ConocoPhillips reported lower revenue, gross profit, and net income for Q1 2026 versus Q1 2025, driven by lower commodity prices and volumes and tax impacts from shifts in the geographic mix of income — consistent with management’s stated business drivers.
Key takeaways
Revenue was $15.8B (-4.6% YoY), reflecting lower prices and volumes as cited in management commentary on earnings drivers.
Gross profit was $9.5B (-8.2% YoY), with gross margin holding at 60.1%, indicating stable cost performance amid revenue pressure.
Net income was $2.2B (-23.4% YoY), impacted by lower earnings from equity affiliates and tax effects tied to income mix shifts across jurisdictions.
Diluted EPS was $1.78 (-20.2% YoY), aligning with the decline in net income and unchanged share count assumptions reflected in GAAP reporting.
Net cash provided by operating activities was $4.3B, down from $6.1B in Q1 2025, consistent with working capital dynamics noted in management discussion.