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Phillips 66 (NYSE:PSX)

This company has been moved to the archive! The financial data has not been updated since February 21, 2020.

Common-Size Income Statement
Quarterly Data

Phillips 66, common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Sales and other operating revenues 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Purchased crude oil and products -89.66 -87.46 -88.17 -91.14 -84.75 -88.58 -88.84 -89.59 -80.39 -75.95 -76.19 -77.22 -78.55 -73.81 -74.14 -68.53 -72.49 -72.04 -78.05 -73.29
Operating expenses -4.79 -4.43 -4.18 -5.66 -4.42 -4.05 -3.94 -5.28 -3.89 -4.43 -4.72 -5.55 -5.12 -4.91 -4.55 -5.88 -4.91 -4.20 -3.66 -4.80
Cost of operating revenues -94.45% -91.90% -92.36% -96.79% -89.16% -92.62% -92.79% -94.87% -84.29% -80.37% -80.92% -82.77% -83.67% -78.72% -78.69% -74.40% -77.40% -76.24% -81.71% -78.10%
Excise taxes on sales of petroleum products 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -11.40 -13.17 -13.50 -13.26 -13.49 -15.52 -16.06 -19.30 -15.72 -13.62 -12.15 -14.76
Gross profit 5.55% 8.10% 7.64% 3.21% 10.84% 7.38% 7.21% 5.13% 4.32% 6.45% 5.58% 3.97% 2.84% 5.76% 5.26% 6.30% 6.88% 10.14% 6.15% 7.14%
Selling, general and administrative expenses -1.69 -1.53 -1.47 -1.58 -1.44 -1.48 -1.49 -1.64 -1.47 -1.70 -1.82 -1.68 -1.80 -1.90 -1.93 -2.22 -1.98 -1.69 -1.42 -1.73
Depreciation and amortization -1.17 -1.23 -1.20 -1.43 -1.16 -1.16 -1.16 -1.42 -1.16 -1.32 -1.33 -1.38 -1.30 -1.35 -1.33 -1.61 -1.28 -1.05 -0.96 -1.11
Impairments -0.02 -3.13 -0.01 0.00 0.00 0.00 -0.02 0.00 -0.02 0.00 -0.06 -0.01 0.00 -0.01 -0.01 0.00 -0.02 0.00 -0.01 0.00
Taxes other than income taxes -0.27 -0.39 -0.35 -0.55 -0.33 -0.37 -0.38 -0.47 -0.35 -0.31 -0.43 -0.52 -0.23 -0.31 -0.39 -0.58 -0.06 -0.38 -0.30 -0.44
Accretion on discounted liabilities -0.02 -0.02 -0.02 -0.03 -0.02 -0.02 -0.02 -0.03 -0.02 -0.02 -0.02 -0.02 -0.03 -0.02 -0.02 -0.03 -0.02 -0.02 -0.02 -0.02
Operating income (loss) 2.38% 1.80% 4.60% -0.39% 7.88% 4.35% 4.14% 1.58% 1.29% 3.11% 1.91% 0.36% -0.51% 2.16% 1.58% 1.86% 3.51% 7.00% 3.43% 3.84%
Equity in earnings of affiliates 1.59 1.83 2.33 2.23 2.51 2.62 2.56 1.80 1.26 2.07 1.92 1.59 1.09 1.81 1.99 1.91 0.58 2.26 1.43 2.00
Net gain on dispositions 0.00 0.07 0.00 0.00 0.00 0.00 0.00 0.07 0.00 0.00 0.06 0.00 0.00 0.01 0.03 0.00 0.00 0.09 0.49 0.54
Other income 0.08 0.13 0.08 0.16 0.05 0.08 0.04 0.04 0.01 0.19 0.07 1.97 0.06 0.11 0.08 0.10 0.04 0.08 0.07 0.31
Interest and debt expense -0.39 -0.40 -0.41 -0.52 -0.42 -0.42 -0.47 -0.52 -0.38 -0.44 -0.44 -0.46 -0.38 -0.37 -0.38 -0.49 -0.34 -0.28 -0.28 -0.38
Foreign currency transaction gains (losses) 0.00 0.03 -0.03 -0.02 0.00 0.00 0.05 0.07 0.02 -0.03 0.00 0.00 0.00 0.04 0.00 0.04 0.00 0.00 0.00 -0.22
Income before income taxes 3.66% 3.46% 6.57% 1.47% 10.03% 6.63% 6.33% 3.04% 2.20% 4.90% 3.52% 3.48% 0.26% 3.76% 3.30% 3.42% 3.80% 9.15% 5.14% 6.09%
Income tax (expense) benefit -0.88 -0.55 -1.17 -0.30 -2.07 -1.37 -1.49 -0.56 8.74 -1.59 -1.11 -1.02 0.56 -1.28 -0.93 -1.14 -0.76 -2.97 -1.54 -1.72
Net income 2.78% 2.91% 5.40% 1.17% 7.96% 5.26% 4.84% 2.48% 10.94% 3.31% 2.41% 2.46% 0.83% 2.48% 2.36% 2.29% 3.04% 6.17% 3.59% 4.38%
Net income attributable to noncontrolling interests -0.25 -0.30 -0.29 -0.29 -0.26 -0.26 -0.22 -0.26 -0.19 -0.10 -0.13 -0.12 -0.13 -0.12 -0.09 -0.07 -0.07 -0.05 -0.05 -0.04
Net income attributable to Phillips 66 2.53% 2.62% 5.11% 0.88% 7.70% 5.01% 4.62% 2.22% 10.75% 3.21% 2.28% 2.34% 0.70% 2.36% 2.27% 2.21% 2.97% 6.12% 3.55% 4.33%

