Conoco Phillips (COP) financial statements: income statement, balance sheet and cash flow

Conoco Phillips's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Conoco Phillips reported revenue of $61.5B (+8.1% year on year) and net income of $8.0B (-13.6% year on year).

Income statement

Conoco Phillips income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Sales and other operating revenues	$58.9B	$54.7B	$56.1B	$78.5B
Equity in earnings of affiliates	$1.3B	$1.7B	$1.7B	$2.1B
Gain (loss) on dispositions	$731.0M	$51.0M	$228.0M	$1.1B
Other income	$538.0M	$452.0M	$485.0M	$504.0M
Total revenues and other income	$61.5B	$57.0B	$58.6B	$82.2B
Purchased commodities	$22.3B	$20.0B	$22.0B	$34.0B
Production and operating expenses	$10.3B	$8.8B	$7.7B	$7.0B
Selling, general and administrative expenses	$893.0M	$1.2B	$705.0M	$623.0M
Exploration expenses	$407.0M	$355.0M	$398.0M	$564.0M
Depreciation, depletion and amortization	$11.5B	$9.6B	$8.3B	$7.5B
Impairments	$26.0M	$80.0M	$14.0M	($12.0M)
Taxes other than income taxes	$2.1B	$2.1B	$2.1B	$3.4B
Accretion on discounted liabilities	$378.0M	$325.0M	$283.0M	$250.0M
Interest and debt expense	$855.0M	$783.0M	$780.0M	$805.0M
Foreign currency transaction (gain) loss	$11.0M	($50.0M)	$92.0M	($100.0M)
Other expenses	$20.0M	$181.0M	$2.0M	($47.0M)
Total costs and expenses	$48.9B	$43.3B	$42.3B	$53.9B
Income (loss) before income taxes	$12.7B	$13.7B	$16.3B	$28.2B
Income tax provision (benefit)	$4.7B	$4.4B	$5.3B	$9.5B
Net income (loss)	$8.0B	$9.2B	$11.0B	$18.7B
Basic (in dollars per share)	$6.36	$7.82	$9.08	$14.62
Diluted (in dollars per share)	$6.35	$7.81	$9.06	$14.57
Basic (in shares)	1.3B	1.2B	1.2B	1.3B
Diluted (in shares)	1.3B	1.2B	1.2B	1.3B

Conoco Phillips income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Sales and other operating revenues	$19.2B	$15.8B	$15.0B	$14.0B
Equity in earnings of affiliates	$239.0M	$247.0M	$345.0M	$315.0M
Gain (loss) on dispositions	$14.0M	$5.0M	$3.0M	$317.0M
Other income	$108.0M	$41.0M	$143.0M	$104.0M
Total revenues and other income	$19.5B	$16.1B	$15.5B	$14.7B
Purchased commodities	$6.7B	$6.3B	$5.9B	$5.1B
Production and operating expenses	$2.4B	$2.3B	$2.6B	$2.6B
Selling, general and administrative expenses	$188.0M	$193.0M	$271.0M	$250.0M
Exploration expenses	$75.0M	$109.0M	$71.0M	$81.0M
Depreciation, depletion and amortization	$3.0B	$2.9B	$2.9B	$2.8B
Impairments	$2.0M	$19.0M	$10.0M	$1.0M
Taxes other than income taxes	$793.0M	$607.0M	$525.0M	$572.0M
Accretion on discounted liabilities	$99.0M	$97.0M	$94.0M	$95.0M
Interest and debt expense	$182.0M	$198.0M	$223.0M	$232.0M
Foreign currency transaction (gain) loss	($25.0M)	$0	($6.0M)	($3.0M)
Other expenses	$0	$3.0M	$0	$0
Total costs and expenses	$13.4B	$12.7B	$12.6B	$11.7B
Income (loss) before income taxes	$6.1B	$3.4B	$2.9B	$3.0B
Income tax provision (benefit)	$2.2B	$1.2B	$1.2B	$1.0B
Net income (loss)	$3.9B	$2.2B	$1.7B	$2.0B
Basic (in dollars per share)	$3.23	$1.78	$1.38	$1.56
Diluted (in dollars per share)	$3.23	$1.78	$1.38	$1.56
Basic (in shares)	1.2B	1.2B	1.2B	1.3B
Diluted (in shares)	1.2B	1.2B	1.2B	1.3B

