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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. In the quarter to June 2026, revenue grew 56.3%, EPS grew 322.8%, free cash flow grew 272.0% and total debt rose 25.8%, each against the same quarter a year earlier. Member of the S&P 500 and Dow Jones; dividend growth for ten consecutive years.

224.99 5.67 +2.59%
Market cap
$433.3B
P/E
21.5×
Fwd P/E
12.4×
Dividend yield
3.13%
F-score
5/9
Altman Z
2.99
Beneish M
−3.01
Dividend safety
42/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K
Share dilution
All filings →

Insider Decisions trades per month

Total sells 636.81
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 2 — 8 11 5 — 2 — — 6 — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 433,330.00
Revenue 215,261.00
Net Income 20,965.00
Free Cash Flow 27,012.00
Net Debt 28,545.00
Current Ratio 1.25
Debt/Equity 0.19 (at or below 0.5: strong)
P/E ratio 21.49
Fwd P/E 12.40
P/S ratio 2.06
P/B ratio 2.27
Past 5Y EPS Growth —
This Y EPS Growth 137.34% (at or above 15%: strong)
Next Y EPS Growth (13.60%) (below 0%: weak)
Next Y revenue growth 26.71% (at or above 10%: strong)
Next 5Y EPS Growth 19.70% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.2×, 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 63.82%
10-year low 10-year high
P/S against its own 10 years 97.12%
10-year low 10-year high
P/B against its own 10 years 99.00%
10-year low 10-year high
EV/Sales against its own 10 years 93.40%
10-year low 10-year high
EV/FCF against its own 10 years 53.83%
10-year low 10-year high

Dividends

Payout Ratio 0.68
Annual Dividend Rate 7.05
Annual Dividend Yield 3.13%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 7.13
1.78
1.78
1.78
2025 6.84
1.71
1.71
1.71
1.71
2024 6.52
1.63
1.63
1.63
1.63
2023 6.04
1.51
1.51
1.51
1.51
2022 5.68
1.42
1.42
1.42
1.42
2021 5.31
1.29
1.34
1.34
1.34
2020 5.16
1.29
1.29
1.29
1.29
2019 4.76
1.19
1.19
1.19
1.19
2018 4.48
1.12
1.12
1.12
1.12
2017 4.32
1.08
1.08
1.08
1.08
2016 4.29
1.07
1.07
1.07
1.08
predictions special payouts not included in total or ratios

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%

Revenue $m

Mar Jun Sep Dec Year
’26 48,607 70,055 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 1.11 6.11 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 75.33 102.55 100.22 107.10 51.60 83.89 117.29 140.72 135.37 132.04

