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Chevron Corporation

CVX Energy Oil & Gas Integrated

Chevron Corporation’s revenue for fiscal 2025 (year ended December 2025) was $189.0 billion, down 6.79% from fiscal 2024.

Revenue
+36.3%
EPS
+180.6%
Free cash flow
+142.9%
Total debt
+25.8%

Quarter to September 2026, against a year earlier

213.51 3.45 −1.59%
Market cap
$415.4B
P/E
15.5×
Fwd P/E
13.3×
Dividend yield
3.30%
F-score
5/9
Altman Z
2.99
Beneish M
−3.01
Dividend safety
42/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2017

  • Downstream Equipment
  • Upstream Equipment

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 568.06
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 8 11 5 — 2 — — 6 — 1 1
Insider Ownership 0.86%

Capital & Financial Ratios $m

Size
Market Cap 415,430.00
Revenue ttm 233,333.00
Net income ttm 27,400.00
Free cash flow ttm 34,074.00
Net debt Q 28,545.00
Valuation
P/E 15.50
Forward P/E 13.30
Price / sales 1.79
Forward P/S Powerpack
Price / FCF 12.26
Price / book 2.14
Financial health
Current ratio Q 1.25
Debt / equity Q 0.19 (at or below 0.5: strong)
Interest coverage Q 45.82
Growth
Revenue growth Q +36.34% (above 0%: growing)
Operating income growth Q +151.66% (above 0%: growing)
EPS, this year +148.65% (at or above 15%: strong)
EPS, next year A −10.74% (below 0%: weak)
Revenue, next year A +27.80% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +20.07% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.9×, against a ten-year median of 1.6×; over the ten years it ranged from 1.1× in 2020 to 2.5× in 2021.
P/E against its own 10 years 31.36%
10-year low 10-year high
P/S against its own 10 years 86.14%
10-year low 10-year high
P/B against its own 10 years 95.23%
10-year low 10-year high
EV/Sales against its own 10 years 77.37%
10-year low 10-year high
EV/FCF against its own 10 years 15.95%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.30%
Annual rate
7.05
Payout ratio
51.4%
Growth, 2017–25
+5.91%/yr
  1. 4.32 ’17
  2. 4.48 ’18 +4
  3. 4.76 ’19 +6
  4. 5.16 ’20 +8
  5. 5.31 ’21 +3
  6. 5.68 ’22 +7
  7. 6.04 ’23 +6
  8. 6.52 ’24 +8
  9. 6.84 ’25 +5
  10. 7.13 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8,223 6,785 6,297 8,530
Receivables 19,921 20,684 18,075 24,575
Inventory 8,612 9,074 9,711 10,522
Other — — — —
41,128 40,911 38,552 49,136
2023 2024 2025 Q'26
Payables 20,423 22,079 19,280 24,419
ST’ Debt 529 4,406 977 401
Other — — — —
32,258 38,558 33,387 39,241

Compound Annual Growth %

10y 5y 3y
Sales 3.16% 14.83% (8.44%)
Cash Flow 5.72% 26.26% (11.88%)
Earnings 10.37% 0.00% (29.74%)
Book Value 2.25% 7.68% 6.24%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.78 Actual 5.28

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.44 1.52 Beat by 0.08
Q1 FY26 0.92 1.41 Beat by 0.49
Q2 FY26 5.80 6.06 Beat by 0.26
Q3 FY26 4.78 5.28 Beat by 0.50
Q4 FY26 5.57 — Reports 29 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.11 6.11 5.12 — —
’25 2.00 1.45 1.82 1.39 6.63
’24 2.97 2.43 2.48 1.84 9.72
’23 3.46 3.20 3.48 1.22 11.36
’22 3.22 5.95 5.78 3.33 18.28
’21 0.72 1.60 3.19 2.63 8.14
’20 1.93 (4.44) (0.12) (0.33) (2.96)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 48,607 70,055 67,798 — —
’25 47,610 44,822 49,726 46,873 189,031
’24 48,716 51,181 50,669 52,226 202,792
’23 50,793 48,896 54,080 47,180 200,949
’22 54,373 68,762 66,644 56,473 246,252
’21 32,029 37,597 44,710 48,129 162,465
’20 31,501 13,494 24,451 25,246 94,692
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2,514 22,633 16,014 — —
’25 5,189 8,576 9,385 10,789 33,939
’24 6,828 6,295 9,674 8,695 31,492
’23 7,205 6,297 9,673 12,434 35,609
’22 8,055 13,782 15,267 12,498 49,602
’21 4,196 6,954 8,579 9,458 29,187
’20 4,722 80 3,537 2,238 10,577
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,549) 18,095 12,003 — —
’25 1,262 4,864 4,941 5,525 16,592
’24 2,739 2,329 5,619 4,357 15,044
’23 4,167 2,540 5,000 8,073 19,780
’22 6,095 10,598 12,272 8,663 37,628
’21 2,450 5,157 6,672 6,852 21,131
’20 1,589 (2,012) 1,907 171 1,655
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −0.1% a year for ten years.