Balance sheet

Conoco Phillips balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$6.5B	$5.6B	$5.6B	$6.5B
Short-term investments	$484.0M	$507.0M	$971.0M	$2.8B
Accounts and notes receivable (net of allowance of $4 and $7, respectively)	$5.8B	$6.7B	$5.5B	$7.1B
Inventories	$1.9B	$1.8B	$1.4B	$1.2B
Prepaid expenses and other current assets	$865.0M	$1.0B	$852.0M	$1.2B
Total current assets	$15.5B	$15.6B	$14.3B	$18.7B
Investments and long-term receivables	$10.2B	$9.9B	$9.1B	$8.2B
Net properties, plants and equipment (net of accumulated DD&A of $90,396 and $81,072, respectively)	$93.2B	$94.4B	$70.0B	$64.9B
Other assets	$3.0B	$2.9B	$2.4B	$2.0B
Total assets	$121.9B	$122.8B	$95.9B	$93.8B
Accounts payable	$6.2B	$6.0B	$5.1B	$6.1B
Short-term debt	$1.0B	$1.0B	$1.1B	$417.0M
Accrued income and other taxes	$1.8B	$2.5B	$1.8B	$3.2B
Employee benefit obligations	$1.1B	$1.1B	$774.0M	$728.0M
Other accruals	$1.8B	$1.5B	$1.2B	$2.3B
Total current liabilities	$12.0B	$12.1B	$10.0B	$12.8B
Long-term debt	$22.4B	$23.3B	$17.9B	$16.2B
Asset retirement obligations and accrued environmental costs	$8.2B	$8.1B	$7.2B	$6.4B
Deferred income taxes	$12.2B	$11.4B	$8.8B	$7.7B
Employee benefit obligations	$969.0M	$1.0B	$1.0B	$1.1B
Other liabilities and deferred credits	$1.6B	$2.0B	$1.7B	$1.6B
Total liabilities	$57.5B	$58.0B	$46.6B	$45.8B
Par value	$23.0M	$23.0M	$21.0M	$21.0M
Capital in excess of par	$77.7B	$77.5B	$61.3B	$61.1B
Treasury stock (at cost: 2025—1,028,350,186 shares; 2024—974,806,010 shares)	-76.2B	-71.2B	-65.6B	-60.2B
Accumulated other comprehensive income (loss)	($5.9B)	($6.5B)	($5.7B)	($6.0B)
Retained earnings	$68.9B	$64.9B	$59.3B	$53.0B
Total equity	$64.5B	$64.8B	$49.3B	$48.0B
Total liabilities and equity	$121.9B	$122.8B	$95.9B	$93.8B

