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ConocoPhillips

COP NYSE Oil & Gas Exploration & Production Financials FY2016–FY2025

ConocoPhillips' revenue rose 7.7% to $58.9 billion in fiscal 2025. Its net margin was 13.6%, down from 16.9% a year earlier. It paid out $9.0 billion in dividends and buybacks. The diluted share count rose 6.2%.

Last close · Oct 23, 2026

$150.80

3.6%
Value it Compare
Revenue Total sales reported in the income statement.
$58.9B
7.7% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$8.0B
13.6%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.7%
3.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$183.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.0x
On $7.56 EPS (TTM)

About these figures. ConocoPhillips tags its capital expenditure with its own label, which the SEC's structured data leaves out, so capital spending and free cash flow are left blank.

What ConocoPhillips does

ConocoPhillips is an independent oil and gas producer based in Houston, Texas. It finds and produces crude oil, bitumen (a thick oil from Canadian oil sands), natural gas, natural gas liquids and liquefied natural gas (LNG), and sells them on the world market. Buyers are refiners, utilities and traders. It does not run refineries or gas stations, having split off that part as Phillips 66 in 2012.

It runs five segments, split by region: Alaska; Lower 48 (the contiguous US states); Canada; Europe, Middle East and North Africa; and Asia Pacific. The Lower 48 is the largest, based on 2025 production. Its main US fields are in the Delaware, Eagle Ford, Bakken and Midland basins. In Alaska it holds interests in the Prudhoe Bay and Kuparuk fields and is building the Willow project, where first oil is expected in early 2029.

It has operations in 14 countries. At the end of 2025 it had about 9,900 employees worldwide and total assets of about $122 billion. It says that it competes with other oil and gas producers for exploration rights, talent and equipment.

Legal name
ConocoPhillips
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 17, 2026
Accession · CIK
0001163165-26-000009
0001163165

Revenue and margins

ConocoPhillips had $58.9B of revenue in fiscal 2025, up 7.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

ConocoPhillips returned $9.0B to shareholders in fiscal 2025. The diluted share count rose 6.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value ConocoPhillips yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$16.5B and divides by 1,253.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 19.9x · peers 12.4x · sector 16.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably ConocoPhillips can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments —$9.2B$6.6B$6.1B$7.0B
Debt incl. finance leases $19.9B$16.6B$18.9B$24.3B$23.4B
Net debt / EBITDA —0.2x0.5x0.8x0.7x
Debt / equity 0.4x0.4x0.4x0.4x0.4x
Interest coverage 15.3x36.7x20.8x15.5x11.8x
Current ratio 1.3x1.5x1.4x1.3x1.3x
Quick ratio 1.2x1.4x1.3x1.1x1.1x
Total assets $90.7B$93.8B$95.9B$122.8B$121.9B
Total liabilities $45.3B$45.8B$46.6B$58.0B$57.5B
Shareholders' equity $45.4B$48.0B$49.3B$64.8B$64.5B
Net debt (− = net cash) —$7.4B$12.3B$18.2B$16.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$93.8M

7 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 21, 2026 Andrew D LundquistSenior Vice President Sold 9,487 $135.15 $1.3M Form 4
Aug 20, 2026 Kelly Brunetti RoseSVP & General Counsel Sold 15,000 $134.52 $2.0M Form 4
Jun 10, 2026 Sharmila MulliganDirector Sold 1,974 $119.00 $0.2M Form 4
Mar 31, 2026 Ryan Michael LanceChairman and CEO, Director Sold 113,221 $132.71 $15.0M Form 4
Mar 24, 2026 Kelly Brunetti RoseSVP & General Counsel Sold 7,700 $130.03 $1.0M Form 4
Mar 23, 2026 Nicholas G OldsExecutive Vice President Sold 6,994 $127.06 $0.9M Form 4
Mar 20, 2026 Ryan Michael LanceChairman and CEO, Director Sold 506,800 $127.26 $64.5M Form 4
Mar 13, 2026 Andrew D LundquistSenior Vice President Sold 34,500 $119.68 $4.1M Form 4
Mar 13, 2026 Heather G. HrapSenior Vice President Sold 2,654 $119.68 $0.3M Form 4
Mar 12, 2026 Nicholas G OldsExecutive Vice President Sold 14,522 $119.36 $1.7M Form 4
Mar 12, 2026 Welsh Kontessa S HaynesVP & Controller Sold 10,339 $120.07 $1.2M Form 4
Mar 11, 2026 Nicholas G OldsExecutive Vice President Sold 12,150 $116.37 $1.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✕
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✕ ✕
F-score 5 / 95 / 95 / 9
Accruals ratio −9.5%−10.0%−9.7%
Altman Z'' 4.623.883.97

