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: 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
Equity in earnings of affiliates 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 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 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 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 -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 -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 -1.35 -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 -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 -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 -0.10 -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 -3.72 -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 -0.71 -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 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 -1.46 -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) 0.07 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 -0.10 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 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 -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 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-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 common-size income statement reveals significant fluctuations in profitability and expense management over the observed period, spanning from March 2021 to December 2025. Revenue composition demonstrates a consistent reliance on sales and other operating revenues, consistently representing 100% of the total. However, the contributions from other income sources and equity in earnings of affiliates exhibit notable variability.

Revenue Composition & Profitability
Revenues and other income, as a percentage of sales, peaked in the first half of 2021 at approximately 107%, before declining to a low of 102.56% in September 2021. A subsequent increase was observed through December 2022, reaching 103.79%, followed by a decrease to 103.27% in September 2025. Equity in earnings of affiliates generally increased from 1.24% in March 2021 to 3.37% in March 2023, before declining to 2.11% by December 2025. Gain (loss) on dispositions showed considerable volatility, ranging from a high of 4.60% in June 2022 to a low of -0.19% in September 2022. Other income remained relatively stable, fluctuating between approximately 0.77% and 4.78% of sales.
Cost of Goods Sold & Operating Expenses
Purchased commodities consistently represent a substantial portion of revenue, ranging from -31.37% to -47.07%. Production and operating expenses decreased from -14.07% in March 2021 to -8.90% in March 2022, but then increased significantly to -19.57% in June 2023, before decreasing to -17.51% in September 2025. Selling, general and administrative expenses remained relatively stable until a notable increase to -4.43% in December 2022, then decreased to -1.35% in September 2025. Depreciation, depletion, and amortization exhibited a similar pattern, decreasing initially before increasing to -22.39% in June 2023 and then decreasing to -19.41% in September 2025. Exploration expenses remained relatively consistent, generally between -0.42% and -0.85%.
Profitability & Taxes
Operating income as a percentage of sales demonstrated significant variation, peaking at 45.06% in March 2022 and declining to 18.25% in September 2025. Interest and debt expense remained relatively consistent, fluctuating between -0.95% and -2.30%. The income tax provision exhibited a strong correlation with income before income taxes, ranging from -4.15% to -12.04%. Consequently, net income fluctuated considerably, reaching a high of 32.42% in March 2022 and declining to 10.77% in December 2025.

Overall, the period demonstrates a cyclical pattern in profitability, likely influenced by commodity price fluctuations and associated changes in purchased commodities and production expenses. The company experienced a peak in profitability in the first half of 2022, followed by a gradual decline through the end of 2025. Expense management appears to be dynamic, with adjustments made in response to revenue levels and market conditions.

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