ConocoPhillips
- Growing?
- Yes: revenue up 29% on a year earlier (quarter ended Sep 2026); earnings per share up 35% over the last four quarters.
- Expensive?
- Pricier than usual: 14.7× trailing earnings; its five-year median is 12.4×. Priced 36% above the peer median of 10.9x.
- Analysts?
- 63% of 30 say buy; average 12-month target $152, 9% above today's price.
- Risky?
- About average for a large company: its price swung 31% over the past year (the S&P 500's 14%), and it fell as much as 39% since Nov 2021.
ConocoPhillips (COP) is an independent exploration and production (E&P) company that develops and produces crude oil, natural gas, NGLs, and interests in LNG projects, generating revenue primarily from selling produced hydrocarbons at market-linked prices.
More about ConocoPhillips
Market Position
It is one of the world’s largest independent upstream producers, competing on resource depth, low-cost-of-supply inventory, and disciplined capital returns through a diversified portfolio across North America and select international assets.
Key Segments
ConocoPhillips manages operations through geographically oriented portfolios (commonly described as Lower 48, Alaska, Canada, and International), with results driven by production volumes, realized prices, and operating costs by region.
How has the stock done?
Over the past month COP rose 1.8%; the energy ETF (XLE) fell 2.5% and the S&P 500 fell 2.7%.
Over the past six months COP rose 18.8%; the energy ETF (XLE) rose 11.7% and the S&P 500 rose 2.6%.
Over the past year COP rose 57.2%; the energy ETF (XLE) rose 42.6% and the S&P 500 rose 10.8%.
Over five years COP rose 93.6%; the energy ETF (XLE) rose 123.6% and the S&P 500 rose 62.0%.
From Nov 7, 2022 to Apr 8, 2025, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.7% the other way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Nov 5, 2026 | ended Sep 2026 | $19.4B (+29% vs a year earlier) | $3.27 vs $3.05 (beat) | −0.5% | +2.3% |
| Aug 6, 2026 | ended Jun 2026 | $19.2B (+37% vs a year earlier) | $3.24 vs $2.93 (beat) | +2.2% | +8.2% |
| Apr 30, 2026 | ended Mar 2026 | $15.8B (−5% vs a year earlier) | $1.89 vs $1.72 (beat) | −3.9% | −10.4% |
| Feb 5, 2026 | ended Dec 2025 | $13.4B (−6% vs a year earlier) | $1.02 vs $1.10 (missed) | 0.0% | +3.0% |
| Nov 6, 2025 | ended Sep 2025 | $15.0B (+15% vs a year earlier) | — | −1.0% | +2.0% |
| Aug 7, 2025 | ended Jun 2025 | $14.0B (+3% vs a year earlier) | — | +0.9% | +2.7% |
| May 8, 2025 | ended Mar 2025 | $16.5B (+19% vs a year earlier) | — | +1.0% | +6.0% |
| Feb 6, 2025 | ended Dec 2024 | $14.2B (−3% vs a year earlier) | — | −1.8% | −3.3% |
| Oct 31, 2024 | ended Sep 2024 | $13.0B (−8% vs a year earlier) | — | +4.7% | +9.1% |
| Aug 1, 2024 | ended Jun 2024 | $13.6B (+10% vs a year earlier) | — | −4.9% | −2.6% |
| May 2, 2024 | ended Mar 2024 | $13.8B (−7% vs a year earlier) | — | −1.7% | −0.8% |
| Feb 8, 2024 | ended Dec 2023 | $14.7B (−21% vs a year earlier) | — | −1.0% | −1.2% |
| Nov 2, 2023 | ended Sep 2023 | $14.2B (−32% vs a year earlier) | — | +2.6% | −2.2% |
| Aug 3, 2023 | ended Jun 2023 | $12.4B (−42% vs a year earlier) | — | −1.6% | +0.2% |
