Occidental Petroleum Corporation (OXY) financials
NYSE · Energy · Oil & Gas Exploration & Production · 10,412 employees · CEO Richard A. Jackson
- Price
- $64.00 +1.57%
- Market cap
- $64B
- Enterprise value
- $74.5B
- Last report
- Q2 '26 filed 2026-08-05
- Next report
- 2026-11-09
Revenue (TTM)$25.2B-6.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)23.0%+3.5 pp vs a year agoOperating income $5.8B
Net income (TTM)$7.25B+206.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$5.31B+5.7% vs a year agoCapex $5.66B
Diluted EPS (TTM)$6.50+282.4% vs a year agoSum of the last 4 quarters
Net cash-$10.5B+52.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $64B EV $74.5B
- Revenue
- $25.2B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- 28.8% Net income / revenue, TTM
- P/E
- 9.6×
- P/S
- 2.5× Price / sales, TTM
- EV / EBITDA
- 5.3× TTM
- Free cash flow
- $5.31B Trailing 12 months
- Net income
- $7.25B Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2026-11-09
- Dividend
- $1.04 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth accelerating: 31.8% year on yearQ2 '26 revenue $8.33B, against an average of -16.0% over the four quarters before.
- Operating margin 23.0% (TTM), +3.5 pp on a year agoOperating income grew 9.6% while revenue grew -6.9%.
- Capex 22.5% of revenue (a year ago 26.3%)$5.66B invested in the last 4 quarters (-20.4% on a year earlier). Free cash flow $5.31B = 73.2% of net income.
- Returned $1.77B to shareholders = 33.4% of free cash flowBuybacks $117M (a year earlier $18M), dividends $1.66B, stock-based pay $0 (TTM).
- Diluted share count up 0.2% in a year1.01B diluted shares in Q2 '26, 1.01B a year earlier.
- Net debt $10.5BCash + short-term investments $4.15B, debt incl. leases $14.6B; a year ago net debt $21.8B.
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 | $8.33B | $6.32B | +31.8% |
| Gross margin | 81.0% | 30.2% | +50.8 pp |
| Operating income | $3.78B | $857M | +341.2% |
| Operating margin | 45.4% | 13.6% | +31.8 pp |
| Net income | $2.98B | $431M | +590.7% |
| Diluted EPS | $2.75 | $0.26 | +957.7% |
| Operating cash flow | $4.27B | $2.96B | +44.3% |
| Capex | $1.56B | $2B | -21.7% |
| Free cash flow | $2.71B | $962M | +181.4% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Oil And Gas Segment | $10.2B | +81.5% | 94.3% | – | – | |
| Chemical Segment | – | – | – | – | – | |
| Midstream Segment | $612M | +716.0% | 5.7% | – | – |
Revenue by region
share of total| Segment | Q4 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Oil And Gas Segment | $25.8B | – | 92.9% | – | – | |
| U [S] | – | – | – | – | – | |
| Non-US | $1.97B | – | 7.1% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $11B
- Capex
- -$5.66B
- Buybacks
- -$117M
- Dividends
- -$1.66B
- Acquisitions
- -$83M
- Net debt issued
- -$10.2B
- Stock-based compensation
- $0
- Free cash flow
- $5.31B
- Returned to shareholders / FCF
- 33.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & 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) | 9.6× | 16.0× | 4.7× – 24.3× |
| EV / EBITDA | 5.3× | 4.8× | 3.5× – 5.8× |
| EV / Sales | 3.0× | 2.6× | 2.1× – 3.2× |
| Price / FCF | 12.0× | 7.4× | 3.6× – 10.2× |
| Price / Book | 1.5× | 1.5× | 1.1× – 1.9× |
| FCF yield | 8.3% | 16.1% | 9.8% – 27.9% |
| Return on invested capital | 40.7% | 7.8% | 3.2% – 19.2% |
| Return on equity | 19.0% | 17.3% | 6.6% – 43.9% |
Analysts
Consensus target $70.79 (+10.6%)
range $60.00 – $82.00 · rating Buy
Strong buy0
Buy27
Hold23
Sell2
Strong sell0
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.
