Filing Flows › ConocoPhillips (COP) › Q2 2025
ConocoPhillips (COP) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
ConocoPhillips (COP) reported revenue of $14.0B for the second quarter 2025 (Q2 2025), +3% from a year earlier and -15% from the quarter before. Operating margin was 21.5%, net earnings $2.0B (14.1% of revenue).
ConocoPhillips, Q2 2025: revenue $14.0B (+3% year over year), operating margin 21.5%, net earnings $2.0B, operating cash flow $3.5B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.0B | -15% | +3% |
| Operating profit | $3.0B | -32% | -18% |
| Net earnings | $2.0B | -31% | -15% |
| Operating cash flow | $3.5B | -43% | -29% |
| Free cash flow | $199M | -93% | -90% |
What changed
Revenue was $14.0B in Q2 2025, up 3% year over year and down 15% from the previous quarter. Lower 48 was the largest line at 71% of revenue. Lower 48 added $0.91B year over year (up 10%), 237% of the total change. Alaska Segment declined 26%.
Operating profit was $3.0B, a 21.5% margin (down 5.3 points year over year). Operating profit fell $0.64B even though revenue rose $0.38B versus a year earlier, so costs grew faster than sales. Total costs grew 10% against revenue growth of 3%. The fastest-growing cost line was SG&A (+52%). Net earnings were $2.0B, down 15% year over year. The effective tax rate was 34.7%.
Operating cash flow was $3.5B (down 29% year over year), 177% of net earnings. Non-cash charges added back $2.8B of depreciation and amortization. Working capital and other items used $1.3B. Capital expenditures of $3.3B left free cash flow of $0.20B.
Questions
What was ConocoPhillips' revenue in the second quarter 2025?
ConocoPhillips (COP) reported revenue of $14.0B for the second quarter 2025 (Q2 2025), +3% from a year earlier and -15% from the quarter before.
Was ConocoPhillips profitable in the second quarter 2025?
Operating profit was $3.0B (21.5% of revenue) and net earnings $2.0B.
Source: ConocoPhillips 10-Q on SEC EDGAR.