Report
BP Q3 2026 results report
BP made $8.46bn of underlying replacement cost profit in Q3 2026 and cut net debt by $8.4bn, but paid no buyback. Profit, cash, debt and segments, from the company’s own results.
BP reported underlying replacement cost (RC) profit of $8.46bn for the third quarter of 2026 on 30 October 2026, up 48% on Q2 2026’s $5.73bn and almost four times the $2.21bn of Q3 2025. Profit attributable to shareholders was $4.70bn, after $4.0bn of post-tax impairments.
Customers & products, which includes refining, made an underlying profit before interest and tax of $6.95bn, up from $4.95bn in Q2 2026 and $1.72bn a year earlier.
| Key number | Q3 2026 | Change |
|---|---|---|
| Underlying RC profit | $8.46bn | +48% vs Q2 2026; +283% vs Q3 2025 |
| Profit attributable to shareholders | $4.70bn | +20% vs Q2 2026; +304% vs Q3 2025 |
| Operating cash flow | $14.8bn | +37% vs Q2 2026; +90% vs Q3 2025 |
| Net debt, 30 September 2026 | $13.9bn | -$8.4bn in the quarter; gearing 14.8% |
Operating cash flow was $14.8bn. BP used it to cut net debt by $8.4bn to $13.9bn and bought back no shares. It now plans to put spare cash towards settling its remaining Deepwater Horizon liabilities in full.
Looking ahead, BP expects 2026 capex of $13.5–14.0bn and a significantly lower customers result in Q4 2026 than in Q3 2026. It will give a strategy and outlook update on 15 December 2026.
BP’s jump in underlying profit came mostly from customers & products and from gas marketing and trading, with oil production & operations flat on the quarter. The company chose debt over buybacks: net debt fell by $8.4bn, gearing is below 15%, and the next call on spare cash is Deepwater Horizon rather than shareholders. The strategy update on 15 December 2026 is when BP is likely to say what comes after that, and how it plans to use the ~$6bn it expects from Castrol, which it says will further strengthen the balance sheet.
What the full report covers
The full report is a 6-page PDF for $9.99, available to download straight after payment. It covers:
- Headline numbers against the prior quarter and the prior year
- Profit, reported and adjusted, and what moved it
- Revenue and operating cash flow
- Capex, net debt and gearing
- Buybacks and dividends
- Segment results, with a table and a chart
- Production and throughput
- Guidance and outlook
- What it means
- Notes on the numbers and a full list of sources
The BP logo is used only to identify the company this report is about. Entelera Research is independent and has no connection with, or endorsement from, BP.
Sources
- BP p.l.c., Third quarter 2026 results, 30 October 2026 (RNS copy): www.investegate.co.uk
This summary is for information only and is not investment advice. It is based solely on the company’s own published results documents listed above; Entelera Research has not audited them. © 2026 Entelera (entelera.com).