ConocoPhillips
Latest report: Q2 FY2026, the quarter ended 30 June 2026, released 6 August 2026. Snapshot FY2026Q2_e728687f.
Overview
Revenue, quarter
+36.8% year on yearPre-tax income, quarter
+102% year on yearNet income, quarter
+99.4% year on yearDiluted EPS, quarter
+107% year on yearPre-tax margin, last 4 quarters
−0.6pp year on yearReturn on equity, last 4 quarters
−1.8pp year on yearSelect a figure to see the document it came from.
Key Findings
Findings for the latest quarter, with their history over earlier quarters.
Revenue for the quarter ended 30 June 2026 was US$19.2 billion, 36.8% higher than in the same quarter a year earlier.
Newin Q2 FY2026 · first statedRule: Revenue against a year earlier · Sources 10-Q 2026-06History of this finding, 13 records
- Q2 FY2026 NewRevenue for the quarter ended 30 June 2026 was US$19.2 billion, 36.8% higher than in the same quarter a year earlier.Recorded from FY2026Q2_e728687f · data update
- Q2 FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026Q2_e728687f · data update
- Q1 FY2026 WeakenedRevenue for the quarter ended 31 March 2026 was US$15.8 billion, 4.6% lower than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2025 NewRevenue for the quarter ended 31 December 2025 was US$13.4 billion, 5.9% lower than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q3 FY2025 StrengthenedRevenue for the quarter ended 30 September 2025 was US$15.0 billion, 15.3% higher than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2025 WeakenedRevenue for the quarter ended 30 June 2025 was US$14.0 billion, 2.8% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2025 NewRevenue for the quarter ended 31 March 2025 was US$16.5 billion, 19.3% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q4 FY2024 WeakenedRevenue for the quarter ended 31 December 2024 was US$14.2 billion, 3.3% lower than in the same quarter a year earlier.Reconstructed · data update
- Q3 FY2024 NewRevenue for the quarter ended 30 September 2024 was US$13.0 billion, 8.5% lower than in the same quarter a year earlier.Reconstructed · data update
- Q3 FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q2 FY2024 NewRevenue for the quarter ended 30 June 2024 was US$13.6 billion, 10.3% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$3.9 billion, 99.4% higher than in the same quarter a year earlier.
Newin Q2 FY2026 · first statedRule: Net income against a year earlier · Sources 10-Q 2026-06History of this finding, 13 records
- Q2 FY2026 NewNet income attributable to the company was US$3.9 billion, 99.4% higher than in the same quarter a year earlier.Recorded from FY2026Q2_e728687f · data update
- Q2 FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026Q2_e728687f · data update
- Q1 FY2026 WeakenedNet income attributable to the company was US$2.2 billion, 23.4% lower than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2025 StrengthenedNet income attributable to the company was US$1.4 billion, 37.5% lower than in the same quarter a year earlier.Reconstructed · data update
- Q3 FY2025 ConfirmedNet income attributable to the company was US$1.7 billion, 16.2% lower than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2025 NewNet income attributable to the company was US$2.0 billion, 15.4% lower than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q1 FY2025 NewNet income attributable to the company was US$2.8 billion, 11.7% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q4 FY2024 WeakenedNet income attributable to the company was US$2.3 billion, 23.3% lower than in the same quarter a year earlier.Reconstructed · data update
- Q3 FY2024 NewNet income attributable to the company was US$2.1 billion, 26.4% lower than in the same quarter a year earlier.Reconstructed · data update
- Q3 FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q2 FY2024 NewNet income attributable to the company was US$2.3 billion, 4.3% higher than in the same quarter a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 14.2%, against 15.9% a year earlier.
Weakenedin Q2 FY2026 · stated since Q2 FY2024Rule: Return on equity against a year earlier · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 3 moreHistory of this finding, 9 records
- Q2 FY2026 WeakenedReturn on equity over the last 4 quarters was 14.2%, against 15.9% a year earlier.Recorded from FY2026Q2_e728687f · data update
- Q1 FY2026 StrengthenedReturn on equity over the last 4 quarters was 11.3%, against 16.7% a year earlier.Reconstructed · data update
- Q4 FY2025 WeakenedReturn on equity over the last 4 quarters was 12.4%, against 16.2% a year earlier.Reconstructed · data update
- Q3 FY2025 WeakenedReturn on equity over the last 4 quarters was 15.4%, against 20.4% a year earlier.Reconstructed · data update
- Q2 FY2025 StrengthenedReturn on equity over the last 4 quarters was 15.9%, against 22.0% a year earlier.Reconstructed · data update
- Q1 FY2025 WeakenedReturn on equity over the last 4 quarters was 16.7%, against 21.8% a year earlier.Reconstructed · data update
- Q4 FY2024 StrengthenedReturn on equity over the last 4 quarters was 16.2%, against 22.5% a year earlier.Reconstructed · data update
- Q3 FY2024 WeakenedReturn on equity over the last 4 quarters was 20.4%, against 23.1% a year earlier.Reconstructed · data update
- Q2 FY2024 NewReturn on equity over the last 4 quarters was 22.0%, against 26.5% a year earlier.Reconstructed · initial
Net debt was US$15.6 billion at 30 June 2026.
