Is the business good?
How good a business is COP?
ConocoPhillips earns 29% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
29%
Return on invested capital · cost of capital 9.0% · 20 points above what the capital costs: growth creates value
- Operating margin
- 46%
Operating margin · Oil & Gas E&P median 30% · 12 months to Q2 2026
- Share count, year on year
- −3.5%
Share count, year on year · bought back, each share owns more of the company
- Gross margin
- 62%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 34% |
| FY2021 | 48% |
| FY2022 | 48% |
| FY2023 | 47% |
| FY2024 | 47% |
| FY2025 | 45% |
Details›
- Gross margin12 months to Q2 2026
- 62%
- Operating margin12 months to Q2 2026
- 46%
- Net margin12 months to Q2 2026
- 15%
- Revenue, trailing twelve months
- $63.3B
- Net income, trailing twelve months
- $9.28B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 29%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.