Common-Size Income Statement
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- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2012
- Current Ratio since 2012
- Price to Earnings (P/E) since 2012
- Price to Sales (P/S) since 2012
- Aggregate Accruals
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Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
- Gross Profit and Cost of Revenues
- Gross profit as a percentage of sales and other operating revenues exhibits fluctuations over the analyzed periods, with notable lows around the end of 2016 and peaks in late 2018. The gross profit generally ranges between approximately 2.8% and 10.8%, indicating variability in operational efficiency or margins influenced by external factors. The cost of operating revenues shows a corresponding inverse trend, consistently high and fluctuating mostly between approximately -74% and -97% of sales, with a clear increase in the cost burden toward the later years, particularly from 2017 through 2019, signaling rising expenses in crude and product purchases or other cost components.
- Purchased Crude Oil and Products
- The cost associated with purchased crude oil and products maintains a substantial portion of total sales, generally ranging between approximately -68.5% and -91%, with a rising trend toward the later periods, especially from 2017 onward. This increase in purchase cost proportion suggests higher commodity prices or changes in procurement strategies affecting cost structure.
- Operating Expenses
- Operating expenses as a percentage of sales fluctuate modestly, mostly staying within the range of roughly -3.7% to -5.9%. These expenses peaked slightly in early 2016 and again in some quarters of 2019, implying some cost control challenges or increased operational requirements during those times.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses remain relatively stable, fluctuating marginally between approximately -1.4% and -2.2% of sales. There is no marked upward or downward trajectory, denoting consistent management of administrative and selling costs throughout the periods.
- Depreciation and Amortization
- The proportion allocated to depreciation and amortization stays in a narrow band mostly between -0.9% and -1.6%, indicating stable asset base management and consistent capital expenditure patterns over time.
- Operating Income
- Operating income demonstrates variability, with some quarters showing positive figures above 7% and others approaching or falling below zero, notably at the end of 2016 and again in 2019. This suggests fluctuating operational profitability possibly driven by cost pressures and revenue changes.
- Income Before Income Taxes and Net Income
- Income before income taxes generally mirrors operating income trends, fluctuating between modest positive values and occasional sharp declines. Net income follows similar patterns, with peaks reaching over 10% of sales in some quarters (notably the end of 2017) and troughs below 1% in others. The net income attributable specifically to the company mirrors overall net income trends, reflecting consistent minority interest impacts.
- Taxes
- Income tax expense as a percentage of sales exhibits volatility, including a notable positive tax benefit in late 2017 which substantially inflated reported net income for that period. Outside this anomaly, tax expenses show typical fluctuations consistent with pre-tax income variability.
- Other Income and Interest Expense
- Other income factors regularly contribute small positive amounts around 0.04% to 0.16% of sales, with occasional spikes such as 1.97% in the first quarter of 2017, possibly indicating one-time gains. Interest and debt expense remains fairly consistent, generally between -0.3% and -0.5% of sales, suggesting stable financing costs.
- Impairments
- Impairments are minimal and sporadic for most periods, typically near zero except for a marked impairment recorded in the third quarter of 2019 amounting to approximately -3.13% of sales, indicating a significant write-down during that quarter affecting earnings.
- Equity in Earnings of Affiliates
- Earnings from affiliates remain positive and relatively stable, mostly between 1.4% and 2.6% of sales, providing a steady contribution to overall profitability.
- Summary of Trends
- Overall, the data reveal that while the company manages steady administrative and financing costs, it faces substantial and increasing cost pressures from crude oil and product purchases that significantly impact gross profit margins and operating income. Fluctuations in tax expenses and occasional impairments introduce volatility in net income, although contributions from affiliates and some other income items provide supplementary support to profitability. The observed patterns underscore the vulnerability of earnings to external commodity price variations and operational cost dynamics over the quarters analyzed.