BP p.l.c.

LSE:BP. Stock Report

Market Cap: UK£75.7b

BP Past Earnings Performance

Past criteria checks 2/6

BP has been growing earnings at an average annual rate of 10.5%, while the Oil and Gas industry saw earnings growing at 16.7% annually. Revenues have been growing at an average rate of 4.6% per year. BP's return on equity is 5.9%, and it has net margins of 1.7%.

Key information

10.48%

Earnings growth rate

10.86%

EPS growth rate

Oil and Gas Industry Growth21.81%
Revenue growth rate4.63%
Return on equity5.88%
Net Margin1.66%
Next Earnings Update04 Aug 2026

Recent past performance updates

Analysis Article • Nov 11

BP's (LON:BP.) Soft Earnings Are Actually Better Than They Appear

Shareholders appeared unconcerned with BP p.l.c.'s ( LON:BP. ) lackluster earnings report last week. We think that the...

Recent updates

Narrative Update • Jun 18

BP.: Future Returns Will Be Driven By Upstream Refocus And Portfolio Simplification

Analysts have nudged their fair value estimate for BP higher to £6.31 from £6.29, reflecting a slightly lower discount rate and modestly adjusted assumptions for revenue growth, profit margins, and future P/E multiples following a series of recent price target increases and upgrades across the Street. Analyst Commentary Recent Street research around BP gives readers a mixed but informative picture, with several firms adjusting price targets and ratings while keeping a close eye on valuation, execution and growth plans.
Narrative Update • Jun 03

BP.: Future Returns Will Be Driven By Earnings Beat And Portfolio Reshaping

Analysts have raised their price targets for BP, resulting in a fair value estimate that now reflects a higher implied P/E. This shift is supported by a series of recent upgrades and target increases in the £40 to £47 range, following the latest earnings beat and views on a key leadership transition at the company.
Narrative Update • May 03

BP.: Future Returns Will Balance Middle East Supply Risks And Portfolio Reshaping

BP's analyst price target has shifted slightly higher to reflect a modestly higher fair value estimate of £6.19 and a revised future P/E assumption of about 15.5x, as analysts factor in recent upgrades, higher Street targets and updated commodity price forecasts. Analyst Commentary Recent Street research on BP has been active, with a series of price target revisions and rating changes that feed directly into how investors might think about valuation, execution risks and growth expectations.
Narrative Update • Apr 19

BP.: Future Returns Will Reflect Middle East Supply Risks And Higher Oil Prices

Analysts have lifted their fair value estimate for BP, with the updated price target moving from £5.69 to £6.04. Recent research highlights higher profit margin assumptions, a slightly adjusted discount rate and a modestly lower future P/E multiple, supported by a series of recent upgrades and price target increases across major firms.
New Narrative • Apr 17

Upstream Reliability And Cost Resets Will Support Stronger Long Term Earnings Quality

Catalysts About BP BP is an integrated energy company involved in oil and gas production, refining, trading and lower carbon energy businesses. What are the underlying business or industry changes driving this perspective?
Narrative Update • Apr 04

BP.: Future Returns Will Reflect Middle East Supply Risks And Mixed Oil Outlook

Analysts have lifted their average price target on BP by £0.58, citing updated views on fair value, revenue growth assumptions, discount rates and future P/E levels, as reflected in a series of recent target raises and rating changes across major banks. Analyst Commentary Recent research on BP shows a mix of optimism and caution, with price targets adjusted in both directions and several rating changes across major banks.
Narrative Update • Mar 21

BP.: Future Returns Will Depend On Elevated Middle East Oil Supply Risks

Narrative Update The analyst price target for BP has been raised by £0.22. Analysts point to higher oil and gas price assumptions, tighter projected crude balances, and stronger valuation support for integrated energy majors as the key drivers of their updated view.
Narrative Update • Mar 06

BP.: Future Returns Will Reflect Mixed Oil Cycle Risks And CEO Transition

Our updated view lifts BP's fair value estimate slightly, supported by a higher blended analyst price target moving toward the £5.20 to £5.40 range as several firms cite valuation support for integrated oil names despite a mix of recent upgrades, downgrades, and target tweaks. Analyst Commentary Recent Street research on BP shows a split view, with some major firms lifting targets and others turning more cautious as they reassess risks around commodities, capital allocation, and leadership changes.
Narrative Update • Feb 19

BP.: Future Returns Will Reflect Portfolio Sales Refining Strength And CEO Transition

Analysts have trimmed their average price target on BP by £0.10, citing more cautious revenue growth assumptions, a slightly higher discount rate, and continued sector wide downgrades that have only been partially offset by firmer margin expectations. Analyst Commentary Recent Street research on BP points to a mixed backdrop, with several downgrades and price target cuts offset by a smaller group of more constructive voices focusing on balance sheet strength and refining exposure.
Analysis Article • Feb 11

