Conocophillips
COP · NYSEPetroleum Refining · Fiscal year ends Dec 31
Conocophillips reported revenue of $51.8B in the fiscal year ended Dec 2025, up 4.9% from the year before. Net income was $8B. Net debt was $16.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $34.6B | $61B | $48.5B | $49.4B | $51.8B |
| Cost of revenue | $18.2B | $34B | $22B | $20B | $22.3B |
| Gross profit | $16.4B | $27.1B | $26.5B | $29.4B | $29.5B |
| Research & development | $62M | $71M | $81M | $81M | $78M |
| Selling, general & admin | $719M | $623M | $705M | $1.2B | $893M |
| Interest expense | $887M | $791M | $824M | $941M | $1.2B |
| Pre-tax income | $12.7B | $28.2B | $16.3B | $13.7B | $12.7B |
| Income tax | $4.6B | $9.5B | $5.3B | $4.4B | $4.7B |
| Net income | $8.1B | $18.7B | $11B | $9.2B | $8B |
| Diluted EPS | 6.07 | 14.57 | 9.06 | 7.81 | 6.35 |
| Diluted shares | 1,328M | 1,278M | 1,206M | 1,181M | 1,253M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $5B | $6.5B | $5.6B | $5.6B | $6.5B |
| Inventory | $1.2B | $1.2B | $1.4B | $1.8B | $1.9B |
| Current assets | $16.1B | $18.7B | $14.3B | $15.6B | $15.5B |
| Net PP&E | $64.9B | $64.9B | $70B | – | – |
| Total assets | $90.7B | $93.8B | $95.9B | $123B | $122B |
| Payables | $5B | $6.1B | – | $6B | $6.2B |
| Deferred revenue | $50M | $19M | $26M | $45M | – |
| Current liabilities | $12B | $12.8B | $10B | $12.1B | $12B |
| Short-term debt | $1.2B | $417M | $1.1B | $1B | $1B |
| Long-term debt | $18.7B | $16.2B | $17.9B | $23.3B | $22.4B |
| Total liabilities | $45.3B | $45.8B | $46.6B | $58B | $57.5B |
| Shareholders' equity | $45.4B | $48B | $49.3B | $64.8B | $64.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $17B | $28.3B | $20B | $20.1B | $19.8B |
| Capital expenditure | $5.3B | $10.2B | – | – | – |
| Free cash flow | $11.7B | $18.2B | – | – | – |
| Depreciation & amortisation | $7.2B | $7.5B | $8.3B | $9.6B | $11.5B |
| Stock-based compensation | $304M | $377M | $334M | $268M | $336M |
| Acquisitions | $8.3B | $60M | $2.7B | $24M | $0 |
| Share buybacks | $3.6B | $9.3B | $5.4B | $5.5B | $5B |
| Dividends paid | $2.4B | $5.7B | $5.6B | $3.6B | $4B |
| Dividend per share | 1.75 | 1.89 | 2.11 | 2.52 | 3.18 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 76.5% | −20.5% | 1.8% | 4.9% |
| EPS growth (YoY) | – | 140.0% | −37.8% | −13.8% | −18.7% |
| Gross margin | 47.5% | 44.4% | 54.7% | 59.5% | 56.9% |
| Net margin | 23.4% | 30.6% | 22.6% | 18.7% | 15.4% |
| Return on equityBlank when equity is negative | 17.8% | 38.9% | 22.2% | 14.3% | 12.4% |
| Free cash flow margin | 33.7% | 29.7% | – | – | – |
| Cash conversion (CFO ÷ net income) | 2.10x | 1.52x | 1.82x | 2.18x | 2.48x |
| Inventory days | 24 | 13 | 23 | 33 | 31 |
| Payable days | 101 | 66 | – | 110 | 102 |
| Debt ÷ equity | 0.44x | 0.35x | 0.38x | 0.38x | 0.36x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $14.9B | $10.2B | $13.3B | $18.7B | $16.9B |
| Current ratio | 1.34x | 1.46x | 1.43x | 1.29x | 1.30x |
Recent filings
More in Petroleum Refining
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.