Chevron vs ConocoPhillips: Business Model & Financial Comparison 2026
Chevron · Energy / Oil & Gas Integrated·ConocoPhillips · Energy / Oil & Gas E&P
Financial Comparison
| Metric | CVXChevron | COPConocoPhillips |
|---|---|---|
| Market Cap | $393.51B | $148.99B |
| Revenue (TTM) | $184.65B | $60.28B |
| Revenue Growth | -8.2% | -6.8% |
| Gross Margin | 41.9% | 46.2% |
| Operating Margin | 9.5% | 16.3% |
| Net Margin | 6.7% | 13.3% |
| Return on Equity | 7.2% | 12.4% |
| P/E (Trailing) | 29.7x | 19.2x |
| P/E (Forward) | 21.0x | 17.8x |
| Free Cash Flow | $13.20B | $7.49B |
| Cash | $6.30B | $6.98B |
| Total Debt | $46.74B | $24.39B |
Data sourced from Yahoo Finance. Green highlights indicate better performance for that metric. Use the interactive tool for real-time data.
Business Model Comparison
Chevron
Chevron Corporation stands as a leading company in Energy. Generating $184.65 billion in annual revenue (growing -8.2% year-over-year) and carrying a market capitalization of $379.68 billion, the company has cemented its position as a foundational player in the global Oil & Gas Integrated landscape. Under the leadership of its leadership team, Chevron Corporation continues to execute on a multi-year strategic vision that balances growth investmen…
Full Chevron analysis →ConocoPhillips
ConocoPhillips stands as a leading company in Energy. Generating $60.28 billion in annual revenue (growing -6.8% year-over-year) and carrying a market capitalization of $142.79 billion, the company has cemented its position as a foundational player in the global Oil & Gas E&P landscape. Under the leadership of its leadership team, ConocoPhillips continues to execute on a multi-year strategic vision that balances growth investment with shareholder…
Full ConocoPhillips analysis →SWOT Analysis Comparison
Strengths
Chevron
- With a market capitalization of $379.68B, Chevron Corporation is one of the largest companies in its sector, providing the scale advantages of brand recognition, supplier leverage, and capital access
- Chevron Corporation's gross margin of 41.9% is well above industry averages, reflecting pricing power, operational efficiency, or a high-value product mix. The operating margin of 9.5% demonstrates di
- Chevron Corporation generated $13.20B in free cash flow, providing financial flexibility to invest in growth initiatives, return capital to shareholders, or strengthen the balance sheet.
ConocoPhillips
- With a market capitalization of $142.79B, ConocoPhillips is one of the largest companies in its sector, providing the scale advantages of brand recognition, supplier leverage, and capital access that
- ConocoPhillips's gross margin of 46.2% is well above industry averages, reflecting pricing power, operational efficiency, or a high-value product mix. The operating margin of 16.3% demonstrates discip
- ConocoPhillips generated $7.49B in free cash flow, providing financial flexibility to invest in growth initiatives, return capital to shareholders, or strengthen the balance sheet.
Weaknesses
Chevron
- Year-over-year revenue declined 8.2%, raising questions about demand for Chevron Corporation's core offerings and requiring management to articulate a credible recovery path.
ConocoPhillips
- Year-over-year revenue declined 6.8%, raising questions about demand for ConocoPhillips's core offerings and requiring management to articulate a credible recovery path.
Opportunities
Chevron
- Chevron Corporation operates in the Oil & Gas Integrated segment of the broader Energy sector, which represents a $6.5 trillion global energy market. Even modest share gains in this environment transl
- Emerging markets — particularly India (1.4B people, rapidly growing middle class), Southeast Asia (700M people), and Sub-Saharan Africa — represent significant untapped addressable markets for Chevron
- With $6.30B in cash and strong free cash flow generation, Chevron Corporation is well-positioned to pursue strategic acquisitions that expand its capabilities, customer base, or geographic reach.
ConocoPhillips
- ConocoPhillips operates in the Oil & Gas E&P segment of the broader Energy sector, which represents a $6.5 trillion global energy market. Even modest share gains in this environment translate to meani
- Emerging markets — particularly India (1.4B people, rapidly growing middle class), Southeast Asia (700M people), and Sub-Saharan Africa — represent significant untapped addressable markets for ConocoP
- With $6.98B in cash and strong free cash flow generation, ConocoPhillips is well-positioned to pursue strategic acquisitions that expand its capabilities, customer base, or geographic reach.
Threats
Chevron
- Global economic slowdowns, inflation, or rising interest rates can reduce consumer and enterprise spending. Chevron Corporation's revenue is not fully insulated from macroeconomic cycles, and a recess
- Increasing government regulation — particularly data privacy laws (GDPR, CCPA), antitrust enforcement, and trade restrictions — poses compliance costs and potential restrictions on Chevron Corporation
- Competition for skilled technology, engineering, and management talent remains intense. High employee turnover or inability to attract top talent could slow innovation and execution — particularly cri
ConocoPhillips
- Global economic slowdowns, inflation, or rising interest rates can reduce consumer and enterprise spending. ConocoPhillips's revenue is not fully insulated from macroeconomic cycles, and a recession s
- Increasing government regulation — particularly data privacy laws (GDPR, CCPA), antitrust enforcement, and trade restrictions — poses compliance costs and potential restrictions on ConocoPhillips's bu
- Competition for skilled technology, engineering, and management talent remains intense. High employee turnover or inability to attract top talent could slow innovation and execution — particularly cri
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Open Comparison ToolChevron vs ConocoPhillips: FAQ
- Is Chevron bigger than ConocoPhillips?
- By market capitalization, Chevron is larger at $393.51B vs ConocoPhillips's $148.99B.
- Which has better profit margins — Chevron or ConocoPhillips?
- ConocoPhillips has higher net profit margins (13.3%) compared to Chevron (6.7%). Gross and operating margins are compared in the table above.
- What sectors do Chevron and ConocoPhillips operate in?
- Chevron operates in the Energy sector (Oil & Gas Integrated). ConocoPhillips operates in the Energy sector (Oil & Gas E&P).
- How does Chevron's revenue compare to ConocoPhillips's?
- Chevron generates $184.65B in annual revenue (TTM) while ConocoPhillips generates $60.28B. Chevron is the larger company by revenue as of 2026.