Valero Energy (VLO) FY2020 results: revenue $64.9 billion, down 40.1% on the year
Valero Energy Corp. (VLO) reported revenue of $64.9 billion for fiscal 2020, the year ended 31 December 2020, down 40.1% on the year before. Net income was -$1.4 billion, and diluted earnings per share $-3.50. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$64.9 billion
-40.1% on the year
FY2016FY2020
Operating margin
-2.4%
3.5% a year earlier
FY2016FY2020
Net income
-$1.4 billion
FY2016FY2020
Diluted EPS
-$3.50
FY2016FY2020
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
64,912
108,324
117,033
-40.1%
Cost of revenue
65,652
103,546
111,439
-36.6%
Gross profit
-740
4,778
5,594
Gross margin
-1.1%
4.4%
4.8%
Operating income
-1,579
3,836
4,572
Operating margin
-2.4%
3.5%
3.9%
Interest expense
563
454
470
+24.0%
Pre-tax income
-2,010
3,486
4,232
Income tax
-903
702
879
Effective tax rate
n/a
20.1%
20.8%
Net income
-1,421
2,422
3,122
Net margin
-2.2%
2.2%
2.7%
Diluted EPS
-$3.50
$5.84
$7.29
$ 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
948
5,531
4,371
-82.9%
Capital expenditure
2,436
2,846
3,376
-14.4%
Free cash flow
-1,488
2,685
995
Free cash flow margin
-2.3%
2.5%
0.9%
Cash from investing
-2,425
-3,001
-3,928
Cash from financing
2,077
-2,997
-3,168
Depreciation and amortisation
48.0
53.0
52.0
-9.4%
Share-based compensation
80.0
89.0
86.0
-10.1%
Buybacks
156
777
1,708
-79.9%
Dividends paid
1,600
1,492
1,369
+7.2%
Dividend per share
$3.92
$3.60
$3.20
+8.9%
Diluted shares, weighted
407m
414m
428m
-1.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
18,801
21,803
21,667
-13.8%
Non-controlling interest
841
733
1,064
+14.7%
Debt
13,013
8,881
8,503
+46.5%
Operating lease liabilities
885
959
n/a
-7.7%
Finance lease liabilities
1,544
750
n/a
+105.9%
Other liabilities
16,690
20,738
18,921
-19.5%
Total liabilities and equity
51,774
53,864
50,155
-3.9%
Fixed assets
n/a
29,264
28,848
Goodwill
260
260
260
0.0%
Intangible assets
248
283
307
-12.4%
Cash and equivalents
3,313
2,583
2,982
+28.3%
Receivables
4,807
8,058
7,345
-40.3%
Inventory
6,038
7,013
6,532
-13.9%
Other assets
37,108
6,403
3,881
+479.5%
Total assets
51,774
53,864
50,155
-3.9%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.