Chevron (CVX) FY2019 results: revenue $146.5 billion, down 11.9% on the year
Chevron Corp. (CVX) reported revenue of $146.5 billion for fiscal 2019, the year ended 31 December 2019, down 11.9% on the year before. Net income was $2.9 billion, down 80.3%, and diluted earnings per share $1.54. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$146.5 billion
-11.9% on the year
FY2012FY2019
Operating margin
3.8%
12.4% a year earlier
FY2012FY2019
Net income
$2.9 billion
-80.3% on the year
FY2012FY2019
Diluted EPS
$1.54
-80.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
146,516
166,339
141,722
-11.9%
Cost of revenue
80,113
94,578
75,765
-15.3%
Gross profit
66,403
71,761
65,957
-7.5%
Gross margin
45.3%
43.1%
46.5%
Research and development
500
453
433
+10.4%
Selling, general and administrative
4,143
3,838
4,110
+7.9%
Operating income
5,536
20,575
9,221
-73.1%
Operating margin
3.8%
12.4%
6.5%
Interest expense
798
748
307
+6.7%
Pre-tax income
5,536
20,575
9,221
-73.1%
Income tax
2,691
5,715
-48.0
-52.9%
Effective tax rate
48.6%
27.8%
-0.5%
Net income
2,924
14,824
9,195
-80.3%
Net margin
2.0%
8.9%
6.5%
Diluted EPS
$1.54
$7.74
$4.85
-80.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
27,314
30,618
20,338
-10.8%
Capital expenditure
14,116
13,792
13,404
+2.3%
Free cash flow
13,198
16,826
6,934
-21.6%
Free cash flow margin
9.0%
10.1%
4.9%
Cash from investing
-11,458
-12,290
-8,320
Cash from financing
-19,758
-13,699
-14,554
Depreciation and amortisation
29,218
19,419
19,349
+50.5%
Buybacks
4,039
1,751
1.0
+130.7%
Dividends paid
8,959
8,502
8,132
+5.4%
Dividend per share
$4.76
n/a
n/a
Diluted shares, weighted
1,895m
1,914m
1,898m
-1.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
144,213
154,554
148,124
-6.7%
Non-controlling interest
995
1,088
1,195
-8.5%
Debt
26,973
34,459
38,763
-21.7%
Operating lease liabilities
2,608
n/a
n/a
Finance lease liabilities
282
n/a
n/a
Other liabilities
62,357
63,762
65,724
-2.2%
Total liabilities and equity
237,428
253,863
253,806
-6.5%
Fixed assets
150,494
169,207
177,712
-11.1%
Goodwill
4,463
4,518
4,531
-1.2%
Investments
63.0
53.0
9.0
+18.9%
Cash and equivalents
6,911
9,342
4,813
-26.0%
Inventory
5,848
5,704
5,585
+2.5%
Other assets
69,649
65,039
61,156
+7.1%
Total assets
237,428
253,863
253,806
-6.5%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.