Implied
−0.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 114,472 141,722 166,339 146,516 94,692 162,465 246,252 200,949 202,792 189,031 233,333 +5.7% 241,586 231,391 218,476 +4.9%
Gross margin, % 37.99 37.84 40.22 42.50 41.93 40.78 39.31 38.58 38.89 39.99 43.46 +2.0 pt
EBT (2,160) 9,221 20,575 5,536 (7,453) 21,639 49,674 29,584 27,506 19,743 38,854 n/m
EBT margin, % (1.89) 6.51 12.37 3.78 (7.87) 13.32 20.17 14.72 13.56 10.44 16.65 +12.3 pt
Net income (431) 9,269 14,860 2,845 (5,561) 15,689 35,608 21,411 17,749 12,485 27,400 n/m
Per share, $
Per share, $ Revenue 61.12 75.26 87.69 77.85 50.64 84.79 127.53 107.29 112.04 102.23 119.25 +5.9%
Earnings (0.27) 4.88 7.81 1.55 (2.96) 8.15 18.36 11.41 9.76 6.65 13.78 n/m
Cash flow 6.78 10.80 16.14 14.51 5.66 15.23 25.69 19.01 17.40 18.36 26.55 +11.7%
Capex (9.67) (7.12) (7.27) (7.50) (4.77) (4.20) (6.20) (8.45) (9.09) (9.38) (9.14) (0.3%)
Free cash flow (2.89) 3.68 8.87 7.01 0.89 11.03 19.49 10.56 8.31 8.97 17.41 n/m
Book value 78.34 79.30 82.05 77.16 70.98 73.04 82.98 86.45 84.62 103.94 0.00 +3.2%
Shares, m 1,873 1,883 1,897 1,882 1,870 1,916 1,931 1,873 1,810 1,849 1,939 (0.1%)
Valuation, ×
Valuation, × P/E 0.00 26.14 13.93 77.75 0.00 14.40 9.48 13.10 14.84 22.82 15.50 19.2
P/S 1.93 1.70 1.24 1.55 1.67 1.38 1.36 1.39 1.29 1.49 1.79 1.5
P/B 1.50 1.61 1.33 1.56 1.19 1.61 2.10 1.73 1.71 1.47 2.14 1.6
EV/Sales 2.27 1.93 1.39 1.69 2.08 1.54 1.39 1.46 1.38 1.67 1.91 1.7
EV/FCF (47.95) 39.54 13.70 18.79 118.80 11.86 9.07 14.79 18.61 19.06 13.10 21.6
Cash, $m
Cash, $m Operating cash flow 12,690 20,338 30,618 27,314 10,577 29,187 49,602 35,609 31,492 33,939 51,950 +11.6%
Capex (18,109) (13,404) (13,792) (14,116) (8,922) (8,056) (11,974) (15,829) (16,448) (17,347) (17,876) (0.5%)
Free cash flow (5,419) 6,934 16,826 13,198 1,655 21,131 37,628 19,780 15,044 16,592 34,074 n/m
Balance, $m
Balance, $m Working capital (2,166) 823 6,850 1,799 3,895 6,947 16,135 8,870 2,353 5,165 9,895 n/m
Net debt 39,125 33,941 24,114 21,224 38,688 25,694 5,438 12,613 17,756 34,461 28,545 (1.4%)
Shareholders’ equity 146,722 149,319 155,642 145,208 132,726 139,940 160,242 161,929 153,157 192,176 195,558 +3.0%
Returns, %
Returns, % ROA (0.19) 3.58 5.84 1.19 (2.32) 6.52 14.26 8.23 6.81 4.23 0.00 +4.4 pt
ROIC (0.73) 3.14 7.15 2.08 (2.72) 8.17 18.74 10.59 10.06 5.44 0.00 +6.2 pt
ROE (0.33) 6.21 9.72 1.94 (3.99) 11.46 23.63 13.27 11.21 7.12 0.00 +7.4 pt
People
People Employees 55,200 51,900 48,600 48,200 47,736 42,595 43,846 45,600 45,298 43,039 — (2.7%)
Revenue/emp, $m 2.07 2.73 3.42 3.04 1.98 3.81 5.62 4.41 4.48 4.39 — +8.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026

Business profile

Updated

Chevron is an integrated energy and chemicals company. Its businesses find and produce crude oil and natural gas, move and process them, and sell fuels, lubricants and chemicals to industry and individual consumers. Mike Wirth is chairman and chief executive officer.

