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Side-by-side financial comparison of ConocoPhillips (COP) and Oneok (OKE). Click either name above to swap in a different company.
ConocoPhillips is the larger business by last-quarter revenue ($11.4B vs $9.1B, roughly 1.3× Oneok). ConocoPhillips runs the higher net margin — 12.7% vs 10.8%, a 1.9% gap on every dollar of revenue. On growth, Oneok posted the faster year-over-year revenue change (29.5% vs -10.7%). Over the past eight quarters, Oneok's revenue compounded faster (37.7% 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.
Oneok, Inc. ONE-oak, stylized as ONEOK, is an American oil and gas midstream operator headquartered in Tulsa, Oklahoma. It provides the oil and gas industry with gathering, processing, fractionation, transportation, and storage services. The company is part of the Fortune 500 and S&P 500. Oneok was founded as Oklahoma Natural Gas Company in 1906, but it changed its corporate name to Oneok in 1980.
COP vs OKE — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $11.4B | $9.1B |
| Net Profit | $1.4B | $977.0M |
| Gross Margin | 54.4% | 29.4% |
| Operating Margin | 19.7% | 16.9% |
| Net Margin | 12.7% | 10.8% |
| Revenue YoY | -10.7% | 29.5% |
| Net Profit YoY | -37.5% | 5.9% |
| EPS (diluted) | $1.18 | $1.55 |
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 | $9.1B | ||
| Q3 25 | $13.3B | $8.6B | ||
| Q2 25 | $12.6B | $7.9B | ||
| Q1 25 | $14.5B | $8.0B | ||
| Q4 24 | $12.7B | $7.0B | ||
| Q3 24 | $11.7B | $5.0B | ||
| Q2 24 | $12.7B | $4.9B | ||
| Q1 24 | $12.3B | $4.8B |
| Q4 25 | $1.4B | $977.0M | ||
| Q3 25 | $1.7B | $939.0M | ||
| Q2 25 | $2.0B | $841.0M | ||
| Q1 25 | $2.8B | $636.0M | ||
| Q4 24 | $2.3B | $923.0M | ||
| Q3 24 | $2.1B | $693.0M | ||
| Q2 24 | $2.3B | $780.0M | ||
| Q1 24 | $2.6B | $639.0M |
| Q4 25 | 54.4% | 29.4% | ||
| Q3 25 | 56.1% | 30.9% | ||
| Q2 25 | 59.7% | 32.0% | ||
| Q1 25 | 57.3% | 29.7% | ||
| Q4 24 | 60.2% | 35.8% | ||
| Q3 24 | 59.4% | 39.7% | ||
| Q2 24 | 61.6% | 40.9% | ||
| Q1 24 | 56.7% | 39.4% |
| Q4 25 | 19.7% | 16.9% | ||
| Q3 25 | 22.0% | 18.0% | ||
| Q2 25 | 23.9% | 18.1% | ||
| Q1 25 | 30.8% | 15.2% | ||
| Q4 24 | 23.3% | 22.4% | ||
| Q3 24 | 27.6% | 22.5% | ||
| Q2 24 | 28.9% | 25.1% | ||
| Q1 24 | 30.9% | 22.3% |
| Q4 25 | 12.7% | 10.8% | ||
| Q3 25 | 12.9% | 10.9% | ||
| Q2 25 | 15.6% | 10.7% | ||
| Q1 25 | 19.7% | 7.9% | ||
| Q4 24 | 18.1% | 13.2% | ||
| Q3 24 | 17.6% | 13.8% | ||
| Q2 24 | 18.4% | 15.9% | ||
| Q1 24 | 20.7% | 13.4% |
| Q4 25 | $1.18 | $1.55 | ||
| Q3 25 | $1.38 | $1.49 | ||
| Q2 25 | $1.56 | $1.34 | ||
| Q1 25 | $2.23 | $1.04 | ||
| Q4 24 | $1.92 | $1.57 | ||
| Q3 24 | $1.76 | $1.18 | ||
| Q2 24 | $1.98 | $1.33 | ||
| Q1 24 | $2.15 | $1.09 |
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 | $78.0M |
| Total DebtLower is stronger | $22.4B | — |
| Stockholders' EquityBook value | $64.5B | $22.5B |
| Total Assets | $121.9B | $66.6B |
| Debt / EquityLower = less leverage | 0.35× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.0B | $78.0M | ||
