NYSE: CVX · Integrated Oil & Gas
Chevron
Chevron is an integrated energy company. Its upstream business explores for and produces oil and gas (the Permian Basin, Gulf of America, Kazakhstan's TCO, Australia LNG and, since the Hess acquisition, Guyana). Its downstream business refines and markets fuels and chemicals. In July 2025 it completed the roughly $48 billion acquisition of Hess, mostly in shares. 2025 production rose 12% to 3.7 million barrels of oil equivalent per day, but lower prices cut net income to $12.3 billion. In Q2 2026 earnings jumped to $12.1 billion on record U.S. production and refinery throughput.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: February 24, 2026
Built on10-K FY2025 · filed 2026-02-2410-Q (quarter ended 2026-09-30) · filed 2026-11-05
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 14.8%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.76x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 16.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.43
Higher than 81% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 88% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$219.77close on 2026-11-04
Market cap$438.31B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 16.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.4x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 3.8%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 3.1%
At FY2025 year-end: 23.0x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.6x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 5.5%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$49.73B → $67.8B (vs. a year earlier)↑ +36.3%$49.73B → $67.8B (vs. a year earlier)
- Net income$3.54B → $9.92B (vs. a year earlier)↑ +180.4%$3.54B → $9.92B (vs. a year earlier)
- Diluted EPS$1.82 → $5.06 (vs. a year earlier)↑ +178.0%$1.82 → $5.06 (vs. a year earlier)
- Cash$9.58B → $13.92B (vs. previous quarter-end)↑ +45.3%$9.58B → $13.92B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 30, 2026.
Key changes
Record crude throughput at U.S. refineries. Source sentence
Record crude throughput at U.S. refineries; crude utilization at 98 percent
Quarter included a $160M legal reserve and a $110M impairment. Source sentence
Included in the quarter were a legal reserve of $160 million, an impairment of $110 million, and pension settlement costs of $24 million.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- CHEVRON CORP
- Headquarters
- HOUSTON, TX
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: CVX
- Industry
- Integrated Oil & Gas
- CIK
- 93410
- Website
- https://www.chevron.com/ ↗
Workforce (as of FY2025 year-end)
Employees
43,039
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 30–33 days after quarter end (Jan 30, 2026; Jan 31, 2025; Feb 2, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 26–33 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 30, 2026 (+30 days) | Nov 5, 2026 10-Q (+36 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 31, 2026 (+31 days) | Aug 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 31, 2026 | May 1, 2026 (+31 days) | May 7, 2026 10-Q (+37 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 30, 2026 (+30 days) | Feb 24, 2026 10-K (+55 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 31, 2025 (+31 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 1, 2025 (+32 days) | Aug 7, 2025 10-Q (+38 days) |
| Q1 FY2025 | Mar 31, 2025 | May 2, 2025 (+32 days) | May 8, 2025 10-Q (+38 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 31, 2025 (+31 days) | Feb 21, 2025 10-K (+52 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 1, 2024 (+32 days) | Nov 7, 2024 10-Q (+38 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 2, 2024 (+33 days) | Aug 7, 2024 10-Q (+38 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 26, 2024 (+26 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 2, 2024 (+33 days) | Feb 26, 2024 10-K (+57 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Upstream
Major assets
Examples: Permian Basin, Gulf of America (Anchor, Ballymore, Stampede, Whale), TCO (Kazakhstan), Australia, Guyana
Downstream
Refining and marketing
Examples: Fuels, lubricants, chemicals
Asset names are from the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
LNG (Gorgon, Wheatstone)
Australia
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedAustralia
Largest LNG producer
Company-disclosedOil and natural gas production
Colorado (DJ Basin) and the Permian Basin
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedColorado
Largest producer
Company-disclosedAbout 580,000 net acres in the DJ Basin.
Permian Basin
One of the largest producers
Company-disclosedMore than 1.75 million net acres.
Sources:
07
Recent strategic focusSite analysis
2025–2026 developments.
Hess acquisition
Closed July 18, 2025 for about $48B, including 301.25M Chevron shares (about 15% of shares outstanding) and $8.8B of assumed debt.
Source: Form 10-K (FY2025) Note 29
Hess Midstream exit
In October 2026 Chevron agreed to transfer its Hess Midstream interests and DJ Basin crude midstream assets in exchange for improved Bakken contracts (about 50% lower unit costs) and $200M; it expects a $3–4B one-time after-tax loss.
