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Side-by-side financial comparison of ConocoPhillips (COP) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
ConocoPhillips is the larger business by last-quarter revenue ($11.4B vs $6.2B, roughly 1.8× Union Pacific Corporation). Union Pacific Corporation runs the higher net margin — 27.4% vs 12.7%, a 14.7% gap on every dollar of revenue. On growth, Union Pacific Corporation posted the faster year-over-year revenue change (3.2% vs -10.7%). Over the past eight quarters, Union Pacific Corporation's revenue compounded faster (1.7% 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.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
COP vs UNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $11.4B | $6.2B |
| Net Profit | $1.4B | $1.7B |
| Gross Margin | 54.4% | — |
| Operating Margin | 19.7% | 39.5% |
| Net Margin | 12.7% | 27.4% |
| Revenue YoY | -10.7% | 3.2% |
| Net Profit YoY | -37.5% | 4.6% |
| EPS (diluted) | $1.18 | $2.87 |
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.
| Q1 26 | — | $6.2B | ||
| Q4 25 | $11.4B | $6.1B | ||
| Q3 25 | $13.3B | $6.2B | ||
| Q2 25 | $12.6B | $6.2B | ||
| Q1 25 | $14.5B | $6.0B | ||
| Q4 24 | $12.7B | $6.1B | ||
| Q3 24 | $11.7B | $6.1B | ||
| Q2 24 | $12.7B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.4B | $1.8B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $2.0B | $1.9B | ||
| Q1 25 | $2.8B | $1.6B | ||
| Q4 24 | $2.3B | $1.8B | ||
| Q3 24 | $2.1B | $1.7B | ||
| Q2 24 | $2.3B | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | 54.4% | — | ||
| Q3 25 | 56.1% | — | ||
| Q2 25 | 59.7% | — | ||
| Q1 25 | 57.3% | — | ||
| Q4 24 | 60.2% | — | ||
| Q3 24 | 59.4% | — | ||
| Q2 24 | 61.6% | — |
| Q1 26 | — | 39.5% | ||
| Q4 25 | 19.7% | 39.5% | ||
| Q3 25 | 22.0% | 40.8% | ||
| Q2 25 | 23.9% | 41.0% | ||
| Q1 25 | 30.8% | 39.3% | ||
| Q4 24 | 23.3% | 41.3% | ||
| Q3 24 | 27.6% | 39.7% | ||
| Q2 24 | 28.9% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 12.7% | 30.4% | ||
| Q3 25 | 12.9% | 28.6% | ||
| Q2 25 | 15.6% | 30.5% | ||
| Q1 25 | 19.7% | 27.0% | ||
| Q4 24 | 18.1% | 28.8% | ||
| Q3 24 | 17.6% | 27.4% | ||
| Q2 24 | 18.4% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | $1.18 | $3.12 | ||
| Q3 25 | $1.38 | $3.01 | ||
| Q2 25 | $1.56 | $3.15 | ||
| Q1 25 | $2.23 | $2.70 | ||
| Q4 24 | $1.92 | $2.91 | ||
| Q3 24 | $1.76 | $2.75 | ||
| Q2 24 | $1.98 | $2.74 |
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 | $735.0M |
| Total DebtLower is stronger | $22.4B | — |
| Stockholders' EquityBook value | $64.5B | — |
| Total Assets | $121.9B | $69.6B |
| Debt / EquityLower = less leverage | 0.35× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $7.0B | $1.3B | ||
| Q3 25 | $6.3B | $808.0M | ||
| Q2 25 | $5.3B | $1.1B | ||
| Q1 25 | $7.2B | $1.4B | ||
| Q4 24 | $6.1B | $1.0B | ||
| Q3 24 | $6.8B | $947.0M | ||
| Q2 24 | $6.0B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $22.4B | $30.3B | ||
| Q3 25 | $22.5B | $30.3B | ||
| Q2 25 | $23.1B | $30.3B | ||
| Q1 25 | $23.2B | $30.6B | ||
| Q4 24 | $23.3B | $29.8B | ||
| Q3 24 | $17.0B | $29.8B | ||
| Q2 24 | $17.0B | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $64.5B | $18.5B | ||
| Q3 25 | $64.9B | $17.3B | ||
| Q2 25 | $65.6B | $16.3B | ||
| Q1 25 | $65.2B | $16.0B | ||
| Q4 24 | $64.8B | $16.9B | ||
| Q3 24 | $49.9B | $16.6B | ||
| Q2 24 | $49.7B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $121.9B | $69.7B | ||
| Q3 25 | $122.5B | $68.6B | ||
| Q2 25 | $122.6B | $68.6B | ||
| Q1 25 | $124.3B | $68.5B | ||
| Q4 24 | $122.8B | $67.7B | ||
| Q3 24 | $96.7B | $67.6B | ||
| Q2 24 | $96.0B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.35× | 1.64× | ||
| Q3 25 | 0.35× | 1.75× | ||
| Q2 25 | 0.35× | 1.86× | ||
| Q1 25 | 0.36× | 1.91× | ||
| Q4 24 | 0.36× | 1.76× | ||
| Q3 24 | 0.34× | 1.79× | ||
| Q2 24 | 0.34× | 1.89× |
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 | — |
| Free Cash FlowOCF − Capex | — | $631.0M |
| FCF MarginFCF / Revenue | — | 10.1% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 2.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $4.3B | $2.2B | ||
| Q3 25 | $5.9B | $2.5B | ||
| Q2 25 | $3.5B | $2.3B | ||
| Q1 25 | $6.1B | $2.2B | ||
| Q4 24 | $4.5B | $2.7B | ||
| Q3 24 | $5.8B | $2.7B | ||
| Q2 24 | $4.9B | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 22.7% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 28.4% | ||
| Q3 24 | — | 29.9% | ||
| Q2 24 | — | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 16.4% | ||
| Q3 25 | — | 15.2% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 15.0% | ||
| Q4 24 | — | 15.1% | ||
| Q3 24 | — | 13.6% | ||
| Q2 24 | — | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.99× | 1.20× | ||
| Q3 25 | 3.41× | 1.41× | ||
| Q2 25 | 1.77× | 1.24× | ||
| Q1 25 | 2.15× | 1.36× | ||
| Q4 24 | 1.93× | 1.51× | ||
| Q3 24 | 2.80× | 1.59× | ||
| Q2 24 | 2.11× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
