Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
ConocoPhillips, long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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).
The long-term activity ratios exhibit a synchronized cyclical pattern characterized by an initial period of growth, a prolonged decline, and a subsequent stabilization and modest recovery. All three metrics peaked simultaneously in the fourth quarter of 2022 before entering a downward trajectory that bottomed out in late 2024.
- Net Fixed Asset Turnover
- This ratio experienced a steady increase from 0.83 in March 2022 to a peak of 1.21 by December 2022. Following this peak, a consistent decline was observed over the next two years, reaching a low of 0.58 in December 2024. From January 2025 through June 2026, the ratio shows a gradual recovery trend, ending at 0.69.
- Total Asset Turnover
- The total asset turnover followed a trajectory nearly identical to the fixed asset turnover, rising from 0.58 in March 2022 to a maximum of 0.84 in December 2022. A downward trend ensued, with the ratio hitting its lowest point of 0.45 in December 2024. A slow upward correction is evident in the subsequent quarters, reaching 0.51 by June 2026.
- Equity Turnover
- Equity turnover demonstrated the highest volatility among the three metrics. It climbed from 1.09 in March 2022 to a peak of 1.64 in December 2022. This was followed by a significant contraction, falling to 0.84 by December 2024. The metric then entered a recovery phase, ascending to 0.97 by the end of the observed period in June 2026.
The uniformity of the trends across net fixed asset, total asset, and equity turnover suggests that the efficiency of asset utilization was influenced by overarching systemic factors. The synchronized trough in December 2024 indicates a period of minimum operational efficiency relative to the investment base, while the recovery observed throughout 2025 and 2026 suggests an improving alignment between the company's asset base and its revenue generation capabilities.
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Net Fixed Asset Turnover
ConocoPhillips, net fixed asset turnover calculation (quarterly data)
| Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Sales and other operating revenues | 19,161) | 15,761) | 13,392) | 15,031) | 14,004) | 16,517) | 14,236) | 13,041) | 13,620) | 13,848) | 14,729) | 14,250) | 12,351) | 14,811) | 18,558) | 21,013) | 21,161) | 17,762) | ||||||
| Net properties, plants and equipment, net of accumulated DD&A | 91,248) | 93,141) | 93,239) | 93,498) | 95,242) | 94,316) | 94,356) | 70,725) | 70,226) | 69,907) | 70,044) | 65,561) | 65,452) | 65,090) | 64,866) | 63,673) | 64,008) | 64,642) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 0.69 | 0.62 | 0.63 | 0.64 | 0.61 | 0.61 | 0.58 | 0.78 | 0.80 | 0.79 | 0.80 | 0.91 | 1.02 | 1.16 | 1.21 | 1.18 | 1.02 | 0.83 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 0.97 | 0.85 | 0.84 | 0.85 | 1.27 | 1.30 | 1.31 | 1.31 | 1.29 | 1.27 | 1.28 | 1.32 | 1.50 | 1.62 | 1.64 | 1.58 | 1.43 | 1.22 | ||||||
| Exxon Mobil Corp. | 1.22 | 1.09 | 1.08 | 1.09 | 1.12 | 1.16 | 1.15 | 1.13 | 1.14 | 1.55 | 1.56 | 1.68 | 1.76 | 1.92 | 1.95 | 1.90 | 1.68 | 1.44 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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).
1 Q2 2026 Calculation
Net fixed asset turnover
= (Sales and other operating revenuesQ2 2026
+ Sales and other operating revenuesQ1 2026
+ Sales and other operating revenuesQ4 2025
+ Sales and other operating revenuesQ3 2025)
÷ Net properties, plants and equipment, net of accumulated DD&A
= (19,161 + 15,761 + 13,392 + 15,031)
÷ 91,248 = 0.69
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a cyclical pattern over the analyzed period, characterized by an initial peak in efficiency, a prolonged decline coinciding with asset expansion, and a recent modest recovery. The ratio's volatility reflects the interaction between fluctuating quarterly revenues and a significant increase in the net book value of properties, plants, and equipment.
- Efficiency Peak and Initial Growth (2022)
- A period of increasing asset efficiency is observed throughout 2022. The net fixed asset turnover ratio rose from 0.83 in March 2022 to a peak of 1.21 by December 2022. This improvement was primarily driven by a surge in sales and other operating revenues, which peaked at 21,161 million US dollars in June 2022, while the net properties, plants, and equipment remained relatively stable around 64,000 million US dollars.
