ConocoPhillips stock research
FY2025 Q1
ConocoPhillips (COP) Gross Margin — Quarter Ended Mar 31, 2025
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit also rose, while cost of revenue grew at a different pace, resulting in a gross margin that weakened relative to the prior quarter but improved compared to the same quarter last year.
Gross margin takeaway
Quarter ended Mar 31, 2025 · FY2025 Q1
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit also rose, while cost of revenue grew at a different pace, resulting in a gross margin that weakened relative to the prior quarter but improved compared to the same quarter last year.
- The strongest observable driver of the margin change is the differential growth between cost of revenue and revenue. Sequentially, cost of revenue increased more than revenue, compressing margin; year-over-year, revenue grew more than cost of revenue, expanding margin.
- Compared to the immediately preceding quarter, gross margin was lower. Compared to the same quarter one year earlier, gross margin was higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
57.3%
Gross profit
$8.3B
Revenue
$14.5B
Cost of revenue
$6.2B
Quarter-over-quarter change
-2.9 pts
Year-over-year change
+0.6 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, 2024 | $12.7B | $7.8B | $4.9B | 61.6% |
| Sep 30, 2024 | $11.7B | $7.0B | $4.7B | 59.4% |
| Dec 31, 2024 | $12.7B | $7.7B | $5.1B | 60.2% |
| Mar 31, 2025 | $14.5B | $8.3B | $6.2B | 57.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2024
-2.9 pts
Year-over-year change
Mar 31, 2024
+0.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver of the margin change is the differential growth between cost of revenue and revenue. Sequentially, cost of revenue increased more than revenue, compressing margin; year-over-year, revenue grew more than cost of revenue, expanding margin.
Compared to the immediately preceding quarter, gross margin was lower. Compared to the same quarter one year earlier, gross margin was higher.
Monitor the trend in cost of revenue as a proportion of revenue, as it directly influences gross margin.