Return on Equity (ROE)
since 2005
Calculation
ConocoPhillips, ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss)1 | ÷ | Equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 12.39% | = | 100 | × | 7,988) | ÷ | 64,487) |
| Dec 31, 2024 | 14.27% | = | 100 | × | 9,245) | ÷ | 64,796) |
| Dec 31, 2023 | 22.23% | = | 100 | × | 10,957) | ÷ | 49,279) |
| Dec 31, 2022 | 38.91% | = | 100 | × | 18,680) | ÷ | 48,003) |
| Dec 31, 2021 | 17.79% | = | 100 | × | 8,079) | ÷ | 45,406) |
| Dec 31, 2020 | -9.05% | = | 100 | × | (2,701) | ÷ | 29,849) |
| Dec 31, 2019 | 20.55% | = | 100 | × | 7,189) | ÷ | 34,981) |
| Dec 31, 2018 | 19.59% | = | 100 | × | 6,257) | ÷ | 31,939) |
| Dec 31, 2017 | -2.79% | = | 100 | × | (855) | ÷ | 30,607) |
| Dec 31, 2016 | -10.34% | = | 100 | × | (3,615) | ÷ | 34,974) |
| Dec 31, 2015 | -11.14% | = | 100 | × | (4,428) | ÷ | 39,762) |
| Dec 31, 2014 | 13.23% | = | 100 | × | 6,869) | ÷ | 51,911) |
| Dec 31, 2013 | 17.58% | = | 100 | × | 9,156) | ÷ | 52,090) |
| Dec 31, 2012 | 17.56% | = | 100 | × | 8,428) | ÷ | 47,987) |
| Dec 31, 2011 | 19.07% | = | 100 | × | 12,436) | ÷ | 65,224) |
| Dec 31, 2010 | 16.57% | = | 100 | × | 11,358) | ÷ | 68,562) |
| Dec 31, 2009 | 7.78% | = | 100 | × | 4,858) | ÷ | 62,467) |
| Dec 31, 2008 | -30.81% | = | 100 | × | (16,998) | ÷ | 55,165) |
| Dec 31, 2007 | 13.36% | = | 100 | × | 11,891) | ÷ | 88,983) |
| Dec 31, 2006 | 18.82% | = | 100 | × | 15,550) | ÷ | 82,646) |
| Dec 31, 2005 | 25.66% | = | 100 | × | 13,529) | ÷ | 52,731) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The return on equity (ROE) exhibited considerable fluctuation over the period examined, ranging from a high of 38.91% to a low of -30.81%. Net income demonstrated volatility, directly influencing ROE calculations, while equity also experienced shifts, though generally less dramatic. Several distinct phases can be identified in the ROE trend.
- 2005-2008: Initial Fluctuations and Decline
- From 2005 to 2008, ROE decreased from 25.66% to -30.81%. This decline coincided with a significant loss reported in 2008, which substantially reduced net income. Equity also decreased notably during this period, contributing to the negative ROE.
- 2009-2013: Recovery and Stabilization
- Following the 2008 loss, ROE recovered, reaching 19.07% in 2011. Net income improved, and equity began to rebuild. The period from 2009 to 2013 showed a relatively stable ROE, fluctuating between approximately 7.78% and 19.07%. Equity remained relatively consistent during this timeframe.
- 2014-2016: Renewed Volatility
- ROE experienced renewed volatility between 2014 and 2016, including a return to negative values. A net loss in 2015 and 2016 significantly impacted ROE, dropping it to -11.14% and -10.34% respectively. Equity also decreased during this period, exacerbating the negative ROE.
- 2017-2023: Increased Fluctuations and Peak
- From 2017 to 2023, ROE demonstrated substantial fluctuations. A positive swing occurred in 2017, reaching 19.59%, followed by a dip in 2020 to -9.05% due to net losses. However, 2021 saw a dramatic increase to 38.91%, the highest value in the observed period, driven by a substantial increase in net income. ROE then moderated to 22.23% in 2022 and 14.27% in 2023. Equity generally increased during this period, though not consistently.
- 2024-2025: Recent Trend
- The most recent two years, 2024 and 2025, show a slight decrease in ROE, from 14.27% to 12.39%. Net income also decreased slightly, while equity remained relatively stable. This suggests a potential beginning of a downward trend, though further observation is needed to confirm this.
Overall, the ROE trend reflects the cyclical nature of the industry and the impact of profitability on shareholder returns. The significant swings in net income appear to be the primary driver of ROE fluctuations, with equity playing a secondary, though important, role.