Broker Revenue Forecasts For BP p.l.c. (LON:BP.) Are Surging Higher

Shareholders in BP p.l.c. ( LON:BP. ) may be thrilled to learn that the analysts have just delivered a major upgrade to...
Narrative Update • Feb 05

BP.: Future Returns Will Balance Portfolio Sales Softer Crude And Leadership Change

Analysts have trimmed their BP price targets by a few dollars or pence overall, reflecting slightly lower fair value estimates and revenue growth assumptions. This has been partially offset by a small uplift in expected profit margins and future P/E, as firms reassess the company around a softer crude outlook, refining tailwinds, and an upcoming CEO transition.
Narrative Update • Jan 22

BP.: Future Returns Will Reflect Portfolio Sales Crude Outlook And Leadership Change

Analysts have slightly trimmed their blended price target for BP by adjusting revenue growth and margin assumptions and by applying a marginally higher future P/E. This reflects mixed recent research, with some firms cutting targets in light of a bearish crude outlook and the CEO transition, while others have lifted targets based on balance sheet strength and the refreshed company strategy.
Narrative Update • Jan 07

BP.: Future Returns Will Reflect Portfolio Reset Divestments And Leadership Transition

Analysts have trimmed their overall price expectations for BP, reflected in a slightly lower fair value estimate and a modestly higher future P/E assumption. Recent target cuts and rating changes are balancing more upbeat views that reference an unchanged or higher price target across both US$ and £ share lines.
Narrative Update • Dec 23

BP.: Future Returns Will Reflect Portfolio Streamlining And Ongoing Divestment Execution

Analysts have modestly increased their price target on BP, reflecting a slightly higher fair value and improved long term earnings multiple assumptions, supported by recent target hikes to $40 in the U.S. and above 500 GBp in London, as they point to the company’s strategic reset, portfolio simplification, and still attractive valuation. Analyst Commentary Bullish analysts highlight that BP's strategy reset, with a sharper focus on portfolio simplification and divestment of non core assets, is starting to resonate in higher price targets and improved confidence in long term earnings growth.
Narrative Update • Dec 08

BP.: Future Returns Will Reflect Portfolio Pruning And Execution Risks Amid Sector Uncertainty

We raise our BP price target modestly, reflecting analysts' series of upward revisions to both U.S. dollar targets toward $40 and U.K. listings toward the 520 to 525 GBp range, supported by a view that BP's strategic reset, portfolio pruning, and persistent valuation discount improve the risk and reward profile for the shares. Analyst Commentary Street research has turned incrementally more constructive on BP, with a series of target price increases in both U.S. dollar and sterling terms reflecting improved confidence in the company’s strategic reset, portfolio actions, and capital return potential.
Narrative Update • Nov 24

BP.: Shares Will Reflect Reset Strategy And Portfolio Streamlining Amid Sector Uncertainty

Analysts have modestly raised their price targets for BP, with upward revisions to $40 and 525 GBp. This reflects confidence in the company's refreshed strategy and improved risk-reward outlook. Analyst Commentary Recent street research reflects a generally optimistic yet nuanced outlook for BP's shares, with price target increases from several firms.
Analysis Article • Nov 11

BP's (LON:BP.) Soft Earnings Are Actually Better Than They Appear

Shareholders appeared unconcerned with BP p.l.c.'s ( LON:BP. ) lackluster earnings report last week. We think that the...
Narrative Update • Nov 10

BP.: Shares Will Reflect Improved Profit Potential Amid Mixed Sector Sentiment

Analysts have raised their price target for BP, increasing fair value estimates by approximately $0.13 per share. They cite improved growth prospects, stronger profitability, and confidence in the company's strategic direction and valuation.
Narrative Update • Oct 27

Upstream Discoveries and Capital Returns Will Influence Global Energy Markets Ahead

Analysts have modestly increased their price targets for BP, citing improving profit margins and positive sector dynamics. Recent updates reflect a rise from £4.58 to £4.59 and from $36 to $40, according to current street research.
Narrative Update • Oct 13

Upstream Breakthroughs And Cost Cuts Will Reshape Global Energy Markets

Analysts have raised BP's price target, with recent updates reflecting an increase from $36 to $40 and from 440 GBp to 460 GBp. This change is attributed to improving execution and the company's potential to close its valuation gap with peers. Analyst Commentary Recent research coverage reflects a wave of optimistic sentiment toward BP, though some analysts maintain a more cautious outlook.
Narrative Update • Sep 25

Upstream Breakthroughs And Cost Cuts Will Reshape Global Energy Markets

Analysts have raised BP’s price target from £4.44 to £4.51, citing improved earnings, a positive outlook on upstream growth after the Bumerangue Block discovery, and confidence in valuation convergence with peers. Analyst Commentary Bullish analysts cite BP’s attractive valuation relative to European supermajor peers, expecting the valuation gap to narrow.
Analysis Article • Sep 25

