Revenue and margins are highly volatile, with 2026Q2 showing a 31.8% revenue jump to $8.3B and an 81.0% gross margin, contrasting sharply with the prior quarter's 11.9% margin and $5.2B revenue.
Occidental Petroleum Corporation (OXY) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 25.19B | 21.59B | 27.1B | 28.33B | 36.25B | 25.96B | 17.14B | 19.21B | 15.57B | 12.46B | 10.09B | 12.48B | 19.39B | 24.44B | 24.1B | 23.74B | 18.87B | 15.36B | 24.3B | 18.84B | 17.18B | 14.6B | 11.37B | 9.33B | 7.34B | 13.98B | 13.57B | 7.82B | 6.8B | 8.02B | 10.56B |
| Revenue Growth % | -7.14% | -20.32% | -4.35% | -21.85% | 39.64% | 51.49% | -10.8% | 23.4% | 24.96% | 23.44% | -19.11% | -35.65% | -20.66% | 1.42% | 1.5% | 25.81% | 22.9% | -36.81% | 28.95% | 9.72% | 17.66% | 28.4% | 21.9% | 27.09% | -47.53% | 3.03% | 73.58% | 14.92% | -15.11% | -24.07% | 1.29% |
| Cost of Goods Sold | 14.27B | 14.3B | 17.45B | 18.59B | 19.2B | 18.36B | 16.7B | 14.77B | 10.65B | 9.68B | 9.52B | 10.38B | 11.21B | 13.16B | 12.7B | 11.23B | 9.55B | 8.77B | 10.49B | 9.54B | 8.38B | 6.94B | 5.87B | 4.13B | 3.56B | 3.81B | 9.06B | 5.12B | 4.57B | 5.17B | 5.17B |
| COGS % of Revenue | - | 66.22% | 64.39% | 65.61% | 52.97% | 70.71% | 97.43% | 76.89% | 68.43% | 77.67% | 94.3% | 83.22% | 57.83% | 53.87% | 52.7% | 47.31% | 50.61% | 57.1% | 43.16% | 50.6% | 48.8% | 47.55% | 51.65% | 44.25% | 48.53% | 27.24% | 66.72% | 65.5% | 67.13% | 64.47% | 49% |
| Gross Profit | 10.92B | 7.29B | 9.65B | 9.74B | 17.05B | 7.6B | 441M | 4.44B | 4.92B | 2.78B | 575M | 2.09B | 8.18B | 11.28B | 11.4B | 12.51B | 9.32B | 6.59B | 13.81B | 9.31B | 8.79B | 7.66B | 5.5B | 5.2B | 3.78B | 10.18B | 4.52B | 2.7B | 2.24B | 2.85B | 5.38B |
| Gross Margin % | 43.35% | 33.78% | 35.61% | 34.39% | 47.03% | 29.29% | 2.57% | 23.11% | 31.57% | 22.33% | 5.7% | 16.78% | 42.17% | 46.13% | 47.3% | 52.69% | 49.39% | 42.9% | 56.84% | 49.4% | 51.2% | 52.45% | 48.35% | 55.75% | 51.47% | 72.76% | 33.28% | 34.5% | 32.87% | 35.53% | 51% |
| Gross Profit Growth % | - | -24.41% | -0.95% | -42.86% | 124.2% | 1624.26% | -90.07% | -9.66% | 76.67% | 383.83% | -72.54% | -74.39% | -27.48% | -1.09% | -8.88% | 34.21% | 41.51% | -52.31% | 48.37% | 5.87% | 14.86% | 39.3% | 5.71% | 37.65% | -62.88% | 125.26% | 67.42% | 20.61% | -21.45% | -47.1% | 10.85% |
| Operating Expenses | 5.13B | 3.57B | 3.68B | 3.25B | 3.76B | 2.93B | 2.37B | 3.15B | 2.05B | 1.74B | 1.61B | 1.61B | 2.05B | 2.55B | 2.28B | 2.13B | 1.85B | 1.78B | 1.84B | 1.56B | 1.4B | 1.39B | 1.07B | 2.1B | 1.71B | 1.65B | 1.59B | 1.46B | 1.57B | 1.97B | 2.23B |
