ConocoPhillips (COP) financials

NYSE · Energy · Oil & Gas Exploration & Production · 9,600 employees · CEO Andrew O'Brien

Price: $154.03 +2.67%
Market cap: $185B
Enterprise value: $202B
Last report: Q2 '26 filed 2026-08-06
Next report: 2026-11-05 EPS est. $3.05

Revenue (TTM)$63.3B+9.6% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)21.9%-0.1 pp vs a year agoOperating income $13.9B

Net income (TTM)$9.28B+1.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$10.1B+45.4% vs a year agoCapex $11.9B

Diluted EPS (TTM)$7.55+1.3% vs a year agoSum of the last 4 quarters

Net cash-$15.6B+14.2% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $185B
Revenue: $63.3B
Revenue growth: +25%
Profit margin: 14.7%
P/E: 20.4×
P/S: 2.9×
EV / EBITDA: 7.3×
Free cash flow: $10.1B
Net income: $9.28B
Revenue estimate: $73.5B
Earnings: 2026-11-05
Dividend: $3.36

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-06): revenue beat by 3.9%, EPS beat by 11.7%Revenue $19.5B vs $18.8B expected (+3.9%); EPS $3.24 vs $2.90 (+11.7%).
Revenue growth accelerating: 36.8% year on yearQ2 '26 revenue $19.2B, against an average of 1.9% over the four quarters before.
Operating margin 21.9% (TTM), -0.1 pp on a year agoOperating income grew 9.3% while revenue grew 9.6%.
Capex 18.7% of revenue (a year ago 22.3%)$11.9B invested in the last 4 quarters (-8.0% on a year earlier). Free cash flow $10.1B = 108.4% of net income.
Returned $9.46B to shareholders = 94.0% of free cash flowBuybacks $5.39B (a year earlier $5.89B), dividends $4.07B, stock-based pay $0 (TTM).
Diluted share count down 3.6% in a year1.21B diluted shares in Q2 '26, 1.26B a year earlier.
Net debt $15.6BCash + short-term investments $7.69B, debt incl. leases $23.3B; a year ago net debt $18.2B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$19.2B	$14B	+36.8%
Gross margin	36.7%	25.1%	+11.7 pp
Operating income	$5.98B	$2.61B	+129.4%
Operating margin	31.2%	18.6%	+12.6 pp
Net income	$3.93B	$1.97B	+99.4%
Diluted EPS	$3.23	$1.56	+107.1%
Operating cash flow	$7.43B	$3.49B	+113.3%
Capex	$3.02B	$3.29B	-8.0%
Free cash flow	$4.41B	$199M	+2,116.1%
R&D	$0	$0	–
Stock-based compensation	$0	$0	–

Reported vs consensus

2026-08-06

	Actual	Consensus	vs consensus
Revenue	$19.5B	$18.8B	+3.9%
EPS (as estimated)	$3.24	$2.90	+11.7%

From the report of 2026-08-06 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Crude oil product line	$14.3B	+49.8%	74.5%	$43.2B	+8.9%
Natural Gas Product Line	$1.15B	-40.5%	6.0%	$7.75B	-5.0%
Other Products	$2.62B	+63.2%	13.7%	$8.61B	+34.3%
Natural Gas Liquids	$1.12B	+19.1%	5.8%	$3.75B	+6.0%

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Lower 48	$13B	+17.0%	65.9%	$41.3B	-47.2%
CANADA	$1.93B	+159.4%	9.7%	$7.51B	+30.5%
NORWAY	–	–	–	–	–
Europe	$2.28B	–	11.5%	–	–
Alaska Segment	$1.87B	–	9.5%	–	–
United Kingdom	–	–	–	–	–
Libya	–	–	–	–	–
CHINA	–	–	–	–	–
MALAYSIA	–	–	–	–	–
Asia Pacific and Middle East	$674M	–	3.4%	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $21.9B
Capex: -$11.9B
Buybacks: -$5.39B
Dividends: -$4.07B
Acquisitions: $910M
Net debt issued: -$282M
Stock-based compensation: $0
Free cash flow: $10.1B
Returned to shareholders / FCF: 94.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	20.4×	12.0×	8.1× – 14.7×
EV / EBITDA	7.3×	5.3×	4.4× – 6.0×
EV / Sales	3.2×	2.4×	2.1× – 2.7×
Price / FCF	18.4×	12.7×	8.2× – 16.2×
Price / Book	2.9×	2.3×	1.8× – 3.1×
FCF yield	5.4%	8.7%	6.2% – 12.2%
Return on invested capital	7.9%	11.2%	6.4% – 20.7%
Return on equity	14.3%	21.1%	12.4% – 38.9%

