Chevron Corporation (CVX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$5.57	$6.06	+8.8%	—	—	—
Q4 26	$0.97	$1.41	+45.4%	—	—	—
Q3 26	$1.44	$1.52	+5.6%	—	—	—
Q2 26	$1.71	$1.85	+8.2%	—	—	—
Q1 26	$1.74	$1.77	+1.7%	—	—	—
Q4 25	$2.15	$2.18	+1.4%	—	—	—
Q3 25	$2.11	$2.06	-2.4%	—	—	—
Q2 25	$2.42	$2.51	+3.7%	—	—	—
Q1 25	$3	$2.55	-15.0%	—	—	—
Q4 24	$2.91	$2.93	+0.7%	—	—	—
Q3 24	$3.22	$3.45	+7.1%	—	—	—
Q2 24	$3.68	$3.05	-17.1%	—	—	—
Q1 24	$2.97	$3.08	+3.7%	—	—	—
Q4 23	$3.38	$3.55	+5.0%	—	—	—
Q3 23	$4.3	$4.09	-4.9%	—	—	—
Q2 23	$4.92	$5.56	+13.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.65	—	—	$184.4B	—
FY24	—	$9.76	—	—	$193.4B	—
FY23	—	$11.4	—	—	$196.9B	—
FY22	—	$18.4	—	—	$235.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$110.2B	$134.7B	$158.9B	$139.9B	$94.5B	$155.6B	$235.7B	$196.9B	$193.4B	$184.4B
YoY change	-15.2%	+22.2%	+18%	-12%	-32.5%	+64.7%	+51.5%	-16.5%	-1.78%	-4.64%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	110.2B	134.7B	158.9B	139.9B	94.5B	155.6B	235.7B	196.9B	193.4B	184.4B
Cost of revenue	78.8B	95.1B	114B	109.3B	71.7B	110.2B	161.7B	136.5B	136.5B	128.3B
Gross profit	31.4B	39.6B	44.9B	30.5B	22.8B	45.4B	74B	60.4B	56.9B	56.1B
Gross margin	28.5%	29.4%	28.3%	21.8%	24.2%	29.2%	31.4%	30.7%	29.4%	30.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	4.3B	4.1B	3.8B	4.1B	4.2B	4B	4.3B	4.1B	4.8B	5.1B
Operating expenses	25.2B	24.1B	25.6B	26.3B	26.1B	25.3B	30B	29.9B	33.3B	34.2B
Operating income	-5.5B	3.1B	14.4B	100M	-6.1B	16.2B	40B	26.2B	18.9B	16.7B
Operating margin	-4.96%	2.32%	9.09%	0.07%	-6.45%	10.4%	16.9%	13.3%	9.78%	9.04%
Non-operating income, net	3.4B	6.4B	6.9B	6.2B	-659M	6.2B	10.2B	3.8B	9.2B	4.3B
Pretax income	-2.2B	9.2B	20.6B	5.5B	-7.5B	21.6B	49.7B	29.6B	27.5B	19.7B
Income tax	-1.7B	-48M	5.7B	2.7B	-1.9B	6B	14.1B	8.2B	9.8B	7.3B
Net income	-431M	9.3B	14.9B	2.8B	-5.6B	15.7B	35.6B	21.4B	17.7B	12.5B
Net margin	-0.39%	6.88%	9.35%	2.03%	-5.89%	10.1%	15.1%	10.9%	9.18%	6.77%
EBITDA	13.1B	27.4B	40B	24.3B	10.4B	39.4B	65.5B	45B	44.7B	41.4B
EPS	-0.27	4.88	7.81	1.55	-2.96	8.15	18.4	11.4	9.76	6.65
Diluted EPS	-0.27	4.85	7.74	1.54	-2.96	8.14	18.3	11.4	9.72	6.63

