Stock Analysis on Net
Stock Analysis on Net

ConocoPhillips (NYSE:COP)

$24.99

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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ConocoPhillips, consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
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
Equity in earnings of affiliates
Gain (loss) on dispositions
Other income
Revenues and other income
Purchased commodities
Production and operating expenses
Selling, general and administrative expenses
Exploration expenses
Depreciation, depletion and amortization
Impairments
Taxes other than income taxes
Accretion on discounted liabilities
Operating income
Interest and debt expense
Foreign currency transaction gain (loss)
Other expenses
Income before income taxes
Income tax provision
Net income

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 financial performance presented demonstrates significant fluctuations over the analyzed period, spanning from March 2021 to December 2025. Revenues and other income exhibited a strong upward trend from early 2021 through the end of 2022, followed by a period of relative stabilization and then a slight decline in more recent quarters. Net income mirrored this pattern, experiencing substantial growth before leveling off and decreasing in later periods.

Revenue Trends
Revenues increased notably from $10.559 billion in March 2021 to a peak of $21.989 billion in June 2022. This growth was then followed by a decline to $13.392 billion by December 2025. The largest single increase occurred between March 2021 and June 2022. The decline from June 2022 to December 2025 suggests potential shifts in market conditions or company strategy.
Profitability Analysis
Operating income followed a similar trajectory to revenues, rising from $1.983 billion in March 2021 to $8.003 billion in March 2022, and subsequently decreasing to $2.444 billion by December 2025. Net income peaked at $5.759 billion in March 2022 before declining to $1.442 billion in December 2025. This indicates that while revenue growth was substantial, it did not translate into a proportional increase in net income, suggesting potential increases in costs or taxes.
Cost of Goods Sold and Expenses
Purchased commodities represent a significant expense, consistently ranging between $4.483 billion and $9.251 billion throughout the period. Production and operating expenses also increased over time, from $1.383 billion in March 2021 to $2.621 billion in December 2025. Selling, general and administrative expenses remained relatively stable until a notable increase in December 2024. Depreciation, depletion, and amortization consistently represented a substantial expense, increasing from $1.886 billion to $2.999 billion over the period.
Other Income and Expenses
Equity in earnings of affiliates contributed a consistent, though fluctuating, income stream. Gain (loss) on dispositions exhibited significant volatility, with a substantial gain in March 2021 and a loss in September 2022. Other income remained relatively stable, contributing a consistent positive amount. Interest and debt expense remained fairly consistent, while foreign currency transaction gains and losses fluctuated, with a notable loss in December 2023.
Tax Impact
The income tax provision consistently represented a significant portion of income before income taxes, ranging from approximately 37% to 45% of pre-tax income. The provision increased in absolute terms alongside pre-tax income, but the effective tax rate remained relatively stable.

Overall, the period demonstrates a cycle of growth followed by a decline. The substantial increase in revenues and income through 2022 was not sustained, and more recent quarters show a contraction in financial performance. The increasing expense base, particularly in production and operating expenses and depreciation, depletion, and amortization, may be contributing to the declining profitability.