Analysts

Consensus target $156.62 (+1.7%)
range $130.00 – $189.00 · rating Buy

Strong buy1

Buy38

Hold10

Sell3

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$73.5B	+24.7%	$11.44	+80.2%	13.5×	16
FY2027	$68.5B	-6.8%	$10.53	-8.0%	14.6×	18
FY2028	$67.2B	-1.9%	$10.07	-4.4%	15.3×	12
FY2029	$73.1B	+8.7%	$11.04	+9.7%	14.0×	9
FY2030	$75.6B	+3.4%	$12.10	+9.6%	12.7×	5

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 319 figures ConocoPhillips tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts and Financing Receivable, after Allowance for Credit Loss	$6.96B	$5.7B	+22.0%	$5.81B	$6.7B	-13.2%
Accounts Payable, Current	$6.76B	$6.52B	+3.8%	$6.22B	$6.04B	+2.9%
Accounts Receivable, after Allowance for Credit Loss	$5.79B	$4.54B	+27.7%	$4.42B	$5.4B	-18.2%
Accounts Receivable, after Allowance for Credit Loss, Noncurrent	$110M2025-12-31	$113M	-2.7%	$110M	$113M	-2.7%
Accounts Receivable, Allowance for Credit Loss, Current	$4M	$6M	-33.3%	$4M	$7M	-42.9%
Accretion Expense, Including Asset Retirement Obligations	$99M	$95M	+4.2%	$378M	$325M	+16.3%
Accrual for Environmental Loss Contingencies	$306M	$206M	+48.5%	$119M	$112M	+6.3%
Accrual for Environmental Loss Contingencies, Discount Rate	5.0%2025-12-31	5.0%	0.0%	5.0%	5.0%	0.0%
Accrual for Environmental Loss Contingencies, Gross	$220M2025-12-31	$206M	+6.8%	$220M	$206M	+6.8%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$96B	$86.5B	+11.0%	$90.4B	$81.1B	+11.5%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$6.18B	-$5.9B	-4.6%	-$5.91B	-$6.47B	+8.7%
Additional Paid in Capital, Common Stock	$77.8B	$77.6B	+0.2%	$77.7B	$77.5B	+0.3%
Asset Impairment Charges	$2M	$1M	+100.0%	$26M	$80M	-67.5%
Asset Retirement Obligation	$8.36B2025-12-31	$8.22B	+1.8%	$8.36B	$8.22B	+1.8%
Asset Retirement Obligation, Accretion Expense	–	–	–	$366M	$319M	+14.7%
Asset Retirement Obligation, Cash Paid to Settle	–	–	–	$259M	$182M	+42.3%
Asset Retirement Obligation, Foreign Currency Translation Gain (Loss)	–	–	–	-$216M	$209M	-203.3%
Asset Retirement Obligation, Liabilities Incurred	–	–	–	$162M	$926M	-82.5%
Asset Retirement Obligation, Liabilities Settled	–	–	–	$186M	$6M	+3,000.0%
Asset Retirement Obligation, Revision of Estimate	–	–	–	$150M	-$140M	+207.1%
Assets	$124B	$123B	+1.4%	$122B	$123B	-0.7%
Assets, Current	$19.2B	$13.9B	+37.7%	$15.5B	$15.6B	-0.7%
Assets, Fair Value Disclosure	$2.92B	–	–	$2.21B	$2.04B	+8.1%
Broker-Dealer, Payable to Other Broker-Dealer and Clearing Organization	$2M2025-12-31	$5M	-60.0%	$2M	$5M	-60.0%
Business Combination, Acquisition Related Costs	$2M2025-09-30	–	–	–	–	–
Business Combination, Contingent Consideration, Liability	$78M2026-03-31	–	–	$0	$145M	-100.0%
Capitalized Costs, Proved Properties	$168B2025-12-31	$155B	+8.1%	$168B	$155B	+8.1%