| OpEx % of Revenue | - | 16.54% | 13.59% | 11.49% | 10.38% | 11.3% | 13.83% | 16.42% | 13.18% | 13.92% | 15.92% | 12.93% | 10.59% | 10.43% | 9.47% | 8.96% | 9.83% | 11.61% | 7.59% | 8.28% | 8.17% | 9.5% | 9.39% | 22.46% | 23.33% | 11.77% | 11.73% | 18.7% | 23.01% | 24.59% | 21.14% |
| Selling, General & Admin | 1.03B | 986M | 1.06B | 1.08B | 945M | 863M | 864M | 882M | 1.61B | 1.42B | 1.33B | 1.27B | 1.5B | 1.8B | 1.37B | 1.52B | 1.4B | 1.35B | 1.28B | 1.56B | 1.36B | 1.32B | 1.01B | 915M | 700M | 675M | 691M | 645M | 678M | 797M | 1.03B |
| SG&A % of Revenue | - | 4.57% | 3.92% | 3.82% | 2.61% | 3.32% | 5.04% | 4.59% | 10.36% | 11.43% | 13.18% | 10.18% | 7.75% | 7.37% | 5.67% | 6.41% | 7.4% | 8.79% | 5.29% | 8.28% | 7.9% | 9.07% | 8.87% | 9.81% | 9.54% | 4.83% | 5.09% | 8.25% | 9.96% | 9.94% | 9.79% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 2.59B | 2.62B | 2.17B | 2.82B | 2.07B | 1.51B | 2.27B | 1.47B | 311M | 277M | 343M | 550M | 749M | 916M | 605M | 459M | 433M | 560M | 0 | 47M | 62M | 59M | 1.18B | 1.01B | 3.62B | 1.09B | 817M | 888M | 2.05B | 1.78B |
| Operating Income | 5.8B | 3.72B | 5.97B | 6.49B | 13.28B | 4.67B | -1.93B | 1.29B | 2.86B | 1.05B | -1.03B | 481M | 6.12B | 8.72B | 9.12B | 10.38B | 7.47B | 4.8B | 11.97B | 7.75B | 7.39B | 6.27B | 4.43B | 3.1B | 2.06B | 2.55B | 2.75B | 1.03B | 493M | 1.22B | 1.01B |
| Operating Margin % | 23.01% | 17.24% | 22.02% | 22.9% | 36.64% | 17.99% | -11.26% | 6.69% | 18.39% | 8.4% | -10.22% | 3.85% | 31.58% | 35.7% | 37.83% | 43.72% | 39.56% | 31.28% | 49.25% | 41.12% | 43.03% | 42.95% | 38.96% | 33.28% | 28.14% | 18.23% | 20.22% | 13.12% | 7.24% | 15.19% | 9.6% |
| Operating Income Growth % | - | -37.62% | -8.03% | -51.16% | 184.39% | 342.15% | -250% | -55.08% | 173.45% | 201.45% | -314.55% | -92.15% | -29.81% | -4.3% | -12.18% | 39.06% | 55.41% | -59.86% | 54.45% | 4.84% | 17.88% | 41.57% | 42.69% | 50.31% | -19.02% | -7.1% | 167.54% | 108.11% | -59.52% | 20.24% | 0.7% |
| EBITDA | 13.47B | 11.36B | 13.44B | 13.65B | 20.29B | 13.24B | 6.21B | 7.51B | 6.9B | 5.1B | 3.27B | 5.04B | 10.48B | 14.21B | 13.91B | 13.97B | 10.64B | 7.95B | 14.71B | 10.23B | 9.4B | 7.69B | 5.73B | 4.28B | 3.08B | 3.52B | 3.65B | 1.84B | 1.35B | 2.05B | 1.78B |
| EBITDA Margin % | 53.46% | 52.63% | 49.61% | 48.19% | 55.98% | 51.01% | 36.26% | 39.11% | 44.29% | 40.93% | 32.39% | 40.35% | 54.07% | 58.16% | 57.71% | 58.85% | 56.4% | 51.75% | 60.52% | 54.31% | 54.72% | 52.7% | 50.42% | 45.88% | 42.03% | 25.17% | 26.91% | 23.57% | 19.84% | 25.59% | 16.87% |
