CVX

MKT CAP:$367B

Chevron Corporation

Market Cap

$367B

Energy·Oil & Gas Integrated·🇺🇸 United States·NYSE

Energy·Oil & Gas Integrated·🇺🇸·NYSE

Stock Price

$183.96+$28.06 (+18.00%)

Apr 24, 2026

Company Details

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 involved in the exploration, development,...

CEO

Michael K. Wirth

IPO Date

Jun 24, 1921

Website

www.chevron.com

Key Metrics TTM

Revenue

$189.0B

-3.2% YoY

Net Income

$14.3B

EPS (Diluted)

$7.69

Free Cash Flow

$16.9B

Revenue / Share

$94.63

Gross Margin

30.3%

Operating Margin

9.3%

Net Margin

7.6%

FCF Margin

9.0%

P/S

1.9x

P/E

25.7x

Earnings Reports

Q1 2026

May 1, 2026

PENDING

Q4 2025

Feb 24, 2026

$45.8BEPS $1.39

Q3 2025

Nov 6, 2025

$48.2B-1.5%EPS $1.82

Q1 2025

May 8, 2025

$46.1B-1.0%EPS $2.00

FY 2024

Feb 21, 2025

$193.4B-1.8%EPS $9.72

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 19	$34.8B	$10.5B	$3.0B
Q2 20	$15.9B	$1.1B	-$7.9B
Q2 21	$36.1B	$11.0B	$3.3B
Q3 21	$42.6B	$14.4B	$6.2B
Q1 22	$52.3B	$15.2B	$7.2B
Q3 22	$63.5B	$20.6B	$12.0B
Q4 22	$54.5B	$15.1B	$8.0B
Q1 23	$48.8B	$15.9B	$7.7B
Q2 23	$47.2B	$14.7B	$6.3B
Q3 23	$51.9B	$15.6B	$9.1B
Q1 24	$46.6B	$14.7B	$6.0B
Q2 24	$49.6B	$14.7B	$5.6B
Q3 24	$48.9B	$14.3B	$5.0B
Q1 25	$46.1B	$13.4B	$4.3B
Q3 25	$48.2B	$15.0B	$4.3B
Q4 25	$45.8B	$14.6B	$4.0B

Valuation

Quarter	P/S	P/E
Q3 19	1.5x	16.7x
Q2 20	1.3x	128.5x
Q2 21	1.6x	117.5x
Q3 21	1.5x	56.4x
Q1 22	2.2x	44.8x
Q3 22	1.5x	10.9x
Q4 22	1.6x	11.1x
Q1 23	1.4x	10.4x
Q2 23	1.4x	9.7x
Q3 23	1.5x	12.2x
Q1 24	1.5x	11.8x
Q2 24	1.4x	12.5x
Q3 24	1.3x	12.4x
Q1 25	1.5x	16.2x
Q3 25	1.5x	17.6x
Q4 25	1.4x	19.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 19	$7.8B	$4.4B
Q2 20	$80M	-$2.0B
Q2 21	$7.0B	$5.2B
Q3 21	$8.6B	$6.7B
Q1 22	$8.1B	$6.1B
Q3 22	$15.3B	$12.3B
Q4 22	$12.5B	$8.7B
Q1 23	$7.2B	$4.2B
Q2 23	$6.3B	$2.5B
Q3 23	$9.7B	$5.0B
Q1 24	$6.8B	$2.9B
Q2 24	$6.3B	$2.4B
Q3 24	$9.7B	$5.6B
Q1 25	$5.2B	$1.3B
Q3 25	$9.2B	$4.7B
Q4 25	$10.8B	$5.4B