Capitalized Costs, Unproved Properties	$10.8B2025-12-31	$15.5B	-30.1%	$10.8B	$15.5B	-30.1%
Capitalized Exploratory Well Cost, Additions Pending Determination of Proved Reserves	–	–	–	$113M	$32M	+253.1%
Capitalized Exploratory Well Cost, Charged to Expense	–	–	–	$36M	$18M	+100.0%
Capitalized Exploratory Well Cost, Period Increase (Decrease)	$02025-09-30	$32M	-100.0%	–	–	–
Capitalized Exploratory Well Costs	$347M	$209M	+66.0%	$243M	$196M	+24.0%
Capitalized Exploratory Well Costs that Have Been Capitalized for Period Greater than One Year	$133M2025-12-31	$163M	-18.4%	$133M	$163M	-18.4%
Capitalized Exploratory Well Costs that Have Been Capitalized for Period of One Year or Less	$110M2025-12-31	$33M	+233.3%	$110M	$33M	+233.3%
Cash and Cash Equivalents, at Carrying Value	$6.57B	$4.9B	+34.1%	$6.5B	$5.61B	+15.9%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$6.97B	$5.23B	+33.3%	$6.92B	$5.91B	+17.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$719M	-$1.39B	+151.6%	$1.01B	$6M	+16,750.0%
Collateral Already Posted, Aggregate Fair Value	$0	$0	–	$0	$0	–
Common Stock, Dividends, Per Share, Declared	$0.84	$0.78	+7.7%	$3.18	$2.52	+26.2%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	2.5B	2.5B	0.0%	2.5B	2.5B	0.0%
Common Stock, Shares, Issued	2.26B	2.25B	+0.2%	2.25B	2.25B	+0.1%
Common Stock, Value, Issued	$23M	$23M	0.0%	$23M	$23M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$3.78B	$2.46B	+53.6%	$8.55B	$8.45B	+1.2%
Cost of Goods and Services Sold	$6.71B	$5.09B	+32.0%	$22.3B	$20B	+11.6%
Current Federal Tax Expense (Benefit)	–	–	–	$655M	$629M	+4.1%
Current Foreign Tax Expense (Benefit)	–	–	–	$3.29B	$3.25B	+1.2%
Current State and Local Tax Expense (Benefit)	–	–	–	$177M	$182M	-2.7%
Debt Instrument, Face Amount	$23.3B2025-12-31	$24.1B	-3.1%	$23.3B	$24.1B	-3.1%
Debt Instrument, Repurchased Face Amount	–	–	–	$3.77B2024-12-31	–	–
Debt Instrument, Unamortized Discount (Premium), Net	$704M2025-12-31	$701M	+0.4%	$704M	$701M	+0.4%
Debt Securities, Available-for-sale	$1.61B	–	–	$1.6B	$1.55B	+3.2%
Debt Securities, Available-for-sale, Allowance for Credit Loss	$02025-12-31	$0	–	$0	$0	–
Debt Securities, Available-for-sale, Amortized Cost	$1.62B	$1.58B	+2.5%	$1.59B	$1.55B	+2.8%
Debt Securities, Available-for-sale, Noncurrent	$1.15B2025-12-31	$1.06B	+8.8%	$1.15B	$1.06B	+8.8%
Debt, Current	$462M	$414M	+11.6%	$1.02B	$1.04B	-1.4%
Deferred Credits and Other Liabilities	$1.91B	$1.94B	-1.4%	$1.64B	$2.03B	-19.6%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$537M	$247M	+117.4%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$33M	$71M	-53.5%
Deferred Income Tax Expense (Benefit)	$47M	$149M	-68.5%	$549M	$367M	+49.6%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-01