| EBITDA Growth % | 2.08% | -15.47% | -1.52% | -32.73% | 53.24% | 113.08% | -17.3% | 8.98% | 35.22% | 56.01% | -35.07% | -51.97% | -26.24% | 2.21% | -0.47% | 31.28% | 33.95% | -45.97% | 43.68% | 8.89% | 22.19% | 34.19% | 33.96% | 38.75% | -12.39% | -3.64% | 98.21% | 36.52% | -34.18% | 15.16% | -1.38% |
| D&A (Non-Cash Add-back) | 7.67B | 7.64B | 7.48B | 7.16B | 7.01B | 8.57B | 8.14B | 6.23B | 4.03B | 4.05B | 4.3B | 4.55B | 4.36B | 5.49B | 4.79B | 3.59B | 3.18B | 3.14B | 2.74B | 2.49B | 2.01B | 1.42B | 1.3B | 1.18B | 1.02B | 970M | 908M | 817M | 857M | 833M | 768M |
| EBIT | 6.32B | 4.03B | 5.25B | 7.37B | 15.15B | 5.32B | -14.28B | 1.42B | 6B | 1.32B | -1.55B | -9.54B | 1.3B | 9.4B | 7.52B | 10.76B | 7.47B | 4.81B | 11.5B | 8.92B | 7.78B | 7.1B | 4.64B | 3.23B | 2.06B | 2.55B | 2.92B | 1.03B | 493M | 1.22B | 1.01B |
| Net Interest Income | -648M | -681M | -1B | -806M | -877M | -1.45B | -1.31B | -849M | -253M | -246M | -186M | -29M | 53M | -25M | -74M | -118M | -4M | -133M | -129M | -199M | 90M | -112M | 0 | -243M | 0 | 0 | -255M | 0 | 0 | 0 | 0 |
| Interest Income | 198M | 219M | 171M | 139M | 153M | 166M | 118M | 217M | 136M | 99M | 106M | 118M | 130M | 107M | 80M | 180M | 112M | 7M | 0 | 0 | 381M | 181M | 0 | 89M | 0 | 0 | 263M | 0 | 0 | 0 | 0 |
| Interest Expense | 846M | 900M | 1.18B | 945M | 1.03B | 1.61B | 1.42B | 1.07B | 389M | 345M | 292M | 147M | 77M | 132M | 154M | 298M | 116M | 140M | 129M | 199M | 291M | 293M | 0 | 332M | 0 | 0 | 518M | 0 | 0 | 0 | 0 |
| Other Income/Expense | 80M | -594M | -1.9B | -59M | 833M | -966M | -13.78B | -932M | 3.08B | 281M | -632M | -9.96B | -4.57B | 952M | -1.36B | 459M | 170M | 92M | -384M | 911M | 276M | 770M | -40M | -211M | -480M | -801M | 266M | 173M | 195M | -690M | -157M |
| Pretax Income | 5.88B | 3.13B | 4.07B | 6.43B | 14.12B | 3.71B | -15.71B | 354M | 5.94B | 1.33B | -1.66B | -9.48B | 1.55B | 9.68B | 7.75B | 10.84B | 7.64B | 4.9B | 11.58B | 8.66B | 7.67B | 7.04B | 4.39B | 2.89B | 1.58B | 1.75B | 3.01B | 1.2B | 688M | 528M | 856M |
| Pretax Margin % | 23.33% | 14.49% | 15.02% | 22.69% | 38.94% | 14.27% | -91.64% | 1.84% | 38.14% | 10.66% | -16.48% | -75.94% | 8.02% | 39.59% | 32.17% | 45.66% | 40.46% | 31.88% | 47.67% | 45.95% | 44.64% | 48.23% | 38.61% | 31.02% | 21.6% | 12.51% | 22.18% | 15.33% | 10.11% | 6.59% | 8.11% |
| Income Tax | 1.57B | 1.02B | 1.17B | 1.73B | 813M | 915M | -2.17B | 861M | 1.48B | 17M | -662M | -1.33B | 1.69B | 3.75B | 3.12B | 4.2B | 3B | 1.92B | 4.63B | 3.51B | 3.35B | 1.93B | 1.71B | 1.23B | 422M | 566M | 1.44B | 631M | 363M | 311M | 342M |
