ConocoPhillips (COP) FY2024 results: revenue $54.7 billion, down 2.5% on the year

ConocoPhillips (COP) reported revenue of $54.7 billion for fiscal 2024, the year ended 31 December 2024, down 2.5% on the year before. Net income was $9.2 billion, down 15.6%, and diluted earnings per share $7.81. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2025.

Revenue

$54.7 billion

-2.5% on the year

FY2017FY2024

Operating margin

n/a

FY2017FY2024

Net income

$9.2 billion

-15.6% on the year

FY2017FY2024

Diluted EPS

$7.81

-13.8% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	54,745	56,141	78,494	-2.5%
Cost of revenue	20,012	21,975	33,971	-8.9%
Gross profit	34,733	34,166	44,523	+1.7%
Gross margin	63.4%	60.9%	56.7%
Research and development	81.0	81.0	71.0	0.0%
Selling, general and administrative	1,158	705	623	+64.3%
Interest expense	941	824	791	+14.2%
Pre-tax income	13,672	16,288	28,228	-16.1%
Income tax	4,427	5,331	9,548	-17.0%
Effective tax rate	32.4%	32.7%	33.8%
Net income	9,245	10,957	18,680	-15.6%
Net margin	16.9%	19.5%	23.8%
Diluted EPS	$7.81	$9.06	$14.57	-13.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	20,124	19,965	28,314	+0.8%
Capital expenditure	n/a	n/a	10,159
Free cash flow	n/a	n/a	18,155
Free cash flow margin	n/a	n/a	23.1%
Cash from investing	-11,150	-12,000	-8,741
Cash from financing	-8,835	-8,661	-18,053
Depreciation and amortisation	9,599	8,270	7,504	+16.1%
Share-based compensation	268	334	377	-19.8%
Buybacks	5,463	5,400	9,270	+1.2%
Dividends paid	3,646	5,583	5,726	-34.7%
Dividend per share	$2.52	$2.11	$1.89	+19.4%
Diluted shares, weighted	1,181m	1,206m	1,278m	-2.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	64,796	49,279	48,003	+31.5%
Debt	24,324	18,937	16,643	+28.4%
Other liabilities	33,660	27,708	29,183	+21.5%
Total liabilities and equity	122,780	95,924	93,829	+28.0%
Fixed assets	n/a	70,044	64,866
Investments	1,562	1,960	3,307	-20.3%
Cash and equivalents	5,607	5,635	6,458	-0.5%
Inventory	1,809	1,398	1,219	+29.4%
Other assets	113,802	16,887	17,979	+573.9%
Total assets	122,780	95,924	93,829	+28.0%

10-K for the year ended 31 December 2024, filed 18 February 2025: the filing.