Weakenedin Q2 FY2026 · stated since Q2 FY2024Rule: Net debt or net cash · Sources 10-Q 2026-06History of this finding, 9 records
- Q2 FY2026 WeakenedNet debt was US$15.6 billion at 30 June 2026.Recorded from FY2026Q2_e728687f · data update
- Q1 FY2026 ConfirmedNet debt was US$17.0 billion at 31 March 2026.Reconstructed · data update
- Q4 FY2025 ConfirmedNet debt was US$16.5 billion at 31 December 2025.Reconstructed · data update
- Q3 FY2025 WeakenedNet debt was US$17.2 billion at 30 September 2025.Reconstructed · data update
- Q2 FY2025 StrengthenedNet debt was US$18.2 billion at 30 June 2025.Reconstructed · data update
- Q1 FY2025 WeakenedNet debt was US$16.5 billion at 31 March 2025.Reconstructed · data update
- Q4 FY2024 StrengthenedNet debt was US$18.2 billion at 31 December 2024.Reconstructed · data update
- Q3 FY2024 WeakenedNet debt was US$11.5 billion at 30 September 2024.Reconstructed · data update
- Q2 FY2024 NewNet debt was US$12.3 billion at 30 June 2024.Reconstructed · initial
Records before Q2 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.
Credit, liquidity, earnings quality and score findings: Analysis.
Data
DownloadsExcel workbook · JSON
Snapshot
FY2026Q2_e728687fCorporate Events
- Acquisition22 November 2024
Completed the acquisition of Marathon Oil Corporation.
Source 8-K 2024-11 - Restatement15 February 2024
Restated revenue for fiscal 2021 from US$48.3 billion to US$45.8 billion.
Source 10-K 2023-12 - Restatement16 February 2023
Restated revenue for fiscal 2020 from US$19.3 billion to US$18.8 billion.
Source 10-K 2022-12 - Acquisitions paid in cash31 December 2021
Paid US$8.3 billion in cash for business acquisitions in fiscal 2021, 13.2% of total assets at the start of the year.
Source 10-K 2023-12 - Acquisition1 December 2021
Completed an acquisition.
Source 8-K 2021-12 - Acquisition15 January 2021
Completed the acquisition of Concho Resources Inc.
Source 8-K 2021-01
Earnings, Returns and Balance Sheet
Revenue
By quarter, US dollars
Income Before Income Taxes
By quarter, US dollars
Net Income Attributable to the Company
By quarter, US dollars
Margins
Last 4 quarters at each quarter end, per cent
Returns
Last 4 quarters, per cent
Free Cash Flow
Operating cash flow less capital expenditure, by quarter, US dollars
Net Debt
Total debt less cash and short-term investments, at quarter end, US dollars
Diluted Earnings per Share
By quarter, as reported
Financial Statements
Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.
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Ratios
Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.
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Analysis
Credit update
Q2 FY2026
Form 10-Q, period ended 30 June 2026, filed 6 August 2026. Changes are against the previous report, and each figure shows its period.
5changes0thresholds crossed
Changes in This Report 5
- NewRevenue Against a Year Earlier10-Q 2026-06
Revenue for the quarter ended 30 June 2026 was US$19.2 billion, 36.8% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2026
Revenue for the quarter ended 31 March 2026 was US$15.8 billion, 4.6% lower than in the same quarter a year earlier.
- NewNet Income Against a Year Earlier10-Q 2026-06
Net income attributable to the company was US$3.9 billion, 99.4% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2026
Net income attributable to the company was US$2.2 billion, 23.4% lower than in the same quarter a year earlier.
- WeakenedReturn on Equity Against a Year Earlier10-Q 2026-06
Return on equity over the last 4 quarters was 14.2%, against 15.9% a year earlier.
Earlier record, Q1 FY2026
Return on equity over the last 4 quarters was 11.3%, against 16.7% a year earlier.
- WeakenedNet Debt or Net Cash10-Q 2026-06
Net debt was US$15.6 billion at 30 June 2026.
