ConocoPhillips stock research
FY2026 Q1
ConocoPhillips (COP) Gross Margin & Quarterly History
Explore ConocoPhillips (COP) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue rose at a slightly faster pace, causing gross margin to weaken. Versus the same quarter last year, revenue and gross profit were lower, and gross margin also declined.
- The strongest observable margin driver is the relationship between revenue and cost of revenue; the current quarter's gross margin is lower than both the prior quarter and the year-ago quarter, indicating that cost of revenue grew faster than revenue relative to those periods.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, but gross margin weakened. Compared to the same quarter one year earlier, revenue, gross profit, and gross margin were all lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
53.5%
Gross profit
$7.2B
Revenue
$13.5B
Cost of revenue
$6.3B
Quarter-over-quarter change
-0.9 pts
Year-over-year change
-3.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $12.6B | $7.5B | $5.1B | 59.7% |
| Sep 30, 2025 | $13.3B | $7.5B | $5.9B | 56.1% |
| Dec 31, 2025 | $11.4B | $6.2B | $5.2B | 54.4% |
| Mar 31, 2026 | $13.5B | $7.2B | $6.3B | 53.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-0.9 pts
Year-over-year change
Mar 31, 2025
-3.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between revenue and cost of revenue; the current quarter's gross margin is lower than both the prior quarter and the year-ago quarter, indicating that cost of revenue grew faster than revenue relative to those periods.
Compared to the immediately preceding quarter, revenue and gross profit were higher, but gross margin weakened. Compared to the same quarter one year earlier, revenue, gross profit, and gross margin were all lower.
Monitor the trajectory of cost of revenue relative to revenue, as its faster growth has pressured gross margin in the current quarter.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| ConocoPhillips (COP) | 53.5% |