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CVX

Chevron Corporation

CVX

Chevron Corporation • NYSE
$151.49 ▲ 1.32% (+1.98)
Market Cap $302.88 B
52w High $168.96
52w Low $132.04
Dividend Yield 6.84%
P/E 21.28
Volume 3.83M
Outstanding Shares 2.00B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $48.169B ▲ $1.347B ▲ $3.539B ▲ 7.347% ▲ $1.83 ▲ $11.565B ▲
Q2-2025 $44.375B ▼ $1.301B ▼ $2.49B ▼ 5.611% ▼ $1.45 ▼ $8.765B ▼
Q1-2025 $47.61B ▼ $13.205B ▲ $3.512B ▲ 7.377% ▲ $2.01 ▲ $9.918B ▼
Q4-2024 $48.334B ▼ $10.797B ▲ $3.239B ▼ 6.701% ▼ $1.83 ▼ $11.435B ▲
Q3-2024 $48.926B $9.303B $4.487B 9.171% $2.49 $10.883B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.727B ▲ $326.501B ▲ $130.901B ▲ $189.843B ▲
Q2-2025 $4.094B ▼ $250.82B ▼ $103.562B ▼ $146.417B ▼
Q1-2025 $4.643B ▼ $256.397B ▼ $106.317B ▲ $149.244B ▼
Q4-2024 $6.785B ▲ $256.938B ▼ $103.781B ▲ $152.318B ▼
Q3-2024 $4.703B $259.232B $102.202B $156.202B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.539B ▲ $9.235B ▲ $-1.954B ▲ $-4.047B ▲ $3.427B ▲ $4.673B ▼
Q2-2025 $2.515B ▼ $8.576B ▲ $-3.432B ▲ $-5.985B ▼ $-791M ▲ $4.864B ▲
Q1-2025 $3.512B ▲ $5.189B ▼ $-5.614B ▼ $-1.664B ▲ $-2.096B ▼ $1.262B ▼
Q4-2024 $3.259B ▼ $8.695B ▼ $2.67B ▲ $-8.784B ▼ $2.498B ▲ $4.357B ▼
Q3-2024 $4.487B $9.674B $-3.696B $-5.262B $799M $5.619B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
All Other Segments
All Other Segments
 $0 ▲$0 ▲$150.00M ▲$290.00M ▲
Downstream
Downstream
 $35.31Bn ▲$13.37Bn ▼$18.71Bn ▲$18.23Bn ▼
Upstream
Upstream
 $12.98Bn ▲$33.84Bn ▲$10.38Bn ▼$12.16Bn ▲
All Other
All Other
 $40.00M ▲$400.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Chevron’s results over the past few years tell a story of a classic energy cycle. Profits swung from losses during the 2020 downturn to very strong earnings as oil and gas prices rebounded, then eased back from peak levels as pricing and refining conditions normalized. Revenue and profit are now below the boom year of 2022 but still comfortably above pre‑pandemic levels, suggesting the company is operating in a more “normal” but still healthy environment. Margins remain solid, though not at the exceptional highs seen during the recent commodity spike. Overall, the income statement reflects a mature, profitable business that is highly sensitive to global energy prices but has shown it can rebound strongly from downturns.

Balance Sheet

Balance Sheet The balance sheet looks like a key strength. Total assets have been broadly steady, while equity has gradually increased, which points to retained profitability and a stronger capital base. Debt has been brought down meaningfully from earlier in the decade, reducing financial risk and interest burdens. Cash levels have moved around with the cycle but remain adequate for a large integrated producer. In simple terms, Chevron appears to have cleaned up its balance sheet after the downturn, leaving it better positioned to handle future volatility or fund large projects.

Cash Flow

Cash Flow Cash generation has been robust since the pandemic low, with operating cash flow rising sharply during the high-price years and remaining solid even as conditions normalized. Free cash flow has been consistently positive, meaning the company is generating enough cash after investments to comfortably fund dividends, buybacks, and debt reduction. Capital spending has been rising again, signaling renewed investment both in core oil and gas projects and in newer energy initiatives. The key takeaway is that Chevron is largely self‑funding its strategy from internal cash, which adds resilience.

Competitive Edge

Competitive Edge Chevron sits among the global leaders in integrated oil and gas, and its scale, global reach, and mix of upstream production and downstream refining provide a meaningful competitive cushion. The integrated model helps smooth earnings across different parts of the cycle, while well-known fuel and lubricant brands add some differentiation in what is otherwise a commodity-heavy business. Its financial strength and disciplined capital approach give it room to pursue large projects and acquisitions, such as deepwater and international ventures. The main structural challenges are the inherent volatility of oil and gas prices, geopolitical exposure across its portfolio, and long‑term pressure from the energy transition and climate policies.

Innovation and R&D

Innovation and R&D Innovation at Chevron is more about large-scale engineering and digital efficiency than traditional lab-style R&D. The company is pushing advanced imaging and drilling technologies to squeeze more value from its existing resources, while heavy use of data, automation, and AI is aimed at lowering costs and improving safety. On the transition side, Chevron is investing in carbon capture, hydrogen, and renewable fuels through its New Energies unit and venture funds. These efforts are still small compared with its traditional oil and gas operations, and their long-term returns are uncertain, but they show a deliberate attempt to reposition the portfolio for a lower‑carbon future without abandoning the core business.

Summary

Chevron today looks like a financially strong, globally integrated energy major coming off a period of exceptional profits and moving into a more normalized, but still healthy, phase of the cycle. The company has used the upturn to pay down debt, reinforce its balance sheet, and invest in both conventional projects and early-stage low‑carbon initiatives. Its scale, integration, and brand strength provide a durable competitive base, while digitalization and selective new‑energy bets aim to preserve relevance in a changing landscape. The key uncertainties are the usual energy-sector drivers—commodity prices, project execution, regulation, and the pace of the energy transition—but Chevron appears to be entering that future from a position of financial and operational strength.

NEWS

November 17, 2025 · 7:00 AM UTC

Aston Bay and American West Metals Announce New >4-Kilometre Copper Anomaly Identified at the Storm Project, Nunavut, Canada

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November 12, 2025 · 5:30 AM UTC

Chevron Outlines Plan for Sustained Cash Flow Growth at Investor Day

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November 3, 2025 · 8:00 AM UTC

Chevron Announces Leadership Changes

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October 31, 2025 · 6:15 AM UTC

Chevron Reports Third Quarter 2025 Results

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October 7, 2025 · 9:00 AM UTC

Chevron Names Kevin McLachlan to Lead Exploration; Liz Schwarze to Retire

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