Conoco Phillips balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$6.6B	$5.9B	$5.3B	$4.9B
Short-term investments	$1.1B	$486.0M	$996.0M	$439.0M
Accounts and notes receivable, net	$7.0B	$7.0B	$5.7B	$5.7B
Inventories	$1.9B	$1.9B	$1.7B	$1.9B
Prepaid expenses and other current assets	$2.7B	$906.0M	$2.2B	$1.0B
Total current assets	$19.2B	$16.2B	$15.9B	$13.9B
Investments and long-term receivables	$10.3B	$10.3B	$10.1B	$10.4B
Net properties, plants and equipment (net of accumulated DD&A of $95,966 and $90,396, respectively)	$91.2B	$93.1B	$93.5B	$95.2B
Other assets	$3.5B	$3.0B	$3.0B	$3.1B
Total assets	$124.3B	$122.7B	$122.5B	$122.6B
Accounts payable	$6.8B	$7.0B	$6.2B	$6.5B
Short-term debt	$462.0M	$1.1B	$1.0B	$414.0M
Accrued income and other taxes	$2.5B	$2.1B	$1.9B	$1.7B
Employee benefit obligations	$593.0M	$505.0M	$1.0B	$710.0M
Other accruals	$2.1B	$1.9B	$1.8B	$1.6B
Total current liabilities	$12.5B	$12.6B	$12.0B	$11.0B
Long-term debt	$22.8B	$22.3B	$22.5B	$23.1B
Asset retirement obligations and accrued environmental costs	$8.4B	$8.4B	$8.3B	$8.2B
Deferred income taxes	$12.4B	$12.4B	$12.1B	$11.8B
Employee benefit obligations	$933.0M	$944.0M	$950.0M	$999.0M
Other liabilities and deferred credits	$1.9B	$1.6B	$1.8B	$1.9B
Total liabilities	$58.9B	$58.2B	$57.5B	$57.0B
Par value	$23.0M	$23.0M	$23.0M	$23.0M
Capital in excess of par	$77.8B	$77.8B	$77.7B	$77.6B
Treasury stock (at cost: 2026—1,054,626,440 shares; 2025—1,028,350,186 shares)	-79.3B	-77.2B	-75.2B	-73.9B
Accumulated other comprehensive income (loss)	($6.2B)	($6.0B)	($6.1B)	($5.9B)
Retained earnings	$72.9B	$70.0B	$68.5B	$67.7B
Total equity	$65.3B	$64.5B	$64.9B	$65.6B
Total liabilities and equity	$124.3B	$122.7B	$122.5B	$122.6B

Cash flow statement

Conoco Phillips cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income (loss)	$8.0B	$9.2B	$11.0B	$18.7B
Depreciation, depletion and amortization	$11.5B	$9.6B	$8.3B	$7.5B
Impairments	$26.0M	$80.0M	$14.0M	($12.0M)
Dry hole costs and leasehold impairments	$181.0M	$46.0M	$162.0M	$340.0M
Accretion on discounted liabilities	$378.0M	$325.0M	$283.0M	$250.0M
Deferred taxes	$549.0M	$367.0M	$1.1B	$2.1B
Distributions more (less) than income from equity affiliates	$200.0M	$564.0M	$964.0M	$942.0M
(Gain) loss on dispositions	($731.0M)	($51.0M)	($228.0M)	($1.1B)
Other	($219.0M)	$130.0M	($220.0M)	$86.0M
Decrease (increase) in accounts and notes receivable	$803.0M	($262.0M)	$1.3B	($963.0M)
Decrease (increase) in inventories	($116.0M)	($68.0M)	($103.0M)	($38.0M)
Decrease (increase) in prepaid expenses and other current assets	($24.0M)	$79.0M	$337.0M	($173.0M)
Increase (decrease) in accounts payable	($212.0M)	($543.0M)	($1.1B)	$901.0M
Increase (decrease) in taxes and other accruals	($527.0M)	$613.0M	($1.8B)	$39.0M
Net cash provided by operating activities	$19.8B	$20.1B	$20.0B	$28.3B
Capital expenditures and investments	($12.6B)	($12.1B)	($11.2B)	($10.2B)
Working capital changes associated with investing activities	$546.0M	$302.0M	$30.0M	$520.0M
Acquisition of businesses, net of cash acquired	$0	($24.0M)	($2.7B)	($60.0M)
Proceeds from asset dispositions	$3.2B	$261.0M	$632.0M	$3.5B
Net sales (purchases) of investments	($55.0M)	$415.0M	$1.4B	($2.6B)
Other	($22.0M)	$14.0M	($63.0M)	$2.0M
Net cash used in investing activities	($8.8B)	($11.2B)	($12.0B)	($8.7B)
Issuance of debt	$0	$5.6B	$3.8B	$2.9B
Repayment of debt	($913.0M)	($5.0B)	($1.4B)	($6.3B)
Issuance of company common stock	($100.0M)	($78.0M)	($52.0M)	$362.0M
Repurchase of company common stock	($5.0B)	($5.5B)	($5.4B)	($9.3B)
Dividends paid	($4.0B)	($3.6B)	($5.6B)	($5.7B)
Other	($76.0M)	($258.0M)	($34.0M)	($49.0M)
Net cash used in financing activities	($10.1B)	($8.8B)	($8.7B)	($18.1B)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	$153.0M	($133.0M)	($99.0M)	($224.0M)
Net change in cash, cash equivalents and restricted cash	$1.0B	$6.0M	($795.0M)	$1.3B
Cash, cash equivalents and restricted cash at beginning of period	$5.9B	$5.9B	$6.7B	$5.4B
Cash, cash equivalents and restricted cash at end of period	$6.9B	$5.9B	$5.9B	$6.7B