| May 4, 2023 | ended Mar 2023 | $14.8B (−17% vs a year earlier) | — | +4.5% | +4.0% |
| Feb 2, 2023 | ended Dec 2022 | $18.6B (+23% vs a year earlier) | — | −8.1% | −6.6% |
| Nov 3, 2022 | ended Sep 2022 | $21.0B (+86% vs a year earlier) | — | +4.6% | +2.3% |
| Aug 4, 2022 | ended Jun 2022 | $21.2B (+121% vs a year earlier) | — | +1.7% | +9.9% |
| May 5, 2022 | ended Mar 2022 | $17.8B (+81% vs a year earlier) | — | +3.7% | −4.1% |
| Feb 3, 2022 | ended Dec 2021 | $15.1B (+175% vs a year earlier) | — | −0.4% | −0.3% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $19.4B in the quarter ended Sep 2026, up 29% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $18.6B | +23% |
| Mar 2023 | $14.8B | −17% |
| Jun 2023 | $12.4B | −42% |
| Sep 2023 | $14.2B | −32% |
| Dec 2023 | $14.7B | −21% |
| Mar 2024 | $13.8B | −7% |
| Jun 2024 | $13.6B | +10% |
| Sep 2024 | $13.0B | −8% |
| Dec 2024 | $14.2B | −3% |
| Mar 2025 | $16.5B | +19% |
| Jun 2025 | $14.0B | +3% |
| Sep 2025 | $15.0B | +15% |
| Dec 2025 | $13.4B | −6% |
| Mar 2026 | $15.8B | −5% |
| Jun 2026 | $19.2B | +37% |
| Sep 2026 | $19.4B | +29% |
Revenue went from $78.5B in FY22 to $58.9B in FY25; net income from $18.7B to $8.0B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $78.5B | $18.7B |
| FY23 | $56.1B | $11.0B |
| FY24 | $54.7B | $9.2B |
| FY25 | $58.9B | $8.0B |
In the fiscal year to Dec 2025, United States was 79% and Outside the United States was 21% of revenue.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | United States | $45.1B | 80% |
| FY2023 | Outside the United States | $11.0B | 20% |
| FY2024 | United States | $43.5B | 79% |
| FY2024 | Outside the United States | $11.3B | 21% |
| FY2025 | United States | $46.6B | 79% |
| FY2025 | Outside the United States | $12.3B | 21% |
A year earlier $1.38
Diluted, from SEC filings
The P/E of 14.7× over the 35% EPS growth of the last four quarters; near 1 or below is cheap for the growth
Quarters: ConocoPhillips's SEC filings, named by the month they end. Fiscal years: ConocoPhillips's annual reports to the SEC.
How it makes money
Of every $100 in revenue, $13.6 ends up as net income. Net margin fell from 23.8% to 13.6% over the past 3 years.
−13.1 pts over 3 years
−13.2 pts over 3 years
−10.2 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: ConocoPhillips's annual reports to the SEC.
Customers and suppliers
In its latest annual report ConocoPhillips buys from N3, Golden Pass LNG Terminal, Golden Pass Pipeline; sells to Sinopec, Kansai Electric Power; one customer it does not name in its text accounts for 10% of its revenue; its XBRL data names it Pipeline Company.
Suppliers
COPConocoPhillipsCustomers
ConocoPhillips's 10-K for the year to Dec 2025 gives one customer's share of its revenue: Pipeline Company (10%). Its text does not name it; the names are from its XBRL data.
Show the filings' numbers
| Period | Customer | Share of revenue | Filing |
|---|---|---|---|
| Year ended Dec 2023 | Pipeline Company | 10% | 10-K filed Feb 17, 2026 |
| Year ended Dec 2024 | Pipeline Company | 12% | 10-K filed Feb 17, 2026 |
| Year ended Dec 2025 | Pipeline Company | 10% | 10-K filed Feb 17, 2026 |
From ConocoPhillips's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.
