Revenue growth remains inconsistent, characterized by a 2.5% contraction in 2026Q1 and operating margins that fluctuated between 15.1% and 27.6% over the last ten quarters.
| 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 | 58.31B | 58.71B | 54.61B | 56.05B | 78.58B | 46.06B | 18.77B | 32.43B | 36.37B | 29.03B | 23.89B | 29.33B | 52B | 54.57B | 58.26B | 63.29B | 190.59B | 147.38B | 240.83B | 187.44B | 183.65B | 179.44B | 118.72B | 105.1B | 57.2B | 25.03B | 22.54B | 13.85B | 11.85B | 15.42B | 15.81B |
| Revenue Growth % | 1.81% | 7.51% | -2.57% | -28.67% | 70.62% | 145.44% | -42.13% | -10.85% | 25.3% | 21.51% | -18.55% | -43.59% | -4.71% | -6.33% | -7.95% | -66.79% | 29.32% | -38.8% | 28.49% | 2.06% | 2.34% | 51.15% | 12.96% | 83.73% | 128.53% | 11.05% | 62.71% | 16.94% | -23.2% | -2.42% | 16.91% |
| Cost of Goods Sold | 41.29B | 44.25B | 38.58B | 38.25B | 48.95B | 31.33B | 19.41B | 23.88B | 25.79B | 25.36B | 26.8B | 32.55B | 40.08B | 38.69B | 40.32B | 43.36B | 157.64B | 120.63B | 190.82B | 143.42B | 137.43B | 138.4B | 102.06B | 75.22B | 42.52B | 16.35B | 13.93B | 10.44B | 8.98B | 11.51B | 12.23B |
| COGS % of Revenue | - | 75.37% | 70.65% | 68.23% | 62.3% | 68.02% | 103.44% | 73.64% | 70.91% | 87.34% | 112.17% | 110.95% | 77.07% | 70.89% | 69.21% | 68.51% | 82.71% | 81.85% | 79.24% | 76.51% | 74.83% | 77.13% | 85.96% | 71.57% | 74.34% | 65.33% | 61.8% | 75.33% | 75.8% | 74.62% | 77.36% |
| Gross Profit | 17.02B | 14.46B | 16.03B | 17.81B | 29.63B | 14.73B | -646M | 8.55B | 10.58B | 3.67B | -2.91B | -3.21B | 11.93B | 15.89B | 17.94B | 19.93B | 32.96B | 26.75B | 50.01B | 44.02B | 46.22B | 41.04B | 16.66B | 29.88B | 14.68B | 8.68B | 8.61B | 3.42B | 2.87B | 3.92B | 3.58B |
| Gross Margin % | 29.18% | 24.63% | 29.35% | 31.77% | 37.7% | 31.98% | -3.44% | 26.36% | 29.09% | 12.66% | -12.17% | -10.95% | 22.93% | 29.11% | 30.79% | 31.49% | 17.29% | 18.15% | 20.76% | 23.49% | 25.17% | 22.87% | 14.04% | 28.43% | 25.66% | 34.67% | 38.2% | 24.67% | 24.2% | 25.38% | 22.64% |
| Gross Profit Growth % | - | -9.77% | -10% | -39.89% | 101.18% | 2379.72% | -107.56% | -19.22% | 188% | 226.34% | 9.49% | -126.94% | -24.93% | -11.44% | -9.99% | -39.53% | 23.2% | -46.5% | 13.6% | -4.76% | 12.62% | 146.29% | -44.22% | 103.52% | 69.14% | 0.81% | 151.95% | 19.18% | -26.77% | 9.39% | 19.38% |
| Operating Expenses | 6.36B | 2.97B | 3.25B | 2.78B | 3.99B | 2.35B | 1.18B | 1.51B | 976M | 1.47B | 1.46B | 1.85B | 2.82B | 3.74B | 4.65B | 4.86B | 18.8B | 17.36B | 22.87B | 21.3B | 20.66B | 20.6B | 3.26B | 6.64B | 5.47B | 5B | 2.5B | 1.8B | 1.82B | 1.72B | 1.71B |
| OpEx % of Revenue | - | 5.05% | 5.94% | 4.96% | 5.07% | 5.11% | 6.31% | 4.65% | 2.68% | 5.08% | 6.12% | 6.32% | 5.43% | 6.85% | 7.99% | 7.69% | 9.86% | 11.78% | 9.49% | 11.36% | 11.25% | 11.48% | 2.74% | 6.32% | 9.56% | 19.99% | 11.09% | 12.98% | 15.38% | 11.14% | 10.84% |
