ConocoPhillips (COP) FY2025 10-K Review

Statements & commentary

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.

INCOME STATEMENTCASH FLOWBALANCE SHEETVARIANCE YoYBUSINESS QUALITYQUARTERLYOWNERSHIPEVERY FIGURE AS FILED · $M EXCEPT PER-SHARE

Income statement · $ millions	2025	2024	2023
Total revenues	58,944	54,745	56,141	1
· Lower forty eight segment	41,395	37,026	38,237
· Europe middle east and north africa segment	6,484	5,788	5,854
· Alaska segment	5,638	6,553	7,098
· Canada operating segment	3,625	3,514	3,006
· Asia pacific operating segment	1,770	1,847	1,913
· Corporate segment	32	17	33
Cost of revenue	22,325	20,012	21,975
Research and development	78	81	81
Selling, general and administrative	893	1,158	705
Depreciation, depletion and amortization	11,500	9,599	8,270
Impairments	26	80	14
Interest expense	855	783	780
Other income (expense), net	(20)	(181)	(2)
Income before income taxes	12,656	13,672	16,288
Income tax provision	4,668	4,427	5,331	1
Net income incl. noncontrolling interests	7,988	9,245	10,957
Net income attributable to common	7,961	9,218	10,922	1
Diluted earnings per share	$6.35	$7.81	$9.06
Weighted-average diluted shares	1,253	1,181	1,206

Cash flow · $ millions	2025	2024	2023
Net income incl. noncontrolling interests	7,988	9,245	10,957
Depreciation, depletion and amortization	11,500	9,599	8,270
Deferred income taxes	549	367	1,145
Change in receivables	(803)	262	(1,333)
Change in inventories	116	68	103
Change in payables	(212)	(543)	(1,118)
Net cash provided by operating activities	19,796	20,124	19,965	3
Acquisitions, net of cash	0	24	2,724
Net cash used in investing activities	(8,836)	(11,150)	(12,000)	1
Dividends paid	3,995	3,646	5,583	3
Repurchases of common stock	5,018	5,463	5,400	3
Debt issued	0	5,591	3,787
Debt repaid	913	4,981	1,379	1
Net cash used in financing activities	(10,102)	(8,835)	(8,661)
Cash and equivalents at end of period	6,916	5,905	5,899

Balance sheet · $ millions	2025	2024
Cash and cash equivalents	6,497	5,607
Short-term investments	484	507
Inventories	1,873	1,809	1
Total current assets	15,532	15,647
Total assets	121,939	122,780
Accounts payable	6,218	6,044
Current debt	1,020	1,035
Total current liabilities	11,972	12,124
Long-term debt	22,424	23,289
Total liabilities	57,452	57,984
Stockholders' equity	64,487	64,796
Total equity	64,487	64,796

Largest FY/FY moves · $ millions, ranked by \|Δ\|	FY2025	FY2024	Δ $	Δ %	Reading
Debt issued · CF	0	5,591	−5,591	-100.0%	◐ outsized
· Lower forty eight segment · IS	41,395	37,026	+4,369	+11.8%	—
Total revenues · IS	58,944	54,745	+4,199	+7.7%	—
Debt repaid · CF	913	4,981	−4,068	-81.7%	◐ outsized
Net cash used in investing activities · CF	(8,836)	(11,150)	+2,314	+20.8%	—
Cost of revenue · IS	22,325	20,012	+2,313	+11.6%	—
Depreciation, depletion and amortization · IS	11,500	9,599	+1,901	+19.8%	—
Depreciation, depletion and amortization · CF	11,500	9,599	+1,901	+19.8%	—
Net cash used in financing activities · CF	(10,102)	(8,835)	−1,267	-14.3%	—
Net income incl. noncontrolling interests · IS	7,988	9,245	−1,257	-13.6%	—
Net income attributable to common · IS	7,961	9,218	−1,257	-13.6%	—
Net income incl. noncontrolling interests · CF	7,988	9,245	−1,257	-13.6%	—
Change in receivables · CF	(803)	262	−1,065	-406.5%	—
Income before income taxes · IS	12,656	13,672	−1,016	-7.4%	—

Business quality — Buffett/Munger screen · deterministic · not part of the filing score	Value	Reading
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/a	insufficient 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 · $ millions	SEP 24	MAR 25	JUN 25	SEP 25	MAR 26
Total revenues	13,041	16,517	14,004	15,031	15,761
Cost of revenue	4,747	6,188	5,085	5,857	6,283
Selling, general and administrative	186	191	250	271	193
Depreciation, depletion and amortization	2,390	2,746	2,838	2,917	2,906
Impairments	0	1	1	10	19
Interest expense	189	205	232	223	198
Other income (expense), net	2	(6)	0	0	(3)
Income before income taxes	3,235	4,466	3,017	2,928	3,363
Income tax provision	1,176	1,617	1,046	1,202	1,180
Net income incl. noncontrolling interests	—	2,849	—	—	2,183
Net income attributable to common	2,052	2,840	1,964	1,720	2,177
Diluted earnings per share	$1.76	$2.23	$1.56	$1.38	$1.78
Weighted-average diluted shares	1,163	1,275	1,259	1,247	1,225
Net cash provided by operating activities	—	6,115	—	—	4,295

