Revenue growth reached 11.2% in 2026Q1, though gross margins remain susceptible to volatility, fluctuating from a 12.7% trough in 2024Q4 to 24.1% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 194.6B | 189.34B | 189.19B | 210.13B | 241.39B | 157.74B | 105.94B | 159.31B | 298.76B | 240.21B | 183.01B | 222.89B | 353.57B | 379.14B | 370.87B | 375.52B | 301.86B | 243.97B | 361.14B | 284.37B | 265.91B | 239.79B | 202.77B | 232.57B | 178.72B | 174.22B | 148.06B | 83.57B | 68.3B | 110.21B | 44.73B |
| Revenue Growth % | 3.95% | 0.08% | -9.97% | -12.95% | 53.03% | 48.89% | -33.5% | -46.68% | 24.37% | 31.26% | -17.89% | -36.96% | -6.74% | 2.23% | -1.24% | 24.4% | 23.73% | -32.45% | 27% | 6.94% | 10.89% | 18.26% | -12.81% | 30.13% | 2.58% | 17.67% | 77.18% | 22.34% | -38.03% | 146.39% | 23.89% |
| Cost of Goods Sold | 156.95B | 155.81B | 158.95B | 162.06B | 186.3B | 134.88B | 95.76B | 131.72B | 269.88B | 221.3B | 176.48B | 218.09B | 327.4B | 346.44B | 343.08B | 329.18B | 286.07B | 190.73B | 302.69B | 230.69B | 214.6B | 163.03B | 248.71B | 202.04B | 155.53B | 146.89B | 114.07B | 63.65B | 51.1B | 0 | 0 |
| COGS % of Revenue | - | 82.29% | 84.02% | 77.12% | 77.18% | 85.51% | 90.39% | 82.69% | 90.33% | 92.13% | 96.44% | 97.84% | 92.6% | 91.37% | 92.51% | 87.66% | 94.77% | 78.18% | 83.81% | 81.13% | 80.7% | 67.99% | 122.66% | 86.87% | 87.02% | 84.32% | 77.04% | 76.17% | 74.81% | - | - |
| Gross Profit | 37.65B | 33.53B | 30.24B | 48.07B | 55.1B | 22.86B | 10.18B | 27.58B | 28.88B | 18.9B | 6.52B | 4.81B | 26.16B | 32.7B | 27.79B | 46.34B | 15.79B | 53.24B | 58.45B | 53.67B | 51.31B | 76.77B | -45.94B | 30.53B | 23.19B | 27.32B | 33.99B | 19.92B | 17.2B | 110.21B | 44.73B |
| Gross Margin % | 19.35% | 17.71% | 15.98% | 22.88% | 22.82% | 14.49% | 9.61% | 17.31% | 9.67% | 7.87% | 3.56% | 2.16% | 7.4% | 8.63% | 7.49% | 12.34% | 5.23% | 21.82% | 16.19% | 18.87% | 19.3% | 32.01% | -22.66% | 13.13% | 12.98% | 15.68% | 22.96% | 23.83% | 25.19% | 100% | 100% |
| Gross Profit Growth % | - | 10.88% | -37.1% | -12.75% | 141.01% | 124.47% | -63.08% | -4.49% | 52.77% | 189.76% | 35.66% | -81.62% | -19.99% | 17.68% | -40.03% | 193.4% | -70.33% | -8.92% | 8.91% | 4.6% | -33.16% | 267.09% | -250.48% | 31.63% | -15.12% | -19.62% | 70.69% | 15.76% | -84.39% | 146.39% | 23.89% |
| Operating Expenses | 16.92B | 18.06B | 17.39B | 17.02B | 13.65B | 12.19B | 10.76B | 11.39B | 13.62B | 12.59B | 12.22B | 13.91B | 16.33B | 16.51B | 14.83B | 15.48B | 24.87B | 26.65B | 28.14B | 28.19B | 26.61B | 44.4B | 177.94B | 215.45B | -8.52B | -10.44B | 18.64B | 12.59B | 12.82B | 99.89B | 39.57B |
| OpEx % of Revenue | - | 9.54% | 9.19% | 8.1% | 5.65% | 7.73% | 10.15% | 7.15% | 4.56% | 5.24% | 6.68% | 6.24% | 4.62% | 4.35% | 4% | 4.12% | 8.24% | 10.92% | 7.79% | 9.91% | 10.01% | 18.51% | 87.76% | 92.64% | -4.77% | -5.99% | 12.59% | 15.07% | 18.77% | 90.63% | 88.46% |
| Selling, General & Admin | 16.45B | 17.49B | 16.42B | 16.77B | 13.45B | 11.93B | 10.4B | 11.06B | 12.18B | 10.51B | 10.49B | 11.55B | 12.7B | 13.07B | 13.36B | 13.96B | 12.55B | 14.04B | 14.65B | 15.37B | 14.45B | 13.71B | 12.77B | 14.61B | 13.28B | 11.4B | 9.13B | 6.61B | 6.96B | 0 | 0 |
