Occidental Petroleum (OXY) Q4 FY2025 earnings: the quarter the year does not yet give

Occidental Petroleum Corp. (OXY) files the full year and not its fourth quarter on its own, and for Q4 FY2025, the quarter ended 31 December 2025, the year less the first three quarters would not be a quarter of anything: the annual report changed the basis of the year (a business sold or spun off, a line regrouped). The figures fill in once the three quarters are refiled on the new basis. The year itself is on the company's page, from the 10-K filed with the SEC on 18 February 2026.

Revenue

n/a

Q1 FY2024Q4 FY2025

Operating margin

n/a

Q1 FY2024Q4 FY2025

Net income

n/a

Q1 FY2024Q4 FY2025

Diluted EPS

n/a

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024
Revenue	n/a	6,624	6,760
Cost of revenue	n/a	812	752
Gross profit	n/a	5,812	6,008
Gross margin	n/a	87.7%	88.9%
Selling, general and administrative	n/a	277	276
Pre-tax income	n/a	1,166	-169
Income tax	n/a	324	-49.0
Effective tax rate	n/a	27.8%	n/a
Net income	n/a	657	-295
Net margin	n/a	9.9%	-4.4%
Diluted EPS	n/a	$0.65	-$0.32

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	n/a	2,790	3,356
Capital expenditure	n/a	1,768	1,781
Free cash flow	n/a	1,022	1,575
Free cash flow margin	n/a	15.4%	23.3%
Cash from investing	n/a	-1,259	-1,790
Cash from financing	n/a	-1,695	-1,202
Depreciation and amortisation	n/a	2,061	1,977
Buybacks	n/a	0.0	18.0
Dividends paid	n/a	408	377
Dividend per share	n/a	$0.24	n/a
Diluted shares, weighted	1,000m	1,003m	967m	-0.3%	+3.4%
Shares outstanding at period end	986m	985m	938m	+0.1%	+5.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	36,034	36,261	34,159	-0.6%	+5.5%
Non-controlling interest	564	505	321	+11.7%	+75.7%
Debt	21,397	21,677	25,323	-1.3%	-15.5%
Operating lease liabilities	605	n/a	614		-1.5%
Finance lease liabilities	801	632	658	+26.7%	+21.7%
Other liabilities	24,785	24,397	24,370	+1.6%	+1.7%
Total liabilities and equity	84,186	83,472	85,445	+0.9%	-1.5%
Fixed assets	63,643	n/a	n/a
Goodwill	668	n/a	668		0.0%
Cash and equivalents	1,968	2,159	2,132	-8.8%	-7.7%
Receivables	2,575	3,169	3,526	-18.7%	-27.0%
Inventory	1,823	2,117	2,095	-13.9%	-13.0%
Other assets	13,509	76,027	77,024	-82.2%	-82.5%
Total assets	84,186	83,472	85,445	+0.9%	-1.5%

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	6,792	7,913	8,349	10,676	9,390	8,219	7,225	6,702	7,158	7,172	5,975	6,817	7,173	6,760	5,704	5,258	6,624	n/a	5,230	8,065
Cost of revenue	731	771	818	835	835	785	745	791	682	898	742	821	806	752	801	847	812	n/a	n/a	n/a
Gross profit	6,061	7,142	7,531	9,841	8,555	7,434	6,480	5,911	6,476	6,274	5,233	5,996	6,367	6,008	4,903	4,411	5,812	n/a	n/a	n/a
Gross margin	89%	90%	90%	92%	91%	90%	90%	88%	90%	87%	88%	88%	89%	89%	86%	84%	88%	n/a	n/a	n/a
SG&A	240	280	196	244	247	258	241	277	258	307	259	259	268	276	241	257	277	n/a	245	262
Pre-tax income	1,217	2,030	3,083	4,986	3,648	2,400	1,734	1,327	1,809	1,559	1,010	1,635	1,594	-169	1,332	738	1,166	n/a	390	3,915
Tax rate	32%	23%	-58%	25%	25%	20%	27%	35%	24%	23%	30%	28%	28%	n/a	29%	37%	28%	n/a	39%	23%
Net income	828	1,537	4,876	3,755	2,746	1,927	1,263	860	1,375	1,198	888	985	959	-295	761	261	657	n/a	3,155	2,787
Net margin	12%	19%	58%	35%	29%	23%	17%	13%	19%	17%	15%	14%	13%	-4%	13%	5%	10%	n/a	60%	35%
Diluted EPS	$0.65	$1.39	$4.65	$3.47	$2.52	$1.76	$1.00	$0.63	$1.20	$1.07	$0.75	$1.03	$0.98	-$0.32	$0.77	$0.26	$0.65	n/a	$3.13	$2.75
Operating cash flow	3,118	3,092	3,239	5,329	4,267	3,975	2,870	3,070	3,129	3,239	2,007	2,394	3,682	3,356	2,148	2,960	2,790	n/a	1,281	4,271
Capital expenditure	656	937	858	972	1,147	1,520	1,461	1,646	1,619	1,544	1,783	1,771	1,683	1,781	1,682	1,998	1,768	n/a	1,554	1,589
Free cash flow	2,462	2,155	2,381	4,357	3,120	2,455	1,409	1,424	1,510	1,695	224	623	1,999	1,575	466	962	1,022	n/a	-273	2,682
Buybacks	-3.0	8.0	36.0	532	1,899	632	732	445	434	187	0.0	9.0	0.0	18.0	0.0	0.0	0.0	n/a	56.0	61.0
Dividends paid	210	209	216	323	324	321	320	368	347	330	332	366	371	377	380	398	408	n/a	409	430
Shares outstanding	1,083m	1,083m	937m	929m	908m	900m	892m	885m	878m	879m	887m	906m	938m	938m	942m	984m	985m	986m	991m	1,000m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 18 February 2026: the filing.