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Side-by-side financial comparison of ConocoPhillips (COP) and CarMax (KMX). Click either name above to swap in a different company.
ConocoPhillips is the larger business by last-quarter revenue ($11.4B vs $5.8B, roughly 2.0× CarMax). ConocoPhillips runs the higher net margin — 12.7% vs 1.1%, a 11.6% gap on every dollar of revenue. On growth, CarMax posted the faster year-over-year revenue change (-6.9% vs -10.7%). Over the past eight quarters, CarMax's revenue compounded faster (1.5% 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.
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. As of January 2025, CarMax operates 253 locations.
COP vs KMX — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $11.4B | $5.8B |
| Net Profit | $1.4B | $62.2M |
| Gross Margin | 54.4% | 10.2% |
| Operating Margin | 19.7% | — |
| Net Margin | 12.7% | 1.1% |
| Revenue YoY | -10.7% | -6.9% |
| Net Profit YoY | -37.5% | -50.4% |
| EPS (diluted) | $1.18 | $0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $11.4B | $5.8B | ||
| Q3 25 | $13.3B | $6.6B | ||
| Q2 25 | $12.6B | $7.5B | ||
| Q1 25 | $14.5B | $6.0B | ||
| Q4 24 | $12.7B | $6.2B | ||
| Q3 24 | $11.7B | $7.0B | ||
| Q2 24 | $12.7B | $7.1B | ||
| Q1 24 | $12.3B | $5.6B |
| Q4 25 | $1.4B | $62.2M | ||
| Q3 25 | $1.7B | $95.4M | ||
| Q2 25 | $2.0B | $210.4M | ||
| Q1 25 | $2.8B | $89.9M | ||
| Q4 24 | $2.3B | $125.4M | ||
| Q3 24 | $2.1B | $132.8M | ||
| Q2 24 | $2.3B | $152.4M | ||
| Q1 24 | $2.6B | $50.3M |
| Q4 25 | 54.4% | 10.2% | ||
| Q3 25 | 56.1% | 10.9% | ||
| Q2 25 | 59.7% | 11.8% | ||
| Q1 25 | 57.3% | 11.1% | ||
| Q4 24 | 60.2% | 10.9% | ||
| Q3 24 | 59.4% | 10.8% | ||
| Q2 24 | 61.6% | 11.1% | ||
| Q1 24 | 56.7% | 10.4% |
| Q4 25 | 19.7% | — | ||
| Q3 25 | 22.0% | — | ||
| Q2 25 | 23.9% | — | ||
| Q1 25 | 30.8% | 2.0% | ||
| Q4 24 | 23.3% | 2.7% | ||
| Q3 24 | 27.6% | 2.5% | ||
| Q2 24 | 28.9% | 2.9% | ||
| Q1 24 | 30.9% | 1.2% |
| Q4 25 | 12.7% | 1.1% | ||
| Q3 25 | 12.9% | 1.4% | ||
| Q2 25 | 15.6% | 2.8% | ||
| Q1 25 | 19.7% | 1.5% | ||
| Q4 24 | 18.1% | 2.0% | ||
| Q3 24 | 17.6% | 1.9% | ||
| Q2 24 | 18.4% | 2.1% | ||
| Q1 24 | 20.7% | 0.9% |
| Q4 25 | $1.18 | $0.43 | ||
| Q3 25 | $1.38 | $0.64 | ||
| Q2 25 | $1.56 | $1.38 | ||
| Q1 25 | $2.23 | $0.58 | ||
| Q4 24 | $1.92 | $0.81 | ||
| Q3 24 | $1.76 | $0.85 | ||
| Q2 24 | $1.98 | $0.97 | ||
| Q1 24 | $2.15 | $0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $7.0B | $204.9M |
| Total DebtLower is stronger | $22.4B | $16.6B |
| Stockholders' EquityBook value | $64.5B | $6.1B |
| Total Assets | $121.9B | $25.6B |