- Gradual Decline and Revenue Compression (2023 – Mid 2024)
- Beginning in March 2023, a consistent downward trend in the turnover ratio is evident, falling from 1.16 to 0.78 by September 2024. This decline is attributed to a contraction in quarterly revenues, which reached a low of 13,041 million US dollars in September 2024, occurring simultaneously with a gradual increase in the net asset base, which rose to 70,725 million US dollars in the same period.
- Significant Asset Expansion and Ratio Bottoming (Late 2024 – 2025)
- A sharp decrease in the turnover ratio occurred in December 2024, dropping to 0.58. This coincided with a substantial increase in net properties, plants, and equipment, which jumped from 70,725 million US dollars in September 2024 to 94,356 million US dollars in December 2024. The ratio remained suppressed throughout 2025, fluctuating between 0.58 and 0.64, as the expanded asset base did not immediately generate a proportional increase in operating revenues.
- Recent Recovery and Revenue Rebound (2026)
- A recovery in asset productivity is observed in the first half of 2026. The net fixed asset turnover ratio improved from 0.62 in March 2026 to 0.69 by June 2026. This upward movement is directly linked to a significant increase in sales and other operating revenues, which rose to 19,161 million US dollars, while the net fixed asset base saw a slight reduction to 91,248 million US dollars.
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Total Asset Turnover
ConocoPhillips, total asset turnover calculation (quarterly data)
| Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Sales and other operating revenues | 19,161) | 15,761) | 13,392) | 15,031) | 14,004) | 16,517) | 14,236) | 13,041) | 13,620) | 13,848) | 14,729) | 14,250) | 12,351) | 14,811) | 18,558) | 21,013) | 21,161) | 17,762) | ||||||
| Total assets | 124,261) | 122,725) | 121,939) | 122,472) | 122,599) | 124,254) | 122,780) | 96,699) | 95,994) | 95,348) | 95,924) | 93,651) | 89,605) | 91,441) | 93,829) | 94,837) | 93,693) | 93,308) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.51 | 0.47 | 0.48 | 0.49 | 0.47 | 0.46 | 0.45 | 0.57 | 0.59 | 0.58 | 0.59 | 0.64 | 0.74 | 0.83 | 0.84 | 0.79 | 0.70 | 0.58 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 0.63 | 0.56 | 0.57 | 0.57 | 0.75 | 0.75 | 0.75 | 0.75 | 0.76 | 0.74 | 0.75 | 0.77 | 0.85 | 0.91 | 0.91 | 0.87 | 0.80 | 0.71 | ||||||
| Exxon Mobil Corp. | 0.78 | 0.70 | 0.72 | 0.72 | 0.74 | 0.75 | 0.75 | 0.74 | 0.74 | 0.88 | 0.89 | 0.93 | 1.00 | 1.07 | 1.08 | 1.05 | 0.96 | 0.86 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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).
1 Q2 2026 Calculation
Total asset turnover
= (Sales and other operating revenuesQ2 2026
+ Sales and other operating revenuesQ1 2026
+ Sales and other operating revenuesQ4 2025
+ Sales and other operating revenuesQ3 2025)
÷ Total assets
= (19,161 + 15,761 + 13,392 + 15,031)
÷ 124,261 = 0.51
2 Click competitor name to see calculations.
An analysis of the total asset turnover indicates a period of fluctuating efficiency, characterized by an initial peak in late 2022 followed by a structural shift in the asset base during the fourth quarter of 2024. The ratio reflects a transition from a high-efficiency phase to a period of asset expansion and subsequent gradual recovery.
- Revenue Trends and Initial Efficiency
- Operating revenues peaked in the second and third quarters of 2022, reaching approximately 21.1 billion US dollars. This surge in top-line performance, while total assets remained stable around 93 to 94 billion US dollars, drove the total asset turnover ratio from 0.58 in March 2022 to a peak of 0.84 by December 2022. This period represents the highest level of asset utilization within the analyzed timeframe.
- Mid-Term Decline in Turnover
- From January 2023 through September 2024, a steady downward trend in the asset turnover ratio is observed, falling from 0.84 to 0.57. This decline was primarily driven by a contraction in quarterly revenues, which dipped as low as 12.35 billion US dollars in June 2023, while the asset base remained relatively constant between 89 billion and 96 billion US dollars.
