Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Phillips 66, profitability ratios (quarterly data)
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).
- Gross profit margin
- The gross profit margin displays a generally upward trend over the observed periods, starting at 7.45% and dipping to a low of 4.42% before progressively increasing to peak at 7.76%. This indicates an improving ability to cover direct costs relative to revenue. However, there is a slight decline in the final quarter analyzed, suggesting some volatility in cost management or pricing power.
- Operating profit margin
- The operating profit margin follows a similar initial pattern, declining from 4.14% to a low of 0.86%, reflecting a period of margin compression potentially due to increased operating expenses or weaker sales. From mid-2017 onward, the margin improves steadily, achieving a high of 4.63% before falling in the last quarter to 2.21%, which may imply challenges in controlling operating expenses or pressures on operational efficiency.
- Net profit margin
- The net profit margin shows a decline in the early periods, decreasing to around 1.85%, indicating squeezed overall profitability. Following this, there is a notable recovery with margins peaking near 5.85%, reflecting improved cost controls, tax benefits, or financial management. The margin slightly declines toward the end, ending at 2.87%, which may suggest increased non-operating expenses or other financial pressures.
- Return on equity (ROE)
- Return on equity exhibits significant fluctuations, with an initial downward trend from 15.91% to 6.95%, followed by a sharp rise to a peak of 28.1%. This suggests periods of enhanced shareholder value generation, likely driven by improved profitability or efficient equity utilization. The sharp drop in the closing periods to 12.35% indicates reduced effectiveness in generating profits from shareholders' investments, potentially reflecting adverse market conditions or strategic challenges.
- Return on assets (ROA)
- The return on assets follows a trend similar to ROE but at lower levels, reflecting asset utilization efficiency. It declines initially from 7.51% to 3.01%, then recovers strongly reaching 11.73%. The decline toward the end to 5.24% signals weakening asset performance, possibly due to lower profitability or increased asset base without proportional income growth.
Return on Sales
Return on Investment
Gross Profit Margin
Phillips 66, gross profit margin calculation (quarterly data)
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).
1 Q4 2019 Calculation
Gross profit margin = 100
× (Gross profitQ4 2019
+ Gross profitQ3 2019
+ Gross profitQ2 2019
+ Gross profitQ1 2019)
÷ (Sales and other operating revenuesQ4 2019
+ Sales and other operating revenuesQ3 2019
+ Sales and other operating revenuesQ2 2019
+ Sales and other operating revenuesQ1 2019)
= 100 × (1,615 + 2,206 + 2,128 + 741)
÷ (29,125 + 27,218 + 27,847 + 23,103)
= 6.24%
- Gross Profit
- The gross profit shows notable fluctuations over the observed quarters. Initially, it remains relatively stable with a slight upward trend, peaking at 1,654 million USD in the third quarter of 2017. However, a decrease follows in the last quarter of 2017, and once again gross profit rises significantly through 2018, reaching its highest value of 3,153 million USD in the final quarter of that year. The start of 2019 marks a sharp decline to 741 million USD in the first quarter, followed by recovery and stabilization around the 2,000 million USD mark for the next two quarters, before experiencing a moderate decline to 1,615 million USD in the last quarter of 2019.
- Sales and Other Operating Revenues
- The sales and other operating revenues demonstrate a generally upward trajectory with some volatility. The data show a gradual increase from 17,409 million USD in the first quarter of 2016 to a peak of 29,746 million USD in the fourth quarter of 2017. Following this, the values fluctuate but remain high, mostly staying in the range of 23,000 to 29,000 million USD across 2018 and 2019. There is no clear trend of sustained decline; instead, revenues appear relatively robust with short-term variations.
- Gross Profit Margin
- The gross profit margin experiences variability throughout the periods. From the first quarter of 2016 to the fourth quarter of 2016, the margin declines from 7.45% to a low of 4.42% in the first quarter of 2017. Subsequently, it recovers modestly and stabilizes around the 4.5% to 5% range through 2017. A more pronounced increase occurs during 2018, with margins peaking at 7.76% in the fourth quarter. The first three quarters of 2019 sustain margins near or above 7%, before declining to 6.24% in the final quarter. This pattern suggests improvements in cost control or pricing power especially during 2018 and early 2019, followed by some reduction in efficiency or pricing premium by the end of 2019.
- Overall Insights
- The data reveal a company experiencing significant seasonal and cyclical variations in profitability and sales. While gross profit margins and gross profits exhibit strong gains notably in late 2018 and mid-2019, sales revenues demonstrate steady, though somewhat volatile growth. The fluctuations in gross profit margin suggest periods of varying cost pressures or changes in product mix impacting profitability. Despite occasional dips, the general outlook is one of financial resilience with capacity for recovery after downturns.