| Q3 25 | $6.3B | $1.2B | ||
| Q2 25 | $5.3B | $97.0M | ||
| Q1 25 | $7.2B | $141.0M | ||
| Q4 24 | $6.1B | $733.0M | ||
| Q3 24 | $6.8B | $579.0M | ||
| Q2 24 | $6.0B | $36.0M | ||
| Q1 24 | $6.1B | $65.0M |
| Q4 25 | $22.4B | — | ||
| Q3 25 | $22.5B | $33.7B | ||
| Q2 25 | $23.1B | $31.3B | ||
| Q1 25 | $23.2B | $31.8B | ||
| Q4 24 | $23.3B | $32.1B | ||
| Q3 24 | $17.0B | $28.1B | ||
| Q2 24 | $17.0B | $21.7B | ||
| Q1 24 | $17.3B | $21.7B |
| Q4 25 | $64.5B | $22.5B | ||
| Q3 25 | $64.9B | $22.1B | ||
| Q2 25 | $65.6B | $21.8B | ||
| Q1 25 | $65.2B | $21.4B | ||
| Q4 24 | $64.8B | $17.0B | ||
| Q3 24 | $49.9B | $16.9B | ||
| Q2 24 | $49.7B | $16.7B | ||
| Q1 24 | $49.3B | $16.4B |
| Q4 25 | $121.9B | $66.6B | ||
| Q3 25 | $122.5B | $66.6B | ||
| Q2 25 | $122.6B | $64.5B | ||
| Q1 25 | $124.3B | $64.3B | ||
| Q4 24 | $122.8B | $64.1B | ||
| Q3 24 | $96.7B | $51.0B | ||
| Q2 24 | $96.0B | $44.5B | ||
| Q1 24 | $95.3B | $44.4B |
| Q4 25 | 0.35× | — | ||
| Q3 25 | 0.35× | 1.53× | ||
| Q2 25 | 0.35× | 1.43× | ||
| Q1 25 | 0.36× | 1.49× | ||
| Q4 24 | 0.36× | 1.88× | ||
| Q3 24 | 0.34× | 1.66× | ||
| Q2 24 | 0.34× | 1.30× | ||
| Q1 24 | 0.35× | 1.32× |
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 | $1.5B |
| Free Cash FlowOCF − Capex | — | $576.0M |
| FCF MarginFCF / Revenue | — | 6.4% |
| Capex IntensityCapex / Revenue | — | 10.7% |
| Cash ConversionOCF / Net Profit | 2.99× | 1.58× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.3B | $1.5B | ||
| Q3 25 | $5.9B | $1.6B | ||
| Q2 25 | $3.5B | $1.5B | ||
| Q1 25 | $6.1B | $904.0M | ||
| Q4 24 | $4.5B | $1.6B | ||
| Q3 24 | $5.8B | $1.3B | ||
| Q2 24 | $4.9B | $1.4B | ||
| Q1 24 | $5.0B | $596.0M |
| Q4 25 | — | $576.0M | ||
| Q3 25 | — | $820.0M | ||
| Q2 25 | — | $776.0M | ||
| Q1 25 | — | $275.0M | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $783.0M | ||
| Q2 24 | — | $951.0M | ||
| Q1 24 | — | $84.0M |
| Q4 25 | — | 6.4% | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 9.8% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 15.0% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 19.4% | ||
| Q1 24 | — | 1.8% |
| Q4 25 | — | 10.7% | ||
| Q3 25 | — | 9.3% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 7.8% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 9.8% | ||
| Q1 24 | — | 10.7% |
| Q4 25 | 2.99× | 1.58× | ||
| Q3 25 | 3.41× | 1.73× | ||
| Q2 25 | 1.77× | 1.81× | ||
| Q1 25 | 2.15× | 1.42× | ||
| Q4 24 | 1.93× | 1.75× | ||
| Q3 24 | 2.80× | 1.81× | ||
| Q2 24 | 2.11× | 1.83× | ||
| Q1 24 | 1.95× | 0.93× |
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% |
OKE
| Natural Gas Liquids | $4.0B | 44% |
| Natural Gas Gathering And Processing | $1.8B | 20% |
| Services | $1.2B | 14% |
| Liquids Commodity | $979.0M | 11% |
| Wholly Owned Interstate Natural Gas Pipelines | $527.0M | 6% |
| Exchange Services And Natural Gas Gathering And Processing Revenue | $365.0M | 4% |
| Transportationand Storage Revenue | $108.0M | 1% |
| Other | $12.0M | 0% |
