Q2 26 EPS Adjusted
$3.24
BEAT +12.13%
Est. $2.89
Q2 26 Revenue
$19.16B
MISS 3.37%
Est. $19.83B
vs S&P Since Q2 26
+9.7%
BEATING MARKET
COP +10.2% vs S&P +0.5%
Market Reaction
Did COP Beat Earnings? Q2 2026 Results
ConocoPhillips delivered a strong second-quarter 2026 earnings beat, posting adjusted EPS of $3.24 against a consensus estimate of $2.96, a 9.46% beat, while revenue climbed 37.1% year over year to $19.16 billion. The primary engine behind the result… Read more ConocoPhillips delivered a strong second-quarter 2026 earnings beat, posting adjusted EPS of $3.24 against a consensus estimate of $2.96, a 9.46% beat, while revenue climbed 37.1% year over year to $19.16 billion. The primary engine behind the results was a 36% surge in the company's total average realized price to $62.33 per BOE, as Brent crude averaged $104.52 per barrel during the quarter, providing a powerful tailwind across the portfolio. Total production came in at 2,248 MBOED, modestly lower year over year due to disruptions in Qatar operations and higher Surmont royalties, though organic growth from the Lower 48, particularly the Delaware Basin's 720 MBOED, helped offset the decline. The company doubled share repurchases to $2.00 billion in the quarter, keeping it on track to return 45% of cash from operations to shareholders in 2026, a commitment management reaffirmed alongside all other full-year guidance. ConocoPhillips also expanded its strategic footprint, signing an agreement to acquire a 42% interest in a northern Iraq joint venture, with closing expected by year-end.
Key Takeaways
- • Total average realized price increased 36% year-over-year to $62.33 per BOE
- • Brent crude averaged $104.52/BBL in Q2 2026 vs $67.82/BBL in Q2 2025
- • WTI averaged $92.79/BBL in Q2 2026 vs $63.74/BBL in Q2 2025
- • Record production from Permian position
- • Lower 48 production of 1,479 MBOED including 720 MBOED from Delaware Basin
- • Doubled quarterly share repurchases to $2.0 billion
COP Forward Guidance & Outlook
Third-quarter 2026 production is expected to be 2.29 to 2.32 million barrels of oil equivalent per day. All full-year guidance items remain unchanged. The company is on track to achieve its $7 billion free cash flow inflection by 2029 and targets 45% return of CFO to shareholders in 2026.
COP YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“ConocoPhillips delivered strong second-quarter results with exceptional operational performance, record production from our peer-leading Permian position and disciplined execution across the business, all while continuing to progress our strategic priorities.”
— Ryan Lance, Q2 2026 Earnings Press Release
COP Earnings Trends
COP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
COP EPS Trend
Earnings per share: estimate vs actual
COP Revenue Trend
Quarterly revenue: estimate vs actual
COP Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $2.89 | $3.24 | +12.13% | $19.16B | -3.37% |
| Q1 26 BEAT | $1.71 | $1.89 | +10.84% | $16.05B | -0.78% |
| Q4 25 MISS FY | $1.10 | $1.02 | -7.10% | $14.19B | +10.65% |
| FY Full Year | $6.29 | $6.16 | -2.04% | $61.55B | +2.27% |
| Q3 25 BEAT | $1.41 | $1.61 | +14.05% | $15.52B | +6.11% |
| Q2 25 BEAT | $1.36 | $1.42 | +4.57% | $14.74B | -1.01% |
| Q1 25 BEAT | $2.05 | $2.09 | +1.95% | $17.10B | +7.48% |