Occidental Petroleum Corporation stock research
FY2024 Q2
Occidental Petroleum (OXY) Gross Margin — Quarter Ended Jun 30, 2024
Revenue increased compared to both the prior quarter and the same quarter last year, while gross profit was stable relative to the prior quarter and higher year-over-year. Cost of revenue rose in both comparisons, resulting in a gross margin that weakened slightly from the prior quarter and was lower than the same quarter last year.
Gross margin takeaway
Quarter ended Jun 30, 2024 · FY2024 Q2
Revenue increased compared to both the prior quarter and the same quarter last year, while gross profit was stable relative to the prior quarter and higher year-over-year. Cost of revenue rose in both comparisons, resulting in a gross margin that weakened slightly from the prior quarter and was lower than the same quarter last year.
- The gross margin declined from the prior quarter and the year-ago quarter, driven by a proportionally larger increase in cost of revenue relative to revenue growth.
- Compared to the prior quarter, revenue was higher and cost of revenue was higher, while gross profit was stable, leading to a slightly weakened gross margin. Versus the same quarter last year, revenue and gross profit were both higher, but cost of revenue increased more, resulting in a lower gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
86.6%
Gross profit
$5.9B
Revenue
$6.8B
Cost of revenue
$910.0M
Quarter-over-quarter change
-1.1 pts
Year-over-year change
-1.4 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 | $7.3B | $6.6B | $682.0M | 90.6% |
| Dec 31, 2023 | $2.2B | $1.3B | $898.0M | 60.0% |
| Mar 31, 2024 | $6.7B | $5.9B | $828.0M | 87.7% |
| Jun 30, 2024 | $6.8B | $5.9B | $910.0M | 86.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2024
-1.1 pts
Year-over-year change
Jun 30, 2023
-1.4 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin declined from the prior quarter and the year-ago quarter, driven by a proportionally larger increase in cost of revenue relative to revenue growth.
Compared to the prior quarter, revenue was higher and cost of revenue was higher, while gross profit was stable, leading to a slightly weakened gross margin. Versus the same quarter last year, revenue and gross profit were both higher, but cost of revenue increased more, resulting in a lower gross margin.
Monitor the trend in cost of revenue relative to revenue, as its growth outpaced revenue in both comparisons and directly pressured gross margin.