Source: 8-K filed 2026-10-06
Q2 2026
Earnings of $12.1B ($6.11/share); worldwide production up 20% year over year.
Source: Q2 2026 press release
Management changes
CFO Eimear Bonner becomes President, Oil, Products & Gas on January 1, 2027.
Source: 8-K filed 2026-10-05
Capex ÷ D&A (FY2025)
0.86x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$17,347M ÷ $20,132M = 0.86x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
0.2%
formularesearch & development expense ÷ revenue × 100
e.g.$427M ÷ $189,031M × 100 = 0.2%
M&A spend (6-year total)
$2.86B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $8.92B in FY2020 to $17.35B in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$189.03B
As reported in the 10-K
Revenue CAGR (5 years)
+14.8%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($189,031M ÷ $94,692M) ^ (1÷5) − 1 = 14.8%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
7.3%
6-year average: 10.5%
As reported in the 10-K
P/B (FY2025 end)
1.63x
formulafiscal year-end closing price ÷ book value per share
e.g.$152.41 ÷ $93.49 = 1.63x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +14.8% a year over 5 years (strong growth)
From $94.69B in FY2020 to $189.03B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Equity ratio is 57.5% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 10.5% over 6 years (latest: 7.3%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Microsoft
07 · what it does
Key activities
Upstream
Production of 3.7M BOE/d- LNG
Downstream
Refining- Retail and commercial fuel marketing
06 · what it draws on
Key resources
Upstream
Reserves (43% U.S., 15% Australia, 11% Kazakhstan)- Capex of $17.3B in 2025
Downstream
Crude oil
02 · why customers buy
Value propositions
- Oil, natural gas and LNG, and refined fuels, lubricants and chemicals.
04 · how it keeps them
Customer relationships
- Long-term LNG contracts; retail sales under its brands.
03 · how it reaches them
Channels
- Sells crude and gas to refiners and buyers; fuels through Chevron, Texaco and Caltex branded stations.
01 · who it serves
Customer segments
Upstream
Refiners, gas buyers, LNG customersDownstream
Consumers, businesses
09 · where money goes
Cost structure
FY2025, share of revenue ($189.03B)
- Cost of revenue57.2%
- Research & development0.2%
- Selling, general & administrative2.7%
Depreciation & amortization (inside the costs above): $20.13B. Capital spending: $17.35B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Upstream
Oil, gas and LNG salesDownstream
Refined products and chemicals
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Upstream
Exploration, development and production of crude oil and natural gas, including LNG.
01 what it draws on
Inputs & resources
- Reserves (43% U.S., 15% Australia, 11% Kazakhstan)
- Capex of $17.3B in 2025
02 what it does
Activities
- Production of 3.7M BOE/d
- LNG
03 who it serves
Customers
- Refiners, gas buyers, LNG customers
04 how money comes in
How it earns
- Oil, gas and LNG sales
Upstream: how it makes money
- 2025 upstream earnings $12.8B.
- Permian production reached about 1M BOE/d.
Downstream
Refining, marketing of fuels and lubricants, and chemicals.
01 what it draws on
Inputs & resources
- Crude oil
02 what it does
Activities
- Refining
- Retail and commercial fuel marketing
03 who it serves
Customers
- Consumers, businesses
04 how money comes in
How it earns
- Refined products and chemicals
Downstream: how it makes money
- 2025 downstream earnings $3.0B.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Chevron is party to proceedings with governments and carries Superfund liabilities.
Environmental rules
Superfund sites
Records liabilities for its share of Superfund and similar site costs.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Approvals & licenses
Government proceedings
Discloses legal proceedings involving governmental authorities.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Upstream — United States
19,608 (11%)profit 5,815 · margin 29.7%
Upstream — International
33,844 (18%)profit 7,007 · margin 20.7%
Downstream — United States
65,331 (35%)profit 1,375 · margin 2.1%
Downstream — International
65,545 (36%)profit 1,647 · margin 2.5%
Source: Form 10-K (FY2025) — segmented income statements and earnings by major operating area Revenue is external sales and other operating revenues after intersegment elimination; profit is segment earnings (net income). All Other was −$3.5B.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Supply / distribution agreement
Microsoft
Signed a 20-year power agreement with Microsoft for a West Texas data center (Q2 2026).
Source: Q2 2026 press release
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Refiners, gas and LNG buyers, fuel consumers and businesses.
Named by the company
No customer is named as significant.
