Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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Phillips 66 pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2012
- Price to Book Value (P/BV) since 2012
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Phillips 66, consolidated income statement (quarterly data)
US$ in millions
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).
- Sales and Revenues
- The sales and other operating revenues show a notable seasonal pattern, with peaks generally in the fourth quarter of each year. Revenues reached a low point around the first quarter of 2016, followed by a steady recovery and growth through to the end of 2018. However, fluctuations continued into 2019, with revenues slightly declining in some quarters compared to prior periods.
- Cost of Goods Sold and Operating Expenses
- Purchased crude oil and products costs closely follow the trend of sales but vary in magnitude. There was a significant reduction in costs in early 2016, aligning with the revenue trough, followed by incremental rises through 2018. Operating expenses remained relatively stable throughout the periods, with minor increases toward the later quarters, suggesting attempts to control operational efficiencies despite revenue volatility.
- Gross Profit
- Gross profit exhibited fluctuations corresponding to revenue trends, with a sharp decline in late 2016 and early 2017. From 2017 onward, gross profit generally improved, peaking notably in late 2018, indicating enhanced profitability. Nevertheless, gross profit margins appear volatile, affected by both sales and cost changes.
- Selling, General and Administrative Expenses
- These expenses remained fairly consistent over the analyzed quarters, with only slight variations. The trend suggests disciplined control of SG&A costs, though there is a marginal increase towards the end of the data in late 2019.
- Depreciation and Amortization
- This expense showed a steady increase over the periods, indicating ongoing capital investments or asset base growth. The consistent rise impacts operating income by increasing fixed charges.
- Impairments
- Impairments were generally low or negligible, except for a significant one-time impairment recorded in mid-2019. This substantial impairment affected profitability and points to possible asset revaluation or write-down during that period.
- Operating Income
- Operating income reflected the gross profit and operating expenses' interplay, showing significant volatility across quarters. It reached very low points with negative values notably at the end of 2016 and again in early 2019 but surged to high levels during late 2018. These swings suggest sensitivity to market conditions or operational challenges.
- Equity in Earnings of Affiliates and Other Income
- Equity earnings from affiliates showed an upward trend with some variability, contributing positively to overall earnings. Other income streams were mostly stable, with an exceptional spike in the first quarter of 2017, which could denote a non-recurring gain.
- Interest and Debt Expense
- Interest and debt expense increased gradually over time, consistent with higher levels of indebtedness or rising interest rates, exerting downward pressure on net income.
- Income Before Taxes and Tax Expenses
- Income before income taxes fluctuated significantly, aligned with operating income and non-operating items. Income tax expenses featured unusual volatility, with a large tax benefit in the last quarter of 2017 sharply impacting net income, followed by varying tax charges in subsequent quarters.
- Net Income
- The net income showed considerable swings, influenced by operational earnings, tax effects, and impairments. Exceptional high net profits were observed in the fourth quarter of 2017 and the final quarter of 2018, while some quarters in 2016 and 2019 reflected weaker earnings. The data suggests overall growth in profitability with intermittent challenges due to market or internal factors.
- Net Income Attributable to Noncontrolling Interests
- Amounts attributable to noncontrolling interests increased over the period, albeit representing a small fraction of total net income, indicating relatively stable minority interest implications on consolidated profits.