COP ConocoPhillips FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-31 · FILED 2026-02-17 · 1,253M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

ConocoPhillips. Energy.

S&P 500 · ENERGY · CIK 1163165

S&P 500

REVENUE$58.9B+7.7% YoY
NET INCOME$8.0B-13.6% YoY
OPERATING CASH FLOW$19.8B-1.6% YoY
74
FILING SCORE / 100
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How the score is computed: 5 management claims are checked against the filed statements and 4 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 6/10 on claims and 7/8 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG9 CHECKS · 0 red · 1 watchNEXT 10-Q ~NOV 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues58,94454,74556,1411
· Lower 4841,39537,02638,237
· Europe, Middle East and North Africa6,4845,7885,854
· Alaska5,6386,5537,098
· Canada3,6253,5143,006
· Asia Pacific1,7701,8471,913
Cost of revenue22,32520,01221,975
Research and development788181
Selling, general and administrative8931,158705
Depreciation, depletion and amortization11,5009,5998,270
Impairments268014
Interest expense855783780
Other income (expense), net(20)(181)(2)
Income before income taxes12,65613,67216,288
Income tax provision4,6684,4275,3311
Net income incl. noncontrolling interests7,9889,24510,957
Net income attributable to common7,9619,21810,9221
Diluted earnings per share$6.35$7.81$9.06
Weighted-average diluted shares1,2531,1811,206
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests7,9889,24510,957
Depreciation, depletion and amortization11,5009,5998,270
Deferred income taxes5493671,145
Change in receivables(803)262(1,333)
Change in inventories11668103
Change in payables(212)(543)(1,118)
Net cash provided by operating activities19,79620,12419,9653
Acquisitions, net of cash0242,724
Net cash used in investing activities(8,836)(11,150)(12,000)1
Dividends paid3,9953,6465,5833
Repurchases of common stock5,0185,4635,4003
Debt issued05,5913,787
Debt repaid9134,9811,3791
Net cash used in financing activities(10,102)(8,835)(8,661)
Cash and equivalents at end of period6,9165,9055,899
Balance sheet · $ millions20252024
Cash and cash equivalents6,4975,607
Short-term investments484507
Inventories1,8731,8091
Total current assets15,53215,647
Total assets121,939122,780
Accounts payable6,2186,044
Current debt1,0201,035
Total current liabilities11,97212,124
Long-term debt22,42423,289
Total liabilities57,45257,984
Stockholders' equity64,48764,796
Total equity64,48764,796
Segments · as filed in the segment note · $ millionsLower 48Europe, Middle East and North AfricaAlaskaCanadaAsia PacificCorporate / otherConsolidated
Net sales41,3956,4845,6383,6251,7703258,944
Depreciation & amortization8,1219121,3995564605211,500
Assets61,93310,55420,2249,9788,27310,977121,939
Revenue by product or service

Product revenue is tagged under the filer's own concept, not a standard one; not read.

Revenue by geography · as filed · $ millionsFY2025Share
U.S.46,61179.1%
International12,33320.9%
Total revenues, as filed58,944100.0%

Geographic lines sum to the filed total.

Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Debt issued · CF05,591−5,591-100.0%◐ outsized
· Lower 48 · IS41,39537,026+4,369+11.8%—
Total revenues · IS58,94454,745+4,199+7.7%—
Debt repaid · CF9134,981−4,068-81.7%◐ outsized
Net cash used in investing activities · CF(8,836)(11,150)+2,314+20.8%—
Cost of revenue · IS22,32520,012+2,313+11.6%—
Depreciation, depletion and amortization · IS11,5009,599+1,901+19.8%—
Depreciation, depletion and amortization · CF11,5009,599+1,901+19.8%—
Net cash used in financing activities · CF(10,102)(8,835)−1,267-14.3%—
Net income incl. noncontrolling interests · IS7,9889,245−1,257-13.6%—
Net income attributable to common · IS7,9619,218−1,257-13.6%—
Net income incl. noncontrolling interests · CF7,9889,245−1,257-13.6%—
Change in receivables · CF(803)262−1,065-406.5%—
Income before income taxes · IS12,65613,672−1,016-7.4%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
12.4%
sector median 14.3%
adequate
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
+0.1%
sector median +0.0%
flat
Debt to equity
(current debt + long-term debt) ÷ year-end equity
0.36
sector median 0.49
low
FCF consistency
operating cash flow − capital expenditure, per year
n/ainsufficient data
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 21.5%
sector median 14.6%
cyclical
Quarterly · as filed in 10-Q/10-K · $ millionsMAR 25JUN 25SEP 25MAR 26JUN 26
Total revenues16,51714,00415,03115,76119,161
Cost of revenue6,1885,0855,8576,2836,712
Selling, general and administrative191250271193188
Depreciation, depletion and amortization2,7462,8382,9172,9062,983
Impairments1110192
Interest expense205232223198182
Other income (expense), net(6)00(3)0
Income before income taxes4,4663,0172,9283,3636,082
Income tax provision1,6171,0461,2021,1802,151
Net income incl. noncontrolling interests2,849——2,183—
Net income attributable to common2,8401,9641,7202,1773,918
Diluted earnings per share$2.23$1.56$1.38$1.78$3.23
Weighted-average diluted shares1,2751,2591,2471,2251,214
Net cash provided by operating activities6,115——4,295—
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Total revenues15,76119,161+3,400+21.6%
Income before income taxes3,3636,082+2,719+80.9%
Net cash provided by operating activities6,1154,295−1,820-29.8%
Net income attributable to common2,1773,918+1,741+80.0%
Income tax provision1,1802,151+971+82.3%
Net income incl. noncontrolling interests2,8492,183−666-23.4%
Cost of revenue6,2836,712+429+6.8%
Depreciation, depletion and amortization2,9062,983+77+2.6%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$112,000M10-K cover · as of 2025-06-30
Insider Form 4s, 90d6 filings · 0 buys / 2 sellsnet selling · −$3,299,893
· Rose Kelly BrunettiSELL $2,017,725Form 4 filed 2026-08-21 · open market
· Lundquist Andrew DSELL $1,282,168Form 4 filed 2026-08-24 · open market
Insider ownership %—needs the proxy statement — not read yet, never estimated
Institutional %—needs 13F aggregation — not read yet, never estimated
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from ConocoPhillips's Form 10-K for FY2025 (accession 0001163165-26-000009), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. COP is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.