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ConocoPhillips (COP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
ConocoPhillips (COP) reported revenue of $15.0B for the third quarter 2025 (Q3 2025), +15% from a year earlier and +7% from the quarter before. Operating margin was 19.5%, net earnings $1.7B (11.5% of revenue).
ConocoPhillips, Q3 2025: revenue $15.0B (+15% year over year), operating margin 19.5%, net earnings $1.7B, operating cash flow $5.9B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $15.0B | +7% | +15% |
| Operating profit | $2.9B | -3% | -9% |
| Net earnings | $1.7B | -12% | -16% |
| Operating cash flow | $5.9B | +69% | +2% |
| Free cash flow | $3.0B | — | +6% |
What changed
Revenue was $15.0B in Q3 2025, up 15% year over year and up 7% from the previous quarter. Lower 48 was the largest line at 70% of revenue. Lower 48 added $1.5B year over year (up 16%), 73% of the total change. Alaska Segment declined 3%.
Operating profit was $2.9B, a 19.5% margin (down 5.3 points year over year). Operating profit fell $0.31B even though revenue rose $2.0B versus a year earlier, so costs grew faster than sales. Total costs grew 23% against revenue growth of 15%. The fastest-growing cost line was SG&A (+46%). Net earnings were $1.7B, down 16% year over year. The effective tax rate was 41.1%.
Operating cash flow was $5.9B (up 2% year over year), 341% of net earnings. Non-cash charges added back $2.9B of depreciation and amortization. Working capital and other items added $1.2B. Capital expenditures of $2.9B left free cash flow of $3.0B.
Questions
What was ConocoPhillips' revenue in the third quarter 2025?
ConocoPhillips (COP) reported revenue of $15.0B for the third quarter 2025 (Q3 2025), +15% from a year earlier and +7% from the quarter before.
Was ConocoPhillips profitable in the third quarter 2025?
Operating profit was $2.9B (19.5% of revenue) and net earnings $1.7B.
Source: ConocoPhillips 10-Q on SEC EDGAR.