| Effective Tax Rate % | 26.65% | 32.64% | 28.85% | 26.96% | 5.76% | 24.7% | 13.83% | 243.22% | 24.87% | 1.28% | 39.78% | 14.04% | 108.36% | 38.8% | 40.22% | 38.75% | 39.22% | 39.17% | 39.96% | 40.5% | 43.75% | 27.37% | 38.92% | 42.55% | 26.62% | 32.36% | 47.89% | 52.63% | 52.76% | 58.9% | 39.95% |
| Net Income | 7.25B | 2.37B | 3.04B | 4.67B | 13.22B | 2.31B | -14.83B | -667M | 4.11B | 1.3B | -574M | -7.83B | 616M | 5.89B | 4.59B | 6.76B | 4.52B | 2.91B | 6.86B | 5.4B | 4.19B | 5.28B | 2.57B | 1.53B | 989M | 1.15B | 1.57B | 448M | 363M | -390M | 668M |
| Net Margin % | 28.79% | 10.97% | 11.23% | 16.49% | 36.47% | 8.91% | -86.54% | -3.47% | 26.42% | 10.47% | -5.69% | -62.74% | 3.18% | 24.1% | 19.05% | 28.47% | 23.97% | 18.96% | 28.22% | 28.65% | 24.4% | 36.16% | 22.59% | 16.37% | 13.48% | 8.25% | 11.57% | 5.73% | 5.33% | -4.87% | 6.33% |
| Net Income Growth % | 206.72% | -22.15% | -34.88% | -64.65% | 471.84% | 115.59% | -2123.54% | -116.21% | 215.25% | 327.35% | 92.67% | -1370.94% | -89.54% | 28.32% | -32.1% | 49.43% | 55.41% | -57.55% | 26.98% | 28.85% | -20.59% | 105.53% | 68.17% | 54.4% | -14.3% | -26.5% | 250.45% | 23.42% | 193.08% | -158.38% | 30.72% |
| Net Income (Continuing) | 4.31B | 2.11B | 2.9B | 4.7B | 13.3B | 2.79B | -13.53B | -507M | 4.13B | 1.31B | -1.18B | -8.15B | -461M | 4.93B | 3.83B | 6.64B | 4.64B | 3.2B | 6.74B | 5.07B | 4.13B | 4.84B | 2.68B | 1.6B | 1.16B | 1.18B | 1.57B | 568M | 325M | 217M | 514M |
| Discontinued Operations | -1000K | 262M | 182M | 0 | 0 | -468M | -1.3B | -15M | 0 | 0 | 428M | 317M | 760M | 0 | 0 | 131M | 0 | 0 | 18M | 322M | -11M | 452M | -38M | -6M | 0 | 0 | 0 | 0 | 38M | 0 | 0 |
| Minority Interest | 0 | 564M | 321M | 99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 246M | 32M | 0 | 0 | 78M | 0 | 35M | 352M | 340M | 327M | 312M | 333M | 2.22B | 2.74B | 738M | 0 | 0 | 0 |
| EPS (Diluted) | 7.17 | 1.61 | 2.44 | 3.90 | 12.40 | 1.58 | -17.06 | -1.22 | 5.39 | 1.70 | -0.75 | -10.23 | 0.79 | 7.32 | 5.67 | 8.32 | 5.56 | 3.58 | 8.35 | 6.44 | 4.87 | 6.45 | 3.20 | 1.98 | 1.31 | 1.55 | 2.13 | 0.62 | 0.50 | -0.71 | 0.87 |
| EPS Growth % | 282.42% | -34.02% | -37.44% | -68.55% | 684.81% | 109.26% | -1302.04% | -122.58% | 217.05% | 326.67% | 92.67% | -1394.94% | -89.21% | 29.1% | -31.85% | 49.64% | 55.31% | -57.13% | 29.66% | 32.24% | -24.5% | 101.56% | 61.62% | 51.14% | -15.48% | -27.23% | 243.55% | 24% | 170.42% | -181.61% | 33.85% |
| EPS (Basic) | - | 1.69 | 2.59 | 4.22 | 13.41 | 1.62 | -17.06 | -1.22 | 5.40 | 1.71 | -0.75 | -10.23 | 0.79 | 7.33 | 5.67 | 8.32 | 5.57 | 3.59 | 8.39 | 6.47 | 4.92 | 6.55 | 3.25 | 2.00 | 1.32 | 1.55 | 2.13 | 0.62 | 0.50 | -0.71 | 0.89 |