Earlier record, Q1 FY2026
Net debt was US$17.0 billion at 31 March 2026.
1 more change
- StrengthenedCash Backing of Earnings10-Q 2026-06
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 10.2% of average total assets.
Earlier record, Q1 FY2026
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 8.6% of average total assets.
Thresholds Crossed 0
No published finding crosses a threshold.
Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.
Credit MetricsDebt to EBITDA 0.88x, FFO to debt 94.3% · Q2 FY2026
Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.
Lease-adjusted debt was 0.9 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 94.3% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025 and lease liabilities of Q4 FY2025.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the minimal band is number 1 of 6, and a higher number means more debt against earnings.
Confirmedin Q2 FY2026 · stated since Q2 FY20240.88x from 0.99x in Q1 FY2026Rule: Debt against the S&P benchmark bands · Sources 10-K 2025-12, 10-Q 2026-06, 10-Q 2025-09 and 2 moreHistory of this finding, 9 records
- Q2 FY2026 ConfirmedLease-adjusted debt was 0.9 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 94.3% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025 and lease liabilities of Q4 FY2025.Recorded from FY2026Q2_e728687f · data update
- Q1 FY2026 ConfirmedLease-adjusted debt was 1.0 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 79.6% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025 and lease liabilities of Q4 FY2025.Reconstructed · data update
- Q4 FY2025 ConfirmedLease-adjusted debt was 1.0 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 81.3% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · data update
- Q3 FY2025 ConfirmedLease-adjusted debt was 1.0 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 82.0% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024 and lease liabilities of Q4 FY2024.Reconstructed · data update
- Q2 FY2025 ConfirmedLease-adjusted debt was 1.0 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 81.2% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024 and lease liabilities of Q4 FY2024.Reconstructed · data update
- Q1 FY2025 ConfirmedLease-adjusted debt was 1.0 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 83.3% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024 and lease liabilities of Q4 FY2024.Reconstructed · data update
- Q4 FY2024 ConfirmedLease-adjusted debt was 1.0 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 78.6% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · data update
- Q3 FY2024 ConfirmedLease-adjusted debt was 0.8 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 106.7% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2023 and lease liabilities of Q4 FY2023.Reconstructed · data update
- Q2 FY2024 NewLease-adjusted debt was 0.7 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 108.6% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2023 and lease liabilities of Q4 FY2023.Reconstructed · initial
Position in the S&P Standard Volatility Table, Last 4 Quarters to Q2 FY2026
S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.
Debt equals 0.9 years of adjusted EBITDA; a year of funds from operations equals 94.3% of it.
| Band | Minimal | Modest | Intermediate | Significant | Aggressive | Highly leveraged |
|---|---|---|---|---|---|---|
| Debt to EBITDA | 0.88xbelow 1.5x | 1.5x to 2x | 2x to 3x | 3x to 4x | 4x to 5x | 5x and above |
| FFO to debt | 94.3%60% and above | 45% to 60% | 30% to 45% | 20% to 30% | 12% to 20% | below 12% |
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 | Q2 FY2026latest quarter |
|---|---|---|---|---|---|---|
| Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities | est. | |||||
| Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost | est. | |||||
| Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes | est. | |||||
| Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA | minimal | minimal | minimal | minimal | minimal | est.minimal |
| FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt | minimal | minimal | minimal | minimal | minimal | est.minimal |
| Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA | est. | |||||
| Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt | est. | |||||
| Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Lease-adjusted operating cash flow - capital expenditure) / lease-adjusted debt | n/a | n/a | n/a | n/a | ||
| Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Lease-adjusted operating cash flow - capital expenditure - dividends - repurchases of common stock) / lease-adjusted debt | n/a | n/a | n/a | n/a | ||
| Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments) | est. | |||||
| FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest) | est. | |||||
| EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / (interest expense + lease interest) | est. | |||||
| EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense | ||||||
| Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt | est. |
Reconciliation of the Credit Figures
| Item | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 | Q2 FY2026latest quarter |
|---|---|---|---|---|---|---|
| Total debt | $19.9bn | $16.6bn | $18.9bn | $24.3bn | $23.4bn | $23.3bn |
| Operating lease liabilities | $667m | $545m | $697m | $1.0bn | $950m | $950m |
| Lease-adjusted debt | $20.6bn | $17.2bn | $19.6bn | $25.3bn | $24.4bn | $24.2bn |
| EBIT | $13.6bn | $29.0bn | $17.1bn | $14.5bn | $13.5bn | $15.4bn |
| Depreciation and amortisation | $7.2bn | $7.5bn | $8.3bn | $9.6bn | $11.5bn | $11.8bn |
| Goodwill impairment | $0 | $0 | $0 | $0 | $0 | $0 |
| Share-based compensation | $304m | $377m | $334m | $268m | $336m | $0 |
| Operating lease cost | $278m | $212m | $229m | $325m | $447m | $447m |
| Adjusted EBITDA | $21.4bn | $37.1bn | $25.9bn | $24.6bn | $25.8bn | $27.7bn |
| Cash interest | −$924m | −$873m | −$701m | −$806m | −$757m | −$795m |
| Lease interest | −$19.3m | −$18.1m | −$25.6m | −$39.8m | −$45.2m | −$45.2m |
| Cash taxes | −$856m | −$7.4bn | −$5.4bn | −$3.6bn | −$4.8bn | −$4.0bn |
| Funds from operations | $19.6bn | $28.9bn | $19.8bn | $20.2bn | $20.2bn | $22.9bn |
Method
- Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
- Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
- S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
- Operating lease cost is reported in the annual report only. Over the last 4 quarters, the lease figures that the quarters do not report are estimated from the latest fiscal year, and every value computed with such an estimate is marked.
Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.
Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.
Sources and Uses, Fiscal 2022
| Sources | Amount |
|---|---|
| Cash and short-term investments | $9.2bn |
| Operating cash flow | $28.3bn |
| Sources | $37.6bn |
| Uses | Amount |
|---|---|
| Debt due within 12 months | $417m |
| Capital expenditure | $10.2bn |
| Dividends paid | $5.7bn |
| Uses | $16.3bn |
Liquidity cover 2.30x
Debt Maturities at 31 December 2025
Principal due by fiscal year, US dollars
| FY2026 | FY2027 | FY2028 | FY2029 | FY2030 | After FY2030 | Total |
|---|---|---|---|---|---|---|
| $713m | $786m | $670m | $992m | $1.6bn | n/a | n/a |
The report gives no amount for After FY2030, so the schedule has no total.
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 | Q2 FY2026latest quarter |
|---|---|---|---|---|---|---|
| Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included | n/a | n/a | n/a | n/a | ||
| Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings | ||||||
| Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule | n/a | n/a | n/a |
Method
- Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
- Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.
Earnings QualityCash-flow accruals −10.2% · Q2 FY2026
Accruals and the cash backing of reported earnings.
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 10.2% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin Q2 FY2026 · stated since Q2 FY2024−10.2% from −8.6% in Q1 FY2026Rule: Cash backing of earnings · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 2 moreHistory of this finding, 9 records
- Q2 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 10.2% of average total assets.Recorded from FY2026Q2_e728687f · data update
- Q1 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 8.6% of average total assets.Reconstructed · data update
- Q4 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 9.7% of average total assets.Reconstructed · data update
- Q3 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 10.1% of average total assets.Reconstructed · data update
- Q2 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 9.7% of average total assets.Reconstructed · data update
- Q1 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 10.7% of average total assets.Reconstructed · data update
- Q4 FY2024 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 9.9% of average total assets.Reconstructed · data update
- Q3 FY2024 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 11.5% of average total assets.Reconstructed · data update
- Q2 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 10.7% of average total assets.Reconstructed · initial
Net Income and Operating Cash Flow
Last 4 quarters at each quarter end, US dollars
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 | Q2 FY2026latest quarter |
|---|---|---|---|---|---|---|
| Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets | ||||||
| Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996) | ||||||
| Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005) | ||||||
| Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company | n/a | n/a | n/a | n/a | ||
| Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue |
Method
- Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
- Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.
Forensic and Distress ScoresAltman Z'' 3.96, Piotroski 7 of 9 · Last 4 quarters 4.27 at Q2 FY2026 · FY2025
Published distress and misstatement models, with their original coefficients and thresholds.
The Altman Z'' score for fiscal 2025 was 3.96, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Confirmedin FY2025 · stated since FY20233.96 from 3.88 in FY2024Rule: Altman Z'' zone · Sources 10-Q 2026-06, 10-K 2025-12History of this finding, 3 records
- FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 3.96, above the safe threshold of 2.60.Reconstructed · data update
- FY2024 WeakenedThe Altman Z'' score for fiscal 2024 was 3.88, above the safe threshold of 2.60.Reconstructed · data update
- FY2023 NewThe Altman Z'' score for fiscal 2023 was 4.62, above the safe threshold of 2.60.Reconstructed · initial
The Piotroski F-score for fiscal 2022 was 7 of 9. The 2 signals not met were no common equity issued and margin higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Newin FY2022 · first statedRule: Piotroski F-score · Sources 10-K 2021-12, 10-K 2022-12, 10-K 2023-12 and 1 moreHistory of this finding, 1 record
- FY2022 NewThe Piotroski F-score for fiscal 2022 was 7 of 9. The 2 signals not met were no common equity issued and margin higher than a year earlier.Reconstructed · initial
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 | Q2 FY2026latest quarter |
|---|---|---|---|---|---|---|
| Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60 | safe zone | safe zone | safe zone | safe zone | safe zone | safe zone |
| Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000) | n/a | n/a | n/a | n/a | n/a |
Altman Z'' Score
Altman Z'' Score
fiscal 2025
A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.
