COP · Q2 FY2026
CONOCOPHILLIPS Q2 FY2026 earnings analysis
By SageNoodle ResearchBullish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $19.16B | $14.00B (yr ago) | Beat |
| EPS | $3.23 | $1.56 (yr ago) | Beat |
| Free Cash Flow | $7.43B table proxy | $3.48B table proxy (yr ago) | Beat |
| Gross Margin | N/M | N/M (yr ago) | Miss |
| Operating Margin | 31.7% pre-tax margin | 21.5% pre-tax margin (yr ago) | Beat |
What changed
Revenue increased 36.9% year over year to $19.16 billion, while EPS more than doubled to $3.23 from $1.56. Pre-tax margin expanded by 10.2 percentage points to 31.7%, and the table-defined free-cash-flow proxy rose to $7.43 billion from $3.48 billion.
Impact on the investment thesis
There was no prior SageNoodle fair value to revise. We initiate fair value at $136 per share: the quarter materially improved near-term earnings, but the $137.04 share price already reflects an 18.1x multiple of $7.56 in TTM EPS.