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	51.9B	48.9B	46.6B	49.6B	48.9B	48.3B	46.1B	44.4B	48.2B	45.8B	47.6B	67.2B
Cost of revenue	36.4B	34.7B	31.8B	34.9B	34.7B	35.1B	32.7B	31.2B	33.2B	31.2B	34.1B	42.7B
Gross profit	15.6B	14.2B	14.7B	14.7B	14.3B	13.2B	13.4B	13.2B	15B	14.6B	13.5B	24.5B
Gross margin	30%	29%	31.7%	29.7%	29.2%	27.3%	29%	29.7%	31.1%	31.8%	28.4%	36.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.2B	969M	1B	1B	1.2B	1.6B	1.2B	889M	1.5B	1.5B	1.1B	1.3B
Operating expenses	7.8B	7.7B	7.7B	7.9B	8B	9.7B	7.8B	7.8B	9.3B	9.2B	8.9B	9B
Operating income	6.8B	5.4B	6B	5.6B	5B	2.4B	4.3B	4.1B	4.3B	4B	3.2B	14.3B
Operating margin	13.1%	11%	12.8%	11.3%	10.1%	5%	9.32%	9.14%	8.92%	8.79%	6.78%	21.2%
Non-operating income, net	2.1B	-1.8B	2.1B	1.6B	1.7B	3.8B	1.5B	364M	1.5B	937M	1.1B	2.8B
Pretax income	8.7B	3.5B	7.9B	7B	6.5B	6.1B	5.6B	4.1B	5.4B	4.6B	3.9B	16.7B
Income tax	2.2B	1.2B	2.4B	2.6B	2B	2.8B	2.1B	1.6B	1.8B	1.8B	1.7B	4.5B
Net income	6.6B	2.2B	5.6B	4.4B	4.5B	3.3B	3.5B	2.5B	3.6B	2.8B	2.3B	12.2B
Net margin	12.6%	4.58%	11.9%	8.96%	9.19%	6.74%	7.62%	5.67%	7.5%	6.21%	4.82%	18.2%
EBITDA	13B	7.2B	12.2B	11.3B	10.9B	10.3B	10B	8.8B	11.8B	10.9B	10.2B	23B
EPS	3.48	1.23	2.99	2.43	2.49	1.85	2.01	1.45	1.83	1.39	1.12	6.13
Diluted EPS	3.48	1.22	2.97	2.43	2.48	1.84	2	1.45	1.82	1.39	1.11	6.11

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	220.4B	235.7B	206.4B	226.9B	157.9B	224.8B	346.7B	279.3B	262.1B	281.8B	404.8B
Enterprise value	259.6B	269.7B	230.6B	248.1B	196.6B	250.5B	352.1B	292B	279.9B	316.3B	435.3B
Shares outstanding	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	1.8B	1.8B	1.8B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	25.4	13.9	79.7	—	14.3	9.74	13	14.8	22.6	19.7
P/S	2	1.75	1.3	1.62	1.67	1.44	1.47	1.42	1.36	1.53	1.92
P/B	1.5	1.58	1.33	1.56	1.19	1.61	2.16	1.73	1.71	1.47	2.11
EV/EBITDA	19.8	9.85	5.76	10.2	18.8	6.36	5.38	6.48	6.26	7.64	8.59
EV/Sales	2.35	2	1.45	1.77	2.08	1.61	1.49	1.48	1.45	1.71	2.08
Earnings yield	—	3.93%	7.2%	1.25%	—	6.98%	10.3%	7.66%	6.77%	4.43%	5.09%
FCF yield	-2.46%	2.94%	8.15%	5.82%	1.05%	9.4%	10.9%	7.08%	5.74%	5.89%	5.42%
PEG	—	—	—	—	—	—	—	—	—	—	0.06

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	28.5%	29.4%	28.3%	21.8%	24.2%	29.2%	31.4%	30.7%	29.4%	30.4%	36.5%
Operating margin	-4.96%	2.32%	9.09%	0.07%	-6.45%	10.4%	16.9%	13.3%	9.78%	9.04%	21.9%
Net margin	-0.39%	6.88%	9.35%	2.03%	-5.89%	10.1%	15.1%	10.9%	9.18%	6.77%	9.83%
ROE	-0.29%	6.21%	9.55%	1.96%	-4.19%	11.2%	22.2%	13.2%	11.6%	6.5%	12.2%
ROA	-0.17%	3.65%	5.85%	1.2%	-2.32%	6.55%	13.8%	8.18%	6.91%	3.85%	5.86%
ROIC	-2.94%	1.71%	5.8%	0.03%	-3.56%	7.08%	17.3%	10.9%	7.14%	4.65%	7.88%
Return on tangible assets	-0.17%	3.79%	6.07%	1.25%	-2.41%	6.8%	14.3%	8.49%	7.16%	3.97%	6.53%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.93	1.03	1.25	1.07	1.18	1.26	1.47	1.27	1.06	1.15	1.25
Quick ratio	0.76	0.83	1.04	0.85	0.92	1.01	1.23	1.01	0.83	0.86	0.98
Debt / equity	0.31	0.26	0.22	0.19	0.33	0.22	0.15	0.13	0.16	0.21	0.19
Debt / assets	0.18	0.15	0.14	0.11	0.18	0.13	0.09	0.08	0.1	0.13	0.11
Net debt / EBITDA	2.98	1.24	0.6	0.87	3.71	0.65	0.08	0.28	0.4	0.83	0.51
Interest coverage	-9.75	31	28.5	7.94	-9.69	31.4	97.3	64.1	47.3	17.2	22.5
Effective tax rate	0%	0%	27.8%	48.6%	0%	27.5%	28.3%	27.6%	35.5%	36.8%	31.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	58.9	71.5	83.7	74.3	50.5	81.2	122	105.1	106.9	99.7	106.3
EPS (basic)	-0.27	4.88	7.81	1.55	-2.96	8.15	18.4	11.4	9.76	6.65	6.65
EPS (diluted)	-0.27	4.85	7.74	1.54	-2.96	8.14	18.3	11.4	9.72	6.63	10.4
Book value per share	78.3	79.3	82	77.1	71	73	83	86.5	84.6	103.9	96.8
FCF per share	-2.89	3.68	8.87	7.01	0.89	11	19.5	10.6	8.31	8.97	13.7
Cash per share	3.74	2.56	5.45	3.05	3.01	2.96	9.27	4.39	3.75	3.41	4.35
Capex per share	—	—	—	—	—	—	—	—	—	9.38	9.27

