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Dec 31, 2025
BP Q4 2025 Earnings Report
BP reported an IFRS net loss as large impairments outweighed solid underlying profit in Q4 2025.
Key Takeaways
BP generated $47.383bn in sales and other operating revenues in Q4 2025 and posted an IFRS loss attributable to shareholders of $3.422bn, reflecting significant adjusting items and impairments. Underlying performance remained positive, with underlying RC profit per ADS of $0.60 and adjusted EBITDA of $8.961bn, while net debt ended the quarter at $22.182bn.
Sales and other operating revenues were $47.383bn in Q4 2025.
IFRS loss attributable to BP shareholders was $3.422bn (EPS per ADS: -$1.33).
Underlying RC profit per ADS was $0.60 in Q4 2025.
Net debt ended Q4 2025 at $22.182bn, with adjusted EBITDA of $8.961bn.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 1Q 2026, bp expects reported upstream production to be broadly flat versus Q4 2025, customers volumes to be seasonally lower, and products to face lower industry refining margins partly offset by reduced turnaround activity; capex is expected to be broadly flat versus Q4 2025. For 2026, bp guides to slightly lower reported upstream production, broadly flat underlying upstream production versus 2025, capital expenditure of $13.0-13.5bn, divestment and other proceeds of $9-10bn (weighted to 2H), and Gulf of America settlement payments of around $1.6bn pre-tax.
Positive Outlook
- 1Q26 reported upstream production expected to be broadly flat vs Q4 2025.
- 1Q26 capital expenditure expected to be broadly flat vs Q4 2025.
- 2026 capital expenditure guided to $13.0-13.5bn.
- 2026 divestment and other proceeds guided to $9-10bn (including ~ $6bn from the announced Castrol transaction).
- 2026 depreciation, depletion and amortization expected to be broadly flat vs 2025.
Challenges Ahead
- 1Q26 customers volumes expected to be seasonally lower vs Q4 2025.
- 1Q26 products expected to see lower industry refining margins vs Q4 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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