Phillips 66 (PSX) FY2021 results: revenue $111.5 billion, up 73.8% on the year

Phillips 66 (PSX) reported revenue of $111.5 billion for fiscal 2021, the year ended 31 December 2021, up 73.8% on the year before. Net income was $1.3 billion, and diluted earnings per share $2.97. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2022.

Revenue

$111.5 billion

+73.8% on the year

FY2014FY2021

Operating margin

n/a

FY2014FY2021

Net income

$1.3 billion

FY2014FY2021

Diluted EPS

$2.97

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	111,476	64,129	107,293	+73.8%
Cost of revenue	102,102	57,707	95,529	+76.9%
Gross profit	9,374	6,422	11,764	+46.0%
Gross margin	8.4%	10.0%	11.0%
Research and development	47.0	48.0	54.0	-2.1%
Selling, general and administrative	1,744	1,544	1,681	+13.0%
Interest expense	567	550	504	+3.1%
Pre-tax income	n/a	-4,964	4,178
Income tax	146	-1,250	801
Effective tax rate	n/a	n/a	19.2%
Net income	1,317	-3,975	3,076
Net margin	1.2%	-6.2%	2.9%
Diluted EPS	$2.97	-$9.06	$6.77

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	6,017	2,111	4,808	+185.0%
Cash from investing	-1,872	-3,079	-3,688
Cash from financing	-3,470	1,791	-2,511
Depreciation and amortisation	1,605	1,395	1,341	+15.1%
Share-based compensation	144	127	169	+13.4%
Buybacks	0.0	443	1,650
Dividends paid	1,585	1,575	1,570	+0.6%
Dividend per share	$3.62	$3.60	$3.50	+0.6%
Diluted shares, weighted	440m	440m	454m	+0.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	19,166	18,984	24,910	+1.0%
Non-controlling interest	2,471	2,539	2,259	-2.7%
Debt	14,251	15,716	11,576	-9.3%
Operating lease liabilities	725	853	806	-15.0%
Finance lease liabilities	257	248	259	+3.6%
Other liabilities	18,724	16,381	18,910	+14.3%
Total liabilities and equity	55,594	54,721	58,720	+1.6%
Goodwill	1,484	1,425	3,270	+4.1%
Intangible assets	813	843	869	-3.6%
Cash and equivalents	3,147	2,514	1,614	+25.2%
Receivables	7,470	6,522	8,510	+14.5%
Inventory	3,394	3,893	3,776	-12.8%
Other assets	39,286	39,524	40,681	-0.6%
Total assets	55,594	54,721	58,720	+1.6%

10-K for the year ended 31 December 2021, filed 18 February 2022: the filing.