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Side-by-side financial comparison of ConocoPhillips (COP) and Chevron Corporation (CVX), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Chevron Corporation is the larger business by last-quarter revenue ($45.8B vs $11.4B, roughly 4.0× ConocoPhillips). ConocoPhillips runs the higher net margin — 12.7% vs 6.0%, a 6.6% gap on every dollar of revenue. On growth, Chevron Corporation posted the faster year-over-year revenue change (-5.3% vs -10.7%). Over the past eight quarters, Chevron Corporation's revenue compounded faster (-0.9% CAGR vs -3.8%).
ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production. It is based in the Energy Corridor district of Houston, Texas.
Chevron Corporation is an American multinational energy corporation predominantly specializing in oil and gas. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California, it is active in more than 180 countries.
COP vs CVX — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $11.4B | $45.8B |
| Net Profit | $1.4B | $2.8B |
| Gross Margin | 54.4% | 44.6% |
| Operating Margin | 19.7% | 10.0% |
| Net Margin | 12.7% | 6.0% |
| Revenue YoY | -10.7% | -5.3% |
| Net Profit YoY | -37.5% | -14.5% |
| EPS (diluted) | $1.18 | $1.36 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $11.4B | $45.8B | ||
| Q3 25 | $13.3B | $48.2B | ||
| Q2 25 | $12.6B | $44.4B | ||
| Q1 25 | $14.5B | $46.1B | ||
| Q4 24 | $12.7B | $48.3B | ||
| Q3 24 | $11.7B | $48.9B | ||
| Q2 24 | $12.7B | $49.6B | ||
| Q1 24 | $12.3B | $46.6B |
| Q4 25 | $1.4B | $2.8B | ||
| Q3 25 | $1.7B | $3.5B | ||
| Q2 25 | $2.0B | $2.5B | ||
| Q1 25 | $2.8B | $3.5B | ||
| Q4 24 | $2.3B | $3.2B | ||
| Q3 24 | $2.1B | $4.5B | ||
| Q2 24 | $2.3B | $4.4B | ||
| Q1 24 | $2.6B | $5.5B |
| Q4 25 | 54.4% | 44.6% | ||
| Q3 25 | 56.1% | 43.1% | ||
| Q2 25 | 59.7% | 39.5% | ||
| Q1 25 | 57.3% | 37.9% | ||
| Q4 24 | 60.2% | 37.6% | ||
| Q3 24 | 59.4% | 37.8% | ||
| Q2 24 | 61.6% | 37.7% | ||
| Q1 24 | 56.7% | 40.4% |
| Q4 25 | 19.7% | 10.0% | ||
| Q3 25 | 22.0% | 11.2% | ||
| Q2 25 | 23.9% | 9.3% | ||
| Q1 25 | 30.8% | 12.1% | ||
| Q4 24 | 23.3% | 12.5% | ||
| Q3 24 | 27.6% | 13.3% | ||
| Q2 24 | 28.9% | 14.2% | ||
| Q1 24 | 30.9% | 17.0% |
| Q4 25 | 12.7% | 6.0% | ||
| Q3 25 | 12.9% | 7.3% | ||
| Q2 25 | 15.6% | 5.6% | ||
| Q1 25 | 19.7% | 7.6% | ||
| Q4 24 | 18.1% | 6.7% | ||
| Q3 24 | 17.6% | 9.2% | ||
| Q2 24 | 18.4% | 8.9% | ||
| Q1 24 | 20.7% | 11.8% |
| Q4 25 | $1.18 | $1.36 | ||
| Q3 25 | $1.38 | $1.82 | ||
| Q2 25 | $1.56 | $1.45 | ||
| Q1 25 | $2.23 | $2.00 | ||
| Q4 24 | $1.92 | $1.84 | ||
| Q3 24 | $1.76 | $2.48 | ||
| Q2 24 | $1.98 | $2.43 | ||
| Q1 24 | $2.15 | $2.97 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $7.0B | — |
| Total DebtLower is stronger | $22.4B | $39.8B |
| Stockholders' EquityBook value | $64.5B | $186.4B |
| Total Assets | $121.9B | $324.0B |
| Debt / EquityLower = less leverage | 0.35× | 0.21× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $7.0B | — | ||
| Q3 25 | $6.3B | — | ||
| Q2 25 | $5.3B | — | ||
| Q1 25 | $7.2B | — | ||