| Selling, General & Admin | 1.54B | 743M | 1.08B | 624M | 1.06B | 811M | 988M | 1.16B | 898M | 1.37B | 2.18B | 3.22B | 2.22B | 1.91B | 1.8B | 865M | 1.77B | 1.83B | 2.23B | 3.31B | 3.31B | 2.91B | 2.13B | 2.18B | 2.54B | 919M | 869M | 665M | 697M | 660M | 509M |
| SG&A % of Revenue | - | 1.27% | 1.97% | 1.11% | 1.35% | 1.76% | 5.27% | 3.58% | 2.47% | 4.73% | 9.13% | 10.98% | 4.27% | 3.5% | 3.09% | 1.37% | 0.93% | 1.24% | 0.93% | 1.77% | 1.8% | 1.62% | 1.79% | 2.07% | 4.44% | 3.67% | 3.86% | 4.8% | 5.88% | 4.28% | 3.22% |
| Research & Development | 0 | 78M | 81M | 81M | 71M | 62M | 75M | 82M | 78M | 100M | 116M | 222M | 263M | 258M | 221M | 193M | 230M | 190M | 209M | 160M | 117M | 125M | 126M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.13% | 0.15% | 0.14% | 0.09% | 0.13% | 0.4% | 0.25% | 0.21% | 0.34% | 0.49% | 0.76% | 0.51% | 0.47% | 0.38% | 0.3% | 0.12% | 0.13% | 0.09% | 0.09% | 0.06% | 0.07% | 0.11% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 2.15B | 2.09B | 2.07B | 2.85B | 1.48B | 121M | 266M | 0 | 0 | -835M | -1.59B | 342M | 1.57B | 2.63B | 3.81B | 16.79B | 15.34B | 20.43B | 17.82B | 17.24B | 17.57B | 1B | 4.46B | 2.92B | 4.08B | 1.63B | 1.13B | 1.13B | 1.06B | 1.21B |
| Operating Income | 10.66B | 11.49B | 12.78B | 15.03B | 25.64B | 12.37B | -1.83B | 7.04B | 9.13B | 2.44B | -4.37B | -5.07B | 9.1B | 12.15B | 13.29B | 15.07B | 14.16B | 9.39B | 27.14B | 22.72B | 25.56B | 20.44B | 13.41B | 23.24B | 9.21B | 3.68B | 6.11B | 1.62B | 1.04B | 2.2B | 1.86B |
| Operating Margin % | 18.28% | 19.58% | 23.41% | 26.81% | 32.63% | 26.87% | -9.75% | 21.7% | 25.11% | 8.4% | -18.29% | -17.27% | 17.51% | 22.26% | 22.81% | 23.81% | 7.43% | 6.37% | 11.27% | 12.12% | 13.92% | 11.39% | 11.29% | 22.11% | 16.11% | 14.69% | 27.11% | 11.69% | 8.82% | 14.24% | 11.8% |
| Operating Income Growth % | - | -10.08% | -14.95% | -41.38% | 107.22% | 776.17% | -126% | -22.93% | 274.57% | 155.79% | 13.76% | -155.66% | -25.07% | -8.56% | -11.81% | 6.4% | 50.75% | -65.39% | 19.43% | -11.09% | 25.05% | 52.45% | -42.31% | 152.21% | 150.65% | -39.84% | 277.39% | 54.93% | -52.44% | 17.8% | 37.03% |
| EBITDA | 22.44B | 23.18B | 22.43B | 23.46B | 33.48B | 19.63B | 4.77B | 13.55B | 15.18B | 9.85B | 5.88B | 7.11B | 18.6B | 20.03B | 20.74B | 22.36B | 23.7B | 19.29B | 36.85B | 31.48B | 33.19B | 25.04B | 17.2B | 26.72B | 11.46B | 5.08B | 7.29B | 2.52B | 2.35B | 3.06B | 2.81B |
| EBITDA Margin % | 38.48% | 39.47% | 41.07% | 41.86% | 42.61% | 42.61% | 25.44% | 41.78% | 41.74% | 33.93% | 24.59% | 24.24% | 35.76% | 36.7% | 35.6% | 35.33% | 12.43% | 13.09% | 15.3% | 16.8% | 18.07% | 13.95% | 14.49% | 25.43% | 20.03% | 20.3% | 32.34% | 18.2% | 19.81% | 19.84% | 17.75% |
| EBITDA Growth % | -5.58% | 3.34% | -4.41% | -29.93% | 70.62% | 311.1% | -64.76% | -10.76% | 54.16% | 67.61% | -17.37% | -61.76% | -7.13% | -3.45% | -7.25% | -5.63% | 22.82% | -47.64% | 17.04% | -5.14% | 32.56% | 45.55% | -35.62% | 133.21% | 125.53% | -30.29% | 189.13% | 7.41% | -23.3% | 9.05% | 25.72% |