Capital Expenditures

Quarter	CapEx
Q3 19	$3.4B
Q2 20	$2.1B
Q2 21	$1.8B
Q3 21	$1.9B
Q1 22	$2.0B
Q3 22	$3.0B
Q4 22	$3.8B
Q1 23	$3.0B
Q2 23	$3.8B
Q3 23	$4.7B
Q1 24	$3.9B
Q2 24	$3.9B
Q3 24	$4.1B
Q1 25	$3.9B
Q3 25	$4.6B
Q4 25	$5.4B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 19	-17.4%	-16.3%
Q2 20	-60.5%	-35.7%
Q2 21	+5.6%	+6.2%
Q3 21	+17.1%	+11.5%
Q1 22	+50.4%	+42.1%
Q3 22	+298.8%	+116.2%
Q4 22	+51.0%	+41.7%
Q1 23	+14.8%	+13.0%
Q2 23	-9.7%	-9.4%
Q3 23	-18.2%	-16.8%
Q1 24	-14.6%	-12.6%
Q2 24	+1.5%	+7.0%
Q3 24	+3.6%	+7.5%
Q1 25	-11.2%	-2.5%
Q3 25	+3.4%	+8.0%
Q4 25	-7.6%	-5.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 19	$0	0.0%
Q2 20	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q1 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$1.1B	2.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	-$100.0K	-0.0%
Q1 25	$0	0.0%
Q3 25	$100.0K	0.0%
Q4 25	-$100.0K	-0.0%

OpEx Breakdown

Quarter	SG&A
Q3 19	$954M
Q2 20	$1.6B
Q2 21	$1.1B
Q3 21	$657M
Q1 22	$967M
Q3 22	$1.0B
Q4 22	$1.5B
Q1 23	$881M
Q2 23	$1.1B
Q3 23	$1.2B
Q1 24	$1.0B
Q2 24	$1.0B
Q3 24	$1.2B
Q1 25	$1.2B
Q3 25	$1.5B
Q4 25	$1.5B

Revenue Segments

Quarter	All Other	Downstream	Upstream
Q2 21	$25M	$26.6B	$9.5B
Q3 21	$39M	$30.5B	$12.0B
Q1 22	$16M	$38.0B	$14.3B
Q3 22	$32M	$45.2B	$18.2B
Q4 22	$30M	$39.5B	$15.0B
Q1 23	$30M	$36.5B	$12.3B
Q2 23	$36M	$37.0B	$10.1B
Q3 23	$32M	$41.0B	$10.9B
Q1 24	$27M	$35.1B	$11.4B
Q2 24	$33M	$39.0B	$10.5B
Q3 24	$27M	$37.0B	$11.9B
Q1 25	$398M	$13.4B	$33.8B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$11.7B	$33M	$11.7B
Q2 22	$12.0B	$341M	$12.4B
Q3 22	$15.2B	$267M	$15.4B
Q4 22	$17.7B	$223M	$17.9B
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	$6.5B	$4M	$6.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 19	1.89B	-0.5%	-1.2%
Q2 20	1.85B	-2.1%	-2.8%
Q2 21	1.92B	+3.7%	+1.1%
Q3 21	1.92B	-0.0%	+1.0%
Q1 22	1.94B	+1.2%	+2.7%
Q3 22	1.94B	-0.2%	+4.7%
Q4 22	1.92B	-1.0%	-0.1%
Q1 23	1.90B	-1.0%	-1.1%
Q2 23	1.88B	-1.3%	-3.6%
Q3 23	1.88B	+0.1%	-3.2%
Q1 24	1.85B	-1.5%	-3.7%
Q2 24	1.83B	-0.8%	-3.5%
Q3 24	1.81B	-1.4%	-3.7%
Q1 25	1.75B	-3.1%	-6.7%
Q3 25	1.95B	+11.1%	+5.2%
Q4 25	2.00B	+2.6%	+8.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 19	$715.6K	49K
Q2 20	$330.4K	48K
Q2 21	$756.6K	48K
Q3 21	$891.4K	48K
Q1 22	$1M	43K
Q3 22	$1M	43K
Q4 22	$1M	44K
Q1 23	$1M	44K
Q2 23	$1M	44K
Q3 23	$1M	44K
Q1 24	$1M	46K
Q2 24	$1M	46K
Q3 24	$1M	46K
Q1 25	$1M	45K
Q3 25	$1M	45K
Q4 25	$1M	45K

Revenue / Employee