| Debt / EquityLower = less leverage | 0.35× | 2.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.0B | $204.9M | ||
| Q3 25 | $6.3B | $540.4M | ||
| Q2 25 | $5.3B | $262.8M | ||
| Q1 25 | $7.2B | $247.0M | ||
| Q4 24 | $6.1B | $271.9M | ||
| Q3 24 | $6.8B | $524.7M | ||
| Q2 24 | $6.0B | $218.9M | ||
| Q1 24 | $6.1B | $574.1M |
| Q4 25 | $22.4B | $16.6B | ||
| Q3 25 | $22.5B | $17.8B | ||
| Q2 25 | $23.1B | $18.0B | ||
| Q1 25 | $23.2B | $18.1B | ||
| Q4 24 | $23.3B | $18.1B | ||
| Q3 24 | $17.0B | $18.1B | ||
| Q2 24 | $17.0B | $18.2B | ||
| Q1 24 | $17.3B | $18.0B |
| Q4 25 | $64.5B | $6.1B | ||
| Q3 25 | $64.9B | $6.2B | ||
| Q2 25 | $65.6B | $6.3B | ||
| Q1 25 | $65.2B | $6.2B | ||
| Q4 24 | $64.8B | $6.2B | ||
| Q3 24 | $49.9B | $6.2B | ||
| Q2 24 | $49.7B | $6.2B | ||
| Q1 24 | $49.3B | $6.1B |
| Q4 25 | $121.9B | $25.6B | ||
| Q3 25 | $122.5B | $27.1B | ||
| Q2 25 | $122.6B | $27.4B | ||
| Q1 25 | $124.3B | $27.4B | ||
| Q4 24 | $122.8B | $27.3B | ||
| Q3 24 | $96.7B | $27.3B | ||
| Q2 24 | $96.0B | $27.2B | ||
| Q1 24 | $95.3B | $27.2B |
| Q4 25 | 0.35× | 2.74× | ||
| Q3 25 | 0.35× | 2.87× | ||
| Q2 25 | 0.35× | 2.86× | ||
| Q1 25 | 0.36× | 2.91× | ||
| Q4 24 | 0.36× | 2.92× | ||
| Q3 24 | 0.34× | 2.93× | ||
| Q2 24 | 0.34× | 2.95× | ||
| Q1 24 | 0.35× | 2.96× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $4.3B | $1.3B |
| Free Cash FlowOCF − Capex | — | $1.1B |
| FCF MarginFCF / Revenue | — | 19.2% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 2.99× | 20.14× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.3B | $1.3B | ||
| Q3 25 | $5.9B | $785.5M | ||
| Q2 25 | $3.5B | $299.5M | ||
| Q1 25 | $6.1B | $146.4M | ||
| Q4 24 | $4.5B | $-23.4M | ||
| Q3 24 | $5.8B | $619.1M | ||
| Q2 24 | $4.9B | $-117.7M | ||
| Q1 24 | $5.0B | $309.6M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $654.0M | ||
| Q2 25 | — | $162.8M | ||
| Q1 25 | — | $18.8M | ||
| Q4 24 | — | $-150.6M | ||
| Q3 24 | — | $509.9M | ||
| Q2 24 | — | $-221.6M | ||
| Q1 24 | — | $199.8M |
| Q4 25 | — | 19.2% | ||
| Q3 25 | — | 9.9% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | -2.4% | ||
| Q3 24 | — | 7.3% | ||
| Q2 24 | — | -3.1% | ||
| Q1 24 | — | 3.6% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 2.0% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | 2.99× | 20.14× | ||
| Q3 25 | 3.41× | 8.24× | ||
| Q2 25 | 1.77× | 1.42× | ||
| Q1 25 | 2.15× | 1.63× | ||
| Q4 24 | 1.93× | -0.19× | ||
| Q3 24 | 2.80× | 4.66× | ||
| Q2 24 | 2.11× | -0.77× | ||
| Q1 24 | 1.95× | 6.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
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% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