Partners
N3Produces, liquefies and exports natural gas30% ownership interestQatarEnergyCo-owns Qatar LNG ventures68.5% ownership of N3
Chevron CVXCo-owns LPG processing and methanol ventures27.8% of Alba Plant LLC; 45% of AMPCO
Sempra PALNG HoldingsCo-owns Port Arthur LNG development venture70% ownership of PALNGChanges since the previous annual report (10-K filed Feb 18, 2025)
Show the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| N3 | partner · joint venture with it | “QatarEnergy LNG N(3) (N3), is an integrated development jointly owned by QatarEnergy (68.5 percent), ConocoPhillips (30 percent) and Mitsui & Co., Ltd. (1.5 percent).” |
| QatarEnergy | partner · joint venture with it | “QatarEnergy LNG N(3) (N3), is an integrated development jointly owned by QatarEnergy (68.5 percent), ConocoPhillips (30 percent) and Mitsui & Co., Ltd. (1.5 percent).” |
| Mitsui | partner · joint venture with it | “QatarEnergy LNG N(3) (N3), is an integrated development jointly owned by QatarEnergy (68.5 percent), ConocoPhillips (30 percent) and Mitsui & Co., Ltd. (1.5 percent).” |
| NFE4 | partner · joint venture with it | “We have a 25 percent interest in both QatarEnergy LNG NFE (4) (NFE4) and QatarEnergy LNG NFS (3) (NFS3) joint ventures, which are participating in the North Field East (NFE) and North Field South (NFS) LNG projects, respectively.” |
| NFS3 | partner · joint venture with it | “We have a 25 percent interest in both QatarEnergy LNG NFE (4) (NFE4) and QatarEnergy LNG NFS (3) (NFS3) joint ventures, which are participating in the North Field East (NFE) and North Field South (NFS) LNG projects, respectively.” |
| China National Petroleum | partner · joint venture with it | “•QatarEnergy LNG NFE(4) (NFE4)—25 percent owned joint venture with affiliates of QatarEnergy (70 percent) and China National Petroleum Corporation (5 percent)—participant in the North Field East LNG project.” |
| Alba Plant | partner · joint venture with it | “We own a 52.2 percent interest in the Alba Plant LLC, our joint venture with Chevron Corporation (27.8 percent) and Sociedad Nacional de Gas de Guinea Ecuatorial (SONAGAS) (20 percent), which operates an onshore liquified petroleum gas (LPG) processing plant.” |
| Chevron | partner · joint venture with it | “We own a 52.2 percent interest in the Alba Plant LLC, our joint venture with Chevron Corporation (27.8 percent) and Sociedad Nacional de Gas de Guinea Ecuatorial (SONAGAS) (20 percent), which operates an onshore liquified petroleum gas (LPG) processing plant....We own a 45 percent interest in Atlantic Methanol Production Company LLC (AMPCO), our joint venture with Chevron Corporation (45 percent) and SONAGAS (10 percent), which operates a methanol plant.” |
| SONAGAS | partner · joint venture with it | “We own a 52.2 percent interest in the Alba Plant LLC, our joint venture with Chevron Corporation (27.8 percent) and Sociedad Nacional de Gas de Guinea Ecuatorial (SONAGAS) (20 percent), which operates an onshore liquified petroleum gas (LPG) processing plant....We own a 56 percent interest in EG LNG, our joint venture with SONAGAS (37.9 percent) and Marubeni Gas Development UK Limited (6.1 percent), which operates a 3.7 MTPA LNG production facility.” |
| EG LNG | partner · joint venture with it | “We own a 56 percent interest in EG LNG, our joint venture with SONAGAS (37.9 percent) and Marubeni Gas Development UK Limited (6.1 percent), which operates a 3.7 MTPA LNG production facility.” |
| Marubeni Gas Development UK | partner · joint venture with it | “We own a 56 percent interest in EG LNG, our joint venture with SONAGAS (37.9 percent) and Marubeni Gas Development UK Limited (6.1 percent), which operates a 3.7 MTPA LNG production facility.” |
| AMPCO | partner · joint venture with it | “We own a 45 percent interest in Atlantic Methanol Production Company LLC (AMPCO), our joint venture with Chevron Corporation (45 percent) and SONAGAS (10 percent), which operates a methanol plant. The plant is currently offline.” |