Analyst estimates 2026–2028

Powerpack
High 119.00 126.20 133.88 127.34 122.72 119.34 189.68 187.81 167.11 168.96
People
People Employees 55,200 51,900 48,600 48,200 47,736 42,595 43,846 45,600 45,298 43,039
Revenue/emp, $m 2.07 2.73 3.42 3.04 1.98 3.81 5.62 4.41 4.48 4.39
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
Gross margin, % 37.99 37.84 40.22 42.50 41.93 40.78 39.31 38.58 38.89 39.99
EBT (2,160) 9,221 20,575 5,536 (7,453) 21,639 49,674 29,584 27,506 19,743
EBT margin, % (1.89) 6.51 12.37 3.78 (7.87) 13.32 20.17 14.72 13.56 10.44
Net income (431) 9,269 14,860 2,845 (5,561) 15,689 35,608 21,411 17,749 12,485
Depreciation 19,457 19,349 19,419 29,218 19,508 17,925 16,319 17,326 17,282 20,132
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
Earnings (0.27) 4.88 7.81 1.55 (2.96) 8.15 18.36 11.41 9.76 6.65
Cash flow 6.78 10.80 16.14 14.51 5.66 15.23 25.69 19.01 17.40 18.36
Capex (9.67) (7.12) (7.27) (7.50) (4.77) (4.20) (6.20) (8.45) (9.09) (9.38)
Free cash flow (2.89) 3.68 8.87 7.01 0.89 11.03 19.49 10.56 8.31 8.97
Book value 78.34 79.30 82.05 77.16 70.98 73.04 82.98 86.45 84.62 103.94
Shares, m 1,873 1,883 1,897 1,882 1,870 1,916 1,931 1,873 1,810 1,849
Valuation, ×
Valuation, × P/E 0.00 26.14 13.93 77.75 0.00 14.40 9.48 13.10 14.84 22.82
P/S 1.93 1.70 1.24 1.55 1.67 1.38 1.36 1.39 1.29 1.49
P/B 1.50 1.61 1.33 1.56 1.19 1.61 2.10 1.73 1.71 1.47
EV/Sales 2.27 1.93 1.39 1.69 2.08 1.54 1.39 1.46 1.38 1.67
EV/FCF (47.95) 39.54 13.70 18.79 118.80 11.86 9.07 14.79 18.61 19.06
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
Capex (18,109) (13,404) (13,792) (14,116) (8,922) (8,056) (11,974) (15,829) (16,448) (17,347)
Free cash flow (5,419) 6,934 16,826 13,198 1,655 21,131 37,628 19,780 15,044 16,592
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
Total debt 46,126 38,763 34,459 26,973 44,315 31,369 23,339 20,836 24,541 40,758
Net debt 39,125 33,941 24,114 21,224 38,688 25,694 5,438 12,613 17,756 34,461
Shareholders’ equity 146,722 149,319 155,642 145,208 132,726 139,940 160,242 161,929 153,157 192,176
Returns, %
Returns, % ROA (0.19) 3.58 5.84 1.19 (2.32) 6.52 14.26 8.23 6.81 4.23
ROIC (0.73) 3.14 7.15 2.08 (2.72) 8.17 18.74 10.59 10.06 5.44
ROE (0.33) 6.21 9.72 1.94 (3.99) 11.46 23.63 13.27 11.21 7.12
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $718.3B 23.0× 12.6× +42.34% (above 0%: growing) +112.20% (above 0%: growing) +220.74% (above 0%: growing) 26.73% 16.94% Compare
CVX Chevron Corporation $433.3B 21.5× 12.4× +56.30% (above 0%: growing) +322.76% (above 0%: growing) +272.02% (above 0%: growing) 46.01% 24.32%
SHEL Shell PLC Unsponsored ADR $294.9B 11.6× — +45.02% (above 0%: growing) +218.03% (above 0%: growing) +173.92% (above 0%: growing) 27.23% 17.51% Compare
TTE TotalEnergies SE Sponsored ADR $196.8B 11.3× 7.6× +27.80% (above 0%: growing) +106.78% (above 0%: growing) +464.21% (above 0%: growing) 32.91% 13.37% Compare
BP BP p.l.c. $124.8B 23.9× 8.0× +47.06% (above 0%: growing) +140.32% (above 0%: growing) +144.15% (above 0%: growing) 27.64% 12.75% Compare
EQNR Equinor ASA $107.4B 12.8× 7.6× +39.90% (above 0%: growing) +298.00% (above 0%: growing) +1,548.80% (above 0%: growing) 54.71% 36.94% Compare
PBR Petroleo Brasileiro S.A.- Petrobras $94.1B 6.6× — +59.75% (above 0%: growing) +118.92% (above 0%: growing) +149.36% (above 0%: growing) 58.00% 42.41% Compare
E Eni SpA $83.7B 14.8× 9.3× +21.42% (above 0%: growing) +616.67% (above 0%: growing) +43.60% (above 0%: growing) 21.45% 5.19% Compare
PBR.A Petroleo Brasileiro S.A.- Petrobras $61.6B 5.9× — +59.75% (above 0%: growing) +118.92% (above 0%: growing) +149.36% (above 0%: growing) 58.00% 42.41% Compare
Median of peers $116.1B 12.2× 8.0× +43.68% +129.62% +161.64% 30.27% 17.23%

All 19 Oil & Gas Integrated stocks →

CVX metrics, ten years each

Chevron Corporation (CVX) key facts

  • Concern: Chevron Corporation’s revenue for fiscal 2025 (year ended December 2025) was $189.0 billion, down 6.79% from fiscal 2024.
  • Concern: Net income was $12.5 billion, or $6.65 per share (basic), a net margin of 6.51%.
  • Chevron Corporation (CVX) is an Oil & Gas Integrated company in the Energy sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, CVX traded at $224.99, a market capitalization of $433.3 billion.
  • At that price the stock trades at 21.5× trailing-twelve-month earnings and 2.1× sales; its P/E is higher than 64% of its own readings over the past ten years.
  • Chevron Corporation pays an annual dividend of $7.05 per share, a yield of 3.13%, with a payout ratio of 67.6%.
  • Return on equity was 7.12% and debt-to-equity 0.19.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.99 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated

Chevron reported $189.0 billion of revenue and $12.5 billion of net income in FY2025, following declines from FY2024. Operating cash flow was $33.9 billion and free cash flow was $16.6 billion in FY2025, while capital returned to shareholders totaled $24.9 billion in FY2025.

In Q2 FY2026, revenue was $70.1 billion, net income was $12.2 billion, and free cash flow was $18.1 billion. Net debt was $28.5 billion in Q2 FY2026, while the current ratio was 1.3× in Q2 FY2026. Market capitalisation was $405.1 billion as of September 24, 2026.

Chevron Corporation (CVX) Latest News

1 Sep

Impact 5 ·

4 May

Impact 5 ·

20 Apr

Impact 5 ·

12 Aug

Impact 5 ·
stockrow.com/CVX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com