BP
BP p.l.c.
Price as of Jul 20, 2026
BP earnings
BP p.l.c. earnings
Reported EPS and revenue history, upcoming estimates and available earnings-call summaries.
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $0.91 | $1.24 | +36.3% | $52.3B | +7.7% |
| Nov 4, 2025 | $0.72 | $0.85 | +18.1% | $48.4B | +8.9% |
| Oct 31, 2023 | $1.37 | $1.15 | -16.1% | $53.3B | -3.6% |
| Aug 1, 2023 | $1.20 | $0.90 | -25.0% | $48.5B | -8.1% |
| May 2, 2023 | $1.33 | $1.66 | +24.8% | $56.2B | -1.2% |
| Feb 7, 2023 | $1.65 | $1.59 | -3.6% | $69.3B | +25.0% |
| Nov 1, 2022 | $1.94 | $2.59 | +33.5% | $55.0B | -7.1% |
| Aug 2, 2022 | $2.20 | $2.61 | +18.6% | $67.9B | +14.5% |
| May 3, 2022 | $1.41 | $1.92 | +36.2% | $49.3B | -11.8% |
| Feb 8, 2022 | $1.17 | $1.26 | +7.7% | $50.6B | -4.2% |
| Nov 2, 2021 | $0.96 | $0.99 | +3.1% | $36.2B | -8.4% |
| Feb 2, 2021 | $0.12 | $0.03 | -75.0% | $44.8B | -28.6% |
Earnings call summary
Q4 FY2025 · February 10, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- 2025 was a year of turnaround with good progress made. Operational performance strong across the group. Set new records in upstream plant reliability and refinery availability above 96%. Concluded strategic review of Castrol with agreement to sell 65% shareholding. **Safety**: Commitment to safety goals, but 4 colleagues lost lives in U.S. retail; permanently stopped roadside assistance next to active traffic lanes. **Primary targets**: Increased adjusted free cash flow by around 55% in 2025 on a price-adjusted basis; net debt reduced; delivered $2.8 billion of $4 billion to $5 billion structural cost reduction target; return on average capital employed around 14% in 2025. **Upstream projects**: Started 7 major projects, with 5 ahead of schedule; operational emissions and methane intensity improved; well and plant reliability high. **Exploration**: 12 discoveries in 2025, including in Gulf of America, Namibia, Brazil; strong exploration team and advanced technology behind success. **Bumerangue discovery**: In-situ analysis materially complete, initial estimate of around 8 billion barrels of liquids in place, with appraisal program planned to start around end of the year.
Guidance
- Adjusted free cash flow progressing ahead of target for greater than 20% compound annual growth through 2027. Return on average capital employed expects to reach over 16% in 2027 on a price-adjusted basis. Cost reduction target increased to $5.5 billion to $6.5 billion by 2027. Net debt target $14 billion to $18 billion by end of 2027. CapEx tightened to $13 billion to $13.5 billion in 2026. Dividend expected to increase by at least 4% per year.
Segment performance
**Upstream**: Reported upstream production was lower than 2024 due to portfolio changes, but underlying production was held broadly flat and exceeded annual guidance from 12 months ago. Started up 7 major projects; reserves replacement ratio was 90%, up from an average of around 50% in the previous 2 years. Operational emissions in 2025 were 37% less than in 2019. **Downstream**: Delivered a significant step-up in performance, with around $1.6 billion of structural cost reductions delivered to date. Customers delivered their highest underlying earnings since 2019. **Supply Trading and Shipping**: Remains a distinctive competitive advantage, delivering an average around 4% uplift to BP's returns over the past 6 years.
Risks & headwinds
- Safety risks: 4 fatalities in U.S. retail operations, need to continue improving process safety. - Market and commodity price risks: Potential impact on financial performance. - Divestment execution risks: Uncertainties in completing divestment program. - Integration risks: Risks associated with integrating acquisitions or divesting businesses.
Analyst Q&A
Q: Michele Della Vigna from Goldman Sachs asked about finance cost reduction by 2027.
