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Chevron

CVX NYSE Integrated Oil & Gas Financials FY2016–FY2025

Chevron's revenue fell 6.8% to $189.0 billion in fiscal 2025. Its net margin was 6.5%, down from 8.7% a year earlier. Free cash flow was $16.6 billion, up 10.3%. It paid out $24.8 billion in dividends and buybacks, 150% of free cash flow. The diluted share count rose 2.1%.

Last close · Oct 23, 2026

$233.21

2.9%
Value it Compare
Revenue Total sales reported in the income statement.
$189.0B
6.8% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$12.3B
30.4%
Free cash flow Cash from operations minus capital spending.
$16.6B
10.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.7%
3.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$460.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
22.4x
On $10.40 EPS (TTM)

What Chevron does

Chevron is an oil and gas company. It finds and pumps crude oil and natural gas, turns gas into liquefied natural gas (LNG) for shipping, and moves oil and gas through pipelines. It also refines crude oil into gasoline, diesel, jet fuel and lubricants, sells fuel through Chevron, Texaco and Caltex service stations, and makes petrochemicals, plastics and fuel additives. It works across North America, South America, Europe, Africa, Asia and Australia.

Its business has two parts. Upstream, the oil and gas production side, is where most of its earnings come from, so its results rise and fall with oil and gas prices. In 2025 it and its affiliates produced the equivalent of 3.7 million barrels of oil a day. Downstream, the refining and selling side, can process 1.8 million barrels a day, and about 8,600 branded stations in the US and 5,200 abroad sell its fuel. Chevron competes with other large oil companies, independent producers and refiners, and state-owned oil companies.

In July 2025 Chevron bought Hess Corporation, which added oil fields in Guyana and helped lift its proved reserves to about 10.6 billion barrels of oil-equivalent. At the end of 2025 it had 43,039 employees, including about 5,200 at service stations.

Legal name
Chevron Corp
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 24, 2026
Accession · CIK
0000093410-26-000078
0000093410

Revenue and margins

Chevron had $189.0B of revenue in fiscal 2025, down 6.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $16.6B in fiscal 2025, 8.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Chevron returned $24.8B to shareholders in fiscal 2025, 150% of free cash flow. The diluted share count rose 2.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Chevron yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$33.5B and divides by 1,856.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 22.4x · peers — · sector 16.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Chevron can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $5.7B$17.9B$8.2B$8.3B$7.3B
Debt incl. finance leases $26.4B$23.3B$20.8B$24.5B$40.8B
Net debt / EBITDA 0.5x0.1x0.3x0.4x0.8x
Debt / equity 0.2x0.2x0.1x0.2x0.2x
Interest coverage 31.4x97.3x64.1x47.3x17.2x
Current ratio 1.3x1.5x1.3x1.1x1.2x
Quick ratio 1.0x1.2x1.0x0.8x0.9x
Total assets $239.5B$257.7B$261.6B$256.9B$324.0B
Total liabilities $99.6B$97.5B$99.7B$103.8B$131.8B
Shareholders' equity $139.1B$159.3B$161.0B$152.3B$186.5B
Net debt (− = net cash) $20.8B$5.4B$12.6B$16.3B$33.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$365M

