Occidental Petroleum (OXY) Q1 FY2026 earnings: revenue $5.2 billion, down 8.3% on the year

Occidental Petroleum Corp. (OXY) reported revenue of $5.2 billion for Q1 FY2026, the quarter ended 31 March 2026, down 8.3% on the same quarter a year earlier. Net income was $3.2 billion, up 314.6% on the year, and diluted earnings per share $3.13. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2026.

Revenue

$5.2 billion

-8.3% on the year

Q2 FY2024Q1 FY2026

Operating margin

n/a

Q2 FY2024Q1 FY2026

Net income

$3.2 billion

+314.6% on the year

Q2 FY2024Q1 FY2026

Diluted EPS

$3.13

+306.5% on the year

Q2 FY2024Q1 FY2026

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

What management said

Output topped guidance range: Production was 1,426 Mboed, below the 1,481 Mboed of the fourth quarter of 2025. Management said the figure was above the high end of guidance, led by three business units.
Reported EPS differs from adjusted: Reported diluted EPS was $3.13 and adjusted EPS from continuing operations was $1.06. The company said the gap comes from items including discontinued operations, derivatives and debt premiums.
Midstream swung to pre-tax loss: Midstream and marketing recorded a pre-tax loss of $87 million, compared with pre-tax income of $204 million in the prior quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the year
Revenue	5,230	n/a	5,704	-8.3%
Cost of revenue	n/a	n/a	801
Gross profit	n/a	n/a	4,903
Gross margin	n/a	n/a	86.0%
Selling, general and administrative	245	n/a	241	+1.7%
Pre-tax income	390	n/a	1,332	-70.7%
Income tax	154	n/a	387	-60.2%
Effective tax rate	39.5%	n/a	29.1%
Net income	3,155	n/a	761	+314.6%
Net margin	60.3%	n/a	13.3%
Diluted EPS	$3.13	n/a	$0.77	+306.5%

$ 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. 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.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,281	n/a	2,148		-40.4%
Capital expenditure	1,554	n/a	1,682		-7.6%
Free cash flow	-273	n/a	466
Free cash flow margin	-5.2%	n/a	8.2%
Cash from investing	7,848	n/a	-731
Cash from financing	-7,328	n/a	-932
Depreciation and amortisation	1,794	n/a	1,804		-0.6%
Buybacks	56.0	n/a	0.0
Dividends paid	409	n/a	380		+7.6%
Dividend per share	$0.26	n/a	$0.24		+8.3%
Diluted shares, weighted	1,007m	1,000m	983m	+0.7%	+2.4%
Shares outstanding at period end	991m	986m	942m	+0.5%	+5.2%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	38,932	36,034	34,712	+8.0%	+12.2%
Non-controlling interest	628	564	393	+11.3%	+59.8%
Debt	14,707	21,397	24,787	-31.3%	-40.7%
Operating lease liabilities	557	605	n/a	-7.9%
Finance lease liabilities	764	801	658	-4.6%	+16.1%
Other liabilities	24,876	24,785	24,417	+0.4%	+1.9%
Total liabilities and equity	80,464	84,186	84,967	-4.4%	-5.3%
Fixed assets	63,116	63,643	n/a	-0.8%
Goodwill	n/a	668	n/a
Cash and equivalents	3,811	1,968	2,612	+93.6%	+45.9%
Receivables	3,677	2,575	3,609	+42.8%	+1.9%
Inventory	1,862	1,823	2,139	+2.1%	-12.9%
Other assets	7,998	13,509	76,607	-40.8%	-89.6%
Total assets	80,464	84,186	84,967	-4.4%	-5.3%

Questions

What was Occidental Petroleum's revenue in Q1 FY2026?

Occidental Petroleum (OXY) reported revenue of $5.2 billion for Q1 FY2026, the quarter ended 31 March 2026, down 8.3% on the same quarter a year earlier.

How much did Occidental Petroleum earn in Q1 FY2026?

Net income for Q1 FY2026 was $3.2 billion, up 314.6% on the year, and diluted earnings per share $3.13.

When did Occidental Petroleum report Q1 FY2026 results?

Occidental Petroleum filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 5 May 2026.

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-Q for the period ended 31 March 2026, filed 5 May 2026: the filing.