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Company file · COP

ConocoPhillips

ConocoPhillips' revenue rose in 2025, while net income fell for a second year

Revenue rose 7.7% to $58.9B. Net income fell 13.6% to $8.0B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 17, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026) · Data pulled Oct 25, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, ConocoPhillips (NYSE: COP) took in $58.9B of sales and other operating revenues (up 7.7% on fiscal 2024); net income was $8.0B (down 13.6%). The most recent quarter, ended Jun 30, 2026, brought sales of $19.2B, up 36.8% year over year, with net income of $3.9B. Lower 48 was the biggest single line by segment (external sales): 70% of fiscal 2025 sales and other operating revenues. Sources: 10-K for fiscal 2025 (filed Feb 17, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026).

Sales$58.9BFY2025 · +7.7% vs FY2024
Net income$8.0BFY2025 · −13.6% vs FY2024
Operating cash flow$19.8BFY2025 · −1.6% vs FY2024
Cash & equivalents$6.6Bat Jun 30, 2026 · +1.2% vs FY2025 end
Total debt$23.3Bat Jun 30, 2026 · −0.7% vs FY2025 end
Diluted shares1.25BFY2025 avg · +6.1% vs FY2024
Sales and other operating revenues and net income, three fiscal yearsBy fiscal year, $bn
Sales and other operating revenuesNet income
Sales and other operating revenues and net income by fiscal yearSales and other operating revenues FY2023: $56.1B56.1Net income FY2023: $11.0B11.0FY2023Sales and other operating revenues FY2024: $54.7B54.7Net income FY2024: $9.2B9.2FY2024Sales and other operating revenues FY2025: $58.9B58.9Net income FY2025: $8.0B8.0FY2025

Source: 10-K FY2025, filed Feb 17, 2026

Quarterly sales and other operating revenues: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly sales and other operating revenues, fiscal 2026 vs 2025FY2025 Q1: $16.5B16.5FY2026 Q1: $15.8B15.8Q1FY2025 Q2: $14.0B14.0FY2026 Q2: $19.2B19.2Q2

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Aug 6, 2026

How it makes money

FY2025 total by categoryLower 48: $41.4B (70%)Europe, Middle East and North Africa: $6.5B (11%)Alaska: $5.6B (10%)Canada: $3.6B (6%)Asia Pacific: $1.8B (3%)$58.9BFY2025 total

By segment (external sales), FY2025

  • LineAmountSharevs FY2024
  • Lower 48$41.4B70%+11.8%
  • Europe, Middle East and North Africa$6.5B11%+12.0%
  • Alaska$5.6B10%−14.0%
  • Canada$3.6B6%+3.2%
  • Asia Pacific$1.8B3%−4.2%

Source: 10-K FY2025, XBRL breakdown

Lower 48 was 70% of 2025 revenue. Europe, Middle East and North Africa was 11%, Alaska 10%, Canada 6% and Asia Pacific 3%.

By segment (external sales): three-year mixShare of the total each fiscal year
Lower 48Europe, Middle East and North AfricaAlaskaCanadaAsia Pacific

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Sales
$19.2B Q2 2026
$14.0B Q2 2025
36.8% increase
Net income
$3.9B Q2 2026
$2.0B Q2 2025
99.4% increase

Source: ConocoPhillips 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026

By segment

Europe, Middle East and North Africa
$2.3B Q2 2026
$1.4B Q2 2025
62.6% increase
Alaska
$1.9B Q2 2026
$1.3B Q2 2025
42.4% increase
Canada
$1.3B Q2 2026
$848M Q2 2025
53.8% increase
Asia Pacific
$674M Q2 2026
$471M Q2 2025
43.1% increase

Source: ConocoPhillips 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026

  • Cash & equivalents $6.6B at Jun 30, 2026, vs $6.5B at FY2025 end.
  • Total debt $23.3B at Jun 30, 2026, vs $23.4B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $11.7B vs $9.6B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Net income fell 13.6% in 2025 to $8.0B, after falling 15.6% in 2024. 10-K, FY2025
  • Alaska revenue fell 14.0% in 2025. 10-K, FY2025
  • The diluted share count rose 6.1% in 2025. 10-K, FY2025
  • The 10-K lists oil and gas prices, reserve replacement, regulation and climate policy among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

ConocoPhillips explores for and produces crude oil, natural gas and natural gas liquids. Its largest operations are in the Lower 48 US states.