| Q4 24 | $6.1B | — | ||
| Q3 24 | $6.8B | — | ||
| Q2 24 | $6.0B | $4.0B | ||
| Q1 24 | $6.1B | $6.3B |
| Q4 25 | $22.4B | $39.8B | ||
| Q3 25 | $22.5B | — | ||
| Q2 25 | $23.1B | — | ||
| Q1 25 | $23.2B | — | ||
| Q4 24 | $23.3B | $20.1B | ||
| Q3 24 | $17.0B | — | ||
| Q2 24 | $17.0B | — | ||
| Q1 24 | $17.3B | — |
| Q4 25 | $64.5B | $186.4B | ||
| Q3 25 | $64.9B | $189.8B | ||
| Q2 25 | $65.6B | $146.4B | ||
| Q1 25 | $65.2B | $149.2B | ||
| Q4 24 | $64.8B | $152.3B | ||
| Q3 24 | $49.9B | $156.2B | ||
| Q2 24 | $49.7B | $159.2B | ||
| Q1 24 | $49.3B | $160.6B |
| Q4 25 | $121.9B | $324.0B | ||
| Q3 25 | $122.5B | $326.5B | ||
| Q2 25 | $122.6B | $250.8B | ||
| Q1 25 | $124.3B | $256.4B | ||
| Q4 24 | $122.8B | $256.9B | ||
| Q3 24 | $96.7B | $259.2B | ||
| Q2 24 | $96.0B | $260.6B | ||
| Q1 24 | $95.3B | $261.7B |
| Q4 25 | 0.35× | 0.21× | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.36× | — | ||
| Q4 24 | 0.36× | 0.13× | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 0.35× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $4.3B | $10.8B |
| Free Cash FlowOCF − Capex | — | $5.5B |
| FCF MarginFCF / Revenue | — | 12.1% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | — | 11.5% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 2.99× | 3.89× |
| TTM Free Cash FlowTrailing 4 quarters | — | $16.6B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $4.3B | $10.8B | ||
| Q3 25 | $5.9B | $9.4B | ||
| Q2 25 | $3.5B | $8.6B | ||
| Q1 25 | $6.1B | $5.2B | ||
| Q4 24 | $4.5B | $8.7B | ||
| Q3 24 | $5.8B | $9.7B | ||
| Q2 24 | $4.9B | $6.3B | ||
| Q1 24 | $5.0B | $6.8B |
| Q4 25 | — | $5.5B | ||
| Q3 25 | — | $4.9B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $4.4B | ||
| Q3 24 | — | $5.6B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.7B |
| Q4 25 | — | 12.1% | ||
| Q3 25 | — | 10.3% | ||
| Q2 25 | — | 11.0% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | 9.0% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | 4.7% | ||
| Q1 24 | — | 5.9% |
| Q4 25 | — | 11.5% | ||
| Q3 25 | — | 9.2% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 8.5% | ||
| Q4 24 | — | 9.0% | ||
| Q3 24 | — | 8.3% | ||
| Q2 24 | — | 8.0% | ||
| Q1 24 | — | 8.8% |
| Q4 25 | 2.99× | 3.89× | ||
| Q3 25 | 3.41× | 2.65× | ||
| Q2 25 | 1.77× | 3.44× | ||
| Q1 25 | 2.15× | 1.48× | ||
| Q4 24 | 1.93× | 2.68× | ||
| Q3 24 | 2.80× | 2.16× | ||
| Q2 24 | 2.11× | 1.42× | ||
| Q1 24 | 1.95× | 1.24× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
COP
| Natural Gas Reserves | $2.1B | 18% |
| Physical Gas Contracts | $2.0B | 18% |
| Europe Middle East And North Africa Segment | $1.6B | 14% |
| Natural Gas Product Line | $1.5B | 13% |
| Canada Operating Segment | $1.3B | 12% |
| Alaska Segment | $1.3B | 11% |
| Natural Gas Liquids Reserves | $826.0M | 7% |
| Asia Pacific Operating Segment | $360.0M | 3% |
| Crude Oil Product Line | $236.0M | 2% |
| Related Party | $12.0M | 0% |
| Corporate Segment | $7.0M | 0% |
CVX
| Other | $17.5B | 38% |
| Downstream Segment | $16.8B | 37% |
| Upstream Segment | $11.5B | 25% |
