BP (BP) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for BP.

Q4 2025

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Analyst Coverage

Research analysts who have asked questions during BP earnings calls.

Lucas Herrmann

BNP Paribas

8 questions for BP

Also covers: CVX, SHEL, TTE

Paul Cheng

Scotiabank

8 questions for BP

Also covers: APA, CLNE, COP +20 more

Henry Tarr

Berenberg

7 questions for BP

Also covers: , E, OMVKY +2 more

Kim Fustier

HSBC

7 questions for BP

Also covers: E, EQNR, SHEL +1 more

Biraj Borkhataria

Royal Bank of Canada

6 questions for BP

Also covers: CVX, E, EQNR +3 more

Christopher Kuplent

Bank of America

6 questions for BP

Also covers: EQNR, SHEL, TS +1 more

Doug Leggate

Wolfe Research

6 questions for BP

Also covers: APA, AR, CNQ +23 more

Irene Himona

Sanford C. Bernstein

6 questions for BP

Also covers: E, EQNR, SHEL +1 more

Lydia Rainforth

UBS

6 questions for BP

Also covers: E, EQNR, SHEL +1 more

Alejandro Vigil

Santander

5 questions for BP

Also covers: E, EQNR, TTE

Peter Low

Redburn Atlantic

5 questions for BP

Also covers: , E, EQNR +3 more

Josh Stone

UBS

4 questions for BP

Also covers: E, SHEL

Mark Wilson

Jefferies

4 questions for BP

Also covers: E, FTI, KOS +1 more

Maurizio Carulli

Quilter Cheviot

4 questions for BP

Also covers: TTE

Michele Della Vigna

Goldman Sachs

4 questions for BP

Also covers: E, EQNR, OMVKY +2 more

Ryan Todd

Simmons Energy

4 questions for BP

Also covers: COP, CVX, DAR +9 more

Alastair Syme

Citigroup

3 questions for BP

Also covers: COP, CVX, E +4 more

Jason Gabelman

TD Cowen

3 questions for BP

Also covers: CLMT, CLNE, CVX +20 more

Joshua Stone

UBS Group AG

3 questions for BP

Also covers: E, OMVKY, SHEL

Alejandro Lavin

Santander

2 questions for BP

Also covers: AMX

Alice Vilma

Morgan Stanley

2 questions for BP

Al Syme

Citi

2 questions for BP

Bertrand Hodee

Kepler Cheuvreux

2 questions for BP

Also covers: , E, OMVKY +2 more

Chris Copeland

Bank of America

2 questions for BP

Also covers: TS

Douglas George Blyth Leggate

Wolfe Research

2 questions for BP

Also covers: APA, COP, CTRA +18 more

Giacomo Romeo

Jefferies

2 questions for BP

Also covers: E, EQNR, SHEL +1 more

Jeff Nanna

TPH

2 questions for BP

Martin Ratz

Morgan Stanley

2 questions for BP

Matthew Lofting

JPMorgan

2 questions for BP

Also covers: E, EQNR, OMVKY +2 more

Matt Lofting

JPMorgan Chase & Co.

2 questions for BP

Also covers: E, EQNR, SHEL +1 more

Roger Read

Wells Fargo & Company

2 questions for BP

Also covers: APA, AR, CLMT +22 more

Ahmed Ben Salem

ODDO BHF

1 question for BP

Joshua Eliot Stone

UBS

1 question for BP

Also covers: E, OMVKY, SHEL

Makeley

Goldman Sachs

1 question for BP

Makely

Goldman Sachs

1 question for BP

Martijn Rats

Morgan Stanley

1 question for BP

Also covers: E, EQNR, SHEL +1 more

Latest news

Recent press releases and 8-K filings for BP.

BP PLC Announces Fourth Quarter and Full Year 2025 Results

Earnings

Share Buyback

New Projects/Investments

BP reported a full year 2025 underlying replacement cost (RC) profit of $7.5 billion and operating cash flow of $24.5 billion.
The company's net debt at the end of the fourth quarter 2025 was $22.2 billion, a decrease from $26.1 billion at the end of the third quarter 2025.
The board decided to suspend the share buyback and fully allocate excess cash to accelerate strengthening of the balance sheet.
BP reached an agreement to sell a 65% shareholding in Castrol at an enterprise value of $10.1 billion, with the transaction expected to complete by the end of 2026.
The group's structural cost reduction target was increased to $5.5-6.5 billion by end 2027.