| APLNG | partner · joint venture with it | “•APLNG—47.5 percent owned joint venture with Origin Energy (27.5 percent) and Sinopec (25 percent)—to produce CBM from the Bowen and Surat basins in Queensland, Australia, as well as process and export LNG.” |
| Origin | partner · joint venture with it | “•APLNG—47.5 percent owned joint venture with Origin Energy (27.5 percent) and Sinopec (25 percent)—to produce CBM from the Bowen and Surat basins in Queensland, Australia, as well as process and export LNG.” |
| Sinopec | partner · joint venture with it | “•APLNG—47.5 percent owned joint venture with Origin Energy (27.5 percent) and Sinopec (25 percent)—to produce CBM from the Bowen and Surat basins in Queensland, Australia, as well as process and export LNG.” |
| Sinopec | customer | “The LNG is being sold to Sinopec under a 20-year sales agreement for 7.6 MTPA of LNG, and Japan-based Kansai Electric Power Co., Inc. under a 20-year sales agreement for approximately one MTPA of LNG.” |
| Kansai Electric Power | customer | “The LNG is being sold to Sinopec under a 20-year sales agreement for 7.6 MTPA of LNG, and Japan-based Kansai Electric Power Co., Inc. under a 20-year sales agreement for approximately one MTPA of LNG.” |
| PALNG | partner · joint venture with it | “We also have a 30 percent direct equity holding in Port Arthur Liquefaction Holdings, LLC (PALNG) for Phase 1 of the Port Arthur LNG project, which is scheduled to start up in 2027.” |
| Sempra PALNG Holdings | partner · joint venture with it | “During 2023, we acquired a 30 percent interest in PALNG, a joint venture for the development of a large-scale LNG facility for the first phase of the Port Arthur LNG project ("Phase 1"). Sempra PALNG Holdings, LLC owns the remaining 70 percent interest in the joint venture.” |
| N3 | supplier | “We have terminal and pipeline use agreements with Golden Pass LNG Terminal and affiliated Golden Pass Pipeline near Sabine Pass, Texas, intended to provide us with terminal and pipeline capacity for the receipt, storage and regasification of LNG purchased from N3.” |
| Golden Pass LNG Terminal | supplier | “We have terminal and pipeline use agreements with Golden Pass LNG Terminal and affiliated Golden Pass Pipeline near Sabine Pass, Texas, intended to provide us with terminal and pipeline capacity for the receipt, storage and regasification of LNG purchased from N3.” |
| Golden Pass Pipeline | supplier | “We have terminal and pipeline use agreements with Golden Pass LNG Terminal and affiliated Golden Pass Pipeline near Sabine Pass, Texas, intended to provide us with terminal and pipeline capacity for the receipt, storage and regasification of LNG purchased from N3.” |
| A certain pipeline company (unnamed) | customer | “*In 2025, sales by our L48 segment to a certain pipeline company accounted for approximately $5.3 billion or approximately 10 percent of our total consolidated sales and other operating revenues.” |
Only the companies ConocoPhillips names in its 10-K filed Feb 17, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.
Is it expensive?
P/E of 14.7x, above the peer median of 10.9x, so it needs earnings to keep growing to hold up.
Priced 36% above the peer median of 10.9x.
Show the data
| Company | P/E (trailing) |
|---|---|
| FANG · Diamondback Energy, Inc. | 24.5× |
| COP · ConocoPhillips | 14.7× |
| EQT · EQT Corporation | 12.4× |
| DVN · Devon Energy Corporation | 10.9× |
| EOG · EOG Resources, Inc. | 10.1× |
| OXY · Occidental Petroleum Corporation | 7.9× |
At 14.7× trailing earnings COP is above most of its five-year range; the five-year median is 12.4×.
Show the data
| Date | Trailing P/E |
|---|---|
| Nov 8, 2021 | 22.6× |
| Feb 8, 2022 | 15.1× |
| May 10, 2022 | 10.1× |
| Aug 10, 2022 | 7.9× |
| Nov 8, 2022 | 9.7× |
| Feb 9, 2023 | 7.6× |
| May 11, 2023 | 8.0× |
| Aug 11, 2023 | 11.4× |
| Nov 9, 2023 | 12.5× |
| Feb 12, 2024 | 12.3× |
| May 13, 2024 | 13.8× |
| Aug 13, 2024 | 12.1× |
| Nov 11, 2024 | 13.3× |
| Feb 13, 2025 | 12.4× |
| May 15, 2025 | 11.8× |
| Aug 15, 2025 | 12.8× |
| Nov 13, 2025 | 12.6× |
| Feb 17, 2026 | 17.2× |
| May 18, 2026 | 21.2× |
| Aug 18, 2026 | 17.2× |
| Nov 12, 2026 | 14.7× |
Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.