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	9.41%	8.77%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	51.1%	40.4%
Payout ratio	-1.9K%	87.7%	57.2%	314.9%	-173.5%	64.9%	30.8%	52.9%	66.5%	102.1%	67.2%
Dividend yield	3.64%	3.45%	4.12%	3.95%	6.11%	4.53%	3.16%	4.06%	4.5%	4.52%	3.45%

Yield

3.45%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.78

ex-dividend Aug 19, 2026

Payout ratio

67%

of earnings

Dividend growth

19 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 19, 2026	$1.78
May 19, 2026	$1.78
Feb 17, 2026	$1.78

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$51.9B	$48.9B	$46.6B	$49.6B	$48.9B	$48.3B	$46.1B	$44.4B	$48.2B	$45.8B	$47.6B	$67.2B
YoY change	-18.2%	-10.3%	-4.63%	+4.99%	-5.77%	-1.22%	-1.03%	-10.5%	-1.55%	-5.27%	+3.16%	+51.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	7B	4.8B	10.3B	5.7B	5.6B	5.7B	17.9B	8.2B	6.8B	6.3B
Receivables	14.1B	15.4B	15.1B	13.3B	11.5B	18.4B	20.5B	19.9B	20.7B	18.1B
Inventory	5.4B	5.6B	5.7B	5.8B	5.7B	6.8B	8.2B	8.6B	9.1B	9.7B
Total current assets	29.6B	28.6B	34B	28.3B	26.1B	33.7B	50.3B	41.1B	40.9B	38.6B
Property, plant & equipment	-153.9B	-166.8B	-171B	-176.2B	-188.6B	-189.1B	-184.2B	-192.5B	-198.1B	-215.2B
Goodwill & intangibles	9.2B	9.1B	9B	8.9B	8.8B	8.8B	9.4B	9.4B	9.2B	9.1B
Total assets	260.1B	253.8B	253.9B	237.4B	239.8B	239.5B	257.7B	261.6B	256.9B	324B
Accounts payable	14B	14.6B	14B	14.1B	10.9B	16.5B	19B	20.4B	22.1B	19.3B
Short-term debt	10.8B	5.2B	5.7B	3.3B	1.5B	256M	2B	529M	4.4B	977M
Total current liabilities	31.8B	27.7B	27.2B	26.5B	22.2B	26.8B	34.2B	32.3B	38.6B	33.4B
Long-term debt	35.3B	33.6B	28.7B	23.7B	42.8B	31.1B	21.4B	20.3B	20.1B	39.8B
Total liabilities	113.4B	104.5B	98.2B	92.2B	107.1B	99.6B	97.5B	99.7B	103.8B	131.8B
Shareholders' equity	146.7B	149.3B	155.6B	145.2B	132.7B	139.9B	160.2B	161.9B	153.2B	192.2B
Total debt	46.1B	38.8B	34.5B	27B	44.3B	31.4B	23.3B	20.8B	24.5B	40.8B
Net debt	39.1B	34B	25.1B	21.3B	38.7B	25.7B	5.7B	12.7B	17.8B	34.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	5.9B	8.2B	6.3B	4B	4.7B	6.8B	4.6B	4.1B	7.7B	6.3B	5.3B	8.5B
Receivables	22B	19.9B	20.4B	20.8B	19.6B	20.7B	19.6B	17.7B	17.9B	18.1B	25.3B	24.6B
Inventory	9.4B	8.6B	9.9B	10.5B	9.7B	9.1B	9.2B	8.8B	10.4B	9.7B	10.6B	10.5B
Total current assets	41.7B	41.1B	40.5B	39.4B	38.2B	40.9B	38.6B	34.7B	40.9B	38.6B	46.2B	49.1B
Property, plant & equipment	-188.6B	-192.5B	-196.9B	-196.9B	-195.6B	-198.1B	-200.7B	-204.6B	-209.8B	-215.2B	-220.8B	-224.8B
Goodwill & intangibles	9.4B	9.4B	9.4B	9.4B	9.4B	9.2B	9.1B	9.1B	9.1B	9.1B	9.1B	9.1B
