ConocoPhillips Q2 2026: adjusted EPS $3.24 beats the $2.91 consensus
ConocoPhillips earned $3.93 billion, or $3.23 a share, in FY2026 Q2, and adjusted EPS of $3.24 came in 11.3% above the $2.91 consensus. Read the quarter as a price story, not a volume story: revenue rose 43.3% while production fell. The balance sheet is solid and $7.43 billion of free cash flow funded $3.00 billion of distributions.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $3.23 and adjusted EPS of $3.24 both dwarfed the $2.91 consensus, a beat of 11.3%. Net income of $3.93 billion was 99.4% above the $1.97 billion earned in Q2 2025. Note that adjusted EPS is only $0.01 above GAAP EPS, so special items barely moved the reported number this quarter.
Revenue was $18.09 billion, up 43.3% from $12.62 billion a year earlier. Gross margin jumped to 62.9% from 59.7% in the prior-year quarter, so the extra sales dropped through at a better rate. Management pinned the gain on price: the average realized price was $62.33 per BOE, 36% higher than a year ago.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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