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CVXChevron Corporation

Energy · Oil Refining · NYSE

Headquarters: Houston, TX
CEO: Michael K. Wirth
Next results: around Jan 29, 2027

Compare with peers → Embed

All key numbers (34, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	13.62	Sales (ttm)	233.3B	Net income (ttm)	27.0B	Sales growth	-6.8%	EPS growth	-31.8%	Sales Q/Q	+36.3%
Free cash flow	34.1B	Gross margin	42.4%	Oper. margin	-	Net margin	11.6%	FCF margin	14.6%	ROE	13.9%
ROA	8.1%	R&D / sales	0.2%	Dividend	6.84	Debt/Eq	0.17	Curr. ratio	1.34	Cash	13.9B
Op. cash flow (ttm)	52.0B	Net debt	19.6B	Quick ratio	1.11	Payout ratio	103.2%	Tax rate	36.8%	Shares out.	2.0B
Shares Y/Y	+2.1%	Book / share	98.87	Cash / share	7.08	Sales / share	118.72	Asset turnover	0.70	Inventory turns	11.14
Days sales out.	31	Sales 3Y CAGR	-8.4%	Sales 5Y CAGR	+14.8%	EPS 3Y CAGR	-28.7%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Debt rose 58%$29.5B → $46.8B · Short-term + long-term debt at year end
Revenue growth slowed to -6.8%+0.9% → -6.8% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗

What management wrote about it → · Every company →

CVX against Energy peers

Ten years, side by side → · All 21 →

CVXPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 21 companies, the better end on the right. Hover a dot for the company.

Sales growth

-6.8%19th of 21 · median -0.3%

Net margin

11.6%12th of 21 · median 13.5%

Return on equity

13.9%15th of 21 · median 17.4%

Free cash flow margin

14.6%6th of 14 · median 12.1%

Debt / equity (less is better)

0.171st of 20 · median 0.41

CVX and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
CVX Chevron Corporation	$233.3B	-6.8%	42.4%	11.6%	13.9%	14.6%	0.17
XOM ExxonMobil	$334.2B	-5.0%	-	7.6%	10.0%	5.6%	0.19
MPC Marathon Petroleum	$174.8B	-4.4%	15.9%	8.4%	63.0%	11.9%	1.42
PSX Phillips 66	$168.2B	-7.5%	15.1%	7.5%	36.6%	-	0.54
VLO Valero Energy	$153.3B	-5.5%	12.3%	8.4%	46.3%	-	0.39
COP ConocoPhillips	$67.7B	+7.7%	51.0%	17.1%	17.5%	-	0.35

FY2021FY2022FY2023FY2024FY2025

From $162.5B of sales to $15.6B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $246.3B of sales to $35.5B of profit

FY2022, from the 10-K income statement

Swipe sideways for the whole flow →

From $200.9B of sales to $21.4B of profit

FY2023, from the 10-K income statement

Swipe sideways for the whole flow →

From $202.8B of sales to $17.7B of profit

FY2024, from the 10-K income statement

Swipe sideways for the whole flow →

From $189.0B of sales to $12.3B of profit

FY2025, from the 10-K income statement

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$57$34$10

FY2022

$59$27$14

FY2023

$59$30$11

FY2024

$59$33$9

FY2025

$57$36

Cost of revenue
Costs, tax, other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 3

!
Net margin below the peer median11.6% vs 13.5%
!
Return on equity below 15%13.9%
!
A profit in 8 of 10 years

Net margin, FY2016 to FY2025: -0.4% → 6.5%

Balance sheet

3 of 3

✓
Debt smaller than equityDebt / equity 0.17 on the latest balance sheet (peer median 0.41)
✓
Current assets cover current liabilitiesCurrent ratio 1.34
✓
Net debt under 3 years of free cash flow$19.6B net debt, 0.6 years

Debt / equity at each year end, FY2016 to FY2025: 0.29 → 0.25

What the debt is made of ↓

Cash and shareholders

3 of 4

!
Free cash flow positive in 9 of 10 years$16.6B last year
✓
Share count down over 5 years−0.7%
✓
Dividend per share up over 5 years$5.16 → $6.84
✓
Cash from operations above net income$33.9B vs $12.3B

Free cash flow, FY2016 to FY2025: -5.4B → 16.6B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $367.0M Not stated $30.6B

