Phillips 66 (PSX) FY2019 results: revenue $107.3 billion, down 3.7% on the year
Phillips 66 (PSX) reported revenue of $107.3 billion for fiscal 2019, the year ended 31 December 2019, down 3.7% on the year before. Net income was $3.1 billion, down 45.0%, and diluted earnings per share $6.77. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$107.3 billion
-3.7% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$3.1 billion
-45.0% on the year
FY2012FY2019
Diluted EPS
$6.77
-42.6% 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
107,293
111,461
102,354
-3.7%
Cost of revenue
95,529
97,930
79,409
-2.5%
Gross profit
11,764
13,531
22,945
-13.1%
Gross margin
11.0%
12.1%
22.4%
Research and development
54.0
55.0
60.0
-1.8%
Selling, general and administrative
1,681
1,677
1,695
+0.2%
Interest expense
504
493
n/a
+2.2%
Pre-tax income
4,178
7,445
3,555
-43.9%
Income tax
801
1,572
-1,693
-49.0%
Effective tax rate
19.2%
21.1%
-47.6%
Net income
3,076
5,595
5,106
-45.0%
Net margin
2.9%
5.0%
5.0%
Diluted EPS
$6.77
$11.80
$9.85
-42.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
4,808
7,573
3,648
-36.5%
Cash from investing
-3,688
-2,471
-1,146
Cash from financing
-2,511
-5,167
-2,111
Depreciation and amortisation
1,341
1,356
1,318
-1.1%
Share-based compensation
169
100
142
+69.0%
Buybacks
1,650
4,645
1,590
-64.5%
Dividends paid
1,570
1,436
1,395
+9.3%
Dividend per share
$3.50
$3.10
$2.73
+12.9%
Diluted shares, weighted
454m
474m
519m
-4.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
24,910
24,653
25,085
+1.0%
Non-controlling interest
2,259
2,500
2,343
-9.6%
Debt
11,576
11,160
10,026
+3.7%
Operating lease liabilities
806
n/a
n/a
Finance lease liabilities
259
n/a
n/a
Other liabilities
18,910
15,989
16,917
+18.3%
Total liabilities and equity
58,720
54,302
54,371
+8.1%
Fixed assets
n/a
22,018
21,460
Goodwill
3,270
3,270
3,270
0.0%
Intangible assets
869
869
876
0.0%
Cash and equivalents
1,614
3,019
3,119
-46.5%
Receivables
8,510
6,173
7,506
+37.9%
Inventory
3,776
3,543
3,395
+6.6%
Other assets
40,681
15,410
14,745
+164.0%
Total assets
58,720
54,302
54,371
+8.1%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.