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How ConocoPhillips (COP) makes money
ConocoPhillips (COP) made $19.4B of revenue in the third quarter 2026 (Q3 2026), +29% from a year earlier. Lower 48 brought in $13.2B (68%); EMENA brought in $2.6B (13%); Alaska Segment brought in $1.8B (9%). Of every dollar of revenue, 31¢ was left as operating profit, 21¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Lower 48 | $13.2B | 68.1% | +2% | +26% |
| EMENA | $2.6B | 13.2% | +13% | +62% |
| Alaska Segment | $1.8B | 9.2% | -5% | +23% |
| Canada Operating Segment | $1.2B | 6.3% | -6% | +30% |
| Asia Pacific Operating Segment | $630M | 3.2% | -7% | +22% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $19.4B | 100.0% |
| Operating profit | $6.0B | 30.8% |
| Income tax | $2.0B | 10.2% |
| Net earnings | $4.0B | 20.6% |
| Operating cash flow | $7.2B | 37.0% |
| Free cash flow | $4.1B | 20.9% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $19.4B | +29% |
| Q2 2026 | $19.2B | +37% |
| Q1 2026 | $15.8B | -5% |
| Q4 2025 | $13.4B | -6% |
| Q3 2025 | $15.0B | +15% |
| Q2 2025 | $14.0B | +3% |
| Q1 2025 | $16.5B | +19% |
From ConocoPhillips' 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does ConocoPhillips make money?
ConocoPhillips (COP) made $19.4B of revenue in the third quarter 2026 (Q3 2026), +29% from a year earlier. Lower 48 brought in $13.2B (68%); EMENA brought in $2.6B (13%); Alaska Segment brought in $1.8B (9%). Of every dollar of revenue, 31¢ was left as operating profit, 21¢ was left as net earnings.
What is ConocoPhillips' biggest business?
Lower 48: $13.2B in the third quarter 2026, 68% of revenue, +26% from a year earlier.
What is ConocoPhillips' profit margin?
Net earnings were $4.0B, 20.6% of revenue, in the third quarter 2026; the operating margin was 30.8%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.