Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
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ConocoPhillips, consolidated cash flow statement (quarterly data)
US$ in millions
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).
Operating cash flow demonstrates a pattern of strong generation, though it exhibits volatility linked to commodity cycles and working capital fluctuations. Net cash provided by operating activities peaked in late 2022, reaching 8,740 million USD in September 2022, before stabilizing in a range between 3,400 million USD and 6,100 million USD through early 2026. This operational strength consistently provides the primary liquidity source for the company's capital investments and shareholder distributions.
- Operating Performance and Non-Cash Adjustments
- Net income peaked in the first quarter of 2022 at 5,759 million USD and subsequently transitioned to a more normalized range between 1,400 million USD and 3,000 million USD. A consistent upward trend is observed in depreciation, depletion, and amortization, which rose from 1,886 million USD in March 2021 to a peak of 2,999 million USD in December 2025, reflecting an expanding asset base. Working capital adjustments show significant quarterly swings, particularly in accounts and notes receivable and taxes/other accruals, which often offset or augment net income in the calculation of operating cash flow.
- Investment Strategy and Capital Expenditures
- Capital expenditures have seen a marked increase over the analyzed period. Quarterly spending grew from approximately 1,200 million USD in early 2021 to a sustained level between 2,800 million USD and 3,300 million USD from 2022 through 2026. Strategic inorganic growth is evidenced by major cash outflows for business acquisitions, most notably a 8,672 million USD expenditure in December 2021 and a 2,724 million USD expenditure in December 2023. These investments are partially offset by periodic proceeds from asset dispositions, which peaked at 2,332 million USD in March 2022.
- Financing Activities and Shareholder Returns
- A disciplined and aggressive approach to returning capital to shareholders is evident. Dividends paid exhibited a step-up trend, increasing from approximately 600 million USD per quarter in 2021 to consistently exceeding 900 million USD per quarter from 2023 onwards. Share repurchases have remained a primary financing priority, with quarterly outflows frequently ranging between 1,000 million USD and 2,800 million USD. Debt management is characterized by intermittent large-scale issuances and repayments, such as the 5,591 million USD issuance in December 2024 followed by a 4,374 million USD repayment in the same period, suggesting active balance sheet optimization.
The overall cash position reflects a balance between high-intensity capital reinvestment and substantial shareholder rewards. While the net change in cash varies quarterly due to the timing of large acquisitions and debt movements, the underlying operational cash flow remains sufficient to fund both the increased capital expenditure trajectory and the expanded dividend and buyback programs without relying solely on external financing.