Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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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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Phillips 66, consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
- Net Income
- Net income demonstrated significant volatility during the period, with an initial value of 4,280 million USD in 2015, a sharp decline to 1,644 million USD in 2016, a strong recovery peaking at 5,873 million USD in 2018, followed by a decline to 3,377 million USD in 2019.
- Depreciation and Amortization
- This expense showed a generally increasing trend, rising from 1,078 million USD in 2015 to a peak of 1,356 million USD in 2018, then slightly decreasing to 1,341 million USD in 2019, indicating steady investment in long-term assets.
- Impairments
- Impairments remained relatively low from 2015 to 2018, fluctuating minimally, but experienced a substantial increase in 2019 to 861 million USD, suggesting a notable write-down of assets during that year.
- Deferred Income Taxes
- Deferred income taxes fluctuated widely, starting positively at 529 million USD in 2015, increasing to 612 million USD in 2016, sharply turning negative in 2017 by -1,886 million USD, before recovering to positive values in 2018 and 2019.
- Undistributed Equity Earnings
- This item experienced negative values in 2016 and 2017, with some recovery in 2018 but declining again in 2019, reflecting inconsistent performance or earnings retention from equity investments across the years.
- Net Gain on Dispositions
- Net gains on dispositions were consistently negative, indicating losses or costs associated with asset disposals, with values worsening slightly from -283 million USD in 2015 to around -20 million USD in the later years.
- Working Capital Adjustments
- Working capital adjustments fluctuated substantially throughout the period, ranging from negative to positive, with a notable negative adjustment in 2019 (-830 million USD), suggesting variable operational liquidity conditions.
- Net Cash Provided by Operating Activities
- Operating cash flow showed significant variability, peaking at 7,573 million USD in 2018 but dropping to 4,808 million USD in 2019. The 2015 value stood at 5,713 million USD with the lowest in 2016 at 2,963 million USD, revealing varying operational efficiency or working capital management.
- Capital Expenditures and Investments
- Capital expenditures steadily decreased from -5,764 million USD in 2015 to a low of -1,832 million USD in 2017, then rose again to -3,873 million USD in 2019, indicating fluctuations in investment activity likely reflective of strategic shifts.
- Net Cash Used in Investing Activities
- Investing cash flows were consistently negative, reflecting ongoing investment outflows. The magnitude of investing cash outflows decreased significantly from -5,738 million USD in 2015 to -1,146 million USD in 2017, before increasing again to -3,688 million USD by 2019.
- Issuance and Repayment of Debt
- Issuance of debt increased over the years up to 2017 with 3,508 million USD, then declined somewhat in following years. Debt repayments showed a large repayment in 2017 (-3,678 million USD), indicating significant debt management efforts.
- Share Repurchases and Dividends
- Repurchase of common stock decreased sharply in 2018 to -4,645 million USD, notably higher than prior years, then declined to -1,650 million USD in 2019. Dividends steadily increased over the period from -1,172 million USD in 2015 to -1,570 million USD in 2019.
- Net Cash Used in Financing Activities
- Financing cash flow exhibited considerable fluctuations, with a large outflow in 2018 (-5,167 million USD) largely driven by stock repurchases and debt repayment, while other years showed less negative figures but still net outflows overall.
- Net Change in Cash and Cash Equivalents
- Cash balances decreased in most years, with the largest decline in 2015 (-2,133 million USD) and 2019 (-1,405 million USD). The cash position ended the period at 1,614 million USD in 2019, less than half of the starting cash balance in 2015.
- Overall Financial Trends
- The financial data reveal a cyclical pattern in net income and cash flows with peaks and troughs throughout the five years. Investment and financing activities showed a pattern of variably aggressive capital expenditures and debt management. The volatility in impairments and deferred taxes alongside fluctuating working capital adjustments underline the presence of periodic operational and financial challenges impacting liquidity and profitability.