Largest QoQ moves · latest vs prior filed quarter	Prior	Latest	Δ $	Δ %
Net cash provided by operating activities	6,115	4,295	−1,820	-29.8%
Total revenues	15,031	15,761	+730	+4.9%
Net income incl. noncontrolling interests	2,849	2,183	−666	-23.4%
Net income attributable to common	1,720	2,177	+457	+26.6%
Income before income taxes	2,928	3,363	+435	+14.9%
Cost of revenue	5,857	6,283	+426	+7.3%
Selling, general and administrative	271	193	−78	-28.8%
Interest expense	223	198	−25	-11.2%

Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only	Value	Reading
Public float	$112,000M	10-K cover · as of 2025-06-30
Insider Form 4s, 90d	10 filings · 0 buys / 5 sells	net selling · −$81,643,752
· Lance Ryan Michael	SELL $64,493,594	Form 4 filed 2026-03-23 · open market
· Lance Ryan Michael	SELL $15,025,389	Form 4 filed 2026-03-31 · open market
· Rose Kelly Brunetti	SELL $1,001,212	Form 4 filed 2026-03-25 · open market
· Olds Nicholas G	SELL $888,651	Form 4 filed 2026-03-23 · open market
· Mulligan Sharmila	SELL $234,906	Form 4 filed 2026-06-10 · open market
Insider ownership %	—	needs the proxy statement — not read yet, never estimated
Institutional %	—	needs 13F aggregation — not read yet, never estimated

COMMENTARY5EARNINGS QUALITY4

capex, capital returns◐PARTLY

“We invested $12.6 billion into the business in the form of capital expenditures and investments and provided returns of capital to shareholders of $9.0 billion through our ordinary dividend and share repurchases.”

Net cash used in investing activities $-11.2B → $-8.8B+2,314

Dividends paid $3.6B → $4.0B+349

Repurchases of common stock $5.5B → $5.0B-445

The quoted figures do not map one-for-one onto a filed line on this page; carried as partly supported.

3 LINES TRACED · ITEM 7 · OVERVIEW · P.31

dividend payout◐PARTLY

“In 2025, we returned $4.0 billion through the ordinary dividend, inclusive of an increase in December of eight percent to 84 cents per share.”

Dividends paid $3.6B → $4.0B+349

Quoted $4.0 billionDividends paid: filed $4.0B

1 of 2 quoted figures reconcile ($4.0 billion against dividends paid); 84 cents does not map to a filed line on this page — carried as partly supported.

1 LINES TRACED · ITEM 7 · OVERVIEW · P.31

share buybacks✓MATCHES

“In addition, we returned $5.0 billion to shareholders through share repurchases.”

Repurchases of common stock $5.5B → $5.0B-445

Quoted $5.0 billionRepurchases of common stock: filed $5.0B

Every quoted figure reconciles to the filed lines: $5.0 billion against repurchases of common stock.

1 LINES TRACED · ITEM 7 · OVERVIEW · P.31

capital return ratio◐PARTLY

“Our combined dividends and share repurchases of $9.0 billion represented 46 percent of our net cash provided by operating activities.”

Dividends paid $3.6B → $4.0B+349

Repurchases of common stock $5.5B → $5.0B-445

Net cash provided by operating activities $20.1B → $19.8B-328

The quoted figures do not map one-for-one onto a filed line on this page; carried as partly supported.

3 LINES TRACED · ITEM 7 · BUSINESS ENVIRONMENT · PEER-LEADING DISTRIBUTIONS · P.33

debt retirement◐PARTLY

“In 2025, the company retired $0.7 billion principal amount of debt at maturity, consisting of $0.2 billion of our 3.35% Notes, $0.4 billion of our 2.4% Notes and $0.1 billion of our 8.2% Debentures.”

Debt repaid $5.0B → $913M-4,068

The quoted figures do not map one-for-one onto a filed line on this page; carried as partly supported.

1 LINES TRACED · ITEM 7 · CAPITAL RESOURCES AND LIQUIDITY · FINANCING ACTIVITIES · P.49

Cash tax vs book charge◐WATCH

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Cash income taxes paid$4,822M

Total book tax charge$4,668M

Divergence ($4,822M − $4,668M) ÷ $4,668M+3.3%

Deferred tax asset $4,659M → $4,403M-256M

Cash taxes paid diverge from the total book charge by +3.3%. Carried as watch.

EARNINGS-QUALITY FLAG · 1 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Inventory vs revenue pace✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Inventory $1,809M → $1,873M+3.5%

Revenue $54,745M → $58,944M+7.7%

Gap 3.5% − 7.7%-4.2pp

Inventory moved +3.5%, revenue +7.7% (gap -4.2pp). The flag tests inventory OUTRUNNING revenue by more than 7pp.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Cash conversion stability✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Operating cash flow, three years (newest first)$19,796M · $20,124M · $19,965M

Net income incl. noncontrolling interests, three years (newest first)$7,988M · $9,245M · $10,957M

OCF ÷ NI, three years (newest first)2.48× · 2.18× · 1.82×

Swing 2.48× − 1.82×0.66×

Cause verified by this pageno

Net income attributable to common, three years (newest first) shown so both bases reconcile; the ratio above uses the consolidated line$7,961M · $9,218M · $10,922M

OCF ÷ NI ran 2.48× · 2.18× · 1.82× across three years — swing 0.66×, inside the 1.00× threshold.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Stock compensation in cash flow✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Share-based compensation$336M

Operating cash flow$19,796M

Share $336M ÷ $19,796M1.7%

Share-based compensation is 1.7% of operating cash flow (threshold 15%).

EARNINGS-QUALITY FLAG · 1 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

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.