5 insiders

Of sales under plans

8%

$27.4M

DateInsiderTradeSharesPriceValueFiling
Oct 20, 2026 Pate R. HewittChief Legal Officer Sold plan 40,700 $226.65 $9.2M Form 4
Oct 19, 2026 Pate R. HewittChief Legal Officer Sold plan 2,400 $225.61 $0.5M Form 4
Aug 18, 2026 Pate R. HewittChief Legal Officer Sold 2,470 $205.11 $0.5M Form 4
Aug 17, 2026 Andrew Benjamin WalzPresident, Dm&c Sold 16,800 $201.06 $3.4M Form 4
Aug 14, 2026 Michael K WirthChairman and CEO, Director Sold 317,100 $200.46 $63.6M Form 4
Aug 11, 2026 Jeff B GustavsonPresident, New Energies Sold 14,044 $194.95 $2.7M Form 4
Aug 5, 2026 Michael K WirthChairman and CEO, Director Sold 5,547 $187.00 $1.0M Form 4
Aug 3, 2026 John B HessDirector Sold 810,665 $194.12 $157M Form 4
May 20, 2026 John B HessDirector Sold 380,000 $193.20 $73.4M Form 4
May 6, 2026 John B HessDirector Sold 195,000 $184.78 $36.0M Form 4
Mar 30, 2026 Pate R. HewittChief Legal Officer Sold plan 40,200 $213.30 $8.6M Form 4
Mar 6, 2026 Pate R. HewittChief Legal Officer Sold plan 47,200 $192.12 $9.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✕
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✕ ✕ ✕
F-score 5 / 95 / 95 / 9
Accruals ratio −5.5%−5.3%−7.5%
Altman Z'' 5.194.964.14