| SG&A % of Revenue | - | 9.24% | 8.68% | 7.98% | 5.57% | 7.56% | 9.81% | 6.94% | 4.08% | 4.37% | 5.73% | 5.18% | 3.59% | 3.45% | 3.6% | 3.72% | 4.16% | 5.75% | 4.06% | 5.41% | 5.43% | 5.72% | 6.3% | 6.28% | 7.43% | 6.54% | 6.17% | 7.91% | 10.2% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 429M | 391M | 400M | 418M | 663M | 707M | 674M | 0 | 0 | 0 | 882M | 756M | 1.04B | 684M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 357.58M | 127M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.14% | 0.16% | 0.22% | 0.19% | 0.19% | 0.19% | 0.18% | - | - | - | 0.24% | 0.27% | 0.39% | 0.29% | - | - | - | - | - | - | - | 0.32% | 0.28% |
| Other Operating Expenses | 3M | 570M | 974M | 251M | 200M | 257M | 360M | 333M | 360M | 477M | -10.05B | 18.83B | 603M | -12.34B | 730M | 12.65B | 12.01B | 12.62B | 3.82B | 3.83B | 4B | 3.54B | 2.76B | 1.32B | 882.05M | 1.29B | 9.51B | 5.98B | 5.86B | 99.53B | 39.44B |
| Operating Income | 20.74B | 15.46B | 12.85B | 31.05B | 41.45B | 10.67B | -573M | 16.19B | 16.34B | 7.92B | -4.42B | -10.36B | 12.87B | 18.9B | 13.7B | 34.99B | -13.53B | 26.59B | 35.73B | 31.55B | 31.89B | 33.16B | 25.63B | 18.16B | 10.59B | 16.09B | 15.35B | 7.32B | 4.38B | 10.32B | 5.16B |
| Operating Margin % | 10.66% | 8.17% | 6.79% | 14.78% | 17.17% | 6.77% | -0.54% | 10.16% | 5.47% | 3.3% | -2.41% | -4.65% | 3.64% | 4.98% | 3.69% | 9.32% | -4.48% | 10.9% | 9.89% | 11.1% | 11.99% | 13.83% | 12.64% | 7.81% | 5.93% | 9.23% | 10.37% | 8.76% | 6.41% | 9.37% | 11.54% |
| Operating Income Growth % | - | 20.37% | -58.62% | -25.09% | 288.37% | 1962.48% | -103.54% | -0.91% | 106.35% | 279.24% | 57.35% | -180.51% | -31.93% | 37.95% | -60.84% | 358.71% | -150.87% | -25.59% | 13.25% | -1.05% | -3.84% | 29.39% | 41.09% | 71.5% | -34.16% | 4.79% | 109.66% | 67.13% | -57.57% | 99.92% | 15.97% |
| EBITDA | 38.8B | 33.63B | 30.24B | 46.98B | 55.77B | 25.48B | 14.32B | 33.97B | 32.88B | 25.11B | 11.36B | 6.69B | 31.06B | 35.12B | 26.93B | 47.15B | -1.99B | 39.28B | 46.72B | 42.13B | 41.01B | 41.93B | 34.16B | 29.1B | 17.29B | 22.34B | 22.8B | 12.29B | 9.64B | 14.93B | 7.18B |
| EBITDA Margin % | 19.94% | 17.76% | 15.98% | 22.36% | 23.1% | 16.15% | 13.51% | 21.33% | 11.01% | 10.45% | 6.21% | 3% | 8.78% | 9.26% | 7.26% | 12.56% | -0.66% | 16.1% | 12.94% | 14.82% | 15.42% | 17.49% | 16.85% | 12.51% | 9.67% | 12.82% | 15.4% | 14.7% | 14.11% | 13.55% | 16.06% |
| EBITDA Growth % | 37.45% | 11.22% | -35.63% | -15.76% | 118.88% | 77.96% | -57.86% | 3.31% | 30.98% | 120.98% | 69.82% | -78.46% | -11.57% | 30.43% | -42.89% | 2474.12% | -105.06% | -15.9% | 10.88% | 2.72% | -2.19% | 22.76% | 17.36% | 68.32% | -22.59% | -2.04% | 85.56% | 27.51% | -35.46% | 107.81% | 5.34% |
| D&A (Non-Cash Add-back) | 18.07B | 18.16B | 17.39B | 15.93B | 14.32B | 14.8B | 14.89B | 17.78B | 16.54B | 17.19B | 15.78B | 17.05B | 18.19B | 16.22B | 13.23B | 12.16B | 11.54B | 12.7B | 10.98B | 10.58B | 9.13B | 8.77B | 8.53B | 10.94B | 6.7B | 6.25B | 7.45B | 4.96B | 5.25B | 4.61B | 2.02B |
| EBIT | 17.6B | 12.9B | 11.35B | 27.57B | 18.03B | 17.74B | -21.93B | 11.64B | 19.25B | 8.63B | -620M | -8.22B | 6.1B | 31.29B | 19.2B | 39.41B | -3.65B | 26.23B | 35.83B | 31.55B | 31.89B | 33.16B | 25.45B | 18.68B | 10.59B | 16.09B | 15.35B | 7.32B | 4.46B | 8.82B | 4.03B |