Total assets	263.9B	261.6B	261.7B	260.6B	259.2B	256.9B	256.4B	250.8B	326.5B	324B	329.6B	330.1B
Accounts payable	21.6B	20.4B	21.3B	21B	20B	22.1B	20.9B	18.6B	19.1B	19.3B	23.2B	24.4B
Short-term debt	440M	529M	282M	1.7B	5.1B	4.4B	4.1B	6.2B	3.6B	977M	5.8B	401M
Total current liabilities	33.3B	32.3B	32.9B	34B	35.7B	38.6B	35.7B	34.8B	35.5B	33.4B	42.2B	39.2B
Long-term debt	20.1B	20.3B	21.6B	21.4B	20.7B	20.1B	25.6B	23.3B	38B	39.8B	39.6B	36.7B
Total liabilities	97.7B	99.7B	100B	100.4B	102.2B	103.8B	106.3B	103.6B	130.9B	131.8B	140.2B	134.6B
Shareholders' equity	166.2B	161.9B	161.7B	160.3B	157B	153.2B	150.1B	147.3B	195.6B	192.2B	189.4B	195.6B
Total debt	20.6B	20.8B	21.8B	23.2B	25.8B	24.5B	29.7B	29.5B	41.5B	40.8B	45.4B	37.1B
Net debt	14.8B	12.7B	15.6B	19.2B	21.1B	17.8B	25B	25.4B	33.8B	34.5B	40.1B	28.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-431M	9.3B	14.9B	2.8B	-5.6B	15.7B	35.6B	21.4B	17.7B	12.5B
Depreciation & amortization	16B	17.9B	18.7B	18B	17.2B	17B	15.3B	15B	16.6B	20.5B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-1.1B	-806M	355M	2.2B	-821M	-2.9B	-556M	668M	-48M	-229M
Operating cash flow	10B	20.9B	34B	18.6B	5.9B	29.5B	51.2B	37.7B	31.8B	33.9B
Capital expenditure	—	—	—	—	—	—	—	—	—	-17.3B
Investing cash flow	1.7B	5.1B	1.5B	2.7B	2B	2.2B	-134M	597M	7.5B	-15.9B
Dividends paid	-8B	-8.1B	-8.5B	-9B	-9.7B	-10.2B	-11B	-11.3B	-11.8B	-12.8B
Share repurchases	—	-1M	-1.8B	-4B	-1.8B	-1.4B	-11.3B	-14.9B	-15.2B	-12.1B
Financing cash flow	-12.6B	-24.7B	-19B	-26.3B	-14.2B	-34.6B	-30.8B	-30.4B	-24.6B	-29.3B
Net change in cash	-842M	1.2B	16.5B	-5B	-6.3B	-2.8B	20.2B	8B	14.7B	-11.3B
Free cash flow	-5.4B	6.9B	16.8B	13.2B	1.7B	21.1B	37.6B	19.8B	15B	16.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	3.6B	2.8B	2.3B	12.2B
Depreciation & amortization	—	—	—	—	—	—	—	—	6B	6B	5.9B	6B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	-450M	1.2B	-4.5B	2.6B
Operating cash flow	-115M	-1B	688M	454M	403M	-305M	480M	29M	9.4B	10.8B	2.5B	22.6B
Capital expenditure	—	—	—	—	—	—	—	—	-4.4B	-5.3B	-4.1B	-4.5B
Investing cash flow	—	—	—	—	—	—	—	—	-1.9B	-4.9B	-3B	-4.3B
Dividends paid	—	—	—	—	—	—	—	—	-3.4B	-3.4B	-3.5B	-3.5B
Share repurchases	—	—	—	—	—	—	—	—	-2.6B	-3B	-2.6B	-3B
Financing cash flow	—	—	—	—	—	—	—	—	-6.8B	-9.7B	-2.5B	-20B
Net change in cash	-115M	-1B	688M	454M	403M	-305M	480M	29M	620M	-3.9B	-3B	-1.6B
Free cash flow	—	—	—	—	—	—	—	—	4.9B	5.5B	-1.5B	18.1B

Date	Ratio
Sep 13, 2004	2:1
Jun 13, 1994	2:1
Mar 11, 1981	2:1
Dec 11, 1973	2:1

Chevron Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history