| Distress zone, below 1.10 | Grey zone, 1.10 to 2.60 | 3.96Safe zone, above 2.60 |
The score of 3.96 is in the safe zone of the model, above 2.60. The largest part is retained earnings, at 1.84.
| Part | Value | Coefficient | Contribution |
|---|---|---|---|
| Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations. | 0.029 | 6.560 | 0.192 |
| Retained earnings / total assetsProfits kept in the business over its life, against total assets. | 0.565 | 3.260 | 1.841 |
| EBIT / total assetsOperating profit against total assets: the earning power of the assets. | 0.111 | 6.720 | 0.745 |
| Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them. | 1.122 | 1.050 | 1.179 |
| Score | 3.956 |
Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.
Piotroski F-score
Piotroski F-score
fiscal 2022
A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.
7 of the 9 tests are met, in the high group of 7 to 9.
| Signal | FY2022 | A year earlier |
|---|---|---|
| Return on assets above zero | Met | n/a |
| Operating cash flow above zero | Met | n/a |
| Return on assets higher than a year earlier | Met | n/a |
| Operating cash flow above net income | Met | n/a |
| Long-term debt to assets lower than a year earlier | Met | n/a |
| Current ratio higher than a year earlier | Met | n/a |
| No common equity issued | Not met | n/a |
| Margin higher than a year earlier | Not met | n/a |
| Asset turnover higher than a year earlier | Met | n/a |
Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.
Source Documents
Documents of this snapshot, latest first.
Checks
288263 of 288 checks passed, 25 warnings
Fiscal calendar68 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.
Quarters and fiscal year126 of 127 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.
Revenue, FY2020: $19,256m against $18,784m
Reported quarters0 of 1 passedA quarter that a filing reports on its own agrees with the figures of the same filing. Checked at warning level.
Net income available to common shareholders, Q3 FY2022: $4,511m against $4,513m
Withheld values19 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.
Selling, general and administrative expense, Q1 FY2020: withheld, negative where the item cannot be negative
Proceeds from issuance of common stock, Q3 FY2020: withheld, negative where the item cannot be negative
Proceeds from issuance of common stock, Q4 FY2020: withheld, negative where the item cannot be negative
Proceeds from issuance of common stock, Q1 FY2021: withheld, negative where the item cannot be negative
Proceeds from issuance of common stock, Q3 FY2022: withheld, negative where the item cannot be negative
Proceeds from issuance of common stock, Q1 FY2023: withheld, negative where the item cannot be negative
Filer identity1 passedThe documents are those of the company of this page. Checked at error level.
Balance sheet identity26 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.
Balance sheet structure9 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.
Lease liabilities6 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.
Debt maturities0 of 4 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.
31 Dec 2020: $2,923m against $15,369m
31 Dec 2023: $2,301m against $18,937m
31 Dec 2024: $3,878m against $24,324m
31 Dec 2025: $4,760m against $23,444m
Quarters and 9 months10 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.
Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.
Interest and debt6 passedInterest expense of a fiscal year is between 0.5% and 15% of the average total debt at its opening and closing dates, so that the debt captured carries the interest reported. Checked at warning level.
Primary statements5 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.
Data Quality
How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.
| Values published | 1,279 |
| Confirmed by other figures | 55.0%, 703 values |
| Confirmed by a second document | 0.0%, 0 values |
| Derived from reported figures | 23.8%, 305 values |
| Values withheld | 19 |
| Restated figures tracked | 14 |
| Changes compared on one basis | 4 |
| Company lines mapped | 0 of 0 reviewed |
Citation
Annalist, ConocoPhillips, snapshot conocophillips/FY2026Q2_e728687f (as of FY2026 Q2); <item label>, <period>; source <document id> (<document url>)
Snapshot FY2026Q2_e728687f · dataset SHA-256 e728687f530704e29e24f691093b2cb847b060f499bfda49049b5e1f57f55dd3 · findings rules 0.5
Data: info.json · dataset.json · validation.json · documents.json