ConocoPhillips stock research
FY2024 Q1
ConocoPhillips (COP) Gross Margin — Quarter Ended Mar 31, 2024
Revenue and gross profit both declined from the prior quarter but improved compared to the same quarter last year. Gross margin strengthened slightly from the prior quarter and increased materially from the year-ago period.
Gross margin takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue and gross profit both declined from the prior quarter but improved compared to the same quarter last year. Gross margin strengthened slightly from the prior quarter and increased materially from the year-ago period.
- The cost of revenue decreased proportionally more than revenue when compared to the prior quarter, yielding a slightly higher gross margin. Against the year-ago quarter, revenue grew while cost of revenue declined, resulting in a much improved gross margin.
- Compared to the immediately preceding quarter, revenue and gross profit were lower but gross margin was higher. Compared to the same quarter one year earlier, all three metrics—revenue, gross profit, and gross margin—were higher, while cost of revenue was lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
56.7%
Gross profit
$7.0B
Revenue
$12.3B
Cost of revenue
$5.3B
Quarter-over-quarter change
+0.5 pts
Year-over-year change
+8.0 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, 2023 | $11.0B | $6.4B | $4.6B | 58.1% |
| Sep 30, 2023 | $12.6B | $7.1B | $5.5B | 56.0% |
| Dec 31, 2023 | $12.9B | $7.3B | $5.7B | 56.1% |
| Mar 31, 2024 | $12.3B | $7.0B | $5.3B | 56.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2023
+0.5 pts
Year-over-year change
Mar 31, 2023
+8.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The cost of revenue decreased proportionally more than revenue when compared to the prior quarter, yielding a slightly higher gross margin. Against the year-ago quarter, revenue grew while cost of revenue declined, resulting in a much improved gross margin.
Compared to the immediately preceding quarter, revenue and gross profit were lower but gross margin was higher. Compared to the same quarter one year earlier, all three metrics—revenue, gross profit, and gross margin—were higher, while cost of revenue was lower.
Monitor whether the cost of revenue can sustain its decline relative to revenue, as it was the primary factor behind the margin improvement.