| Net Interest Income | -3.4B | -3.55B | -1.79B | -2.19B | -1.52B | -1.94B | -1.92B | -2B | -1.88B | -1.64B | -1.36B | -1.04B | 2.99M | -771M | -670M | -899M | -479M | -510M | -257M | 296M | 453M | 113M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -337.29M | -177M |
| Interest Income | 1.56B | 1.61B | 2.77B | 1.64B | 1.1B | 581M | 240M | 420M | 773M | 657M | 506M | 611M | 839.63M | 777M | 1.59B | 596M | 681M | 792M | 1.33B | 1.41B | 1.17B | 729M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 413.37M | 186M |
| Interest Expense | 4.96B | 5.16B | 4.57B | 3.83B | 2.62B | 2.52B | 2.16B | 2.42B | 2.53B | 2.07B | 1.68B | 1.35B | 836.64M | 1.07B | 1.13B | 1.25B | 1.22B | 1.3B | 1.55B | 1.11B | 718M | 616M | 2.76B | 1.06B | 706.88M | 1.01B | 0 | 0 | 0 | 750.66M | 363M |
| Other Income/Expense | -8.77B | -7.72B | -6.07B | -7.3B | -26.04B | 4.55B | -24.32B | -8.04B | -15.55B | -739M | 2.12B | 787M | -8.35B | -2.39B | 4.68B | 6.51B | 8.32B | -1.46B | -1.45B | 60M | 2.76B | -1.74B | -484M | -951M | 596M | -3.06B | 1.49B | -434M | 399M | -1.08B | -1.5B |
| Pretax Income | 11.97B | 7.75B | 6.78B | 23.75B | 15.4B | 15.23B | -24.89B | 8.15B | 16.72B | 7.18B | -2.29B | -9.57B | 4.95B | 30.22B | 18.81B | 38.83B | -4.83B | 25.12B | 34.28B | 31.61B | 34.64B | 31.92B | 24.34B | 16.76B | 7B | 8.93B | 16.84B | 6.89B | 4.78B | 9.25B | 3.67B |
| Pretax Margin % | 6.15% | 4.09% | 3.58% | 11.3% | 6.38% | 9.65% | -23.49% | 5.12% | 5.6% | 2.99% | -1.25% | -4.29% | 1.4% | 7.97% | 5.07% | 10.34% | -1.6% | 10.3% | 9.49% | 11.12% | 13.03% | 13.31% | 12.01% | 7.21% | 3.91% | 5.12% | 11.38% | 8.24% | 7% | 8.39% | 8.2% |
| Income Tax | 7.45B | 6.45B | 5.55B | 7.87B | 16.76B | 6.74B | -4.16B | 3.96B | 7.14B | 3.71B | -2.47B | -3.17B | 947M | 6.46B | 6.99B | 12.74B | -1.5B | 8.37B | 12.62B | 10.44B | 12.33B | 9.47B | 7.08B | 6.11B | 2.7B | 4.38B | 4.97B | 1.88B | 1.52B | 2.96B | 1.11B |
| Effective Tax Rate % | 62.25% | 83.28% | 81.88% | 33.13% | 108.81% | 44.26% | 16.71% | 48.61% | 42.73% | 51.7% | 107.49% | 33.13% | 19.13% | 21.39% | 37.18% | 32.8% | 31.11% | 33.29% | 36.8% | 33.03% | 35.6% | 29.68% | 29.09% | 36.46% | 38.55% | 49.07% | 29.52% | 27.29% | 31.8% | 32.04% | 30.19% |
| Net Income | 3.2B | 55M | 381M | 15.24B | -2.49B | 7.57B | -20.3B | 4.03B | 9.38B | 3.39B | 115M | -6.48B | 3.78B | 23.45B | 11.58B | 25.7B | -3.72B | 16.58B | 21.16B | 20.84B | 22B | 22.34B | 17.07B | 10.48B | 4.25B | 4.5B | 11.87B | 4.69B | 3.26B | 6.26B | 2.55B |
| Net Margin % | 1.65% | 0.03% | 0.2% | 7.25% | -1.03% | 4.8% | -19.17% | 2.53% | 3.14% | 1.41% | 0.06% | -2.91% | 1.07% | 6.19% | 3.12% | 6.84% | -1.23% | 6.8% | 5.86% | 7.33% | 8.27% | 9.32% | 8.42% | 4.51% | 2.38% | 2.59% | 8.02% | 5.61% | 4.77% | 5.68% | 5.71% |
| Net Income Growth % | 368.08% | -85.56% | -97.5% | 712.75% | -132.88% | 137.26% | -604.35% | -57.09% | 176.87% | 2846.96% | 101.77% | -271.48% | -83.88% | 102.48% | -54.93% | 791.05% | -122.43% | -21.64% | 1.49% | -5.25% | -1.53% | 30.84% | 62.9% | 146.53% | -5.61% | -62.05% | 153.31% | 43.74% | -47.96% | 145.45% | 127.45% |