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
ConocoPhillips COP $183.1B 7.7% — — 10.7% 20.0x 5
EOG Resources EOG $86.2B −4.5% 28.2% — 16.2% 12.7x 4 Compare →
Occidental Petroleum OXY $65.0B −1.9% — 19.0% 4.9% 9.9x 4 Compare →
Devon Energy DVN $48.3B 7.8% — 18.2% 13.0% 12.2x 5 Compare →
Diamondback Energy FANG $57.9B 35.8% 8.4% — 1.9% 39.1x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $24.4B $32.6B $38.7B $36.7B $18.8B $45.8B $78.5B $56.1B $54.7B $58.9B
Gross profit $14.4B $20.1B $24.4B $24.8B $10.7B $27.7B $44.5B $34.2B $34.7B $36.6B
Research and development $116M $100M $78.0M $82.0M $75.0M $62.0M $71.0M $81.0M $81.0M $78.0M
Interest expense $1.3B $1.1B $838M $799M $788M $887M $791M $824M $941M $1.2B
Pretax income −$5.5B −$2.6B $10.0B $9.5B −$3.1B $12.7B $28.2B $16.3B $13.7B $12.7B
Income tax −$2.0B −$1.8B $3.7B $2.3B −$485M $4.6B $9.5B $5.3B $4.4B $4.7B
Net income −$3.6B −$855M $6.3B $7.2B −$2.7B $8.1B $18.7B $11.0B $9.2B $8.0B
Diluted EPS −$2.91 −$0.70 $5.32 $6.40 −$2.51 $6.07 $14.57 $9.06 $7.81 $6.35
Diluted shares 1.25B 1.22B 1.18B 1.12B 1.08B 1.33B 1.28B 1.21B 1.18B 1.25B
Cash flow
Cash from operations $4.4B $7.1B $12.9B $11.1B $4.8B $17.0B $28.3B $20.0B $20.1B $19.8B
Capital expenditure $4.9B $4.6B $6.8B $6.6B $4.7B $5.3B $10.2B — — —
Free cash flow −$466M $2.5B $6.2B $4.5B $87.0M $11.7B $18.2B — — —
Depreciation and amortization $9.1B $6.8B $6.0B $6.1B $5.5B $7.2B $7.5B $8.3B $9.6B $11.5B
Stock-based compensation $272M $227M $265M $274M $159M $304M $377M $334M $268M $336M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $8.3B $60.0M $2.7B $24.0M $0.0M
Share buybacks $126M $3.0B $3.0B $3.5B $892M $3.6B $9.3B $5.4B $5.5B $5.0B
Dividends paid $1.3B $1.3B $1.4B $1.5B $1.8B $2.4B $5.7B $5.6B $3.6B $4.0B
Dividends and buybacks $1.4B $4.3B $4.4B $5.0B $2.7B $6.0B $15.0B $11.0B $9.1B $9.0B
Balance sheet
Cash and short-term investments $3.7B $8.2B $6.2B $8.1B $6.6B — $9.2B $6.6B $6.1B $7.0B
Total debt $26.2B $22.4B $16.1B $14.8B $15.4B $19.9B $16.6B $18.9B $24.3B $23.4B
Finance lease liabilities $0.0M $0.0M $0.0M $720M $891M $1.3B $1.3B $1.1B $940M $801M
Current assets $8.6B $16.5B $13.3B $16.9B $12.1B $16.1B $18.7B $14.3B $15.6B $15.5B
Current liabilities $6.9B $9.4B $7.4B $7.0B $5.4B $12.0B $12.8B $10.0B $12.1B $12.0B