| D&A (Non-Cash Add-back) | 11.78B | 11.68B | 9.64B | 8.43B | 7.84B | 7.25B | 6.6B | 6.51B | 6.05B | 7.41B | 10.25B | 12.18B | 9.49B | 7.88B | 7.45B | 7.3B | 9.54B | 9.9B | 9.71B | 8.76B | 7.63B | 4.6B | 3.8B | 3.48B | 2.25B | 1.41B | 1.18B | 902M | 1.3B | 863M | 941M |
| EBIT | 10.66B | 11.49B | 14.78B | 17.35B | 29.28B | 13.84B | -2.08B | 10.63B | 11.06B | -1.16B | -3.86B | -5.84B | 10.52B | 15.49B | 16.53B | 16.77B | 21.39B | 11.29B | -2.17B | 24.95B | 29.78B | 24.27B | 14.95B | 23.24B | 9.21B | 3.68B | 6.11B | 1.62B | 1.04B | 2.2B | 1.86B |
| Net Interest Income | -1.13B | -922M | -706M | -651M | -860M | -1.09B | -958M | -938M | -991M | -1.35B | -1.61B | -1.36B | -1.05B | -933M | -940M | -1.21B | -1.45B | -1.48B | -1.11B | -1.25B | -1.37B | -690M | -546M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 311M | 402M | 412M | 195M | 33M | 100M | 166M | 97M | 112M | 57M | 45M | 83M | 113M | 163M | 170M | 187M | 227M | 245M | 342M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.13B | 1.23B | 1.11B | 1.06B | 1.05B | 1.13B | 1.06B | 1.1B | 1.09B | 1.46B | 1.67B | 1.4B | 1.13B | 1.05B | 1.1B | 1.38B | 1.64B | 1.71B | 1.35B | 1.59B | 1.37B | 690M | 546M | 197M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 893M | 1.16B | 889M | 1.26B | 2.59B | 338M | -1.31B | 2.49B | 841M | -5.05B | -1.16B | -2.17B | 287M | 2.3B | 2.14B | 330M | 5.59B | 189M | -30.66B | 635M | 2.85B | 3.14B | 995M | -14.9B | -7.07B | -435M | -2.36B | -434M | -624M | -297M | 307M |
| Pretax Income | 11.55B | 12.66B | 13.67B | 16.29B | 28.23B | 12.71B | -3.14B | 9.52B | 9.97B | -2.62B | -5.53B | -7.24B | 9.39B | 14.45B | 15.42B | 23B | 19.75B | 10.03B | -3.59B | 23.27B | 28.33B | 23.55B | 14.37B | 8.34B | 2.16B | 3.3B | 3.77B | 1.19B | 421M | 1.9B | 2.17B |
| Pretax Margin % | 19.81% | 21.56% | 25.03% | 29.06% | 35.92% | 27.6% | -16.73% | 29.37% | 27.42% | -9.01% | -23.15% | -24.68% | 18.06% | 26.47% | 26.47% | 36.34% | 10.36% | 6.81% | -1.49% | 12.42% | 15.43% | 13.12% | 12.1% | 7.93% | 3.78% | 13.19% | 16.72% | 8.55% | 3.55% | 12.32% | 13.74% |
| Income Tax | 4.23B | 4.67B | 4.43B | 5.33B | 9.55B | 4.63B | -485M | 2.27B | 3.67B | -1.82B | -1.97B | -2.87B | 3.58B | 6.41B | 7.94B | 10.5B | 8.33B | 5.1B | 13.4B | 11.38B | 12.78B | 9.91B | 6.26B | 3.74B | 1.45B | 1.66B | 1.91B | 576M | 184M | 941M | 869M |
| Effective Tax Rate % | 36.62% | 36.88% | 32.38% | 32.73% | 33.82% | 36.45% | 15.45% | 23.8% | 36.78% | 69.67% | 35.64% | 39.62% | 38.16% | 44.37% | 51.49% | 45.65% | 42.19% | 50.8% | -373.09% | 48.9% | 45.12% | 42.07% | 43.58% | 44.91% | 67.01% | 50.24% | 50.6% | 48.61% | 43.71% | 49.53% | 40.01% |
| Net Income | 7.32B | 7.99B | 9.22B | 10.92B | 18.62B | 8.08B | -2.7B | 7.19B | 6.26B | -855M | -3.62B | -4.43B | 6.87B | 9.16B | 8.43B | 12.44B | 11.36B | 4.41B | -17B | 11.89B | 15.55B | 13.62B | 8.11B | 4.74B | -295M | 1.66B | 1.86B | 609M | 237M | 959M | 1.3B |
| Net Margin % | 12.56% | 13.6% | 16.88% | 19.48% | 23.7% | 17.54% | -14.39% | 22.17% | 17.2% | -2.95% | -15.13% | -15.1% | 13.21% | 16.78% | 14.47% | 19.65% | 5.96% | 3% | -7.06% | 6.34% | 8.47% | 7.59% | 6.83% | 4.51% | -0.52% | 6.64% | 8.26% | 4.4% | 2% | 6.22% | 8.24% |