Feb 10, 2026, 3:26 PM

6-K

BP Reports Q4 2025 Results, Suspends Share Buybacks, and Raises Cost Reduction Target

Earnings

Guidance Update

Share Buyback

BP reported an underlying replacement cost profit of $7.5 billion and operating cash flow of $24.5 billion for 2025, with adjusted free cash flow growing by approximately 55% on a price-adjusted basis to $13 billion.
Net debt decreased by $800 million to $22.2 billion at the end of 2025, and the company increased its structural cost reduction target to $5.5 billion-$6.5 billion by 2027, having already achieved $2.8 billion.
The board decided to suspend share buybacks to prioritize balance sheet strengthening, while maintaining a commitment to increase dividends by at least 4% per year.
Operationally, BP achieved a 90% reserves replacement ratio, reduced operational emissions by 37% compared to 2019, and made 12 discoveries in 2025, including the Bumerangue find in Brazil with an initial estimate of ~8 billion barrels of liquids in place.
The company also announced the sale of a 65% shareholding in Castrol and tightened its 2026 CapEx guidance to $13 billion-$13.5 billion.

Feb 10, 2026, 1:00 PM

Transcript

BP Reports Strong 2025 Financial Performance, Suspends Buybacks to Strengthen Balance Sheet

Earnings

Share Buyback

Dividends

BP reported underlying replacement cost profit of $7.5 billion and operating cash flow of $24.5 billion in 2025. Adjusted free cash flow grew by approximately 55% on a price-adjusted basis to $13 billion in 2025.
The company's net debt at the end of 2025 was $22.2 billion, an $800 million reduction from the end of 2024, with a target to reach $14-$18 billion by the end of 2027.
BP has suspended share buybacks to prioritize strengthening the balance sheet and will continue to increase dividends by at least 4% per year.
The structural cost reduction target was increased to $5.5-$6.5 billion by 2027, with $2.8 billion already delivered, including $2 billion in 2025.
The $20 billion divestment program is progressing, with over $11 billion completed or announced, including the sale of a 65% shareholding in Castrol.

Feb 10, 2026, 1:00 PM

Transcript

BP Reports Q4 2025 Results, Suspends Share Buybacks, and Raises Cost Reduction Target

Earnings

Share Buyback

Guidance Update

BP reported an underlying replacement cost profit (net income) of $7.5 billion and operating cash flow of $24.5 billion for 2025.
The company's net debt decreased by $800 million to $22.2 billion at the end of 2025, and adjusted free cash flow increased by approximately 55% in 2025 on a price-adjusted basis.
The board decided to suspend share buybacks and fully allocate excess cash to the balance sheet, aiming for net debt between $14 billion-$18 billion by the end of 2027.
BP increased its structural cost reduction target to $5.5 billion-$6.5 billion by 2027 (from $4 billion-$5 billion), having already achieved $2.8 billion in cumulative reductions, including $2 billion in 2025.
For 2026, CapEx guidance is tightened to $13 billion-$13.5 billion, and the company expects to receive $3 billion-$4 billion in divestment proceeds.

Feb 10, 2026, 1:00 PM

Transcript

BP reports Q4 2025 loss and full year underlying profit

Earnings

Dividends

Share Buyback

BP reported a loss attributable to shareholders of $3.4 billion for the fourth quarter of 2025, compared to a loss of $2.0 billion in the same period of 2024, with the full year 2025 profit at $55 million.
The company's underlying replacement cost (RC) profit for Q4 2025 was $1.5 billion, an increase from $1.2 billion in Q4 2024, however, the full year underlying RC profit decreased to $7.5 billion from $8.9 billion in 2024.
Adjusting items in Q4 2025 included a net adverse pre-tax impact of $3.9 billion, primarily due to $4.6 billion in impairments related to transition businesses in the gas & low carbon energy segment.
Operating cash flow for Q4 2025 was $7.6 billion, and net debt stood at $22.2 billion at the end of the fourth quarter. BP also announced a dividend of 8.320 cents per ordinary share for Q4 2025 and settled $826 million in share repurchases during the quarter.