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).

The financial performance over the analyzed period is characterized by significant volatility in margins and a progressive increase in the proportion of revenue consumed by raw material costs. While revenue remains the constant baseline, the underlying cost structure reveals a tightening of gross margins and a heavy reliance on non-operating income to stabilize the bottom line.

Cost of Revenue and Gross Margin Trends
A persistent upward trend is observed in the cost of purchased crude oil and products, which rose from 73.29% of revenue in March 2015 to 89.66% by December 2019. This increase directly compressed the cost of operating revenues, which peaked at 96.79% in March 2019. Consequently, gross profit margins exhibited high volatility, fluctuating between a low of 2.84% in December 2016 and a peak of 10.84% in December 2018. The data indicates that the company's profitability is highly sensitive to the pricing and procurement costs of crude oil.
Operating Expense Management
Operating expenses remained relatively stable, generally fluctuating between 3.66% and 5.88% of revenue. Similarly, selling, general, and administrative expenses showed consistent control, typically ranging from 1.42% to 2.22%. Depreciation and amortization also remained steady, hovering around 1.1% to 1.6% of sales. This stability suggests that while variable input costs fluctuated wildly, the fixed and semi-fixed overhead costs were managed effectively.
Operating Income and Affiliates
Operating income demonstrated significant instability, recording negative margins in December 2016 (-0.51%) and March 2019 (-0.39%). However, these operational dips were frequently mitigated by equity in earnings of affiliates, which provided a consistent positive contribution to the margin, typically between 1.5% and 2.6%. This suggests that the company's strategic investments in affiliates serve as a critical buffer against volatility in primary refining and marketing operations.
Net Income and Extraordinary Items
Net income margins were subject to extreme variance, largely driven by non-recurring items and tax fluctuations. A notable anomaly occurred in December 2017, where net income spiked to 10.94% of revenue, primarily due to a substantial income tax benefit of 8.74%. Another significant event is noted in September 2019, where a one-time impairment of 3.13% of revenue negatively impacted the operating result. Excluding these outliers, the net income attributable to the parent company generally trended between 0.70% and 7.70%.

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