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
Notes due 2030 (Notes Payable To Banks)	Notes and bonds	–	not stated	$5.3B
Notes due 2027 (Notes Payable To Banks)	Notes and bonds	–	not stated	$5.0B
Notes due 2028 (Notes Payable To Banks)	Notes and bonds	–	not stated	$4.7B
Notes due 2026 (Notes Payable To Banks)	Notes and bonds	2.95%	not stated	$2.2B
Notes and Debentures due 2032 (Notes And Debentures)	Notes and bonds	–	not stated	$2.1B
Notes due 2050 (Notes Payable To Banks)	Notes and bonds	–	not stated	$1.8B
Notes due 2035 (Notes Payable To Banks)	Notes and bonds	–	not stated	$1.6B
Notes due 2041 (Notes Payable To Banks)	Notes and bonds	–	not stated	$1.6B
Notes due 2029 (Notes Payable To Banks)	Notes and bonds	–	not stated	$1.6B
Notes due 2040 (Notes Payable To Banks)	Notes and bonds	–	not stated	$1.0B
Notes and Debentures due 2031 (Notes And Debentures)	Notes and bonds	–	not stated	$734.0M
Notes due 2047 (Notes Payable To Banks)	Notes and bonds	–	not stated	$687.0M
Notes due 2033 (Notes Payable To Banks)	Notes and bonds	7.12%	not stated	$540.0M
Bank loans due 2026 to 2028 (Loans Payable)	–	–	not stated	$532.0M
Term loans and credit facility borrowings (Loans Payable)	Bank loans	–	floating	$367.0M
Notes due 2043 (Notes Payable To Banks)	Notes and bonds	5.25%	not stated	$330.0M
Notes due 2049 (Notes Payable To Banks)	Notes and bonds	4.20%	not stated	$237.0M
Notes due 2044 (Notes Payable To Banks)	Notes and bonds	5.05%	not stated	$222.0M
Notes due 2075 (Notes Payable To Banks)	Notes and bonds	3.72%	not stated	$154.0M
Debentures due 2097 (Debentures)	Notes and bonds	7.25%	not stated	$60.0M
Medium-term notes, maturing from 2033 to 2038 (Medium Term Notes)	Notes and bonds	–	not stated	$20.0M

All 21 lines

From the debt note in the 10-K's XBRL (0000093410-26-000078), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 189.0B Net income 12.3B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

CVX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue189.0B

Net income12.3B

Free cash flow16.6B

EPS (diluted)6.63

Dividend per share6.84

Diluted shares1.9B

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Reportable Segment Aggregation Before Other Operating	230.8B	122.1%	-6.0%
All Other Segments	581.0M	0.3%	-5.8%