Feb 10, 2026, 12:53 PM

6-K

BP Announces Q4 and Full Year 2025 Results, Suspends Share Buyback

Earnings

Share Buyback

Guidance Update

BP reported a Q4 2025 underlying replacement cost profit of $1.5 billion and a full-year 2025 underlying replacement cost profit of $7.5 billion, with operating cash flow of $24.5 billion for the full year.
The board has decided to suspend the share buyback and retire the previous shareholder distribution guidance, instead prioritizing the allocation of excess cash to strengthen the balance sheet.
The company recognized $4 billion in impairments after tax in Q4 2025, largely related to its transition businesses, and reduced net debt to $22.2 billion by the end of the quarter.
For full year 2026, BP expects capital expenditure of $13 billion-$13.5 billion and divestment proceeds of $9 billion-$10 billion, including $6 billion from the Castrol transaction.

Feb 10, 2026, 7:30 AM

Transcript

BP Reports Q4 and Full Year 2025 Results, Suspends Share Buyback, and Updates 2026 Guidance

Earnings

Share Buyback

Guidance Update

BP's total underlying replacement cost profit for 2025 was $7.5 billion, with operating cash flow at $24.5 billion.
The board has suspended the share buyback and retired the 30%-40% operating cash flow distribution guidance to prioritize strengthening the balance sheet.
The company completed and announced over $11 billion in divestments in 2025, progressing towards its $20 billion disposal program, and increased its structural cost reduction target to $5.5 billion-$6.5 billion by 2027.
For Q4 2025, BP reported an IFRS loss of $3.4 billion, primarily due to approximately $4 billion in after-tax impairments related to transition businesses.
For full year 2026, capital expenditure is projected to be $13 billion-$13.5 billion, and divestment proceeds are expected to be $9 billion-$10 billion, with net debt anticipated to increase in the first half before falling significantly in the second half.

Feb 10, 2026, 7:30 AM

Transcript

BP Reports Q4 and Full-Year 2025 Results, Suspends Share Buyback

Earnings

Share Buyback

M&A

BP reported Q4 2025 underlying replacement cost profit of $1.5 billion and full-year 2025 underlying replacement cost profit of $7.5 billion, with full-year operating cash flow of $24.5 billion.
The board suspended the share buyback program to prioritize balance sheet strengthening, retiring the previous shareholder distribution guidance, and reduced net debt to $22.2 billion by the end of Q4 2025.
BP announced the sale of a 65% shareholding in Castrol for approximately $6 billion, with proceeds to be fully used to reduce net debt, contributing to over $11 billion in divestments towards a $20 billion program.
The company recognized Q4 2025 impairments of around $4 billion after tax, mainly in transition businesses, and set 2026 capital expenditure guidance at $13 billion-$13.5 billion.

Feb 10, 2026, 7:30 AM

Transcript

BP PLC Share Buyback Program and Norges Bank Stake Change

Share Buyback

BP p.l.c. continued its share buyback program, announced on 4 November 2025, by purchasing its ordinary shares on the London Stock Exchange and Cboe (UK).
Between January 5, 2026, and January 30, 2026, the company purchased a total of 57,361,426 ordinary shares.
These purchased shares are intended to be transferred into treasury.
Separately, Norges Bank's total voting rights in BP p.l.c. decreased from 3.995550% to 2.999070% as of January 2, 2026.

Feb 2, 2026, 5:43 PM

6-K

BP Provides Q4 2025 Trading Statement and Updated Guidance

Guidance Update

Profit Warning

BP anticipates post-tax adjusting items relating to impairments in the range of $(4) to (5) billion for the fourth quarter of 2025, primarily within its transition businesses in the gas and low carbon energy segment.
Net debt at the end of Q4 2025 is expected to be $22 to 23 billion, a reduction from $26.1 billion at the end of Q3 2025, driven by divestment proceeds of approximately $3.5 billion in Q4, bringing the full year total to around $5.3 billion.
The underlying effective tax rate for full year 2025 is now projected to be around 42%, an increase from the previous guidance of around 40%.
For Q4 2025, reported upstream production is expected to be broadly flat compared to the prior quarter, with realizations in the oil production & operations segment and gas & low carbon energy segment expected to have negative impacts of $(0.2) to (0.4) billion and $(0.1) to (0.3) billion, respectively.