10-Q · April 30, 2026
ConocoPhillips reported Q1 2026 earnings per share of $1.78, slightly surpassing estimates of $1.68. Revenue totaled $16.60 billion, exceeding expectations of $16.30 billion, despite lower production volumes impacting…
Earnings analysis · 10-Q
COP earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
ConocoPhillips delivered strong Q3 2026 earnings, with EPS of $3.34 versus a $3.03 consensus estimate and free cash flow of $4.039 billion. Shareholder returns totaled $3.4 billion, while Q4 production guidance was set…
Read full summary
ConocoPhillips delivered strong Q3 2026 earnings, with EPS of $3.34 versus a $3.03 consensus estimate and free cash flow of $4.039 billion. Shareholder returns totaled $3.4 billion, while Q4 production guidance was set at 2.32-2.36 million BOE per day and full-year capital expenditure and adjusted operating cost guidance was maintained. The filing does not provide revenue, gross-margin, operating-margin or segment results in the supplied text, and it reports no material changes to the 2025 Form 10-K risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.34
What stood out
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EPS beat consensus
Q3 2026 EPS was $3.34, exceeding the $3.03 consensus estimate by $0.31, or approximately 10%.
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Strong cash generation and returns
Free cash flow was $4.039 billion, while $3.4 billion was returned to shareholders during the quarter.
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Q4 production outlook provided
Fourth-quarter 2026 production guidance was set at 2.32-2.36 million BOE per day, providing a quantitative near-term operating outlook.
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Continued share repurchases
The company repurchased 19,293,930 shares during July through September 2026; $20.304 billion remained available under the repurchase plans at September 30, 2026.
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Controls remained effective
Management concluded that disclosure controls and procedures were operating effectively at September 30, 2026, with no material changes to internal control over financial reporting during the period.
What to watch
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No new risk-factor update
The filing states that there were no material changes from the risk factors disclosed in the 2025 Form 10-K, so no new risk-factor developments were identified in this filing.
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Capital-return execution risk
The company had repurchased $44.7 billion of common stock since 2016, with $20.304 billion remaining under the plans at September 30, 2026; repurchases are discretionary and may be increased, decreased or discontinued.
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Environmental proceedings threshold
The company uses a $1 million threshold for certain environmental proceedings involving governmental authorities; no proceedings meeting that threshold were disclosed for the quarter ended September 30, 2026.
Management's outlook
No numeric EPS or revenue guidance was provided. Management maintained full-year capital expenditure and adjusted operating cost guidance and provided fourth-quarter 2026 production guidance of 2.32-2.36 million BOE per day.
Earlier filings 4
10-K · February 17, 2026
ConocoPhillips grew production to 2,375 MBOED in 2025 (+388 MBOED, +20% vs 2024) while generating $19.8 billion of cash from operations and investing $12.6 billion, leaving implied free cash flow of ~$7.24 billion. The…
10-K · February 18, 2025
ConocoPhillips closed the Marathon Oil acquisition in 2024 (≈$16.5 billion purchase), grew production to 1,987 MBOED (+161 MBOED, +9% vs. 2023) and generated strong operating cash flow of $20.1 billion while investing…
10-Q · May 2, 2024
ConocoPhillips reported total revenues and other income of $14,476 million and diluted EPS of $2.15 for Q1 2024. Revenue and net income declined vs. Q1 2023, but operating cash flow remained strong at $4,985 million and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.