BP vs Chevron
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KIRA’s take AI analyst
I put BP and Chevron side by side, using each one’s latest annual report. Here is what stands out:
- BP is the larger business, with $192.5B of revenue in fiscal 2025 against $189.0B for Chevron.
- BP grew revenue faster (−1.1%, against −6.8%).
- Chevron turned more of its sales into free cash flow (8.8% FCF margin, against 5.9%).
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
BP
BP
2/7
Revenue growthNet debt / EBITDA
Chevron
CVX
5/7
5-year growthNet marginFCF marginReturn on capitalReturn on equity
Side by side
Best in the row
| Latest fiscal year | BP FY25 | CVX FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $458.2B |
| Revenue | $192.5B | $189.0B |
| Free cash flow | $11.3B | $16.6B |
| Net income | $55.0M | $12.3B |
| Growth | ||
| Revenue growth | −1.1% | −6.8% |
| 5-year growth | 12.0% | 14.8% |
| Share count change | — | 2.2% |
| Profitability | ||
| Gross margin | — | 42.8% |
| Operating margin | 6.6% | — |
| Net margin | 0.0% | 6.5% |
| FCF margin | 5.9% | 8.8% |
| Return on capital | 6.5% | 6.7% |
| Return on equity | 0.1% | 7.3% |
| Balance sheet | ||
| Net debt | $21.4B | $33.5B |
| Net debt / EBITDA | 0.7x | 0.8x |
| Dividends and buybacks | $9.5B | $24.8B |
| Valuation & quality | ||
| P/E | — | 22.3x |
| Piotroski F-score | — | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.