ConocoPhillips stock research
FY2024 Q2
ConocoPhillips (COP) Gross Margin — Quarter Ended Jun 30, 2024
The company's revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Gross margin improved sequentially and year-over-year, as cost of revenue declined relative to the prior quarter while revenue rose.
Gross margin takeaway
Quarter ended Jun 30, 2024 · FY2024 Q2
The company's revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Gross margin improved sequentially and year-over-year, as cost of revenue declined relative to the prior quarter while revenue rose.
- The increase in gross margin was supported by revenue growth exceeding the change in cost of revenue when compared to the previous quarter.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, while cost of revenue was lower, resulting in a stronger gross margin. Versus the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was higher, but gross margin still improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
61.6%
Gross profit
$7.8B
Revenue
$12.7B
Cost of revenue
$4.9B
Quarter-over-quarter change
+5.0 pts
Year-over-year change
+3.5 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 |
|---|---|---|---|---|
| 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% |
| Jun 30, 2024 | $12.7B | $7.8B | $4.9B | 61.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2024
+5.0 pts
Year-over-year change
Jun 30, 2023
+3.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The increase in gross margin was supported by revenue growth exceeding the change in cost of revenue when compared to the previous quarter.
Compared to the immediately preceding quarter, revenue and gross profit were higher, while cost of revenue was lower, resulting in a stronger gross margin. Versus the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was higher, but gross margin still improved.
Monitor the relationship between revenue and cost of revenue in upcoming quarters to assess whether the margin improvement can be sustained.