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Chevron CVX $460.6B −6.8% — 8.8% 6.7% 22.4x 5
ExxonMobil XOM $764.7B −5.0% — 7.1% 10.3% 23.5x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $114.5B $141.7B $166.3B $146.5B $94.7B $162.5B $246.3B $200.9B $202.8B $189.0B
Gross profit $55.2B $66.0B $71.8B $66.4B $42.5B $70.2B $100.8B $81.8B $83.6B $80.8B
Research and development $476M $433M $453M $500M $435M $268M $268M $320M $353M $427M
Interest expense $201M $307M $748M $798M $697M $712M $516M $469M $594M $1.2B
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 −$48.0M $5.7B $2.7B −$1.9B $6.0B $14.1B $8.2B $9.8B $7.3B
Net income −$497M $9.2B $14.8B $2.9B −$5.5B $15.6B $35.5B $21.4B $17.7B $12.3B
Diluted EPS −$0.27 $4.85 $7.74 $1.54 −$2.96 $8.14 $18.28 $11.36 $9.72 $6.63
Diluted shares 1.87B 1.90B 1.91B 1.90B 1.87B 1.92B 1.94B 1.88B 1.82B 1.86B
Cash flow
Cash from operations $12.7B $20.3B $30.6B $27.3B $10.6B $29.2B $49.6B $35.6B $31.5B $33.9B
Capital expenditure $18.1B $13.4B $13.8B $14.1B $8.9B $8.1B $12.0B $15.8B $16.4B $17.3B
Free cash flow −$5.4B $6.9B $16.8B $13.2B $1.7B $21.1B $37.6B $19.8B $15.0B $16.6B
Depreciation and amortization $19.5B $19.3B $19.4B $29.2B $19.5B $17.9B $16.3B $17.3B $17.3B $20.1B
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $2.9B $55.0M $0.0M $1.1B
Share buybacks $2.0M $1.0M $1.8B $4.0B $1.8B $1.4B $11.3B $14.9B $15.2B $12.1B
Dividends paid $8.0B $8.1B $8.5B $9.0B $9.7B $10.2B $11.0B $11.3B $11.8B $12.8B
Dividends and buybacks $8.0B $8.1B $10.3B $13.0B $11.4B $11.6B $22.2B $26.3B $27.0B $24.8B
Balance sheet
Cash and short-term investments $7.0B $4.8B $9.4B $7.0B $5.6B $5.7B $17.9B $8.2B $8.3B $7.3B
Total debt $43.3B $35.4B $29.5B $22.0B $27.2B $25.9B $23.3B $20.8B $24.5B $40.8B
Finance lease liabilities $0.0M $0.0M $0.0M $300M $633M $497M $448M $634M $604M $1.4B
Current assets $29.6B $28.6B $34.0B $28.3B $26.1B $33.7B $50.3B $41.1B $40.9B $38.6B
Current liabilities $31.8B $27.7B $27.2B $26.5B $22.2B $26.8B $34.2B $32.3B $38.6B $33.4B
Inventory $5.4B $5.6B $5.7B $5.8B $5.7B $6.8B $8.2B $8.6B $9.1B $9.7B
Property and equipment, net $182.2B $177.7B $169.2B $150.5B $156.6B $147.0B $143.6B $153.6B $147.8B $219.7B
Total assets $260.1B $253.8B $253.9B $237.4B $239.8B $239.5B $257.7B $261.6B $256.9B $324.0B
Total liabilities $113.4B $104.5B $98.2B $92.2B $107.1B $99.6B $97.5B $99.7B $103.8B $131.8B
Shareholders' equity $145.6B $148.1B $154.6B $144.2B $131.7B $139.1B $159.3B $161.0B $152.3B $186.5B
Margins
Gross margin 48.2% 46.5% 43.1% 45.3% 44.9% 43.2% 41.0% 40.7% 41.2% 42.8%
EBITDA margin 15.3% 20.4% 24.5% 24.3% 13.5% 24.8% 27.0% 23.6% 22.4% 21.7%
Net margin −0.4% 6.5% 8.9% 2.0% −5.9% 9.6% 14.4% 10.6% 8.7% 6.5%
FCF margin −4.7% 4.9% 10.1% 9.0% 1.8% 13.0% 15.3% 9.8% 7.4% 8.8%
Returns
Return on capital −0.9% 5.3% 8.7% 1.9% −3.4% 10.3% 22.1% 12.8% 10.5% 6.7%
Return on capital employed −0.8% 4.2% 9.4% 2.9% −3.2% 10.4% 23.0% 13.3% 12.6% 8.2%
Return on equity −0.3% 6.3% 9.8% 2.0% −4.0% 11.5% 23.8% 13.4% 11.3% 7.3%
Return on assets −0.2% 3.6% 5.8% 1.2% −2.3% 6.5% 14.3% 8.2% 6.8% 4.2%
Growth
Revenue growth −17.3% 23.8% 17.4% −11.9% −35.4% 71.6% 51.6% −18.4% 0.9% −6.8%
Net income growth −110.8% — 61.2% −80.3% −289.6% — 127.0% −39.8% −17.4% −30.4%
EPS growth −111.0% — 59.6% −80.1% −292.2% — 124.6% −37.9% −14.4% −31.8%
FCF growth — — 142.7% −21.6% −87.5% 1,176.8% 78.1% −47.4% −23.9% 10.3%
Share count change −0.1% 1.3% 0.8% −1.0% −1.3% 2.7% 1.0% −3.1% −3.4% 2.2%
Financial health
Net debt / EBITDA 2.1x 1.1x 0.5x 0.4x 1.7x 0.5x 0.1x 0.3x 0.4x 0.8x
Debt / equity 0.3x 0.2x 0.2x 0.2x 0.2x 0.2x 0.2x 0.1x 0.2x 0.2x
Interest coverage −9.8x 31.0x 28.5x 7.9x −9.7x 31.4x 97.3x 64.1x 47.3x 17.2x
Current ratio 0.9x 1.0x 1.3x 1.1x 1.2x 1.3x 1.5x 1.3x 1.1x 1.2x
Quick ratio 0.8x 0.8x 1.0x 0.9x 0.9x 1.0x 1.2x 1.0x 0.8x 0.9x
Capital allocation
Capex / revenue 15.8% 9.5% 8.3% 9.6% 9.4% 5.0% 4.9% 7.9% 8.1% 9.2%
Payouts / FCF — 117.3% 60.9% 98.5% 689.3% 54.7% 59.1% 132.8% 179.7% 149.7%
Quality scores
Piotroski F-score 3.0 7.0 7.0 6.0 4.0 7.0 7.0 5.0 5.0 5.0
Altman Z'' 3.4 4.0 4.7 4.3 3.4 4.6 5.9 5.2 5.0 4.1
Accruals ratio −5.0% −4.3% −6.2% −9.9% −6.8% −5.7% −5.7% −5.5% −5.3% −7.5%

Source: SEC EDGAR XBRL filings (CIK 0000093410). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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