Phillips 66 (PSX) FY2018 results: revenue $111.5 billion, up 8.9% on the year
Phillips 66 (PSX) reported revenue of $111.5 billion for fiscal 2018, the year ended 31 December 2018, up 8.9% on the year before. Net income was $5.6 billion, up 9.6%, and diluted earnings per share $11.80. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$111.5 billion
+8.9% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$5.6 billion
+9.6% on the year
FY2011FY2018
Diluted EPS
$11.80
+19.8% 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
111,461
102,354
84,279
+8.9%
Cost of revenue
97,930
79,409
62,468
+23.3%
Gross profit
13,531
22,945
21,811
-41.0%
Gross margin
12.1%
22.4%
25.9%
Research and development
55.0
60.0
60.0
-8.3%
Selling, general and administrative
1,677
1,695
1,638
-1.1%
Interest expense
493
n/a
n/a
Pre-tax income
7,445
3,555
2,191
+109.4%
Income tax
1,572
-1,693
547
Effective tax rate
21.1%
-47.6%
25.0%
Net income
5,595
5,106
1,555
+9.6%
Net margin
5.0%
5.0%
1.8%
Diluted EPS
$11.80
$9.85
$2.92
+19.8%
$ 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
7,573
3,648
2,963
+107.6%
Cash from investing
-2,471
-1,146
-3,158
Cash from financing
-5,167
-2,111
-178
Depreciation and amortisation
1,356
1,318
1,168
+2.9%
Share-based compensation
100
142
156
-29.6%
Buybacks
4,645
1,590
1,042
+192.1%
Dividends paid
1,436
1,395
1,282
+2.9%
Dividend per share
$3.10
$2.73
$2.45
+13.6%
Diluted shares, weighted
474m
519m
530m
-8.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
24,653
25,085
22,390
-1.7%
Non-controlling interest
2,500
2,343
1,335
+6.7%
Debt
11,160
10,026
9,588
+11.3%
Other liabilities
15,989
16,917
18,340
-5.5%
Total liabilities and equity
54,302
54,371
51,653
-0.1%
Fixed assets
22,018
21,460
20,855
+2.6%
Goodwill
3,270
3,270
3,270
0.0%
Intangible assets
869
876
888
-0.8%
Cash and equivalents
3,019
3,119
2,711
-3.2%
Receivables
6,173
7,506
6,397
-17.8%
Inventory
3,543
3,395
3,150
+4.4%
Other assets
15,410
14,745
14,382
+4.5%
Total assets
54,302
54,371
51,653
-0.1%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.