| Diluted Shares Outstanding | 1.01B | 1B | 967.1M | 960.9M | 1B | 958.8M | 918.7M | 809.5M | 763.3M | 765.9M | 763.8M | 765.6M | 781.1M | 804.6M | 810M | 812.9M | 813.8M | 813.8M | 820.8M | 839.1M | 860.4M | 818.2M | 802.25M | 771.21M | 757.85M | 746.93M | 737.09M | 711.29M | 698.99M | 668.53M | 664.74M |
| Basic Shares Outstanding | 997.1M | 975.5M | 911.8M | 889.2M | 926.2M | 935M | 918.7M | 809.5M | 761.7M | 765.1M | 763.8M | 765.6M | 781.1M | 804.1M | 809.3M | 812.1M | 812.5M | 811.3M | 817.6M | 834.9M | 852.6M | 806.6M | 791.2M | 763.5M | 752.09M | 744.52M | 737.09M | 711.29M | 698.99M | 668.53M | 649.72M |
| Dividend Payout Ratio | - | 67.29% | 47.52% | 29.21% | 8.96% | 36.29% | - | - | 57.71% | 179.77% | - | - | 358.77% | 26.37% | 46.36% | 21.24% | 25.62% | 36.52% | 13.71% | 14.17% | 15.41% | 9.15% | 16.51% | 25.67% | 37.92% | 32.24% | 23.5% | 81.03% | 106.61% | - | 62.13% |
Quick answers to the most common questions about buying OXY stock.
For fiscal year 2025, Occidental Petroleum Corporation (OXY) reported total revenue of $21.59B. This represents a 104.5% increase compared to $10.56B in 1996.
Occidental Petroleum Corporation (OXY) is profitable, generating $2.37B in net income for the fiscal year ending 2025 with a net profit margin of 11.0%.
Occidental Petroleum Corporation (OXY) reported an operating income of $3.72B, resulting in an operating profit margin of 17.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Occidental Petroleum Corporation (OXY) generated $7.29B in gross profit for the year, representing a gross profit margin of 33.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue volatility and margin compression
Metrics are mathematically derived from official filings.
Revenue Swings Reflect Commodity Exposure
OXY's revenue swung from $6.9B in 2024Q2 to $8.3B in 2026Q2, a 20% increase, but quarterly growth has been erratic, with a 31.8% jump in 2026Q2 after a 23.1% decline in 2026Q1, per reported figures.
The revenue trajectory is highly volatile, with sequential swings of over 20% in recent quarters, indicating a business model heavily dependent on commodity prices rather than stable volume growth. The 2026Q2 surge to $8.3B appears to be an outlier, possibly driven by a spike in oil prices or one-time items, but the underlying trend shows deceleration from 2024 levels. Investors should monitor whether this growth is sustainable or a temporary reprieve from the broader downtrend seen in 2025.