BP p.l.c.'s (LON:BP.) Low P/S No Reason For Excitement

BP p.l.c.'s ( LON:BP. ) price-to-sales (or "P/S") ratio of 0.5x might make it look like a buy right now compared to the...
Narrative Update • Sep 03

Upstream Breakthroughs And Cost Cuts Will Reshape Global Energy Markets

Analysts have raised BP’s price target to £4.43, citing its strong recent results, attractive valuation relative to peers, operational improvements, and the positive impact of the Bumerangue Block discovery. Analyst Commentary Bullish analysts highlight BP's relative strength in recent IOC results, supported by its unique mix of growth options, resource depth, and sustainable shareholder returns.
Analysis Article • Aug 07

BP p.l.c. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

LSE:BP. 1 Year Share Price vs Fair Value Explore BP's Fair Values from the Community and select yours BP p.l.c...
Narrative Update • Aug 06

Upstream Breakthroughs And Cost Cuts Will Reshape Global Energy Markets

Buoyed by stronger-than-expected margins and improved outlook for core refining and integrated oil operations, analysts have raised BP’s consensus price target from £4.24 to £5.37. Analyst Commentary Bullish analysts are increasing earnings estimates for BP driven by stronger-than-expected margins, particularly in the most recent quarter.
Analysis Article • Aug 04

BP (LON:BP.) Is Doing The Right Things To Multiply Its Share Price

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll...
Analysis Article • Jul 05

Are Investors Undervaluing BP p.l.c. (LON:BP.) By 47%?

Key Insights The projected fair value for BP is UK£7.09 based on 2 Stage Free Cash Flow to Equity BP's UK£3.79 share...
Analysis Article • Jun 20

These 4 Measures Indicate That BP (LON:BP.) Is Using Debt Extensively

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

Revenue & Expenses Breakdown

How BP makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

LSE:BP. Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 26193,0053,20917,7160
31 Dec 25187,6375417,5110
30 Sep 25186,0101,51717,0140
30 Jun 25184,80656216,7070
31 Mar 25185,408-1,19616,6430
31 Dec 24187,38639016,4560
30 Sep 24192,6962,72017,1430
30 Jun 24199,1347,37217,6130
31 Mar 24201,0799,29317,2590
31 Dec 23208,35115,23816,7820
30 Sep 23226,39125,67015,7010
30 Jun 23227,54018,64914,5620
31 Mar 23246,02226,11414,2220
31 Dec 22239,067-2,48813,5800
30 Sep 22220,870-10,96513,2820
30 Jun 22202,318-11,34713,1590
31 Mar 22171,248-17,48712,6310
31 Dec 21156,4317,56312,1860
30 Sep 21133,8756,59511,6120
30 Jun 21124,2278,69011,0370
31 Mar 21109,193-11,27510,6530
31 Dec 20105,672-20,30610,7900
30 Sep 20149,126-21,64511,0750
30 Jun 20190,905-21,94411,2260
31 Mar 20242,072-3,27411,3830
31 Dec 19158,1094,02511,4530
30 Sep 19281,6444,77212,1240
30 Jun 19292,7108,87012,3050
31 Mar 19295,3139,84712,6180
31 Dec 18297,5339,38212,6660
30 Sep 18289,0348,64312,0590
30 Jun 18269,5867,06311,9130
31 Mar 18250,8424,40811,5610
31 Dec 17238,4333,38811,2050
30 Sep 17222,2593,85810,9070
30 Jun 17209,5253,70910,9500
31 Mar 17199,5452,14611,0920
31 Dec 16182,32511411,1320
30 Sep 16180,811-3,69111,6280
30 Jun 16189,890-5,26511,7130
31 Mar 16205,584-9,66912,0400
31 Dec 15222,243-6,48412,3830
30 Sep 15247,531-7,58411,3030
30 Jun 15285,521-6,34011,6070

Quality Earnings: BP. has a large one-off loss of $4.9B impacting its last 12 months of financial results to 31st March, 2026.

Growing Profit Margin: BP. became profitable in the past.

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: BP. has become profitable over the past 5 years, growing earnings by 10.5% per year.

Accelerating Growth: BP. has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: BP. has become profitable in the last year, making it difficult to compare its past year earnings growth to the Oil and Gas industry (34.7%).

Return on Equity

High ROE: BP.'s Return on Equity (5.9%) is considered low.

Return on Assets

Return on Capital Employed

Discover strong past performing companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/19 17:38
End of Day Share Price 2026/06/19 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

BP p.l.c. is covered by 55 analysts. 24 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
John EadeArgus Research Company
William SeleskyArgus Research Company
Alejandro VigilBanco Santander