| Net Income (Continuing) | 4.52B | 1.29B | 1.23B | 15.88B | -1.36B | 8.49B | -20.73B | 4.19B | 9.58B | 3.47B | 172M | -6.4B | 4B | 23.76B | 11.25B | 25.61B | -3.32B | 16.76B | 21.67B | 20.84B | 22.34B | 21.92B | 17.7B | 12.51B | 6.84B | 8.01B | 11.87B | 5.01B | 3.22B | 6.03B | 2.56B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 21B | 20.95B | 19.07B | 15.21B | 15.44B | 14.98B | 14.32B | 2.3B | 2.1B | 1.91B | 1.56B | 1.17B | 1.2B | 1.1B | 1.21B | 1.02B | 904M | 500M | 806M | 962M | 841M | 789M | 1.34B | 1.13B | 396.3M | 410.88M | 585M | 1.06B | 1.07B | 142.02M | 109M |
| EPS (Diluted) | 1.23 | 0.02 | 0.14 | 5.15 | -0.79 | 2.24 | -6.03 | 1.18 | 2.80 | 1.03 | 0.04 | -2.12 | 1.23 | 7.39 | 3.63 | 8.06 | -1.18 | 5.25 | 6.70 | 6.47 | 6.54 | 6.27 | 4.70 | 3.37 | 1.82 | 2.13 | 3.27 | 1.54 | 0.78 | 1.89 | 0.68 |
| EPS Growth % | 360.37% | -85.43% | -97.28% | 751.9% | -135.27% | 137.15% | -611.02% | -57.86% | 171.84% | 2761.11% | 101.7% | -272.36% | -83.36% | 103.58% | -54.96% | 783.05% | -122.48% | -21.64% | 3.55% | -1.07% | 4.31% | 33.4% | 39.47% | 85.16% | -14.55% | -34.86% | 112.34% | 97.44% | -58.73% | 177.94% | 126.67% |
| EPS (Basic) | - | 0.02 | 0.14 | 5.27 | -0.79 | 2.25 | -6.03 | 1.19 | 2.82 | 1.03 | 0.04 | -2.12 | 1.23 | 7.43 | 3.65 | 8.16 | -1.19 | 5.31 | 6.76 | 6.53 | 6.59 | 6.34 | 4.70 | 3.38 | 1.83 | 2.14 | 3.29 | 1.55 | 0.78 | 1.89 | 0.68 |
| Diluted Shares Outstanding | 2.61B | 2.65B | 2.8B | 2.96B | 3.16B | 3.38B | 3.37B | 3.4B | 3.35B | 3.3B | 3.14B | 3.05B | 3.08B | 3.17B | 3.19B | 3.19B | 3.17B | 3.16B | 3.16B | 3.22B | 3.36B | 3.56B | 3.64B | 3.7B | 3.75B | 3.76B | 3.63B | 3.23B | 3.2B | 3.2B | 3.74B |
| Basic Shares Outstanding | 2.58B | 2.6B | 2.73B | 2.89B | 3.16B | 3.35B | 3.37B | 3.38B | 3.33B | 3.28B | 3.12B | 3.05B | 3.06B | 3.16B | 3.17B | 3.15B | 3.13B | 3.12B | 3.13B | 3.19B | 3.34B | 3.52B | 3.64B | 3.69B | 3.73B | 3.74B | 3.61B | 3.23B | 3.2B | 3.2B | 3.74B |
| Dividend Payout Ratio | - | 9219.68% | 1312.86% | 31.55% | - | 56.87% | - | 172.5% | 71.38% | 181.53% | 4008.7% | - | 154.71% | 23.19% | 45.69% | 15.84% | - | 63.23% | 50.9% | 38.89% | 34.94% | 32.94% | 35.38% | 53.94% | 76.9% | 73.63% | 37.4% | 91.46% | 77.85% | 38.91% | - |
Commodity Price Volatility Exposure
As reported in recent financial statements, BP's revenue trajectory shows a notable shift, with 2026Q1 figures reaching $52.2B, representing an 11.2% growth rate that contrasts sharply with the persistent year-over-year declines observed throughout the 2024 fiscal period and early 2025 reporting cycles.
The recent revenue acceleration suggests a potential stabilization in global energy demand or a favorable shift in realized pricing benchmarks. Investors should monitor whether this growth is sustainable or merely a reflection of temporary market tightness, as the firm's historical reliance on volatile commodity prices often obscures underlying organic volume trends.
Based on reported figures, BP's gross margin reached 24.1% in 2026Q1, a significant recovery from the 12.7% trough in 2024Q4, yet the historical inconsistency in these margins suggests that the company remains highly susceptible to fluctuations in refining marker margins and input cost pressures.