| Net Income Growth % | -23.11% | -13.34% | -15.6% | -41.34% | 130.47% | 399.11% | -137.57% | 14.9% | 831.81% | 76.35% | 18.36% | -164.46% | -24.98% | 8.64% | -32.23% | 9.49% | 157.32% | 125.97% | -242.95% | -23.53% | 14.2% | 67.97% | 71.21% | 1705.08% | -117.76% | -10.79% | 205.75% | 156.96% | -75.29% | -26.4% | 177.83% |
| Net Income (Continuing) | 7.32B | 7.99B | 9.24B | 10.96B | 18.68B | 8.08B | -2.65B | 7.26B | 6.3B | -793M | -3.56B | -4.37B | 5.81B | 8.04B | 7.48B | 7.19B | 11.42B | 4.49B | -16.93B | 11.89B | 15.55B | 13.64B | 8.11B | 4.59B | 698M | 1.6B | 1.85B | 609M | 237M | 959M | 1.3B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.13B | 1.18B | 1.02B | 5.31B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69M | 125M | 194M | 252M | 320M | 362M | 402M | 440M | 510M | 547M | 590M | 1.1B | 1.17B | 1.2B | 1.21B | 1.1B | 842M | 651M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.98 | 6.35 | 7.81 | 9.06 | 14.57 | 6.08 | -2.51 | 6.40 | 5.32 | -0.70 | -2.90 | -3.57 | 5.51 | 7.38 | 6.72 | 8.97 | 7.62 | 2.94 | -11.16 | 7.22 | 9.66 | 9.55 | 5.80 | 3.46 | -0.30 | 2.82 | 3.63 | 1.20 | 0.46 | 1.81 | 2.46 |
| EPS Growth % | -25.29% | -18.69% | -13.8% | -37.82% | 139.64% | 342.23% | -139.22% | 20.3% | 860% | 75.86% | 18.77% | -164.79% | -25.34% | 9.82% | -25.08% | 17.72% | 159.18% | 126.34% | -254.57% | -25.26% | 1.15% | 64.66% | 67.63% | 1253.33% | -110.64% | -22.31% | 202.5% | 160.87% | -74.59% | -26.42% | 176.4% |
| EPS (Basic) | - | 6.36 | 7.82 | 9.08 | 14.62 | 6.10 | -2.51 | 6.43 | 5.36 | -0.70 | -2.91 | -3.58 | 5.54 | 7.43 | 6.77 | 9.04 | 7.68 | 2.96 | -11.16 | 7.32 | 9.80 | 9.71 | 5.88 | 3.48 | -0.31 | 2.84 | 3.66 | 1.21 | 0.46 | 1.82 | 2.48 |
| Diluted Shares Outstanding | 1.22B | 1.25B | 1.18B | 1.21B | 1.28B | 1.33B | 1.08B | 1.12B | 1.18B | 1.22B | 1.25B | 1.24B | 1.25B | 1.24B | 1.25B | 1.39B | 1.49B | 1.5B | 1.52B | 1.65B | 1.61B | 1.42B | 1.4B | 1.37B | 971.01M | 590.03M | 512.95M | 508.87M | 520.3M | 530.84M | 530.51M |
| Basic Shares Outstanding | 1.22B | 1.25B | 1.18B | 1.2B | 1.27B | 1.32B | 1.08B | 1.12B | 1.17B | 1.22B | 1.24B | 1.24B | 1.24B | 1.23B | 1.24B | 1.38B | 1.48B | 1.49B | 1.52B | 1.62B | 1.59B | 1.39B | 1.38B | 1.36B | 964.16M | 585.93M | 508.74M | 505.65M | 516.55M | 526.78M | 525.84M |
| Dividend Payout Ratio | - | 50.01% | 39.55% | 51.12% | 30.75% | 29.2% | - | 20.87% | 21.78% | - | - | - | 51.32% | 36.41% | 38.89% | 29.21% | 27.95% | 64.16% | - | 22.38% | 14.64% | 12.04% | 15.2% | 23.38% | - | 24.26% | 18.58% | 56.49% | 148.95% | 36.81% | 25.25% |
Commodity price volatility exposure
As reported in recent financial filings, ConocoPhillips experienced a revenue contraction of 2.5% in 2026Q1, following a period of inconsistent growth that saw quarterly revenue fluctuate between $13.0 billion and $16.5 billion, highlighting the company's sensitivity to global energy benchmarks rather than consistent volume expansion.