Gross Margin Volatility Masks Structural Pressures
Gross margin swung from 81.0% in 2026Q2 to 11.9% in 2026Q1, a dramatic 69-point swing, while peer EOG maintains a stable 68.1% margin, according to recent financial statements.
The extreme gross margin volatility suggests that OXY's cost structure is not well-hedged against commodity price fluctuations, leading to outsized impacts on profitability. The 81% margin in 2026Q2 appears anomalous, possibly due to inventory valuation or hedging gains, but the more consistent 30-37% range in 2024-2025 indicates a structural margin that is lower than EOG's. This suggests OXY may have higher lifting costs or less efficient operations, which could pressure margins in a low-price environment.
Operating Leverage Amplifies Earnings Swings
Operating income swung from $3.8B in 2026Q2 to $375M in 2026Q1, a 10x change, while SG&A remained relatively stable around $250-280M, as per reported quarterly data.
The stability of SG&A expenses despite massive revenue swings indicates high operating leverage, which magnifies earnings volatility. In 2026Q2, operating margin reached 45.4%, but in 2026Q1 it fell to 7.2%, showing that fixed costs are a significant burden when revenues decline. This leverage cuts both ways, offering upside in strong commodity markets but exposing the company to severe margin compression in downturns. Investors should assess whether management can flex costs more dynamically to mitigate this risk.
Net Income Diverges from Operating Performance
In 2026Q1, net income of $3.3B exceeded operating income of $375M, implying significant non-operating gains, while 2024Q4 showed a net loss of $125M despite positive operating income, based on reported figures.
The disconnect between operating income and net income suggests that non-operating items, such as gains on asset sales, derivatives, or tax benefits, are materially impacting reported earnings. This reduces the quality of earnings, as investors cannot rely on core operations to generate consistent bottom-line results. The negative EPS in 2025Q4 and 2024Q4, despite positive operating income, further indicates that one-time charges or impairments are common, warranting a closer look at the sustainability of reported profits.
COGS Dominates Cost Structure with Volatility
COGS ranged from $1.6B in 2026Q2 to $4.6B in 2026Q1, a 65% swing, while SG&A stayed near $250M, indicating that production and acquisition costs are the primary earnings driver, as per financial statements.
The cost structure is heavily weighted towards COGS, which includes production costs, taxes, and possibly impairments, and its volatility mirrors revenue swings. The low SG&A relative to revenue suggests a lean overhead structure, but the COGS volatility indicates that OXY has limited control over its largest cost component, likely due to commodity-linked expenses. Management's expense discipline appears focused on overhead, but the core cost line remains exposed to external factors, which could undermine profitability in adverse conditions.
2026Q2 Marks a Sharp Operational Inflection
2026Q2 saw revenue jump to $8.3B and gross margin to 81.0%, a stark contrast to the prior quarter's $5.2B and 11.9%, representing the most significant quarterly inflection in the data, as reported.
The 2026Q2 results represent a dramatic inflection point, with revenue and margins far exceeding any other quarter in the dataset. This could be driven by a spike in oil prices, asset sales, or favorable hedging settlements, but the sustainability is questionable given the subsequent quarters' normalization. The lasting impact may be a higher baseline for investor expectations, but the volatility suggests that this quarter is an outlier rather than a new trend. Investors should monitor whether OXY can maintain this performance or if it reverts to the lower margins seen in 2025.
What Could Invalidate the Base Case
The 2026Q2 revenue surge and 81% gross margin may be unsustainable, as prior quarters show margins below 37% and revenue below $7B, suggesting a potential reversion to lower profitability.
Short-sellers might argue that the 2026Q2 results are a one-off, driven by favorable commodity prices or one-time gains, and that the underlying business cannot sustain such performance. The historical data shows that OXY's gross margins have consistently been in the 30-37% range, and revenue has been declining from 2024 levels, indicating a structural downtrend. If commodity prices normalize, OXY could face significant margin compression, especially given its high operating leverage and volatile COGS. Investors should be cautious about extrapolating the 2026Q2 results as a new baseline, as the company's earnings quality appears low with non-operating items distorting net income.