Valero Energy (VLO) FY2019 results: revenue $108.3 billion, down 7.4% on the year
Valero Energy Corp. (VLO) reported revenue of $108.3 billion for fiscal 2019, the year ended 31 December 2019, down 7.4% on the year before. Net income was $2.4 billion, down 22.4%, and diluted earnings per share $5.84. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$108.3 billion
-7.4% on the year
FY2016FY2019
Operating margin
3.5%
3.9% a year earlier
FY2016FY2019
Net income
$2.4 billion
-22.4% on the year
FY2016FY2019
Diluted EPS
$5.84
-19.9% on the year
FY2016FY2019
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
108,324
117,033
93,980
-7.4%
Cost of revenue
103,546
111,439
89,433
-7.1%
Gross profit
4,778
5,594
4,547
-14.6%
Gross margin
4.4%
4.8%
4.8%
Operating income
3,836
4,572
3,563
-16.1%
Operating margin
3.5%
3.9%
3.8%
Interest expense
454
470
468
-3.4%
Pre-tax income
3,486
4,232
3,207
-17.6%
Income tax
702
879
-949
-20.1%
Effective tax rate
20.1%
20.8%
-29.6%
Net income
2,422
3,122
4,065
-22.4%
Net margin
2.2%
2.7%
4.3%
Diluted EPS
$5.84
$7.29
$9.16
-19.9%
$ 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
5,531
4,371
5,482
+26.5%
Capital expenditure
2,846
3,376
1,353
-15.7%
Free cash flow
2,685
995
4,129
+169.8%
Free cash flow margin
2.5%
0.9%
4.4%
Cash from investing
-3,001
-3,928
-2,382
Cash from financing
-2,997
-3,168
-2,272
Depreciation and amortisation
53.0
52.0
52.0
+1.9%
Share-based compensation
89.0
86.0
77.0
+3.5%
Buybacks
777
1,708
1,372
-54.5%
Dividends paid
1,492
1,369
1,242
+9.0%
Dividend per share
$3.60
$3.20
$2.80
+12.5%
Diluted shares, weighted
414m
428m
444m
-3.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
21,803
21,667
21,991
+0.6%
Non-controlling interest
733
1,064
909
-31.1%
Debt
8,881
8,503
8,310
+4.4%
Operating lease liabilities
959
n/a
n/a
Finance lease liabilities
750
n/a
n/a
Other liabilities
20,738
18,921
18,948
+9.6%
Total liabilities and equity
53,864
50,155
50,158
+7.4%
Fixed assets
29,264
28,848
27,480
+1.4%
Goodwill
260
260
0.0
0.0%
Intangible assets
283
307
142
-7.8%
Cash and equivalents
2,583
2,982
5,850
-13.4%
Receivables
8,058
7,345
6,922
+9.7%
Inventory
7,013
6,532
6,384
+7.4%
Other assets
6,403
3,881
3,380
+65.0%
Total assets
53,864
50,155
50,158
+7.4%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.