Conocophillips (COP) Operating Margin (2017 - 2026)
Conocophillips (COP) posted quarterly Operating Margin of 45.7% for Q1 2026, down 167.0% year-over-year from 68.2% in Q1 2025, and up 40.56% quarter-over-quarter from 32.51% in Q4 2025.
Conocophillips (COP) Operating Margin (2017 - 2026) Analysis & Trends
Conocophillips (COP) has reported Operating Margin for 10 consecutive years, with 45.7% the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Margin fell 167.0% year-over-year to 45.7%; the TTM figure through Mar 2026 stood at 43.54% (down 291.0% YoY), while the FY2025 annual figure was 44.6%, down 286.0% from the prior year.
- Operating Margin grew to 45.7% in Q1 2026 per COP's latest filing, from 32.51% in the prior quarter.
- Across five years, Operating Margin topped out at 56.81% in Q1 2022 and bottomed at 1248.08% in Q4 2023.
- Historically, Operating Margin has averaged 30.42% across 5 years, with a median of 46.93% in 2024.
- Annual changes were most pronounced in 2023 — Operating Margin sank 128000 bps — and 2024, when it jumped 128914 bps.
- Conocophillips' Operating Margin stood at 31.92% in 2022, then slumped by 4010 bps to 1248.08% in 2023, then jumped by 103 bps to 41.06% in 2024, then decreased by 21 bps to 32.51% in 2025, then surged by 41 bps to 45.7% in 2026.
- Business Quant data shows COP's Operating Margin at 45.7% in Q1 2026, 32.51% in Q4 2025, and 45.31% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Conocophillips | 163.55 Bn | 155.86 Bn | 12.81 Bn | 53.17% |
| 2 | Canadian Natural Resources | 106.27 Bn | 104.37 Bn | 10.66 Bn | 84.71% |
| 3 | Eog Resources | 80.09 Bn | 75.19 Bn | - | 40.93% |
| 4 | Diamondback Energy | 59.30 Bn | 58.83 Bn | 5.55 Bn | 45.16% |
| 5 | Devon Energy | 46.23 Bn | 45.22 Bn | 6.02 Bn | 32.14% |
| 6 | Woodside Energy | 45.77 Bn | 39.83 Bn | 6.02 Bn | 91.41% |
| 7 | Occidental Petroleum | 39.39 Bn | 35.24 Bn | 7.73 Bn | 39.52% |
| 8 | Eqt | 33.71 Bn | 33.60 Bn | 1.42 Bn | 21.77% |
| 9 | Texas Pacific Land | 25.43 Bn | 25.18 Bn | - | 77.96% |
| 10 | Expand Energy | 22.90 Bn | 21.63 Bn | 2.33 Bn | 22.33% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 53.17% |
| Mar 31, 2026 | 45.70% |
| Dec 31, 2025 | 32.51% |
| Sep 30, 2025 | 45.31% |
| Jun 30, 2025 | 48.05% |
| Mar 31, 2025 | 47.36% |
| Dec 31, 2024 | 41.06% |
| Sep 30, 2024 | 46.26% |
| Jun 30, 2024 | 50.33% |
| Mar 31, 2024 | 46.93% |
| Dec 31, 2023 | -1,248.08% |
| Sep 30, 2023 | 49.29% |
| Jun 30, 2023 | 47.36% |
| Mar 31, 2023 | 46.55% |
| Dec 31, 2022 | 31.92% |
| Sep 30, 2022 | 47.41% |
| Jun 30, 2022 | 48.14% |
| Mar 31, 2022 | 56.81% |
| Dec 31, 2021 | 46.82% |
| Sep 30, 2021 | 52.07% |