The upstream business explores for oil and gas, develops fields and produces hydrocarbons. It also transports oil and gas, processes and liquefies natural gas, and handles the transportation and regasification of liquefied natural gas, or LNG. Other activities include natural gas storage and marketing, carbon capture and storage, and a gas-to-liquids plant.

Where the money comes from and where it goes Fiscal 2017

Fiscal 2017: revenue by segment, and margins
Downstream Equipment 114,535 80.82%
Upstream Equipment 41,922 29.58%
Gross margin 37.84%
Operating margin 6.51%
Pre-tax margin 6.51%

Revenue by segment since 2016

Chevron Corporation vs peers in Oil & Gas Integrated (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
XOM ExxonMobil Holdings Corporation $674.3B 16.8× 14.4× +32.68% (above 0%: growing) +119.72% (above 0%: growing) +210.97% (above 0%: growing) 27.39% 18.93% Compare
CVX Chevron Corporation $415.4B 15.5× 13.3× +36.34% (above 0%: growing) +180.61% (above 0%: growing) +142.93% (above 0%: growing) 44.18% 20.54%
SHEL Shell PLC Unsponsored ADR $284.5B 8.6× — +35.38% (above 0%: growing) +137.66% (above 0%: growing) +89.58% (above 0%: growing) 29.72% 20.09% Compare
TTE TotalEnergies SE Sponsored ADR $195.8B 8.7× 8.0× +41.09% (above 0%: growing) +126.88% (above 0%: growing) +110.23% (above 0%: growing) 43.09% 21.60% Compare
BP BP p.l.c. $115.1B 13.0× 7.7× +41.90% (above 0%: growing) +302.22% (above 0%: growing) +156.51% (above 0%: growing) 33.41% 13.86% Compare
EQNR Equinor ASA $101.7B 8.8× 8.3× +27.41% (above 0%: growing) n/m +60.93% (above 0%: growing) 56.42% 36.02% Compare
E Eni SpA $81.2B 8.9× 8.8× +24.78% (above 0%: growing) +380.16% (above 0%: growing) +26.39% (above 0%: growing) 20.59% 7.15% Compare
PBR Petroleo Brasileiro S.A.- Petrobras $70.0B 4.8× — +59.75% (above 0%: growing) +118.92% (above 0%: growing) +149.36% (above 0%: growing) 58.00% 42.41% Compare
CVE Cenovus Energy Inc $50.2B 10.7× 7.9× +41.33% (above 0%: growing) +226.47% (above 0%: growing) +18,996.54% (above 0%: growing) 42.35% 23.60% Compare
Median of peers $108.4B 8.9× 8.1× +38.23% +137.66% +129.80% 37.88% 20.85%

All 19 Oil & Gas Integrated stocks →

From the latest earnings call

Updated

  • CEO Mike Wirth said new fiscal terms made Venezuela more competitive within Chevron’s portfolio, and the company plans to double its joint ventures’ production by 2031.
  • CFO Eimear Bonner said higher refining margins and volumes lifted adjusted downstream earnings from the prior quarter, while lower realizations and liftings reduced upstream earnings.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
William Blair Nov 2, 2026 Upgrade Hold → Buy 160.00 → 326.00
UBS Oct 22, 2026 Target raised Buy 235.00
TD Cowen Oct 22, 2026 Target raised Hold 225.00
Morgan Stanley Oct 22, 2026 Target raised Outperform 226.00
Barchart Oct 2, 2026 Target raised — 213.70 → 221.93
Yahoo! Finance Oct 2, 2026 Target raised — 215.00 → 224.21

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 73.94%
Held by the ten largest 38.51%
Holder Shares Stake Change
Vanguard 184.98m 9.36% +970.06k
BlackRock 154.82m 7.84% +10.10m
State Street 148.45m 7.51% −4.69m
Berkshire Hathaway 84.38m 4.27% 0.00
Geode Capital Management 44.54m 2.25% +858.71k
Charles Schwab 37.73m 1.91% +1.60m
Morgan Stanley 36.05m 1.82% −796.02k
Bank of America 27.21m 1.38% −424.77k
Norges Bank 22.96m 1.16% +22.96m
Ameriprise (Columbia Threadneedle) 19.72m 1.00% +2.56m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 7 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 26.83m 17.70m 222.00
2024 32.72m 32.82m 202.00
2023 27.39m (23.78m) 199.00
2022 24.19m 87.37m 231.00
2021 22.61m 54.35m 146.00

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 8.56%
State Street Corporation 7.50%
BlackRock, Inc. 7.00%
Berkshire Hathaway Inc./Warren E. Buffett 6.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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CVX metrics, ten years each

stockrow.com/CVX · Data as of Nov 3, 2026 · For information only; not investment advice. · © 2026 stockrow.com