The wide variance in gross profitability indicates that BP's integrated model is frequently tested by the disconnect between upstream production costs and downstream refining economics. This volatility warrants further investigation into the firm's ability to maintain pricing power within its Customers & Products segment during periods of broader energy market instability.
According to recent SEC filings, BP's net income has exhibited extreme volatility, swinging from a $3.8B profit in 2026Q1 to a $3.4B loss in 2025Q4, highlighting how non-operating items and asset revaluations frequently distort the firm's reported bottom-line performance for shareholders.
The frequent divergence between operating income and net income suggests that significant accounting charges, likely related to asset impairments or decommissioning liabilities, continue to cloud the firm's true earning power. Analysts should prioritize underlying replacement cost metrics over headline net income to better assess the operational health of the business.
As indicated by the company's income statement data, SG&A expenses have fluctuated between $3.4B and $4.7B over the last ten quarters, suggesting that management's efforts to control overhead costs are often offset by the operational intensity required to maintain aging global energy infrastructure.
The lack of a clear downward trend in SG&A expenses may indicate that the firm faces structural cost pressures that are difficult to mitigate through standard efficiency programs. Investors should monitor whether future cost-cutting initiatives can effectively scale against the rising capital requirements of the energy transition.
While the 2026Q1 performance appears robust, a critical analysis of the income statement suggests that the recent margin expansion may be unsustainable, as the firm's historical inability to consistently protect profitability during commodity downturns remains a significant risk factor for long-term valuation.
Short-term improvements in operating margins may be masking deeper structural challenges related to the firm's transition strategy and the high cost of capital for new energy projects. The market appears skeptical of the firm's ability to replicate legacy oil and gas returns, and this skepticism may be justified if margin volatility persists.
Quick answers to the most common questions about buying BP stock.
For fiscal year 2025, BP p.l.c. (BP) reported total revenue of $189.34B. This represents a 323.3% increase compared to $44.73B in 1996.
BP p.l.c. (BP) is profitable, generating $55.0M in net income for the fiscal year ending 2025 with a net profit margin of 0.0%.
BP p.l.c. (BP) reported an operating income of $15.46B, resulting in an operating profit margin of 8.2%. This margin reflects the operational efficiency of the business before interest and taxes.
BP p.l.c. (BP) generated $33.53B in gross profit for the year, representing a gross profit margin of 17.7%. This demonstrates the company's core pricing power and production efficiency.