10-K · February 17, 2026
ConocoPhillips grew production to 2,375 MBOED in 2025 (+388 MBOED, +20% vs 2024) while generating $19.8 billion of cash from operations and investing $12.6 billion, leaving implied free cash flow of ~$7.24 billion. The…
Earnings analysis · 10-Q
COP earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
ConocoPhillips reported Q1 2026 earnings per share of $1.78, slightly surpassing estimates of $1.68. Revenue totaled $16.60 billion, exceeding expectations of $16.30 billion, despite lower production volumes impacting…
Read full summary
ConocoPhillips reported Q1 2026 earnings per share of $1.78, slightly surpassing estimates of $1.68. Revenue totaled $16.60 billion, exceeding expectations of $16.30 billion, despite lower production volumes impacting overall performance. The company generated robust operating cash flow of $5.4 billion and maintained a strong focus on shareholder returns, declaring a dividend of $0.84 per share.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.78
- Segment
- Alaska
- Segment
- Lower 48
- Segment
- Canada
- Segment
- Europe, Middle East and North Africa
- Segment
- Asia Pacific
What stood out
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Strong EPS Performance
Reported EPS of $1.78 beat estimates of $1.68.
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Revenue Exceeds Expectations
Q1 2026 revenue totaled $16.60 billion, above the estimated $16.30 billion.
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Robust Operating Cash Flow
Generated operating cash flow of $5.4 billion, supporting shareholder initiatives.
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Continued Shareholder Returns
Returned $2.0 billion to shareholders, including $1.0 billion in dividends.
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Efficient Capital Investment
Capital expenditures reached $2.9 billion, with an emphasis on short-cycle projects.
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Updated Production Guidance
Full-year production forecast adjusted to 2.295 to 2.325 MMBOED due to geopolitical concerns.
What to watch
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Geopolitical Tensions Impact
Heightened geopolitical risks in the Middle East could affect operations and supply chains.
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Production Decline Year-over-Year
Production decreased by 80 MBOED year-over-year, impacting revenue generation.
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Volatility in Commodity Prices
Dependence on fluctuating energy prices creates significant revenue risks.
Management's outlook
Full-year production guidance updated to 2.295 to 2.325 MMBOED.
Earlier filings 4
10-K · February 18, 2025
ConocoPhillips closed the Marathon Oil acquisition in 2024 (≈$16.5 billion purchase), grew production to 1,987 MBOED (+161 MBOED, +9% vs. 2023) and generated strong operating cash flow of $20.1 billion while investing…
10-Q · May 2, 2024
ConocoPhillips reported total revenues and other income of $14,476 million and diluted EPS of $2.15 for Q1 2024. Revenue and net income declined vs. Q1 2023, but operating cash flow remained strong at $4,985 million and…
10-Q · May 5, 2022
ConocoPhillips reported a strong Q1 2022 driven by higher commodity realizations and portfolio activity: total revenues and other income rose to $19,291 million and diluted EPS was $4.39. Operating cash flow was healthy…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.