CVX (Chevron Corporation) Stock Financials & Earnings

Company Info & Key Metrics

Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is i...

CEOMichael K. Wirth

Country🇺🇸 United States

ExchangeNYSE

IPOJun 24, 1921

www.chevron.com

Revenue$45.8B

YoY Growth-5.3%

QoQ Growth-4.9%

Net Income$2.8B

EPS$1.39

Free Cash Flow$5.4B

Gross Margin11.4%

Op. Margin8.5%

Net Margin6.0%

FCF Margin11.8%

Rev Multiple (TTM)2.0x

P/E Ratio (TTM)30.6x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$48.8B	$15.9B	$7.7B
Q2 23	$47.2B	$14.7B	$6.3B
Q3 23	$51.9B	$15.6B	$9.1B
Q4 23	$48.9B	$14.2B	$5.4B
Q1 24	$46.6B	$14.7B	$6.0B
Q2 24	$49.6B	$14.7B	$5.6B
Q3 24	$48.9B	$14.3B	$5.0B
Q4 24	$48.3B	$13.2B	$2.4B
Q1 25	$47.6B	$11.4B	-$1.8B
Q2 25	$44.4B	$5.3B	$4.0B
Q3 25	$48.2B	$5.6B	$4.2B
Q4 25	$45.8B	$5.2B	$3.9B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	1.6x	10.5x
Q2 23	1.8x	12.5x
Q3 23	1.9x	14.8x
Q4 23	1.9x	17.6x
Q1 24	1.9x	18.5x
Q2 24	1.9x	20.1x
Q3 24	1.9x	22.6x
Q4 24	1.9x	21.3x
Q1 25	1.9x	24.0x
Q2 25	2.0x	27.4x
Q3 25	2.0x	29.5x
Q4 25	2.0x	30.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$7.2B	$4.2B
Q2 23	$6.3B	$2.5B
Q3 23	$9.7B	$5.0B
Q4 23	$12.4B	$8.1B
Q1 24	$6.8B	$2.9B
Q2 24	$6.3B	$2.4B
Q3 24	$9.7B	$5.6B
Q4 24	$8.7B	$4.4B
Q1 25	$5.2B	$1.3B
Q2 25	$8.6B	$4.9B
Q3 25	$9.2B	$4.7B
Q4 25	$10.8B	$5.4B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$3.0B
Q2 23	$3.8B
Q3 23	$4.7B
Q4 23	$4.4B
Q1 24	$3.9B
Q2 24	$3.9B
Q3 24	$4.1B
Q4 24	$4.3B
Q1 25	$3.9B
Q2 25	$3.7B
Q3 25	$4.6B
Q4 25	$5.4B

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-6.6%	-8.9%
Q2 23	-27.8%	-22.3%
Q3 23	-18.2%	-16.8%
Q4 23	-10.3%	-6.4%
Q1 24	-4.6%	-1.2%
Q2 24	+5.0%	+7.5%
Q3 24	-5.8%	+2.6%
Q4 24	-1.2%	+5.5%
Q1 25	+2.2%	+21.7%
Q2 25	-10.5%	-8.1%
Q3 25	-1.5%	-0.1%
Q4 25	-5.3%	-8.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	-$100K	-0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$100K	0.0%
Q4 25	-$100K	-0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 23	—	$881M
Q2 23	—	$1.1B
Q3 23	—	$1.2B
Q4 23	$320M	$969M
Q1 24	—	$1.0B
Q2 24	—	$1.0B
Q3 24	—	$1.2B
Q4 24	—	$1.6B
Q2 25	—	$252M
Q3 25	—	$252M
Q4 25	—	$324M

Revenue Segments

Quarter	All Other	Downstream	Upstream
Q1 23	$30M	$36.5B	$12.3B
Q2 23	$36M	$37.0B	$10.1B
Q3 23	$32M	$41.0B	$10.9B
Q4 23	$35M	$36.5B	$12.4B
Q1 24	$27M	$35.1B	$11.4B
Q2 24	$33M	$39.0B	$10.5B
Q3 24	$27M	$37.0B	$11.9B
Q4 24	$45M	$35.3B	$13.0B
Q1 25	$398M	$13.4B	$33.8B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$15.7B	$130M	$15.8B
Q2 23	$9.3B	$318M	$9.6B
Q3 23	$5.8B	$141M	$5.9B
Q4 23	$8.2B	$45M	$8.2B
Q1 24	$6.3B	$0	$6.3B
Q2 24	$4.0B	$0	$4.0B
Q3 24	$4.7B	$4M	$4.7B
Q4 24	$6.8B	$4M	$6.8B
Q1 25	$4.6B	$5M	$4.6B
Q2 25	$4.1B	$33M	$4.1B
Q3 25	$7.7B	$2M	$7.7B
Q4 25	$6.3B	$34.5B	$40.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	1.90B	-1.0%
Q2 23	1.88B	-1.3%
Q3 23	1.88B	+0.1%
Q4 23	1.87B	-0.5%
Q1 24	1.85B	-1.0%
Q2 24	1.83B	-0.8%
Q3 24	1.81B	-1.4%
Q4 24	1.78B	-1.6%
Q1 25	1.75B	-1.5%
Q2 25	1.74B	-0.8%
Q3 25	1.81B	+4.0%
Q4 25	2.00B	+10.5%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$3M	65K
FY 15	$2M	62K
FY 16	$2M	55K
FY 17	$3M	52K
FY 18	$3M	49K
FY 19	$3M	48K
FY 20	$2M	48K
FY 21	$4M	43K
FY 22	$5M	44K
FY 23	$4M	46K
FY 24	$4M	45K
FY 25	$4M	45K