Cash Flow Statement
Quarterly Data
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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Phillips 66 pages available for free this week:
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2012
- Net Profit Margin since 2012
- Return on Equity (ROE) since 2012
- Return on Assets (ROA) since 2012
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Phillips 66, consolidated cash flow 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).
- Net income
- The net income displayed notable volatility over the periods, with peaks notably at December 2017 (3,255 million USD) and December 2018 (2,316 million USD). Early quarters from 2015 through 2016 showed generally lower and unstable values, followed by a significant increase in late 2017 and 2018, before declining again in 2019.
- Depreciation and amortization
- This expense increased steadily from about 253 million USD in the first quarter of 2015 to around 340 million USD by the end of 2019, indicating ongoing capital asset investments or adjustments in asset valuation over time.
- Impairments
- Values were minimal and sporadic up to 2019, with an exception in September 2019 showing a substantial impairment of 853 million USD, suggesting a major write-down occurred in that quarter.
- Deferred income taxes
- Deferred tax figures were highly fluctuating, including a large negative adjustment around December 2017 (-2,670 million USD), which may reflect significant tax-related accounting changes or one-time tax effects during that period.
- Undistributed equity earnings
- These earnings fluctuated without a clear trend, alternating between negative and positive values, indicating variable earnings recognition from equity affiliates and joint ventures.
- Working capital adjustments
- The adjustments to working capital showed irregular and often large swings, such as strong negative values in March 2017 (-1,297 million USD) and December 2018 (-1,483 million USD), highlighting volatile operational cash flow effects related to receivables, inventories, and payables.
- Net cash provided by operating activities
- This metric was inconsistent, with a low point in March 2017 (-549 million USD) and a peak in December 2018 (4,139 million USD), indicating fluctuating operating performance and cash collection cycles across the years.
- Capital expenditures and investments
- Capital spending was generally substantial and persistent, with cash outflows ranging from approximately -750 to -2,478 million USD per quarter, reflecting sustained investment efforts but with some periods of reduced spending, particularly in late 2015 and early 2016.
- Net cash used in investing activities
- Investing cash flows were predominantly negative throughout, consistent with ongoing capital spending exceeding proceeds from asset disposals. Occasional positive spikes, such as in March 2017 (158 million USD), suggestlier asset sales or returns of investments.
- Issuance and repayment of debt
- There was active debt management with significant issuances in the later quarters of 2016 and 2017, partially offset by large repayments notably in the first half of 2017. This points to strategic financing adjustments, possibly refinancing or funding operational and capital needs.
- Stock repurchase and dividends
- Common stock repurchases continued consistently and heavily over the periods, with a notable spike in December 2017 (-3,513 million USD), indicating aggressive shareholder return activity. Dividends maintained more stable, yet slowly increasing cash outflows, reflecting a commitment to returning value to shareholders.
- Net cash used in financing activities
- Financing cash flows were mostly negative, reflecting debt repayments, stock repurchases, and dividend payments, except for occasional quarters with positive inflows due to debt issuance or proceeds from equity units, illustrating ongoing capital structure optimization.
- Net change in cash and cash equivalents
- Cash levels fluctuated markedly, with large decreases in certain quarters such as December 2015 and March 2018, contrasting with substantial increases in quarters such as December 2018 and June 2016. This suggests variability in liquidity management aligned with investing, operating, and financing activities.