ConocoPhillips (COP) Cash Flow Statement
Where COP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $19.80B −1.6% vs 2024
- Capital expenditures
- $12.55B 21.3% of revenue
- Free cash flow
- $7.24B 12.3% margin
- Returned to shareholders
- $9.11B 126% of free cash flow
- Change in cash
- $1.01B cash at year-end $6.92B
Drawn to scale: where the cash came from and how it was used. Hover for values.
COP operating cash flow, capex and free cash flow
COP cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.40B2016 | $19.80B2025 | +18.2%/yr | |
| Capital expenditures | $4.87B2016 | $12.55B2025 | +11.1%/yr | |
| Free cash flow | −$466.0M2016 | $7.24B2025 | — | |
| Free cash flow margin | −2.0%2016 | 12.3%2025 | +14.3 pts | |
| Operating cash flow / net income | 4.432017 | 2.482025 | −1.95 | |
| Stock-based compensation | $272.0M2016 | $334.0M2023 | +3.0%/yr | |
| Dividends paid | $1.25B2016 | $4.00B2025 | +13.8%/yr | |
| Share buybacks (net) | $126.0M2016 | $5.12B2025 | +50.9%/yr | |
| Capex / revenue | 20.6%2016 | 21.3%2025 | +0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
COP cash flow by activity
COP net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
COP cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $7.99B | $9.24B | $10.92B | $18.68B | $8.08B | −$2.65B | $7.26B | $6.26B | $1.60B | −$3.56B |
| Depreciation & amortization | $11.50B | $9.60B | $8.27B | $7.50B | $7.21B | $5.52B | $6.09B | $5.96B | $6.84B | $10.25B |
| Stock-based compensation | — | — | $334.0M | $377.0M | −$406.0M | $1.76B | −$967.0M | $265.0M | $227.0M | $272.0M |
| Change in working capital | −$76.0M | −$181.0M | −$1.38B | −$234.0M | $1.27B | −$372.0M | −$579.0M | $635.0M | $15.0M | −$481.0M |
| Other non-cash items | $384.0M | $1.46B | $1.82B | $1.99B | $844.0M | $544.0M | −$697.0M | −$179.0M | −$1.61B | −$2.08B |
| Cash from operating activities | $19.80B | $20.12B | $19.96B | $28.31B | $17.00B | $4.80B | $11.10B | $12.93B | $7.08B | $4.40B |
| Investing activities | ||||||||||
| Capital expenditures | −$12.55B | −$12.12B | −$11.25B | −$10.16B | −$5.32B | −$4.71B | −$6.64B | −$6.75B | −$4.59B | −$4.87B |
| Investments (net) | −$55.0M | −$11.15B | −$12.00B | −$8.74B | $3.09B | −$542.0M | −$2.78B | $1.74B | −$1.68B | $108.0M |
| Acquisitions & other investing | $3.77B | $12.12B | $11.25B | $10.16B | −$6.31B | $1.14B | $2.80B | $1.17B | $14.03B | $902.0M |
| Cash from investing activities | −$8.84B | −$11.15B | −$12.00B | −$8.74B | −$8.54B | −$4.12B | −$6.62B | −$3.84B | $7.76B | −$3.86B |
| Financing activities | ||||||||||
| Dividends paid | −$4.00B | −$3.65B | −$5.58B | −$5.73B | −$2.36B | −$1.83B | −$1.50B | −$1.36B | −$1.30B | −$1.25B |
| Share repurchases & issuance (net) | −$5.12B | −$5.46B | −$5.40B | −$9.27B | −$3.62B | −$897.0M | −$3.53B | −$3.00B | −$3.06B | −$126.0M |
| Net borrowing (repayment) | −$913.0M | $610.0M | $2.41B | −$3.37B | −$505.0M | $46.0M | −$80.0M | −$5.00B | −$7.88B | $2.34B |
| Shares issued | $0 | $0 | $0 | $362.0M | $145.0M | $0 | $0 | $121.0M | $0 | $0 |
| Other financing | −$76.0M | −$336.0M | −$86.0M | −$49.0M | $7.0M | −$26.0M | −$119.0M | −$123.0M | −$112.0M | −$200.0M |
| Cash from financing activities | −$10.10B | −$8.84B | −$8.66B | −$18.05B | −$6.33B | −$2.71B | −$5.23B | −$9.36B | −$12.36B | $764.0M |
| Summary | ||||||||||
| Net change in cash | $1.01B | $6.0M | −$795.0M | $1.30B | $2.08B | −$2.05B | −$789.0M | −$385.0M | $2.71B | $1.24B |
| Cash at end of period | $6.92B | $5.91B | $5.90B | $6.69B | $5.40B | $3.31B | $5.36B | $6.15B | $6.33B | $3.61B |
| Free cash flow | $7.24B | $8.01B | $8.72B | $18.16B | $11.67B | $87.0M | $4.47B | $6.18B | $2.49B | −$466.0M |
| Free cash flow margin | 12.3% | 14.6% | 15.5% | 23.1% | 25.5% | 0.5% | 13.7% | 17.0% | 8.5% | −2.0% |
| Capex / revenue | 21.3% | 22.1% | 20.0% | 12.9% | 11.6% | 25.1% | 20.4% | 18.5% | 15.8% | 20.6% |
| Operating cash flow / net income | 2.48 | 2.18 | 1.83 | 1.52 | 2.10 | — | 1.53 | 2.07 | 4.43 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.93B | $2.18B | $1.44B | $1.73B | $1.97B | $2.85B | $2.31B | $2.06B | $2.32B | $2.55B | $3.00B | $2.80B |
| Depreciation & amortization | $2.98B | $2.91B | $3.00B | $2.92B | $2.84B | $2.75B | $2.66B | $2.39B | $2.33B | $2.21B | $2.23B | $2.10B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $334.0M | $220.0M |
