LSE$BP
BP · Q1 2026 earnings
Q1 2026 earnings · · Before market open · Investor relations
Briefing
BP Q1 2026: $3.8B profit, $3.2B underlying RC profit as trading and refining drive beat
BP reported a strong first quarter 2026, with profit attributable to shareholders of $3.8 billion versus $687 million a year earlier, boosted by $4.2 billion of pre-tax inventory holding gains. Underlying replacement cost profit was $3.2 billion, up from $1.4 billion in Q1 2025, reflecting exceptional oil trading, stronger refining margins, and improved midstream performance in customers & products. Operating cash flow was $2.9 billion while capital expenditure was $3.3 billion. Net debt rose to $25.3 billion from $22.2 billion at year-end 2025. BP declared a dividend of 8.320 cents per ordinary share and reaffirmed 2026 capex guidance of $13–13.5 billion and a net debt target of $14–18 billion by end-2027.
- Reported profit attributable to shareholders was $3.8B in Q1 2026 vs $687M in Q1 2025; underlying RC profit was $3.2B vs $1.4B prior year.
- Customers & products underlying RC profit before interest and tax reached $3.2B, driven by exceptional oil trading and higher refining margins including Whiting recovery.
- Operating cash flow was $2.9B; capex $3.3B; net debt increased to $25.3B; quarterly dividend set at 8.320 cents per ordinary share.
- Upstream production averaged 2,339 mboe/d, up from 2,239 mboe/d in Q1 2025; 2026 capex budget reaffirmed at $13–13.5B.
- Q2 outlook flags lower upstream production on seasonal maintenance and Middle East disruption; hybrid bond redemption of €2.5B planned in Q2.
Headline financials
Revenue & EPS history
BP · Revenue · Quarterly
$48.4B
Forward guidance
BP reaffirmed 2026 capex of $13–13.5B, divestment proceeds of $9–10B (Castrol ~$6B in H2), net debt target of $14–18B by end-2027, and underlying ETR around 40%. Q2 upstream production expected lower on maintenance and Middle East disruption.
Tailwinds
- Resilient dividend policy targeting at least 4% annual per-share growth
- Plans to reduce perpetual hybrid bonds to ~$9B strengthening balance sheet
Headwinds
- Q2 upstream production guided lower on Gulf of America maintenance and Middle East volatility
- Refining throughput to face higher turnaround activity in Q2
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2026
+0.7%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+0.9%
Avg return
30 days after
62%
38 / 61 earnings
Positive
+10.9%
Q4 2022
Best reaction
-8.9%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.6% | +1.0% | — | |
| Q3 2025 | +1.6% | +4.9% | +6.8% | |
| Q1 2025 | -0.7% | +4.0% | +3.7% | |
| Q3 2024 | -6.5% | -5.9% | -6.2% | |
| Q1 2024 | -3.9% | -3.1% | -9.2% | |
| Q4 2023 | +5.6% | +4.1% | +7.7% | |
| Q3 2023 | -5.9% | -5.6% | -5.4% | |
| Q2 2023 | -3.4% | -1.3% | -0.3% | |
| Q1 2023 | -8.9% | -7.2% | -13.2% | |
| Q4 2022 | +10.9% | +16.7% | +12.9% | |
| Q3 2022 | -1.6% | +1.9% | +7.3% | |
| Q2 2022 | +2.2% | +2.1% | +5.3% | |
| Q1 2022 | +10.4% | +10.4% | +13.7% | |
| Q4 2021 | -1.0% | -0.3% | -12.9% | |
| Q3 2021 | -6.9% | -4.9% | -7.6% | |
| Q2 2021 | +4.1% | +6.1% | +3.2% | |
| Q1 2021 | +2.9% | +1.0% | +5.5% | |
| Q4 2020 | -4.2% | -6.3% | +17.2% | |
| Q3 2020 | -5.7% | -2.0% | +35.5% | |
| Q2 2020 | +8.4% | +4.0% | -6.7% | |
| Q1 2020 | +4.6% | -6.1% | -4.3% | |
| Q4 2019 | +6.9% | +3.2% | -7.5% | |
| Q3 2019 | -2.0% | -1.4% | -3.8% | |
| Q2 2019 | +1.7% | -1.6% | -5.5% | |
| Q1 2019 | +0.1% | +0.1% | -4.6% | |
| Q4 2018 | +4.0% | +2.7% | +3.0% | |
| Q3 2018 | +5.7% | +1.4% | -1.3% | |
| Q2 2018 | +0.3% | -1.0% | -1.9% | |
| Q1 2018 | +0.2% | +1.7% | +2.8% | |
| Q4 2017 | +0.6% | -1.7% | -0.8% | |
| Q3 2017 | +2.9% | +2.4% | +1.1% | |
| Q2 2017 | +3.6% | +3.4% | -1.2% | |
| Q1 2017 | +1.1% | +2.9% | +5.6% | |
| Q4 2016 | -3.9% | -3.6% | -6.5% | |
| Q3 2016 | -4.3% | -5.7% | -0.5% | |
| Q2 2016 | -0.9% | -1.4% | -1.9% | |
| Q1 2016 | +6.4% | — | — | |
| Q4 2015 | -6.4% | — | — | |
| Q3 2015 | +2.0% | — | — | |
| Q2 2015 | +3.7% | — | — | |
| Q1 2015 | +1.3% | — | — | |
| Q4 2014 | +1.5% | — | — | |
| Q3 2014 | -1.9% | — | — | |
| Q2 2014 | +0.8% | — | — | |
| Q1 2014 | +0.1% | — | — | |
| Q4 2013 | -0.2% | — | — | |
| Q3 2013 | -2.2% | — | — | |
| Q2 2013 | -0.2% | — | — | |
| Q1 2013 | -0.8% | — | — | |
| Q4 2012 | +2.9% | — | — | |
| Q3 2012 | -0.3% | — | — | |
| Q2 2012 | +0.4% | — | — | |
| Q1 2012 | +0.8% | — | — | |
| Q4 2011 | +3.3% | — | — | |
| Q3 2011 | -4.8% | — | — | |
| Q2 2011 | +2.6% | — | — | |
| Q1 2011 | +2.4% | — | — | |
| Q4 2010 | +2.9% | — | — | |
| Q3 2010 | +4.9% | — | — | |
| Q1 2010 | +1.6% | — | — | |
| Q2 2010 | +6.2% | — | — |
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