What analysts expect
The average analyst price target is $152, 9% above the current price; 63% of 30 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.
Buy or Strong Buy: 19 analysts (63%). Sell or Strong Sell: 0.
Over the past year the average of the analysts' latest price targets went from $113.79 to $158.30 (+39%), while COP went from $89.42 to $140.06 (+57%). In the past three months targets were raised 8 times and cut twice. 2 upgrades and 4 downgrades over the year; the latest: Roth Capital moved it to Buy from Neutral on Jun 22, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 9, 2026 | Truist Securities | Target raised | Hold | $142.00, was $136.00 |
| Nov 6, 2026 | Wells Fargo | Target cut | Overweight | $185.00, was $189.00 |
| Oct 20, 2026 | Susquehanna | Target raised | Positive | $175.00, was $161.00 |
| Oct 15, 2026 | Morgan Stanley | Target raised | Overweight | $159.00, was $151.00 |
| Oct 7, 2026 | Jefferies | Target raised | Buy | $174.00, was $159.00 |
| Oct 7, 2026 | Truist Securities | Target raised | Hold | $136.00, was $130.00 |
| Sep 14, 2026 | UBS | Target raised | Buy | $169.00, was $153.00 |
| Sep 3, 2026 | Seaport Global | Began coverage | Neutral | — |
| Aug 19, 2026 | Morgan Stanley | Target raised | Overweight | $151.00, was $147.00 |
| Aug 19, 2026 | Argus Research | Target raised | Buy | $153.00, was $136.00 |
| Aug 17, 2026 | Barclays | Target cut | Overweight | $150.00, was $155.00 |
| Aug 12, 2026 | UBS | Target raised | Buy | $153.00, was $143.00 |
| Aug 11, 2026 | Susquehanna | Target raised | Positive | $161.00, was $155.00 |
| Aug 10, 2026 | Truist Securities | Target raised | Hold | $130.00, was $115.00 |
| Aug 7, 2026 | Wells Fargo | Target raised | Overweight | $189.00, was $183.00 |
| Jul 21, 2026 | Susquehanna | Target raised | Positive | $155.00, was $152.00 |
| Jul 8, 2026 | UBS | Target cut | Buy | $143.00, was $155.00 |
| Jul 8, 2026 | Truist Securities | Target cut | Hold | $115.00, was $128.00 |
| Jul 7, 2026 | Mizuho | Target cut | Outperform | $146.00, was $150.00 |
| Jun 29, 2026 | Morgan Stanley | Target cut | Overweight | $146.00, was $153.00 |
| Jun 22, 2026 | Roth Capital | Upgrade | Buy, was Neutral | $130.00, was $124.00 |
| May 27, 2026 | Mizuho | Target raised | Outperform | $150.00, was $136.00 |
| May 26, 2026 | Barclays | Target raised | Overweight | $155.00, was $136.00 |
| May 22, 2026 | Morgan Stanley | Target raised | Overweight | $153.00, was $149.00 |
| May 1, 2026 | Barclays | Target raised | Overweight | $136.00, was $128.00 |
| Apr 22, 2026 | Scotiabank | Target raised | Sector Perform | $125.00, was $100.00 |
| Apr 9, 2026 | Wells Fargo | Target raised | Overweight | $183.00, was $133.00 |
| Apr 8, 2026 | Piper Sandler | Target raised | Overweight | $157.00, was $154.00 |
| Apr 2, 2026 | Citigroup | Target raised | Buy | $150.00, was $135.00 |
| Mar 27, 2026 | Morgan Stanley | Target raised | Overweight | $149.00, was $108.00 |
| Mar 24, 2026 | Truist Securities | Began coverage | Hold, was Buy | $124.00 |
| Mar 17, 2026 | Mizuho | Target raised | Outperform | $136.00, was $121.00 |
| Mar 16, 2026 | Barclays | Target raised | Overweight | $128.00, was $118.00 |
| Mar 12, 2026 | Piper Sandler | Target raised | Overweight | $154.00, was $111.00 |
| Mar 5, 2026 | UBS | Target raised | Buy | $144.00, was $130.00 |
