The Cosmic Evolution Survey (COSMOS) has become a cornerstone of extragalactic astronomy. Since the last public catalog in 2015, a wealth of new imaging and spectroscopic data have been collected in the COSMOS field. This paper describes the collection, processing, and analysis of these new imaging data to produce a new reference photometric redshift catalog. Source detection and multiwavelength photometry are performed for 1.7 million sources across the 2 deg2 of the COSMOS field, ∼966,000 of which are measured with all available broadband data using both traditional aperture photometric methods and a new profile-fitting photometric extraction tool, The Farmer, which we have developed. A detailed comparison of the two resulting photometric catalogs is presented. Photometric redshifts are computed for all sources in each catalog utilizing two independent photometric redshift codes. Finally, a comparison is made between the performance of the photometric methodologies and of the redshift codes to demonstrate an exceptional degree of self-consistency in the resulting photometric redshifts. The i < 21 sources have subpercent photometric redshift accuracy and even the faintest sources at 25 < i < 27 reach a precision of 5%. Finally, these results are discussed in the context of previous, current, and future surveys in the COSMOS field. Compared to COSMOS2015, it reaches the same photometric redshift precision at almost one magnitude deeper. Both photometric catalogs and their photometric redshift solutions and physical parameters will be made available through the usual astronomical archive systems (ESO Phase 3, IPAC-IRSA, and CDS).

We present a new prospective analysis of deep multi-band imaging with the James Webb Space Telescope (JWST). In this work, we investigate the recovery of high-redshift 5 <  z <  12 galaxies through extensive image simulations of accepted JWST programs, including the Early Release Science in the EGS field and the Guaranteed Time Observations in the HUDF. We introduced complete samples of ∼300 000 galaxies with stellar masses of log(M*/M⊙) > 6 and redshifts of 0 <  z <  15, as well as galactic stars, into realistic mock NIRCam, MIRI, and HST images to properly describe the impact of source blending. We extracted the photometry of the detected sources, as in real images, and estimated the physical properties of galaxies through spectral energy distribution fitting. We find that the photometric redshifts are primarily limited by the availability of blue-band and near-infrared medium-band imaging. The stellar masses and star formation rates are recovered within 0.25 and 0.3 dex, respectively, for galaxies with accurate photometric redshifts. Brown dwarfs contaminating the z >  5 galaxy samples can be reduced to < 0.01 arcmin−2 with a limited impact on galaxy completeness. We investigate multiple high-redshift galaxy selection techniques and find that the best compromise between completeness and purity at 5 <  z <  10 using the full redshift posterior probability distributions. In the EGS field, the galaxy completeness remains higher than 50% at magnitudes mUV <  27.5 and at all redshifts, and the purity is maintained above 80 and 60% at z ≤ 7 and 10, respectively. The faint-end slope of the galaxy UV luminosity function is recovered with a precision of 0.1–0.25, and the cosmic star formation rate density within 0.1 dex. We argue in favor of additional observing programs covering larger areas to better constrain the bright end.