Revenue growth has contracted sharply, with a 23.1% year-over-year decline in 2026Q1 and gross margins compressing to 11.9%, indicating significant vulnerability to energy price fluctuations.
| 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 | 23.18B | 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 % | -16.27% | -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 | 17.1B | 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 | 6.08B | 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 % | 26.23% | 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 | 3.21B | 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 | 1.06B | 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 | 2.87B | 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 % | 12.39% | 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 | 10.63B | 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 % | 45.86% | 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 % | -23.12% | -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) | 7.76B | 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 | 3.29B | 3.72B | 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 | -854M | -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 | 160M | 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 | 1.01B | 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 | -173M | -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 | 2.7B | 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 % | 11.65% | 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 | 921M | 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 % | 34.11% | 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 | 4.71B | 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 % | 20.31% | 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 % | 52.41% | -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) | 1.78B | 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 | 0 | 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 | 628M | 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) | 4.71 | 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 % | 62.4% | -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 | 1B | 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 | 975.5M | 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% |
Commodity Price Volatility Exposure
As reported in recent financial filings, OXY's revenue growth has trended sharply downward, culminating in a 23.1% year-over-year decline in 2026Q1, which highlights the company's acute sensitivity to the prevailing commodity price environment and the inherent volatility of its upstream-heavy production model.
The consistent revenue contraction over the last several quarters suggests that the company is struggling to offset lower realized hydrocarbon prices through volume growth alone. Investors should monitor whether the recent acquisition of CrownRock provides the necessary production scale to stabilize top-line performance in future periods.
Based on the provided income statement data, OXY's gross margin plummeted to 11.9% in 2026Q1, a significant departure from the 30-36% range observed throughout 2024, indicating that the company's cost structure is currently failing to absorb the impact of declining realized energy prices.
This rapid margin erosion appears to reflect the high fixed-cost nature of unconventional shale extraction, where lease operating expenses remain sticky despite falling revenues. The inability to maintain historical margin levels suggests that the company's operational efficiency is currently being overwhelmed by broader market-driven pricing headwinds.
According to the latest quarterly results, operating income fell to $375 million in 2026Q1, demonstrating that OXY's high fixed-cost base causes operating margins to contract disproportionately faster than gross profit when revenue declines, a trend that warrants close scrutiny by risk-focused institutional investors.
The sharp drop in operating margin to 7.2% from previous double-digit levels implies that the company lacks the necessary overhead flexibility to protect profitability during cyclical downturns. This lack of operating leverage suggests that the firm remains highly vulnerable to further commodity price weakness.
As evidenced by the 2026Q1 net income of $3.3 billion despite a significant revenue drop, OXY's bottom line appears heavily influenced by non-operating items or accounting adjustments, which obscures the underlying operational health of the core exploration and production business for external stakeholders.
The extreme variance between operating income and net income suggests that investors should be cautious in relying on headline EPS figures as a proxy for cash-generating capability. Such anomalies often indicate significant mark-to-market adjustments on derivative portfolios or other non-recurring items that do not reflect sustainable earnings power.
While management emphasizes deleveraging, the income statement data suggests that the company's reliance on high-cost preferred equity and cyclical cash flows creates a precarious financial position, particularly as the firm attempts to fund large-scale carbon capture initiatives amidst a period of declining core profitability.
Short-sellers may focus on the potential for further margin compression if commodity prices remain depressed, as the company's debt-servicing requirements could become increasingly burdensome. The market's current valuation may be overly optimistic regarding the timing and profitability of long-term carbon management projects versus immediate operational realities.
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.