- Structural Asset Expansion
- A significant shift occurred between September 30, 2024, and December 31, 2024, where total assets increased abruptly from 96.7 billion US dollars to 122.8 billion US dollars. This substantial expansion of the balance sheet resulted in an immediate dilution of the total asset turnover ratio, which dropped to its lowest point of 0.45 in December 2024. The asset base remained elevated, stabilizing between 121 billion and 124 billion US dollars through June 2026.
- Recent Recovery and Current Trajectory
- Following the asset expansion, the turnover ratio exhibited a gradual recovery, rising from 0.45 in December 2024 to 0.51 by June 2026. This improvement is attributed to a recovery in operating revenues, culminating in a significant increase to 19.16 billion US dollars in the final quarter of the analysis. This suggests that the company is beginning to generate higher returns from its expanded asset base, although efficiency levels remain below the peaks seen in 2022.
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Equity Turnover
ConocoPhillips, equity turnover calculation (quarterly data)
| Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Sales and other operating revenues | 19,161) | 15,761) | 13,392) | 15,031) | 14,004) | 16,517) | 14,236) | 13,041) | 13,620) | 13,848) | 14,729) | 14,250) | 12,351) | 14,811) | 18,558) | 21,013) | 21,161) | 17,762) | ||||||
| Equity | 65,349) | 64,541) | 64,487) | 64,923) | 65,572) | 65,238) | 64,796) | 49,881) | 49,745) | 49,325) | 49,279) | 47,745) | 47,531) | 47,783) | 48,003) | 49,079) | 50,202) | 49,218) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 0.97 | 0.90 | 0.91 | 0.92 | 0.88 | 0.88 | 0.84 | 1.11 | 1.13 | 1.12 | 1.14 | 1.26 | 1.40 | 1.58 | 1.64 | 1.53 | 1.30 | 1.09 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 1.10 | 1.01 | 0.99 | 0.98 | 1.28 | 1.29 | 1.27 | 1.24 | 1.24 | 1.21 | 1.22 | 1.23 | 1.35 | 1.46 | 1.48 | 1.43 | 1.34 | 1.21 | ||||||
| Exxon Mobil Corp. | 1.39 | 1.28 | 1.25 | 1.25 | 1.25 | 1.29 | 1.29 | 1.27 | 1.27 | 1.61 | 1.63 | 1.73 | 1.83 | 1.99 | 2.04 | 2.08 | 1.99 | 1.81 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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).
1 Q2 2026 Calculation
Equity turnover
= (Sales and other operating revenuesQ2 2026
+ Sales and other operating revenuesQ1 2026
+ Sales and other operating revenuesQ4 2025
+ Sales and other operating revenuesQ3 2025)
÷ Equity
= (19,161 + 15,761 + 13,392 + 15,031)
÷ 65,349 = 0.97
2 Click competitor name to see calculations.
The analysis of equity turnover reveals a distinct cyclical pattern characterized by an initial period of efficiency growth, a subsequent decline, and a structural shift in the capital base during the latter half of the observed period.
- Revenue Volatility and Initial Turnover Growth
- A significant increase in equity turnover is observed during 2022, peaking at 1.64 in December 2022. This growth was primarily driven by a substantial rise in sales and other operating revenues, which climbed from 17,762 million USD in March 2022 to a peak of 21,161 million USD in June 2022, while the equity base remained relatively stable around 48,000 to 50,000 million USD.
- Period of Gradual Decline
- From March 2023 through September 2024, a consistent downward trend in equity turnover is evident, falling from 1.58 to 1.11. This contraction coincided with a general reduction in quarterly revenues, which fluctuated between 12,351 million USD and 14,811 million USD during this timeframe, while equity remained largely stagnant.
- Structural Capital Shift
- A sharp decline in the turnover ratio occurred between September 2024 (1.11) and December 2024 (0.84). This decrease was not driven by a revenue drop—as revenues actually increased from 13,041 million USD to 14,236 million USD—but rather by a significant expansion of the equity base, which rose from 49,881 million USD to 64,796 million USD in a single quarter.
- Recent Stabilization and Recovery
- Following the equity expansion, the turnover ratio entered a period of slow recovery, moving from 0.84 in December 2024 to 0.97 by June 2026. This trend reflects a gradual increase in operating revenues toward the end of the period, reaching 19,161 million USD in June 2026, while the new, higher equity level stabilized between 64,000 and 65,000 million USD.
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