Operating Profit Margin
Phillips 66, operating profit margin calculation (quarterly data)
| 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Operating income (loss) | 694) | 490) | 1,282) | (91) | 2,293) | 1,296) | 1,200) | 373) | 385) | 796) | 461) | 83) | (120) | 467) | 345) | 324) | |||||
| Sales and other operating revenues | 29,125) | 27,218) | 27,847) | 23,103) | 29,098) | 29,788) | 28,980) | 23,595) | 29,746) | 25,627) | 24,087) | 22,894) | 23,397) | 21,624) | 21,849) | 17,409) | |||||
| Profitability Ratio | |||||||||||||||||||||
| Operating profit margin1 | 2.21% | 3.70% | 4.35% | 4.23% | 4.63% | 2.90% | 2.55% | 1.96% | 1.69% | 1.27% | 0.97% | 0.86% | 1.21% | 2.30% | 3.73% | 4.14% | |||||
| Benchmarks | |||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| ConocoPhillips | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Exxon Mobil Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
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).
1 Q4 2019 Calculation
Operating profit margin = 100
× (Operating income (loss)Q4 2019
+ Operating income (loss)Q3 2019
+ Operating income (loss)Q2 2019
+ Operating income (loss)Q1 2019)
÷ (Sales and other operating revenuesQ4 2019
+ Sales and other operating revenuesQ3 2019
+ Sales and other operating revenuesQ2 2019
+ Sales and other operating revenuesQ1 2019)
= 100 × (694 + 490 + 1,282 + -91)
÷ (29,125 + 27,218 + 27,847 + 23,103)
= 2.21%
2 Click competitor name to see calculations.
- Operating Income (Loss)
- The operating income displays a fluctuating trend across the quarters. Initially, it increases from 324 million to 467 million US dollars between the first and third quarters of 2016, but then declines sharply to a loss of 120 million in the last quarter of 2016. In 2017, the operating income recovers significantly, peaking at 796 million in the third quarter before falling to 385 million by year-end. Throughout 2018, there is a strong upward trend overall, culminating in a peak of 2293 million in the final quarter. However, in 2019, the figures show volatility again, starting with a negative value of 91 million in the first quarter, followed by a sharp recovery and subsequent fluctuations with a decline towards the end of the year.
- Sales and Other Operating Revenues
- Sales and operating revenues generally trend upwards over the observed period, with some seasonal variations. Starting from 17,409 million US dollars in the first quarter of 2016, there is a gradual increase to a peak of 29,746 million in the last quarter of 2017. This is followed by slight fluctuations in 2018, maintaining levels between approximately 23,000 and 29,700 million. In 2019, revenues remain relatively stable but fluctuate modestly within the range of 23,100 to 29,125 million, without a clear directional trend.
- Operating Profit Margin
- The operating profit margin exhibits considerable variability. It starts at 4.14% in early 2016 but decreases to its lowest point of 0.86% in the first quarter of 2017. From that low, the margin gradually improves, reaching a peak of 4.63% by the last quarter of 2018, indicating enhanced operational efficiency or profitability during that time. Nevertheless, the margin decreases again throughout 2019, ending at 2.21% by year-end, reflecting diminished profitability despite relatively stable sales.
- Overall Insights
- The data reveals a cyclical pattern in operating income and profit margins, reflecting varying operational performance and possibly external market conditions affecting profitability. Sales revenues tend to increase steadily over the long term, suggesting growth or expansion in sales volume. However, the disconnect between consistently rising sales and fluctuating profit margins indicates that increased revenues did not always translate proportionally into profitability, highlighting potential cost control or pricing challenges during certain periods, particularly in 2019. The peak in operating income and margins during late 2018 suggests an optimal period of efficiency or favorable economic conditions, while the subsequent decline in profitability metrics warrants attention for operational improvements.
Net Profit Margin
Phillips 66, net profit margin calculation (quarterly data)
| 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net income attributable to Phillips 66 | 736) | 712) | 1,424) | 204) | 2,240) | 1,492) | 1,339) | 524) | 3,198) | 823) | 550) | 535) | 163) | 511) | 496) | 385) | |||||
| Sales and other operating revenues | 29,125) | 27,218) | 27,847) | 23,103) | 29,098) | 29,788) | 28,980) | 23,595) | 29,746) | 25,627) | 24,087) | 22,894) | 23,397) | 21,624) | 21,849) | 17,409) | |||||
| Profitability Ratio | |||||||||||||||||||||
| Net profit margin1 | 2.87% | 4.27% | 4.88% | 4.75% | 5.02% | 5.85% | 5.45% | 4.94% | 4.99% | 2.16% | 1.91% | 1.90% | 1.85% | 2.47% | 3.58% | 3.87% | |||||
| Benchmarks | |||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| ConocoPhillips | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Exxon Mobil Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
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).