A: Katherine Thomson responded discussing transparency on financial obligations, net debt target, and need to strengthen balance sheet for future growth options.
Q: Martijn Rats from Morgan Stanley asked about dividend growth and buyback suspension.
A: Katherine Thomson explained progressive dividend, suspension of buyback to strengthen balance sheet, and need to step through growth options with new CEO.
Q: Christopher Kuplent from Bank of America asked about decision to suspend buyback.
A: Katherine Thomson stated it's about strong financial discipline to strengthen balance sheet for future growth opportunities.
Q: Joshua Eliot Stone from UBS asked about reinstating buyback program.
A: Katherine Thomson said focus is on delivering net debt target, and will update when clear on balance sheet and growth options.
Q: Douglas Leggate from Wolfe asked about Bumerangue discovery recoverable number and working interest.
A: Gordon Birrell said it's early days, no rush to take partner, will update after appraisal program.
Q: Unknown Analyst asked about remaining divestments and sectors.
A: Carol Howle and Katherine Thomson said looking at whole portfolio for best returns, considering upstream, downstream, and low carbon business, with ongoing divestment processes.
Q: Mark Wilson from Jefferies asked about Bumerangue and exploration discoveries ranking.
A: Gordon Birrell said no rank order, discoveries will compete on economics, and no rush to take partner for Bumerangue.
Q: Biraj Borkhataria asked about net debt target and Castrol sell-down.
A: Katherine Thomson explained net debt target, ongoing process for Lightsource, and Castrol sell-down as good value decision for shareholders.
Q: Irene Himona from Bernstein asked about trading profitability and contribution of new businesses.
A: Carol Howle said Supply Trading and Shipping delivered 4% uplift, supported by optimizing BP's asset base and different opportunity sets.
Q: Alastair Syme from Citi asked about Mona project.
A: Carol Howle said it's a JV discussion, no update on capital allocation change.
Q: Lydia Rainforth from Barclays asked about technology and AI in operations.
A: Gordon Birrell discussed Wells Advisors, AI in kick detection, and use of AI across technical disciplines for improved operations.
Q: Lucas Herrmann from BNP asked about investment case for BP.
A: Carol Howle and Gordon Birrell discussed short-term, medium-term, and long-term growth opportunities, including strong base, medium-term BPX growth, and long-term Bumerangue and Paleogene developments.
Q: Kim Foster from HSBC asked about MENA region exploration and Gulf of Mexico activity.
A: Gordon Birrell provided updates on exploration wells in Libya, Iraq, Abu Dhabi, and Gulf of Mexico exploration program.
Q: Maurizio Carulli from Quilter Investment Management asked about Board changes.
A: Carol Howle, Katherine Thomson, and Gordon Birrell discussed Board composition benefits, fresh perspectives, and challenge in decision-making.
Q: Josh Stone from UBS asked about integrated model and BPX value.
A: Carol Howle and Gordon Birrell said BPX is a core part of BP with strong performance and no intention to sell, contributing to integrated value.
Q: Paul Cheng from Scotiabank asked about balancing simplicity and joint ventures.
A: Carol Howle and Katherine Thomson said balance is based on creating best value for BP, considering market opportunities and value conversation.
Q: Matthew Lofting from JPM asked about cost reduction program slowdown.
A: Katherine Thomson said focus on efficiency and competitiveness, with ongoing opportunities in AI and need to demonstrate delivery rather than upgrade targets.
Q: Christopher Kuplent from Bank of America asked about free cash flow target and Castrol impact.
A: Katherine Thomson said no need to update free cash flow target immediately, confident in delivering targets considering transaction impact.
Q: Henry Tarr from Berenberg asked about CapEx for future developments and cost control.
A: Katherine Thomson and Gordon Birrell said CapEx for Paleogene projects fully funded, and technology and AI will be used for cost control and efficient development
Earnings history is derived from company filings and calendar data. Call summaries are grouped by reporting period. Latest covered event: 2026-08-04.