| Mar 2, 2026 | Citigroup | Target raised | Buy | $135.00, was $125.00 |
| Feb 17, 2026 | Roth Capital | Downgrade | Neutral, was Buy | $112.00 |
| Feb 9, 2026 | Citigroup | Target raised | Buy | $125.00, was $115.00 |
| Feb 6, 2026 | BMO Capital | Target raised | Outperform | $115.00, was $105.00 |
| Feb 6, 2026 | Wells Fargo | Target raised | Overweight | $133.00, was $132.00 |
| Feb 6, 2026 | Piper Sandler | Target raised | Overweight | $111.00, was $108.00 |
| Jan 26, 2026 | Susquehanna | Target raised | Positive | $115.00, was $110.00 |
| Jan 23, 2026 | Morgan Stanley | Target cut | Overweight | $108.00, was $117.00 |
| Jan 20, 2026 | JP Morgan | Downgrade | Neutral, was Overweight | $98.00 |
| Jan 16, 2026 | B of A Securities | Downgrade | Underperform, was Neutral | $102.00 |
| Jan 13, 2026 | JP Morgan | Target cut | Overweight | $98.00, was $102.00 |
| Jan 12, 2026 | Wells Fargo | Upgrade | Overweight, was Equal-Weight | $132.00, was $100.00 |
| Jan 8, 2026 | Piper Sandler | Target cut | Overweight | $109.00, was $115.00 |
| Jan 5, 2026 | Bernstein | Target cut | Outperform | $98.00, was $116.00 |
| Dec 12, 2025 | UBS | Target raised | Buy | $120.00, was $117.00 |
| Dec 12, 2025 | Mizuho | Target raised | Outperform | $121.00, was $120.00 |
| Dec 5, 2025 | Johnson Rice | Downgrade | Hold, was Accumulate | $105.00, was $108.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $1.10 | $1.02 | −7.3% |
| Mar ’26 | $1.72 | $1.89 | +9.9% |
| Jun ’26 | $2.93 | $3.24 | +10.6% |
| Sep ’26 | $3.05 | $3.27 | +7.2% |
The day after each of these reports the stock moved 0.0% (Dec 2025, missed); −3.9% (Mar 2026, beat); +2.2% (Jun 2026, beat); −0.5% (Sep 2026, beat).
For the quarter ending Dec 2026 (ConocoPhillips reports on Feb 4, 2027), analysts expect adjusted earnings of $3.52 a share, 245% more than the $1.02 of a year earlier, and revenue of $20.1B, up 50% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $11.28 a share, 5% less than the year before's estimate of $11.83.
Adjusted. Dec 2025: $1.02; range $2.65 to $4.74; 23 analysts
Dec 2025: $13.4B; range $17.6B to $23.3B; 10 analysts
Adjusted. The year to Dec 2026: $11.83 expected; range $8.16 to $14.54; 28 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026, results Feb 4, 2027 | EPS (adjusted) | $3.52 | $2.65 to $4.74 | 23 | $1.02 (Dec 2025) | +245% |
| Quarter ending Dec 2026, results Feb 4, 2027 | Revenue | $20.1B | $17.6B to $23.3B | 10 | $13.4B (Dec 2025) | +50% |
| Quarter ending Mar 2027 | EPS (adjusted) | $3.09 | $2.01 to $4.25 | 22 | $1.89 (Mar 2026) | +63% |
| Quarter ending Mar 2027 | Revenue | $18.6B | $15.5B to $21.9B | 8 | $15.8B (Mar 2026) | +18% |
| Year ending Dec 2026 | EPS (adjusted) | $11.83 | $11.05 to $13.10 | 25 | — | — |
| Year ending Dec 2026 | Revenue | $75.6B | $73.2B to $78.3B | 10 | $58.9B (year to Dec 2025) | +28% |
| Year ending Dec 2027 | EPS (adjusted) | $11.28 | $8.16 to $14.54 | 28 | $11.83 (expected, year to Dec 2026) | −5% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $11.1B in free cash flow over the year, of which $10.5B went back to shareholders (dividends plus buybacks), leaving $600M in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $23.2B |
| Capex | −$12.1B |
| Free cash flow | $11.1B |
| Dividends | −$4.1B |
| Buybacks | −$6.4B |
| Cash retained | $600M |
For every $100 of market cap, the company generates about $6.7 in free cash flow a year.