1 Q4 2019 Calculation
Net profit margin = 100
× (Net income attributable to Phillips 66Q4 2019
+ Net income attributable to Phillips 66Q3 2019
+ Net income attributable to Phillips 66Q2 2019
+ Net income attributable to Phillips 66Q1 2019)
÷ (Sales and other operating revenuesQ4 2019
+ Sales and other operating revenuesQ3 2019
+ Sales and other operating revenuesQ2 2019
+ Sales and other operating revenuesQ1 2019)
= 100 × (736 + 712 + 1,424 + 204)
÷ (29,125 + 27,218 + 27,847 + 23,103)
= 2.87%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable fluctuations and trends in profitability and revenue performance over the observed periods.
- Net Income
- Net income attributable to the company showed considerable variability across quarters. Early periods (2016) recorded moderate income ranging from approximately 160 to 510 million USD. A significant surge is apparent in the last quarter of 2017, where net income sharply increased to over 3 billion USD, indicating an exceptional event or improved operational efficiency during this time. Following this peak, net income stabilized but remained somewhat elevated compared with earlier years, with some quarterly decreases observed in 2019.
- Sales and Other Operating Revenues
- Sales and other operating revenues demonstrated a general upward trend across the time frame. Starting at approximately 17.4 billion USD in the first quarter of 2016, revenue fluctuated with a modest upward progression through 2017, peaking above 29 billion USD toward the end of 2017 and again in subsequent years. Despite some quarter-to-quarter variation, the overall revenue trajectory suggests sustained or growing demand or pricing improvements in the company's core business activities.
- Net Profit Margin
- The net profit margin experienced a significant recovery following a low in the last quarter of 2016. Margins increased steadily through 2017, reaching a high point near 5% in late 2017 and maintaining relatively elevated levels into 2018. The trend indicates improved profitability efficiency during this period. However, in 2019, a decline in net profit margin is observed, notably dipping below 3% at the end of 2019, which may suggest increased costs, pricing pressures, or other operational challenges impacting profitability.
Overall, the company's financial performance throughout the observed quarters is characterized by increasing revenue with variable profitability. The remarkable spike in net income and improved margins in late 2017 stand out as key highlights, while the subsequent decline in profit margins toward the end of 2019 signals areas for potential concern or adjustment. Continuous monitoring of profit margin trends alongside revenue changes will be crucial for assessing future financial health.
Return on Equity (ROE)
Phillips 66, ROE calculation (quarterly data)
| 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net income attributable to Phillips 66 | 736) | 712) | 1,424) | 204) | 2,240) | 1,492) | 1,339) | 524) | 3,198) | 823) | 550) | 535) | 163) | 511) | 496) | 385) | |||||
| Stockholders’ equity | 24,910) | 24,857) | 24,752) | 24,217) | 24,653) | 23,319) | 22,536) | 21,923) | 25,085) | 22,523) | 22,368) | 22,364) | 22,390) | 22,905) | 22,842) | 22,788) | |||||
| Profitability Ratio | |||||||||||||||||||||
| ROE1 | 12.35% | 18.43% | 21.65% | 21.78% | 22.70% | 28.10% | 26.11% | 23.24% | 20.35% | 9.20% | 7.86% | 7.62% | 6.95% | 8.92% | 13.61% | 15.91% | |||||
| Benchmarks | |||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| ConocoPhillips | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Exxon Mobil Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
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).
1 Q4 2019 Calculation
ROE = 100
× (Net income attributable to Phillips 66Q4 2019
+ Net income attributable to Phillips 66Q3 2019
+ Net income attributable to Phillips 66Q2 2019
+ Net income attributable to Phillips 66Q1 2019)
÷ Stockholders’ equity
= 100 × (736 + 712 + 1,424 + 204)
÷ 24,910 = 12.35%
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in the company's profitability and capital base over the analyzed periods.
- Net Income
- The net income attributable to the company exhibited significant volatility across the quarters. Initially, it showed moderate increases from 385 million to a peak of 511 million in the first three quarters of 2016, followed by a sharp decline to 163 million in the last quarter of 2016. In 2017, net income generally improved, peaking sharply at 3,198 million in Q4, indicating potentially extraordinary gains or operational improvements. The upward trend continued through 2018, maintaining high levels between 524 million and 2,240 million before showing variability in 2019, where net income fluctuated between 204 million and 1,424 million, ending with a moderate figure of 736 million in the final quarter. This pattern suggests earnings were influenced by both cyclical factors and possibly one-time events.