10-K 0000093410-26-000078, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	114.5B	141.7B	166.3B	146.5B	94.7B	162.5B	246.3B	200.9B	202.8B	189.0B
Cost of revenue	59.3B	75.8B	94.6B	80.1B	52.1B	92.2B	145.4B	119.2B	119.2B	108.2B
R&D	476.0M	433.0M	453.0M	500.0M	435.0M	268.0M	268.0M	320.0M	353.0M	427.0M
SG&A	4.3B	4.1B	3.8B	4.1B	4.2B	4.0B	4.3B	4.1B	4.8B	5.1B
Interest expense	201.0M	307.0M	748.0M	798.0M	697.0M	712.0M	516.0M	469.0M	594.0M	1.2B
Pretax income	-2.2B	9.2B	20.6B	5.5B	-7.5B	21.6B	49.7B	29.6B	27.5B	19.7B
Income tax	-1.7B	-48.0M	5.7B	2.7B	-1.9B	6.0B	14.1B	8.2B	9.8B	7.3B
Net income	-497.0M	9.2B	14.8B	2.9B	-5.5B	15.6B	35.5B	21.4B	17.7B	12.3B
EPS (diluted)	-0.27	4.85	7.74	1.54	-2.96	8.14	18.28	11.36	9.72	6.63
Diluted shares	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	1.8B	1.9B
Depreciation & amortization	19.5B	19.3B	19.4B	29.2B	19.5B	17.9B	16.3B	17.3B	17.3B	20.1B
Net margin	-0.4%	6.5%	8.9%	2.0%	-5.9%	9.6%	14.4%	10.6%	8.7%	6.5%
Revenue growth	-	+23.8%	+17.4%	-11.9%	-35.4%	+71.6%	+51.6%	-18.4%	+0.9%	-6.8%
EPS growth	-	-	+59.6%	-80.1%	-292%	-	+125%	-37.9%	-14.4%	-31.8%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	7.0B	4.8B	9.3B	6.9B	5.6B	5.6B	17.7B	8.2B	8.3B	7.3B
Short-term investments	13.0M	9.0M	53.0M	63.0M	31.0M	35.0M	223.0M	45.0M	0	0
Receivables	-	-	-	-	9.5B	16.4B	18.2B	17.6B	18.3B	16.0B
Inventory	5.4B	5.6B	5.7B	5.8B	5.7B	6.8B	8.2B	8.6B	9.1B	9.7B
Current assets	29.6B	28.6B	34.0B	28.3B	26.1B	33.7B	50.3B	41.1B	40.9B	38.6B
Property & equipment	182.2B	177.7B	169.2B	150.5B	156.6B	147.0B	143.6B	-	-	-
Goodwill	4.6B	4.5B	4.5B	4.5B	4.4B	4.4B	4.7B	4.7B	4.6B	4.6B
Total assets	260.1B	253.8B	253.9B	237.4B	239.8B	239.5B	257.7B	261.6B	256.9B	324.0B
Accounts payable	14.0B	14.6B	14.0B	14.1B	10.9B	16.5B	19.0B	20.4B	22.1B	19.3B
Current liabilities	31.8B	27.7B	27.2B	26.5B	22.2B	26.8B	34.2B	32.3B	38.6B	33.4B
Total debt	42.9B	35.6B	31.2B	23.4B	31.3B	25.7B	24.1B	22.0B	29.5B	46.8B
Total liabilities	113.4B	104.5B	98.2B	92.2B	107.1B	99.6B	97.5B	99.7B	103.8B	131.8B
Shareholders' equity	145.6B	148.1B	154.6B	144.2B	131.7B	139.1B	159.3B	161.0B	152.3B	186.4B
Retained earnings	173.0B	174.1B	181.0B	174.9B	160.4B	165.5B	190.0B	200.0B	205.9B	205.4B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	12.7B	20.3B	30.6B	27.3B	10.6B	29.2B	49.6B	35.6B	31.5B	33.9B
Capital spending	18.1B	13.4B	13.8B	14.1B	8.9B	8.1B	12.0B	15.8B	16.4B	17.3B
Free cash flow	-5.4B	6.9B	16.8B	13.2B	1.7B	21.1B	37.6B	19.8B	15.0B	16.6B
Dividends paid	8.0B	8.1B	8.5B	9.0B	9.7B	10.2B	11.0B	11.3B	11.8B	12.8B
Buybacks	2.0M	1.0M	1.8B	4.0B	1.8B	1.4B	11.3B	14.9B	15.2B	12.1B
Acquisitions	-	-	-	-	-	0	2.9B	-55.0M	0	-1.1B
Debt raised	6.9B	4.0B	218.0M	0	12.3B	0	0	150.0M	478.0M	11.4B
Investing cash flow	-16.4B	-8.3B	-12.3B	-11.5B	-7.0B	-5.9B	-12.1B	-15.2B	-8.9B	-15.9B
Financing cash flow	25.0M	-14.6B	-13.7B	-19.8B	-3.7B	-23.1B	-25.0B	-30.1B	-23.5B	-19.1B
Dividend per share	-	-	-	4.76	5.16	5.31	5.68	6.04	6.52	6.84

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating lease cost	-	-	-	2.6B	2.6B	2.2B	2.4B	3.0B	3.4B	3.7B
Operating lease cash paid	-	-	-	1.6B	1.7B	1.7B	1.9B	2.3B	2.5B	2.8B
Finance lease principal paid	-	-	-	24.0M	34.0M	193.0M	44.0M	42.0M	67.0M	136.0M
Right-of-use assets	-	-	-	4.1B	3.9B	3.7B	4.3B	5.4B	5.3B	6.1B
Operating lease liabilities	-	-	-	3.9B	3.9B	3.5B	4.0B	5.2B	5.1B	6.0B
Finance lease liabilities	-	-	-	300.0M	633.0M	497.0M	448.0M	634.0M	604.0M	1.4B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on CVX in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CVX/export.csv") into a cell.