For every $100 of market cap, you receive about $2.4 in dividends a year.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $6.4 went back to shareholders.
ConocoPhillips had 1.20B diluted shares in the quarter ended Sep 2026, 4.1% fewer than a year earlier, and 1.7% more each year on average since Jun 2020. Over the last four quarters its earnings per share rose 34.5% and its net income rose 30.6%: fewer shares added about 4 points.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Jun 2020 | 1.08B |
| Sep 2020 | 1.08B |
| Mar 2021 | 1.30B |
| Jun 2021 | 1.35B |
| Sep 2021 | 1.34B |
| Mar 2022 | 1.31B |
| Jun 2022 | 1.30B |
| Sep 2022 | 1.27B |
| Mar 2023 | 1.22B |
| Jun 2023 | 1.21B |
| Sep 2023 | 1.20B |
| Mar 2024 | 1.18B |
| Jun 2024 | 1.17B |
| Sep 2024 | 1.16B |
| Mar 2025 | 1.27B |
| Jun 2025 | 1.26B |
| Sep 2025 | 1.25B |
| Mar 2026 | 1.22B |
| Jun 2026 | 1.21B |
| Sep 2026 | 1.20B |
Free cash flow: operating cash flow minus capital spending. Last 4 quarters: Yahoo Finance, buybacks from SEC filings where they have the quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 1.3, short-term debt is manageable; debt-to-equity 0.4, debt is very low and the balance sheet is solid.
Assets that can be turned into cash soon are 1.3x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.4 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $7.0B against debt of $22.6B. Lease obligations of $801M are not counted: they are rent owed, not money borrowed. It also holds $10.1B of long-term investments, $1.1B of them securities it could sell.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 2 members of Congress and 5 funds whose copy leaves COP out (not traded on the exchange): Tom Kean Jr., Mirae Asset Global Investments, Swiss National Bank, Rob Bresnahan, Canada Pension Plan Investment Board, Fisher Asset Management and 1 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 14 held COP at the end of their latest quarter (for most, Q3 2026). Over that quarter 6 added shares, 6 cut and 2 bought new. The largest of them is Harris Associates L P, 15.18M shares worth $1.6B at Jun 30, 2026, 12.9% fewer than a quarter earlier.
2 of them new holders
Over their latest quarter
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Harris Associates L P | Q2 2026 | 15.18M | $1.6B | −2.25M | −13% | Aug 14, 2026 |
| Dodge & Cox | Q2 2026 | 9.27M | $963M | −379,574 | −3.9% | Aug 13, 2026 |
| Swiss National Bank | Q3 2026 | 3.33M | $417M | −115,300 | −3.3% | Nov 12, 2026 |
| National Pension Service | Q3 2026 | 3.29M | $412M | +2,973 | +0.1% | Nov 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 2.41M | $251M | +718,121 | +42% | Aug 14, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 1.64M | $206M | +154,210 | +10% | Nov 3, 2026 |
| Yacktman Asset Management | Q3 2026 | 1.55M | $194M | −53,620 | −3.3% | Nov 2, 2026 |
| Renaissance Technologies | Q3 2026 | 1.53M | $191M | −493,371 | −24% | Nov 12, 2026 |
| Fisher Asset Management | Q3 2026 | 763,302 | $95.5M | −176,843 | −19% | Nov 6, 2026 |
| Korea Investment | Q2 2026 | 628,446 | $65.3M | +81,520 | +15% | Aug 12, 2026 |
| Nomura Holdings | Q2 2026 | 134,777 | $14.0M | +17,675 | +15% | Aug 14, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 74,962 | $7.8M | +74,962 | New | Aug 14, 2026 |
| Tweedy, Browne | Q3 2026 | 33,614 | $4.2M | +1,477 | +4.6% | Nov 4, 2026 |
| Bridgewater Associates | Q2 2026 | 22,937 | $2.4M | +22,937 | New | Aug 14, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of COP at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.