Inventory $1.0B $1.1B $1.0B $1.0B $1.0B $1.2B $1.2B $1.4B $1.8B $1.9B
Property and equipment, net $58.3B $45.7B $45.7B $42.3B $39.9B $64.9B $64.9B $70.0B $94.4B $93.2B
Total assets $89.8B $73.4B $70.0B $70.5B $62.6B $90.7B $93.8B $95.9B $122.8B $121.9B
Total liabilities $54.5B $42.6B $37.9B $35.5B $32.8B $45.3B $45.8B $46.6B $58.0B $57.5B
Shareholders' equity $35.0B $30.6B $31.9B $35.0B $29.8B $45.4B $48.0B $49.3B $64.8B $64.5B
Margins
Gross margin 59.0% 61.7% 63.1% 67.7% 57.0% 60.4% 56.7% 60.9% 63.5% 62.1%
EBITDA margin 19.8% 16.4% 43.3% 44.8% 16.9% 45.4% 46.5% 45.2% 44.2% 43.0%
Net margin −14.8% −2.6% 16.2% 19.6% −14.4% 17.6% 23.8% 19.5% 16.9% 13.6%
FCF margin −1.9% 7.6% 16.0% 12.2% 0.5% 25.5% 23.1% — — —
Returns
Return on capital −5.7% −2.3% 15.7% 18.8% −4.6% — — 19.7% 13.7% 10.7%
Return on capital employed −5.0% −2.0% 17.1% 16.4% −3.9% 20.0% 36.4% 20.5% 14.9% 12.5%
Return on equity −9.7% −2.6% 20.0% 21.5% −8.3% 21.5% 40.0% 22.5% 16.2% 12.4%
Return on assets −3.9% −1.1% 8.7% 10.2% −4.1% 10.5% 20.3% 11.6% 8.5% 6.5%
Growth
Revenue growth −21.3% 33.8% 18.9% −5.3% −48.8% 144.0% 71.3% −28.5% −2.5% 7.7%
Net income growth — — — 14.9% −137.6% — 131.2% −41.3% −15.6% −13.6%
EPS growth — — — 20.3% −139.2% — 140.0% −37.8% −13.8% −18.7%
FCF growth — — 148.8% −27.8% −98.1% 13,316.1% 55.5% — — —
Share count change 0.3% −2.0% −3.7% −4.4% −4.1% 23.2% −3.8% −5.7% −2.1% 6.2%
Financial health
Net debt / EBITDA 4.7x 2.7x 0.6x 0.4x 2.8x — 0.2x 0.5x 0.8x 0.7x
Debt / equity 0.8x 0.7x 0.5x 0.4x 0.5x 0.4x 0.4x 0.4x 0.4x 0.4x
Interest coverage −3.3x −1.4x 12.9x 12.9x −3.0x 15.3x 36.7x 20.8x 15.5x 11.8x
Current ratio 1.3x 1.8x 1.8x 2.4x 2.3x 1.3x 1.5x 1.4x 1.3x 1.3x
Quick ratio 1.1x 1.6x 1.7x 2.3x 2.1x 1.2x 1.4x 1.3x 1.1x 1.1x
Capital allocation
Capex / revenue 20.0% 14.1% 17.4% 18.1% 25.1% 11.6% 12.9% — — —
Stock comp / revenue 1.1% 0.7% 0.7% 0.8% 0.9% 0.7% 0.5% 0.6% 0.5% 0.6%
Payouts / FCF — 173.2% 70.5% 111.9% 3,129.9% 51.3% 82.6% — — —
Quality scores
Piotroski F-score 4.0 8.0 9.0 8.0 3.0 6.0 8.0 5.0 5.0 5.0
Altman Z'' 1.6 2.6 4.1 4.8 3.2 3.8 5.4 4.6 3.9 4.0
Accruals ratio −8.6% −9.7% −9.3% −5.6% −11.3% −11.6% −10.4% −9.5% −10.0% −9.7%

Source: SEC EDGAR XBRL filings (CIK 0001163165). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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