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Chevron Corporation CVX

Energy  —  Oil & Gas Integrated
204.45 (1.20) (0.58%) as of 25 Sep
Market cap
$403.9B
P/E
19.5×
S&P 500 Member Dividend Champion (10y)
Indexes indicate stock being part of an index,
Growth Flags show if company had growth for consecutive years
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Chevron Corporation (CVX) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

Chevron had a market capitalisation of $405.1 billion as of September 24, 2026. Revenue was $189.0 billion, net income was $12.5 billion, and diluted EPS was $6.63 in FY2025.

In Q2 FY2026, revenue was $70.1 billion, gross profit was $32.2 billion, operating income was $16.7 billion, and net income was $12.2 billion. Diluted EPS was $6.11 in Q2 FY2026. Revenue in Q2 FY2026 was higher than the preceding reported quarters, while operating income and net income also exceeded the preceding reported quarters shown.

Growth

Revenue was $189.0 billion in FY2025, with revenue growth of −6.79% in FY2025 against FY2024. Revenue compound annual growth was −8.44% in FY2022–FY2025 and 14.8% in FY2020–FY2025.

Diluted EPS was $6.63 in FY2025 and declined −31.8% in FY2025 against FY2024. Diluted EPS compound annual growth was −28.7% in FY2022–FY2025; the FY2020–FY2025 measure was not meaningful: a value at one end is zero or negative.

Free cash flow was $16.6 billion in FY2025, up 10.3% in FY2025 against FY2024. In Q2 FY2026, revenue increased 44.1% and diluted EPS increased 450.5% in Q2 FY2026 against Q1 FY2026, while free cash flow was $18.1 billion in Q2 FY2026 after −$1.5 billion in Q1 FY2026.

Profitability

Gross margin was 40.0% in FY2025, up 1.1 percentage points in FY2024–FY2025 but down −1.9 percentage points in FY2020–FY2025. Operating margin was 10.4% in FY2025, down −3.1 percentage points in FY2024–FY2025 and up 18.3 percentage points in FY2020–FY2025. Net margin was 6.60% in FY2025, down −2.1 percentage points in FY2024–FY2025 and up 12.5 percentage points in FY2020–FY2025.

Return on equity was 7.12%, return on assets was 4.23%, and return on invested capital was 5.44% in FY2025. Each return measure was lower in FY2025 than in FY2024. In Q2 FY2026, gross margin was 46.0% and operating margin was 23.8%.

Balance sheet

Total debt was $40.8 billion and net debt was $34.5 billion in FY2025. Cash and short-term investments were $6.3 billion in FY2025, while shareholders’ equity was $192.2 billion in FY2025. Working capital was $5.2 billion in FY2025.

Net debt was $28.5 billion in Q2 FY2026, compared with $40.1 billion in Q1 FY2026. The current ratio was 1.3× and debt to equity was 0.2× in Q2 FY2026. Net debt in Q2 FY2026 remained above $25.4 billion in Q2 FY2025.

Cash flow & capital return

Operating cash flow was $33.9 billion in FY2025, up 7.77% in FY2025 against FY2024. Capital expenditure was $17.3 billion in FY2025, and free cash flow was $16.6 billion in FY2025. Free cash flow represented 132.9% of net income in FY2025.

Dividends paid were $13.1 billion and net share repurchases were $11.9 billion in FY2025. Capital returned to shareholders was $24.9 billion in FY2025 and $104.7 billion in FY2021–FY2025. Weighted average shares were 1.8 billion shares in FY2025, with the share count changing −1.12% in FY2020–FY2025. Free cash flow was $18.1 billion in Q2 FY2026.

Valuation

Chevron’s market capitalisation was $405.1 billion as of September 24, 2026. Its P/E was 19.6× as of September 24, 2026, higher than its 14.4× five-year median as of September 24, 2026, over the five fiscal years to FY2025. Its P/S was 1.9× and P/B was 2.1× as of September 24, 2026, above their respective five-year medians of 1.4× and 1.7× as of September 24, 2026, over the five fiscal years to FY2025.

EV/Sales was 2.0× and EV/Cash flow was 16.1× as of September 24, 2026, higher than their five-year medians of 1.5× and 14.8× as of September 24, 2026, over the five fiscal years to FY2025. EV/Sales was also above its 1.6× ten-year median as of September 24, 2026, over the ten fiscal years to FY2025.

What changed since last quarter

Revenue rose 44.1% in Q2 FY2026 against Q1 FY2026, reaching $70.1 billion in Q2 FY2026. Diluted EPS rose 450.5% in Q2 FY2026 against Q1 FY2026 to $6.11 in Q2 FY2026. Gross margin increased 6.9 percentage points and operating margin increased 15.7 percentage points in Q2 FY2026 against Q1 FY2026. Net debt decreased −$11.6 billion in Q2 FY2026 against Q1 FY2026.

Against Q2 FY2025, revenue increased 56.3%, diluted EPS increased 321.4%, and free cash flow increased 272.0% in Q2 FY2026. Gross margin increased 8.8 percentage points and operating margin increased 14.6 percentage points in Q2 FY2026 against Q2 FY2025. No management explanation for these changes is reported.

Open questions

  • What factors drove the quarter-to-quarter changes in revenue, margins and earnings?
  • What explains the change in weighted average shares during the latest quarter?
  • How was the increase in total debt during the latest fiscal year used?
  • What portion of the latest-quarter cash generation is recurring versus period-specific?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.