BP vs Chevron
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The short version
- 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%).
| Latest fiscal year | BP · FY25 | CVX · FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $460.6B |
| 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 | — | 22.4x |
| Piotroski F-score | — | 5 |
Revenue
FY16
BP $186.6B
CVX $114.5B
FY17
BP $244.6B
CVX $141.7B
FY18
BP $303.7B
CVX $166.3B
FY19
BP $163.5B
CVX $146.5B
FY20
BP $109.1B
CVX $94.7B
FY21
BP $164.2B
CVX $162.5B
FY22
BP $248.9B
CVX $246.3B
FY23
BP $213.0B
CVX $200.9B
FY24
BP $194.6B
CVX $202.8B
FY25
BP $192.5B
CVX $189.0B
BP
CVX
Operating margin
FY16
BP −0.2%
CVX —
FY17
BP 3.9%
CVX —
FY18
BP 6.4%
CVX —
FY19
BP 7.2%
CVX —
FY20
BP −19.9%
CVX —
FY21
BP 11.0%
CVX —
FY22
BP 7.3%
CVX —
FY23
BP 12.8%
CVX —
FY24
BP 5.8%
CVX —
FY25
BP 6.6%
CVX —
BP
CVX
Free cash flow
FY16
BP −$6.0B
CVX −$5.4B
FY17
BP $2.4B
CVX $6.9B
FY18
BP $6.2B
CVX $16.8B
FY19
BP $10.4B
CVX $13.2B
FY20
BP −$144M
CVX $1.7B
FY21
BP $12.7B
CVX $21.1B
FY22
BP $28.9B
CVX $37.6B
FY23
BP $17.8B
CVX $19.8B
FY24
BP $12.0B
CVX $15.0B
FY25
BP $11.3B
CVX $16.6B
BP
CVX
Return on capital
FY16
BP —
CVX −0.9%
FY17
BP 3.5%
CVX 5.3%
FY18
BP 7.9%
CVX 8.7%
FY19
BP 4.2%
CVX 1.9%
FY20
BP −12.6%
CVX −3.4%
FY21
BP 8.1%
CVX 10.3%
FY22
BP 8.1%
CVX 22.1%
FY23
BP 17.8%
CVX 12.8%
FY24
BP 5.6%
CVX 10.5%
FY25
BP 6.5%
CVX 6.7%
BP
CVX
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.