6.5%
-0.4%
Diluted EPS
$7.74
$4.85
-$0.27
+59.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
30,618
20,338
12,690
+50.5%
Capital expenditure
13,792
13,404
18,109
+2.9%
Free cash flow
16,826
6,934
-5,419
+142.7%
Free cash flow margin
10.1%
4.9%
-4.7%
Cash from investing
-12,290
-8,320
-16,370
Cash from financing
-13,699
-14,554
25.0
Depreciation and amortisation
19,419
19,349
19,457
+0.4%
Buybacks
1,751
1.0
2.0
+175,000.0%
Dividends paid
8,502
8,132
8,032
+4.5%
Diluted shares, weighted
1,914m
1,898m
1,873m
+0.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
154,554
148,124
145,556
+4.3%
Non-controlling interest
1,088
1,195
1,166
-9.0%
Debt
34,459
38,763
46,033
-11.1%
Other liabilities
63,762
65,724
67,323
-3.0%
Total liabilities and equity
253,863
253,806
260,078
+0.0%
Fixed assets
169,207
177,712
182,186
-4.8%
Goodwill
4,518
4,531
4,581
-0.3%
Investments
53.0
9.0
13.0
+488.9%
Cash and equivalents
9,342
4,813
6,988
+94.1%
Inventory
5,704
5,585
5,419
+2.1%
Other assets
65,039
61,156
60,891
+6.3%
Total assets
253,863
253,806
260,078
+0.0%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.