The revenue trajectory appears heavily influenced by commodity price realizations rather than organic production growth. Investors should monitor whether the recent revenue volatility reflects structural shifts in the production mix or merely the inherent cyclicality of the global oil and gas market.
Based on the provided income statement data, ConocoPhillips saw gross margins contract to 19.6% in 2025Q4 before recovering to 46.7% in 2026Q1, illustrating the significant impact of fluctuating extraction costs and realized prices on the company's core profitability metrics over the last ten quarters.
The wide variance in gross margins suggests that the company's cost structure remains highly sensitive to external inflationary pressures and commodity price swings. This volatility warrants further investigation into whether the company can maintain pricing power during periods of downward pressure on global energy benchmarks.
According to the latest quarterly data, operating income scaled inconsistently relative to gross profit, with operating margins ranging from 15.1% to 27.6% over the past ten quarters, suggesting that overhead efficiency is frequently offset by the capital-intensive nature of the company's global exploration and production operations.
The lack of a clear, linear relationship between gross profit and operating income indicates that fixed costs and DD&A charges exert significant pressure on the bottom line. Analysts should consider whether management's current expense discipline is sufficient to protect operating margins during periods of lower commodity price realizations.
While ConocoPhillips maintains a consistent net income profile, the 20.2% year-over-year decline in EPS during 2026Q1, as noted in recent filings, raises questions regarding the durability of earnings in a volatile pricing environment where non-operating items and tax fluctuations may mask underlying operational performance trends.
Short-term earnings volatility may obscure the long-term efficacy of the company's capital allocation strategy. Investors should remain cautious, as the reliance on variable returns and share buybacks may prove less effective if the underlying operational cash flow remains susceptible to significant quarterly swings.
Quick answers to the most common questions about buying COP stock.
For fiscal year 2025, ConocoPhillips (COP) reported total revenue of $58.71B. This represents a 271.4% increase compared to $15.81B in 1996.
ConocoPhillips (COP) is profitable, generating $7.99B in net income for the fiscal year ending 2025 with a net profit margin of 13.6%.
ConocoPhillips (COP) reported an operating income of $11.49B, resulting in an operating profit margin of 19.6%. This margin reflects the operational efficiency of the business before interest and taxes.
ConocoPhillips (COP) generated $14.46B in gross profit for the year, representing a gross profit margin of 24.6%. This demonstrates the company's core pricing power and production efficiency.