Conoco Phillips cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income (loss)	$6.1B	$2.2B	$6.5B	$4.8B
Depreciation, depletion and amortization	$5.9B	$2.9B	$8.5B	$5.6B
Impairments	$21.0M	$19.0M	$12.0M	$2.0M
Dry hole costs and leasehold impairments	$56.0M	$34.0M	$105.0M	$85.0M
Accretion on discounted liabilities	$196.0M	$97.0M	$283.0M	$189.0M
Deferred taxes	$149.0M	$102.0M	$432.0M	$78.0M
Distributions more (less) than income from equity affiliates	$110.0M	$7.0M	$277.0M	($112.0M)
(Gain) loss on dispositions	($19.0M)	($5.0M)	($399.0M)	($396.0M)
Other	$47.0M	$44.0M	($203.0M)	($62.0M)
Decrease (increase) in accounts and notes receivable	($1.1B)	($1.1B)	$921.0M	$973.0M
Decrease (increase) in inventories	($19.0M)	($39.0M)	$49.0M	($84.0M)
Decrease (increase) in prepaid expenses and other current assets	($288.0M)	($95.0M)	($117.0M)	($229.0M)
Increase (decrease) in accounts payable	$331.0M	$507.0M	($211.0M)	($27.0M)
Increase (decrease) in taxes and other accruals	$227.0M	($324.0M)	($718.0M)	($1.2B)
Net cash provided by operating activities	$11.7B	$4.3B	$15.5B	$9.6B
Capital expenditures and investments	($6.0B)	($2.9B)	($9.5B)	($6.7B)
Working capital changes associated with investing activities	$154.0M	$162.0M	$488.0M	$551.0M
Proceeds from asset dispositions	$190.0M	$9.0M	$1.6B	$1.3B
Net sales (purchases) of investments	($652.0M)	($30.0M)	($556.0M)	($8.0M)
Other	($39.0M)	($1.0M)	($20.0M)	($27.0M)
Net cash used in investing activities	($6.3B)	($2.8B)	($8.0B)	($4.8B)
Repayment of debt	($175.0M)	($114.0M)	($851.0M)	($806.0M)
Issuance of company common stock	($39.0M)	($35.0M)	($65.0M)	($55.0M)
Repurchase of company common stock	($3.0B)	($1.0B)	($4.0B)	($2.7B)
Dividends paid	($2.1B)	($1.0B)	($3.0B)	($2.0B)
Other	($79.0M)	$1.0M	($75.0M)	($55.0M)
Net cash used in financing activities	($5.4B)	($2.2B)	($7.9B)	($5.6B)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	($5.0M)	$29.0M	$146.0M	$148.0M
Net change in cash, cash equivalents and restricted cash	$49.0M	($670.0M)	($306.0M)	($679.0M)
Cash, cash equivalents and restricted cash at beginning of period	$6.9B	$6.9B	$5.9B	$5.9B
Cash, cash equivalents and restricted cash at end of period	$7.0B	$6.2B	$5.6B	$5.2B

Conoco Phillips score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.