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Jun 30, 2025
BP Q2 2025 Earnings Report
BP reported stable earnings with strong cash flow and resilient operations during the second quarter of 2025.
Key Takeaways
BP delivered $47.68 billion in revenue and $1.63 billion in net income in Q2 2025. Operational reliability exceeded 96%, with notable upstream strength and progress in structural cost reductions. Shareholder returns were enhanced with a 4% dividend hike and a $750 million buyback.
Revenue for Q2 2025 was $47.68 billion.
Net income reached $1.63 billion, supported by strong operational performance.
Operating cash flow was $6.3 billion, including a $1.4 billion working capital build.
A $750 million share buyback and 4% dividend increase were announced.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
BP expects upstream production to slightly decline in Q3, while customer volumes will rise seasonally. Cash tax payments and depreciation are expected to increase.
Positive Outlook
- Seasonally higher customer volumes in Q3.
- Lower refinery turnaround activity in Q3 compared to Q2.
- Expected continuation of structural cost reduction progress.
- Ongoing divestments to contribute up to $4 billion in proceeds by year-end.
- Redeeming $1.2 billion in hybrid bonds will reduce financing costs.
Challenges Ahead
- Slightly lower upstream production expected in Q3.
- Cash taxes to be $1 billion higher in Q3 due to payment timing.
- Depreciation and amortization costs will rise slightly compared to 2024.
- Volatile fuel margins sensitive to supply cost movements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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