| Change in working capital | $258.0M | −$1.09B | −$76.0M | $512.0M | −$1.24B | $648.0M | −$962.0M | $1.04B | −$148.0M | −$112.0M | −$231.0M | −$23.0M |
| Other non-cash items | $262.0M | $298.0M | −$47.0M | $723.0M | −$88.0M | −$128.0M | $442.0M | $273.0M | $411.0M | $335.0M | −$72.0M | $355.0M |
| Cash from operating activities | $7.43B | $4.29B | $4.32B | $5.88B | $3.48B | $6.12B | $4.46B | $5.76B | $4.92B | $4.99B | $5.26B | $5.45B |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.02B | −$2.95B | −$3.02B | −$2.87B | −$3.29B | −$3.38B | −$3.32B | −$2.92B | −$2.97B | −$2.92B | −$2.88B | −$2.54B |
| Investments (net) | −$622.0M | −$30.0M | $501.0M | −$3.18B | −$2.46B | −$2.35B | −$2.20B | −$2.66B | −$4.15B | −$2.14B | −$5.85B | −$2.38B |
| Acquisitions & other investing | $135.0M | $170.0M | $1.67B | $2.87B | $3.29B | $3.38B | $3.32B | $2.92B | $2.97B | $2.92B | $2.88B | −$1.22B |
| Cash from investing activities | −$3.51B | −$2.81B | −$850.0M | −$3.18B | −$2.46B | −$2.35B | −$2.20B | −$2.66B | −$4.15B | −$2.14B | −$5.85B | −$6.15B |
| Financing activities | ||||||||||||
| Dividends paid | −$1.02B | −$1.03B | −$1.04B | −$975.0M | −$984.0M | −$998.0M | −$897.0M | −$910.0M | −$915.0M | −$924.0M | −$1.41B | −$1.34B |
| Share repurchases & issuance (net) | −$2.00B | −$1.04B | −$1.06B | −$1.28B | −$1.23B | −$1.55B | −$1.95B | −$1.17B | −$1.02B | −$1.32B | −$1.10B | −$1.30B |
| Net borrowing (repayment) | −$61.0M | −$114.0M | −$62.0M | −$45.0M | −$259.0M | −$547.0M | $1.22B | −$44.0M | — | — | — | $2.65B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $38.0M |
| Other financing | −$80.0M | $1.0M | −$1.0M | −$20.0M | −$15.0M | −$40.0M | −$139.0M | −$77.0M | −$107.0M | −$576.0M | −$131.0M | −$23.0M |
| Cash from financing activities | −$3.17B | −$2.19B | −$2.16B | −$2.32B | −$2.48B | −$3.14B | −$1.77B | −$2.20B | −$2.04B | −$2.83B | −$2.64B | $29.0M |
| Summary | ||||||||||||
| Net change in cash | $719.0M | −$670.0M | $1.32B | $373.0M | −$1.39B | $715.0M | $383.0M | $948.0M | −$1.27B | −$54.0M | −$3.18B | $3.10B |
| Cash at end of period | $6.96B | $6.25B | $6.92B | $5.60B | $5.23B | $6.62B | $5.91B | $5.52B | $4.57B | $5.84B | $5.63B | $9.08B |
| Free cash flow | $4.41B | $1.35B | $1.29B | $3.01B | $199.0M | $2.74B | $1.14B | $2.85B | $1.95B | $2.07B | $2.38B | $2.90B |
| Free cash flow margin | 23.0% | 8.5% | 9.7% | 20.0% | 1.4% | 16.6% | 8.0% | 21.8% | 14.3% | 14.9% | 16.2% | 20.4% |
| Capex / revenue | 15.8% | 18.7% | 22.6% | 19.1% | 23.5% | 20.5% | 23.3% | 22.4% | 21.8% | 21.1% | 19.6% | 17.9% |
| Operating cash flow / net income | 1.89 | 1.97 | 2.99 | 3.41 | 1.77 | 2.15 | 1.93 | 2.80 | 2.12 | 1.95 | 1.76 | 1.95 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
COP cash generation
In fiscal 2025 (ended December 31, 2025), ConocoPhillips generated $19.8 billion of cash from operations (down 1.6%) and spent $12.6 billion on capital expenditures, leaving free cash flow of $7.2 billion, 12.3% of revenue. It returned $9.1 billion to shareholders through dividends ($4.0 billion) and net share buybacks ($5.1 billion). Cash and equivalents rose by $1.0 billion over the year.
Related: COP income statement, COP balance sheet, COP dividend history. See the COP stock overview for the latest quote and news.
COP cash flow FAQ
What is ConocoPhillips's free cash flow?
ConocoPhillips's free cash flow was $7.2 billion in fiscal 2025: $19.8 billion of operating cash flow minus $12.6 billion of capital expenditures It was $8.0 billion a year earlier..
How much cash does ConocoPhillips generate from operations?
ConocoPhillips generated $19.8 billion of cash from operating activities in fiscal 2025, 2.48 times its net income of $8.0 billion.
How much does ConocoPhillips spend on capital expenditures?
ConocoPhillips spent $12.6 billion on capital expenditures in fiscal 2025, 21.3% of revenue, compared with $12.1 billion the year before.
How much stock does ConocoPhillips buy back?
ConocoPhillips spent $5.1 billion on net share repurchases in fiscal 2025.
How much does ConocoPhillips pay in dividends?
ConocoPhillips paid $4.0 billion in dividends in fiscal 2025, 55.2% of free cash flow.