Comparison to Competitors
ConocoPhillips, ROE, long-term trends, comparison to competitors
| ConocoPhillips | Chevron Corp. | Exxon Mobil Corp. | |
|---|---|---|---|
| Dec 31, 2025 | 12.39% | 6.60% | 11.12% |
| Dec 31, 2024 | 14.27% | 11.59% | 12.77% |
| Dec 31, 2023 | 22.23% | 13.28% | 17.58% |
| Dec 31, 2022 | 38.91% | 22.27% | 28.58% |
| Dec 31, 2021 | 17.79% | 11.24% | 13.67% |
| Dec 31, 2020 | -9.05% | -4.21% | -14.28% |
| Dec 31, 2019 | 20.55% | 2.03% | 7.48% |
| Dec 31, 2018 | 19.59% | 9.59% | 10.87% |
| Dec 31, 2017 | -2.79% | 6.21% | 10.50% |
| Dec 31, 2016 | -10.34% | -0.34% | 4.69% |
| Dec 31, 2015 | -11.14% | 3.00% | 9.45% |
| Dec 31, 2014 | 13.23% | 12.41% | 18.65% |
| Dec 31, 2013 | 17.58% | 14.37% | 18.72% |
| Dec 31, 2012 | 17.56% | 19.18% | 27.06% |
| Dec 31, 2011 | 19.07% | 22.16% | 26.59% |
| Dec 31, 2010 | 16.57% | 18.10% | 20.74% |
| Dec 31, 2009 | 7.78% | 11.41% | 17.44% |
| Dec 31, 2008 | -30.81% | 27.62% | 40.03% |
| Dec 31, 2007 | 13.36% | 24.24% | 33.35% |
| Dec 31, 2006 | 18.82% | 24.86% | 34.70% |
| Dec 31, 2005 | 25.66% | 22.50% | 32.50% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
ConocoPhillips, ROE, long-term trends, comparison to sector (oil, gas & consumable fuels)
| ConocoPhillips | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2025 | 12.39% | 9.63% |
| Dec 31, 2024 | 14.27% | 12.60% |
| Dec 31, 2023 | 22.23% | 16.46% |
| Dec 31, 2022 | 38.91% | 27.31% |
| Dec 31, 2021 | 17.79% | 13.24% |
| Dec 31, 2020 | -9.05% | -9.63% |
| Dec 31, 2019 | 20.55% | 6.59% |
| Dec 31, 2018 | 19.59% | 11.08% |
| Dec 31, 2017 | -2.79% | 7.66% |
| Dec 31, 2016 | -10.34% | 1.07% |
| Dec 31, 2015 | -11.14% | 4.49% |
| Dec 31, 2014 | 13.23% | 15.37% |
| Dec 31, 2013 | 17.58% | 16.83% |
| Dec 31, 2012 | 17.56% | 22.69% |
| Dec 31, 2011 | 19.07% | 23.57% |
| Dec 31, 2010 | 16.57% | 18.98% |
| Dec 31, 2009 | 7.78% | 13.07% |
| Dec 31, 2008 | -30.81% | 20.47% |
| Dec 31, 2007 | 13.36% | 24.73% |
| Dec 31, 2006 | 18.82% | 27.20% |
| Dec 31, 2005 | 25.66% | 28.14% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
ConocoPhillips, ROE, long-term trends, comparison to industry (energy)
| ConocoPhillips | Energy | |
|---|---|---|
| Dec 31, 2025 | 12.39% | 9.79% |
| Dec 31, 2024 | 14.27% | 12.96% |
| Dec 31, 2023 | 22.23% | 16.67% |
| Dec 31, 2022 | 38.91% | 26.98% |
| Dec 31, 2021 | 17.79% | 13.21% |
| Dec 31, 2020 | -9.05% | -12.46% |
| Dec 31, 2019 | 20.55% | 3.63% |
| Dec 31, 2018 | 19.59% | 10.63% |
| Dec 31, 2017 | -2.79% | 6.58% |
| Dec 31, 2016 | -10.34% | 0.52% |
| Dec 31, 2015 | -11.14% | 4.61% |
| Dec 31, 2014 | 13.23% | 15.28% |
| Dec 31, 2013 | 17.58% | 16.85% |
| Dec 31, 2012 | 17.56% | 22.06% |
| Dec 31, 2011 | 19.07% | 22.94% |
| Dec 31, 2010 | 16.57% | 18.51% |
| Dec 31, 2009 | 7.78% | 13.29% |
| Dec 31, 2008 | -30.81% | 21.20% |
| Dec 31, 2007 | 13.36% | 25.23% |
| Dec 31, 2006 | 18.82% | 27.51% |
| Dec 31, 2005 | 25.66% | 28.17% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).