It produces oil and gas in the US Lower 48 (including the Permian Basin), Alaska, Canada, Europe, the Middle East, North Africa and Asia Pacific, and sells LNG. It has no refining business.

Its results move with oil and gas prices. It bought Marathon Oil in late 2024. Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in ConocoPhillips's latest 10-K. Read the original for the full list.

  1. Commodity pricesRevenue and profit swing with oil and gas prices.
  2. ReservesIt must keep finding or buying new reserves to replace what it produces.
  3. OperationsDrilling and production carry accident, weather and environmental risks.
  4. Climate policyClimate rules and the energy transition could reduce demand or raise costs.
  5. InternationalSome operations are in countries with political or regulatory risk.
  6. AcquisitionsLarge deals must be integrated and may not deliver expected results.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Sales and other operating revenues$56.1B$54.7B$58.9B
Net income$11.0B$9.2B$8.0B
Operating cash flow$20.0B$20.1B$19.8B
Cash & equivalents (year end)$5.6B$5.6B$6.5B
Total debt (year end)$18.9B$24.3B$23.4B
Diluted shares1.21B1.18B1.25B
  • Sales and other operating revenues: Sales of crude oil, natural gas, natural gas liquids and LNG, including some bought from others and resold. Excludes income from equity affiliates and other income.
  • Net income: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Short-term debt plus long-term debt, including finance leases, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment figures are external sales by segment. A small corporate amount sits outside the five segments.

Recent filings

FormFiledPeriod
10-QAug 6, 2026Jun 30, 2026
10-QApr 30, 2026Mar 31, 2026
DEF 14AMar 30, 2026May 12, 2026
10-KFeb 17, 2026Dec 31, 2025

Latest filings

  1. No new 8-K, Form 4 or 13D/13G filings from ConocoPhillips in the last 30 days.

All ConocoPhillips filings notes →

Common questions about ConocoPhillips

How does ConocoPhillips make money?

In fiscal 2025, sales and other operating revenues totaled $58.9B. Lower 48 was 70% of 2025 revenue. Europe, Middle East and North Africa was 11%, Alaska 10%, Canada 6% and Asia Pacific 3%. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What was ConocoPhillips's revenue in fiscal 2025?

Sales and other operating revenues came to $58.9B in the year ended Dec 31, 2025. Going back two years, it was $56.1B in fiscal 2023 and $54.7B in fiscal 2024, so the latest year was up 7.7%. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

Is ConocoPhillips profitable?

Yes, by US accounting rules (GAAP): net income was $8.0B in fiscal 2025, down 13.6% from $9.2B a year earlier. For the quarter ended Jun 30, 2026, net income was $3.9B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What did ConocoPhillips report in its latest quarterly filing?

The 10-Q for the quarter ended Jun 30, 2026 shows sales of $19.2B, against $14.0B in the same quarter a year before (up 36.8%), and net income of $3.9B, against $2.0B (up 99.4%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026.

How much cash and debt does ConocoPhillips have?

On Jun 30, 2026, cash and cash equivalents stood at $6.6B and total debt at $23.3B. Total debt here is short-term debt plus long-term debt, including finance leases, at carrying value. Source: 10-Q filed Aug 6, 2026.

What are the main risks ConocoPhillips lists?

Item 1A of the fiscal 2025 10-K (filed Feb 17, 2026) sets out the risks. Grouped, they fall into 6 areas: Commodity prices; reserves; operations; climate policy; international; acquisitions. To start with the first: Revenue and profit swing with oil and gas prices. Source: 10-K, Item 1A Risk Factors.

Where do these ConocoPhillips numbers come from?

Two filings ConocoPhillips made with the SEC: its fiscal 2025 10-K, filed Feb 17, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in COP
The editor holds no position in ConocoPhillips (COP). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell COP from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold COP, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
ConocoPhillipsCOPFY2025$58.9B+7.7%$8.0B
ExxonMobilXOMFY2025$332.2B−5.0%$28.8B
ChevronCVXFY2025$189.0B−6.8%$12.3B
NextEra EnergyNEEFY2025$27.4B+10.7%$6.8B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.