- Stockholders' Equity
- Stockholders’ equity remained relatively stable throughout the time frame, fluctuating moderately between approximately 22,300 million and 25,000 million. There was a slight downward trend during the 2016-2017 period, followed by a resurgence toward the end of 2017 and ongoing gradual growth through 2018 and 2019. The stability and slight increase reflect consistent capital management and retention of earnings over time.
- Return on Equity (ROE)
- ROE follows the pattern seen in net income, showing considerable fluctuation. It started at a high of nearly 16% in early 2016, declining to under 7% by year-end 2016. From 2017 onwards, ROE improved markedly, reaching a peak of over 28% in Q3 2018, suggesting enhanced profitability relative to equity capital during this period. In 2019, the ROE showed a decelerating trend, declining from above 21% in the first half of the year to 12.35% in the last quarter. This indicates a reduction in profitability efficiency relative to equity in the latter part of the period.
In summary, the financial data indicates periods of strong profitability and growth, especially during 2017-2018, supported by stable equity levels. However, the volatility in net income and ROE points to underlying variability in operational performance or external factors impacting earnings. The company's ability to maintain equity base while experiencing swings in returns suggests resilient capital structure management amid fluctuating earnings performance.
Return on Assets (ROA)
Phillips 66, ROA calculation (quarterly data)
| 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net income attributable to Phillips 66 | 736) | 712) | 1,424) | 204) | 2,240) | 1,492) | 1,339) | 524) | 3,198) | 823) | 550) | 535) | 163) | 511) | 496) | 385) | |||||
| Total assets | 58,720) | 58,741) | 57,781) | 57,855) | 54,302) | 55,884) | 54,826) | 52,132) | 54,371) | 52,712) | 51,828) | 51,405) | 51,653) | 50,254) | 50,361) | 48,246) | |||||
| Profitability Ratio | |||||||||||||||||||||
| ROA1 | 5.24% | 7.80% | 9.28% | 9.12% | 10.30% | 11.73% | 10.73% | 9.77% | 9.39% | 3.93% | 3.39% | 3.32% | 3.01% | 4.06% | 6.17% | 7.51% | |||||
| Benchmarks | |||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| ConocoPhillips | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Exxon Mobil Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
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).
1 Q4 2019 Calculation
ROA = 100
× (Net income attributable to Phillips 66Q4 2019
+ Net income attributable to Phillips 66Q3 2019
+ Net income attributable to Phillips 66Q2 2019
+ Net income attributable to Phillips 66Q1 2019)
÷ Total assets
= 100 × (736 + 712 + 1,424 + 204)
÷ 58,720 = 5.24%
2 Click competitor name to see calculations.
The financial data reveals several key trends over the observed quarterly periods. Net income attributable to the company demonstrates considerable volatility, with marked peaks and troughs. Initially, net income rose from $385 million to $511 million within 2016, only to decline sharply to $163 million by year-end. A notable surge occurred in the final quarter of 2017, reaching $3,198 million, which significantly exceeds all surrounding quarters. This peak suggests an exceptional event or operational gain during that specific period. Following this spike, net income stabilized at generally elevated levels, fluctuating between approximately $524 million and $2,240 million across 2018, before decreasing noticeably in late 2019.
Total assets show a steady upward trajectory, increasing from $48,246 million in early 2016 to a high of nearly $58,741 million by late 2019. While the growth is consistent, modest fluctuations are observed, but the overall trend indicates expansion and an accumulation of resources over the four-year span.
The return on assets (ROA) metric indicates fluctuating profitability relative to asset base. It begins at 7.51% in the first quarter of 2016, dips to a low of around 3% by the year-end, and then experiences a significant improvement in late 2017, peaking at 11.73% in the third quarter of 2018. The ROA remains relatively strong through 2019 but shows a diminishing trend toward the end of that year. The patterns in ROA reflect the variability observed in net income, confirming that profitability relative to assets was strongest in the period surrounding late 2017 through 2018.
- Net Income
- Demonstrates cyclical volatility with a sharp peak in late 2017, followed by elevated but less extreme values through 2018 and a decline in late 2019.
- Total Assets
- Exhibits steady growth over time with minor short-term fluctuations, indicating asset base expansion.
- Return on Assets (ROA)
- Shows an initial decline, followed by a substantial increase peaking mid-2018, and a subsequent gradual decrease heading into 2020, mirroring net income trends.