Chevron (CVX) FY2020 results: revenue $94.7 billion, down 35.4% on the year
Chevron Corp. (CVX) reported revenue of $94.7 billion for fiscal 2020, the year ended 31 December 2020, down 35.4% on the year before. Net income was -$5.5 billion, and diluted earnings per share $-2.96. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$94.7 billion
-35.4% on the year
FY2013FY2020
Operating margin
-7.9%
3.8% a year earlier
FY2013FY2020
Net income
-$5.5 billion
FY2013FY2020
Diluted EPS
-$2.96
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
94,692
146,516
166,339
-35.4%
Cost of revenue
52,148
80,113
94,578
-34.9%
Gross profit
42,544
66,403
71,761
-35.9%
Gross margin
44.9%
45.3%
43.1%
Research and development
435
500
453
-13.0%
Selling, general and administrative
4,213
4,143
3,838
+1.7%
Operating income
-7,453
5,536
20,575
Operating margin
-7.9%
3.8%
12.4%
Interest expense
697
798
748
-12.7%
Pre-tax income
-7,453
5,536
20,575
Income tax
-1,892
2,691
5,715
Effective tax rate
n/a
48.6%
27.8%
Net income
-5,543
2,924
14,824
Net margin
-5.9%
2.0%
8.9%
Diluted EPS
-$2.96
$1.54
$7.74
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
10,577
27,314
30,618
-61.3%
Capital expenditure
8,922
14,116
13,792
-36.8%
Free cash flow
1,655
13,198
16,826
-87.5%
Free cash flow margin
1.7%
9.0%
10.1%
Cash from investing
-6,965
-11,458
-12,290
Cash from financing
-3,736
-19,758
-13,699
Depreciation and amortisation
19,508
29,218
19,419
-33.2%
Buybacks
1,757
4,039
1,751
-56.5%
Dividends paid
9,651
8,959
8,502
+7.7%
Dividend per share
$5.16
$4.76
n/a
+8.4%
Diluted shares, weighted
1,870m
1,895m
1,914m
-1.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
131,688
144,213
154,554
-8.7%
Non-controlling interest
1,038
995
1,088
+4.3%
Redeemable equity
120
n/a
n/a
Debt
44,315
26,973
34,459
+64.3%
Operating lease liabilities
2,615
2,608
n/a
+0.3%
Finance lease liabilities
447
282
n/a
+58.5%
Other liabilities
59,567
62,357
63,762
-4.5%
Total liabilities and equity
239,790
237,428
253,863
+1.0%
Fixed assets
156,618
150,494
169,207
+4.1%
Goodwill
4,402
4,463
4,518
-1.4%
Investments
31.0
63.0
53.0
-50.8%
Cash and equivalents
5,596
6,911
9,342
-19.0%
Receivables
9,500
n/a
n/a
Inventory
5,676
5,848
5,704
-2.9%
Other assets
57,967
69,649
65,039
-16.8%
Total assets
239,790
237,428
253,863
+1.0%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.