CONOCOPHILLIPS Earnings Per Share Disclosure
| Millions of Dollars (except per share amounts) | |||||||||||
| Years Ended December 31 | 2025 | 2024 | 2023 | ||||||||
| Basic earnings per share | |||||||||||
| Net income (loss) | $ | 7,988 | 9,245 | 10,957 | |||||||
| Less: Dividends and undistributed earnings | |||||||||||
| allocated to participating securities | 27 | 27 | 35 | ||||||||
| Net income (loss) available to common shareholders | $ | 7,961 | 9,218 | 10,922 | |||||||
| Weighted-average common shares outstanding (in millions) | 1,252 | 1,179 | 1,203 | ||||||||
| Net income (loss) per share of common stock | $ | 6.36 | 7.82 | 9.08 | |||||||
| Diluted earnings per share | |||||||||||
| Net income (loss) available to common shareholders | $ | 7,961 | 9,218 | 10,922 | |||||||
| Weighted-average common shares outstanding (in millions) | 1,252 | 1,179 | 1,203 | ||||||||
| Add: Dilutive impact of options and unvested | |||||||||||
| non-participating RSU/PSUs | 1 | 2 | 3 | ||||||||
| Weighted-average diluted shares outstanding (in millions) | 1,253 | 1,181 | 1,206 | ||||||||
| Net income (loss) per share of common stock | $ | 6.35 | 7.81 | 9.06 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 16, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.