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Sep 30, 2025
BP Q3 2025 Earnings Report
BP reported solid Q3 2025 results, with higher upstream and refining production contributing to a notable increase in earnings.
Key Takeaways
BP delivered a strong quarter with $2.21 billion in underlying RC profit and $1.16 billion in net income. Improved refining margins and production, along with disciplined capital allocation, supported profitability despite higher taxes.
Underlying RC profit was $2.21 billion, supported by improved upstream and refining performance.
Operating cash flow reached $7.79 billion in Q3, up from $6.27 billion in Q2.
Net income attributable to shareholders was $1.16 billion, despite a higher effective tax rate.
Adjusted EBITDA was $9.98 billion, reflecting consistent underlying profitability.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
BP expects Q4 upstream production to be flat with oil output slightly higher. Refining activity will remain steady, while fuels margins may remain sensitive. Divestment proceeds are now expected to exceed $4B for FY25.
Positive Outlook
- Full-year divestment proceeds expected above $4 billion
- Refining performance supported by higher margins and lower turnaround activity
- Steady upstream production with strong contributions from bpx energy
- Continued cost discipline and structural cost reductions delivered
- Share buybacks to continue with $0.75 billion announced for Q4
Challenges Ahead
- Higher underlying effective tax rate at 39%
- Customers business expected to see seasonally lower volumes in Q4
- Gas & low carbon energy production to decline in Q4
- Earnings remain sensitive to fuel supply cost fluctuations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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