Stock Analysis on Net
Stock Analysis on Net

ConocoPhillips (NYSE:COP)

Common-Size Income Statement 
Quarterly Data

ConocoPhillips, common-size consolidated income statement (quarterly data)

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3 months ended: Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Sales and other operating revenues 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Equity in earnings of affiliates 1.57 2.11 2.30 2.25 2.37 3.09 3.38 2.96 3.04 2.86 2.72 3.34 3.37 3.07 2.67 2.48 2.40 2.20 2.11 1.45 1.24
Gain (loss) on dispositions 0.03 2.48 0.02 2.26 0.48 -0.25 -0.02 -0.04 0.67 0.19 0.76 -0.01 0.63 0.20 -0.19 1.24 4.60 1.27 0.02 0.62 2.37
Other income 0.26 1.33 0.95 0.74 0.68 0.67 0.95 0.87 0.82 0.88 0.84 0.99 0.77 0.52 0.38 0.20 1.61 2.11 0.43 4.78 3.85
Revenues and other income 101.86% 105.92% 103.27% 105.26% 103.54% 103.52% 104.32% 103.79% 104.53% 103.92% 104.32% 104.32% 104.77% 103.79% 102.86% 103.91% 108.61% 105.58% 102.56% 106.85% 107.46%
Purchased commodities -39.86 -38.79 -38.97 -36.31 -37.46 -35.64 -36.40 -35.67 -38.52 -38.55 -38.90 -37.37 -41.44 -47.07 -44.03 -43.64 -38.01 -42.98 -36.90 -31.37 -45.62
Production and operating expenses -14.44 -19.57 -17.51 -18.37 -15.17 -16.23 -17.34 -15.89 -14.55 -13.80 -14.00 -15.27 -12.01 -10.16 -8.56 -8.23 -8.90 -10.21 -12.26 -14.43 -14.07
Selling, general and administrative expenses -1.22 -1.35 -1.80 -1.79 -1.16 -4.43 -1.43 -1.20 -1.29 -1.17 -1.19 -1.66 -1.07 -1.03 -0.70 -0.45 -1.05 -1.08 -1.13 -1.22 -3.17
Exploration expenses -0.69 -1.03 -0.47 -0.58 -0.71 -0.50 -0.54 -0.75 -0.81 -0.58 -0.65 -0.67 -0.93 -1.42 -0.42 -0.68 -0.39 -0.91 -0.57 -0.60 -0.85
Depreciation, depletion and amortization -18.44 -22.39 -19.41 -20.27 -16.63 -18.71 -18.33 -17.14 -15.97 -15.09 -14.70 -16.27 -13.11 -10.77 -8.91 -8.55 -10.26 -11.79 -14.76 -19.54 -19.19
Impairments -0.12 -0.10 -0.07 -0.01 -0.01 -0.32 0.00 -0.25 0.00 -0.01 -0.08 0.00 -0.01 0.10 -0.01 -0.01 -0.01 -5.05 0.79 -0.02 0.03
Taxes other than income taxes -3.85 -3.72 -3.49 -4.08 -3.34 -3.65 -3.65 -3.94 -4.01 -3.06 -3.76 -4.15 -3.89 -3.70 -4.01 -4.82 -4.58 -3.17 -3.56 -3.99 -3.77
Accretion on discounted liabilities -0.62 -0.71 -0.63 -0.68 -0.57 -0.60 -0.61 -0.59 -0.58 -0.54 -0.48 -0.55 -0.46 -0.37 -0.29 -0.29 -0.34 -0.37 -0.54 -0.66 -0.63
Operating income 22.61% 18.25% 20.92% 23.18% 28.50% 23.44% 26.03% 28.37% 28.82% 31.13% 30.58% 28.37% 31.84% 29.37% 35.93% 37.25% 45.06% 30.01% 33.62% 35.03% 20.18%
Interest and debt expense -1.26 -1.46 -1.48 -1.66 -1.24 -1.34 -1.45 -1.45 -1.48 -1.49 -1.36 -1.45 -1.27 -0.96 -0.95 -1.00 -1.22 -1.45 -1.93 -2.30 -2.30
Foreign currency transaction gain (loss) 0.00 0.07 0.04 0.02 -0.18 0.09 0.21 -0.07 0.13 -0.64 -0.39 0.11 0.30 -0.21 0.44 0.33 -0.14 0.27 0.09 -0.10 -0.19
Other expenses -0.02 -0.10 0.00 0.00 -0.04 -1.33 0.02 0.01 0.03 -0.05 -0.06 0.19 -0.07 0.01 -0.02 -0.41 0.77 -0.16 -0.15 -0.39 -0.24
Income before income taxes 21.34% 16.76% 19.48% 21.54% 27.04% 20.86% 24.81% 26.86% 27.50% 28.95% 28.77% 27.22% 30.80% 28.21% 35.41% 36.18% 44.47% 28.68% 31.63% 32.23% 17.44%
Income tax provision -7.49 -6.00 -8.00 -7.47 -9.79 -4.66 -9.02 -9.77 -9.08 -8.53 -9.14 -9.15 -11.09 -10.70 -13.86 -11.86 -12.04 -11.30 -10.62 -10.35 -7.45
Net income 13.85% 10.77% 11.48% 14.07% 17.25% 16.20% 15.79% 17.10% 18.42% 20.42% 19.64% 18.07% 19.72% 17.51% 21.54% 24.31% 32.42% 17.37% 21.00% 21.88% 9.99%

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The financial data indicates a period of significant volatility in profitability margins, characterized by a peak in early 2022 followed by a general trend of margin compression through 2025, with a slight recovery in early 2026. While total revenues and other income remained relatively stable as a percentage of sales, the rising burden of operating expenses and depreciation has impacted the bottom line.

Revenue and Other Income Trends
Total revenues and other income consistently exceeded base sales, typically ranging between 101.86% and 108.61%. Equity in earnings of affiliates showed a general upward trend from 1.24% in early 2021 to a peak of 3.38% in late 2024, before moderating to 1.57% by March 2026. Gains on dispositions remained erratic, contributing sporadically to total income, with notable spikes in March 2022 (4.60%) and June 2025 (2.26%).
Operating Cost Structure
Purchased commodities constitute the largest expense item, fluctuating between 31.37% and 47.07% of sales. Production and operating expenses exhibited a gradual increase over the observed period, rising from a low of 8.23% in June 2022 to a peak of 19.57% in December 2025. Similarly, depreciation, depletion, and amortization (DD&A) showed a marked increase in their relative impact on revenue, climbing from approximately 8.55% in mid-2022 to 22.39% by the end of 2025, indicating a higher relative cost of asset consumption over time.
Operating and Net Profitability
Operating income reached a peak of 45.06% in March 2022 but experienced a long-term decline, reaching a low of 18.25% in December 2025 before recovering to 22.61% in March 2026. Net income followed a similar trajectory, peaking at 32.42% in March 2022 and trending downward to a range of 10.77% to 14.07% during 2024 and 2025. This compression is primarily attributable to the simultaneous increase in production expenses and DD&A.
Non-Operating Expenses and Taxation
Interest and debt expenses remained relatively low and stable, generally oscillating between 0.95% and 2.30% of sales. The income tax provision exhibited significant volatility, ranging from a low of 4.66% in late 2024 to a high of 13.86% in late 2022, which contributed to the fluctuations observed in the final net income margins.

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