Every reported line
All 298 figures Occidental Petroleum Corporation 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 Payable and Accrued Liabilities, Noncurrent | $7.22B | – | – | $7.31B | $6.82B | +7.3% |
| Accounts Payable, Current | $3.57B | $3.82B | -6.6% | $3.29B | $3.47B | -5.4% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $3.14B | $3.47B | -9.4% | $2.58B | $2.84B | -9.3% |
| Accounts Receivable, Allowance for Credit Loss, Current | $24M2025-09-30 | $29M | -17.2% | $24M2024-12-31 | $29M | -17.2% |
| Accrual for Environmental Loss Contingencies | $1.85B | $1.89B | -2.2% | $1.87B | $1.91B | -2.0% |
| Accrual for Taxes Other than Income Taxes, Current | $467M | – | – | $498M | $436M | +14.2% |
| Accrued Environmental Loss Contingencies, Current | $151M | $150M | +0.7% | $151M | $150M | +0.7% |
| Accrued Environmental Loss Contingencies, Noncurrent | $1.7B | $1.7B | +0.1% | $1.72B | $1.76B | -2.3% |
| Accrued Income Taxes, Current | $849M | – | – | $159M | $471M | -66.2% |
| Accrued Income Taxes, Noncurrent | $2.47B | – | – | $2.39B | $2.2B | +8.6% |
| Accrued Liabilities, Current | $4.12B | $3.91B | +5.3% | $3.59B | $4.25B | -15.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $71.8B | – | – | $41.9B2019-12-31 | $43B | -2.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $191M | $164M | +16.5% | $202M | $179M | +12.8% |
| Additional Paid in Capital | $21.4B | $20.8B | +2.6% | $21B | $19.9B | +5.7% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 83.9M | 84.2M | -0.4% | 02023-12-31 | 0 | – |
| Asset Retirement Obligation | $4.55B2025-12-31 | $4.31B | +5.6% | $4.55B | $4.31B | +5.6% |
| Asset Retirement Obligation, Accretion Expense | – | – | – | $212M | $228M | -7.0% |
| Asset Retirement Obligation, Current | $400M | – | – | $381M | $388M | -1.8% |
| Asset Retirement Obligation, Liabilities Incurred | – | – | – | $138M | $287M | -51.9% |
| Asset Retirement Obligation, Liabilities Settled | – | – | – | $536M | $444M | +20.7% |
| Asset Retirement Obligation, Revision of Estimate | – | – | – | $452M | $274M | +65.0% |
| Asset Retirement Obligations, Noncurrent | $3.66B | $3.83B | -4.4% | $4.17B | $3.92B | +6.3% |
| Assets | $80.4B | $84.4B | -4.7% | $84.2B | $85.4B | -1.5% |
| Assets, Current | $11.1B | $8.98B | +24.0% | $8.83B | $9.07B | -2.7% |
| Business Combination, Acquisition Related Costs | $0 | $6M | -100.0% | $13M | $84M | -84.5% |
| Capitalized Costs, Mineral Interests in Unproved Properties | $7.7B2025-12-31 | $10.2B | -24.5% | $7.7B | $10.2B | -24.5% |
| Capitalized Exploratory Well Cost, Additions Pending Determination of Proved Reserves | – | – | – | $409M | $556M | -26.4% |
| Capitalized Exploratory Well Cost, Charged to Expense | – | – | – | $100M | $105M | -4.8% |
| Capitalized Exploratory Well Costs | $366M2025-12-31 | $262M | +39.7% | $366M | $262M | +39.7% |
| Cash and Cash Equivalents, at Carrying Value | $4.15B | $2.31B | +79.3% | $1.97B | $2.13B | -7.4% |
| Cash Provided by (Used in) Financing Activities, Discontinued Operations | $0 | $0 | – | -$9M | -$5M | -80.0% |
| Cash Provided by (Used in) Investing Activities, Discontinued Operations | $0 | -$284M | +100.0% | -$1.12B | -$769M | -45.1% |
| Cash Provided by (Used in) Operating Activities, Discontinued Operations | -$815M | $231M | -452.8% | $926M | $920M | +0.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $4.19B | $2.36B | +77.5% | $2.01B | $2.15B | -6.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | $41M2025-12-31 | $7M | +485.7% | $41M | $7M | +485.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $4.19B | $2.36B | +77.5% | $2.05B | $2.16B | -5.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $341M | -$282M | +220.9% | -$111M | $693M | -116.0% |
| Common Stock, Dividends, Per Share, Declared | $0.26 | $0.24 | +8.3% | $0.96 | $0.88 | +9.1% |
| Common Stock, Par or Stated Value Per Share | $0.20 | $0.20 | 0.0% | $0.20 | $0.20 | 0.0% |
| Common Stock, Shares Authorized | 1.5B | 1.5B | 0.0% | 1.5B | 1.5B | 0.0% |
| Common Stock, Shares, Issued | 1.23B | 1.21B | +1.4% | 1.21B | 1.17B | +4.1% |
| Common Stock, Shares, Outstanding | 1B | 984M | +1.6% | 986M | 938M | +5.1% |
| Common Stock, Value, Issued | $246M | $243M | +1.2% | $243M | $233M | +4.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $19M | $10M | +90.0% | $43M | $22M | +95.5% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.97B | $452M | +558.0% | $2.35B | $2.96B | -20.6% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $2.99B | $462M | +547.8% | $2.39B | $2.98B | -19.8% |
| Cost of Goods and Services Sold | $812M2025-09-30 | $889M | -8.7% | $3.12B2024-12-31 | $3.12B | +0.2% |
| Current Federal Tax Expense (Benefit) | -$19M | $57M | -133.3% | $307M | $775M | -60.4% |
| Current Foreign Tax Expense (Benefit) | $222M | $173M | +28.3% | $587M | $620M | -5.3% |
| Current Income Tax Expense (Benefit) | $208M | $234M | -11.1% | $894M | $1.42B | -37.2% |
| Current State and Local Tax Expense (Benefit) | $5M | $4M | +25.0% | $0 | $28M | -100.0% |
| Debt Instrument, Unamortized Discount (Premium), Net | -$1.03B | -$972M | -6.0% | -$1.05B | -$1.04B | -1.6% |
| Debt Issuance Costs, Net | $48M | $95M | -49.5% | $84M | $104M | -19.2% |
| Deferred Credits and Other Liabilities, Noncurrent | $16.5B | $16.3B | +1.6% | $17.5B | $16.5B | +6.5% |
| Deferred Federal Income Tax Expense (Benefit) | $650M | -$39M | +1,766.7% | $99M | -$197M | +150.3% |
| Deferred Foreign Income Tax Expense (Benefit) | $30M | $26M | +15.4% | -$3M | -$48M | +93.8% |
| Deferred Income Tax Expense (Benefit) | $707M | -$12M | +5,991.7% | $127M | -$265M | +147.9% |
| Deferred Income Tax Liabilities, Net | $5.67B | $5.25B | +8.1% | $5.64B | $5.39B | +4.5% |
| Deferred State and Local Income Tax Expense (Benefit) | $27M | $1M | +2,600.0% | $31M | -$20M | +255.0% |
| Deferred Tax Asset, Interest Carryforward | $11M2025-12-31 | $11M | 0.0% | $11M | $11M | 0.0% |
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