Phillips 66 (PSX) FY2020 results: revenue $64.1 billion, down 40.2% on the year
Phillips 66 (PSX) reported revenue of $64.1 billion for fiscal 2020, the year ended 31 December 2020, down 40.2% on the year before. Net income was -$4.0 billion, and diluted earnings per share $-9.06. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$64.1 billion
-40.2% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
-$4.0 billion
FY2013FY2020
Diluted EPS
-$9.06
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
64,129
107,293
111,461
-40.2%
Cost of revenue
57,707
95,529
97,930
-39.6%
Gross profit
6,422
11,764
13,531
-45.4%
Gross margin
10.0%
11.0%
12.1%
Research and development
48.0
54.0
55.0
-11.1%
Selling, general and administrative
1,544
1,681
1,677
-8.1%
Interest expense
550
504
493
+9.1%
Pre-tax income
-4,964
4,178
7,445
Income tax
-1,250
801
1,572
Effective tax rate
n/a
19.2%
21.1%
Net income
-3,975
3,076
5,595
Net margin
-6.2%
2.9%
5.0%
Diluted EPS
-$9.06
$6.77
$11.80
$ 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
2,111
4,808
7,573
-56.1%
Cash from investing
-3,079
-3,688
-2,471
Cash from financing
1,791
-2,511
-5,167
Depreciation and amortisation
1,395
1,341
1,356
+4.0%
Share-based compensation
127
169
100
-24.9%
Buybacks
443
1,650
4,645
-73.2%
Dividends paid
1,575
1,570
1,436
+0.3%
Dividend per share
$3.60
$3.50
$3.10
+2.9%
Diluted shares, weighted
440m
454m
474m
-3.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
18,984
24,910
24,653
-23.8%
Non-controlling interest
2,539
2,259
2,500
+12.4%
Debt
15,716
11,576
11,160
+35.8%
Operating lease liabilities
853
806
n/a
+5.8%
Finance lease liabilities
248
259
n/a
-4.2%
Other liabilities
16,381
18,910
15,989
-13.4%
Total liabilities and equity
54,721
58,720
54,302
-6.8%
Fixed assets
n/a
n/a
22,018
Goodwill
1,425
3,270
3,270
-56.4%
Intangible assets
843
869
869
-3.0%
Cash and equivalents
2,514
1,614
3,019
+55.8%
Receivables
6,522
8,510
6,173
-23.4%
Inventory
3,893
3,776
3,543
+3.1%
Other assets
39,524
40,681
15,410
-2.8%
Total assets
54,721
58,720
54,302
-6.8%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.