Suppliers
Oilfield services and partners in joint ventures.
Named by the company
No supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K does not name competitors. The proxy's LTIP performance peer group is BP, ExxonMobil, Shell and TotalEnergies.
Competitors named in the 10-K
Chevron's 10-K doesn't name competitors.
Peer group the company chose
LTIP performance peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Large-cap integrated energy companies used for relative TSR.
Source: Proxy statement (DEF 14A, filed 2026-04-07)Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Hess is the largest recent acquisition.
Cash spent on acquisitions, FY2021–FY2024: $2.86B (years not reported separately are excluded)
2025-07-18
Hess Corporation
About $48B (mostly 301.25M Chevron shares)
E&P with assets in the U.S., Guyana and Malaysia, plus a 38% stake in Hess Midstream.
- Stated purpose (company)
- A combined company with a premier upstream portfolio.
Source: Form 10-K (FY2025) — Note 29
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 94,692 | 162,465 | 246,252 | 200,949 | 202,792 | 189,031 |
| Pretax income | -7,453 | 21,639 | 49,674 | 29,584 | 27,506 | 19,743 |
| Net income (attributable) | -5,543 | 15,625 | 35,465 | 21,369 | 17,661 | 12,299 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 71.6% | 51.6% | -18.4% | 0.9% | -6.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -5.9% | 9.6% | 14.4% | 10.6% | 8.7% | 6.5% |
| Balance sheet ($M) | ||||||
| Total assets | 239,790 | 239,535 | 257,709 | 261,632 | 256,938 | 324,012 |
| Total equity | 132,726 | 139,940 | 160,242 | 161,929 | 153,157 | 192,176 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 54,140 | 39,128 | 27,389 | 25,379 | 32,791 | 50,699 |
| Equity ratio | 54.9% | 58.1% | 61.8% | 61.5% | 59.3% | 57.5% |
| ROE | -4.2% | 11.5% | 23.8% | 13.3% | 11.3% | 7.3% |
| Cash flow ($M) | ||||||
| Operating CF | 10,577 | 29,187 | 49,602 | 35,609 | 31,492 | 33,939 |
| Investing CF | -6,965 | -5,865 | -12,108 | -15,232 | -8,936 | -15,911 |
| Financing CF | -3,736 | -23,113 | -24,978 | -30,109 | -23,472 | -19,063 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,655 | 21,131 | 37,628 | 19,780 | 15,044 | 16,592 |
| Cash and equivalents | 5,596 | 5,640 | 17,678 | 8,178 | 8,262 | 7,285 |
| Per share & other | ||||||
| EPS ($) | -2.96 | 8.14 | 18.28 | 11.36 | 9.72 | 6.63 |
| BVPS ($) | 68.40 | 72.06 | 83.17 | 86.27 | 86.10 | 93.49 |
| Dividend per share ($) | 5.16 | 5.31 | 5.68 | 6.04 | 6.52 | 6.84 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 65.2% | 31.1% | 53.2% | 67.1% | 103.2% |
| P/E (x) | — | 14.4 | 9.8 | 13.1 | 14.9 | 23.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.23 | 1.63 | 2.16 | 1.73 | 1.68 | 1.63 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $67.8B+36.3% | $9.92B+180.4% | $5.06 |
| 2026-06-30 | $70.06B+56.3% | $12.07B+384.8% | $6.11 |
| 2026-03-31 | $48.61B+2.1% | $2.21B-36.9% | $1.11 |
| 2025-12-31 † | $46.87B-10.2% | $2.77B-14.5% | — |
| 2025-09-30 | $49.73B | $3.54B | $1.82 |
| 2025-06-30 | $44.82B | $2.49B | $1.45 |
| 2025-03-31 | $47.61B | $3.5B | $2.00 |
| 2024-12-31 † | $52.23B | $3.24B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2023 acquisition spending: Acquisitions net of cash acquired was a net inflow (PDC Energy was acquired with shares).
- FY2025 acquisition spending: Acquisitions net of cash acquired was a net inflow (Hess was acquired mainly with shares).
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
3.1%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.5% − 3.4%
Past FCF growth (FY2020–FY2025)
+58.6%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+14.8%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $16.59B (operating CF − capex); enterprise value $481.73B = market cap $438.31B (latest close, 2026-11-04) + debt $50.7B − cash and short-term investments $7.29B; r = WACC of 6.5% using this page’s default assumptions (β 0.43, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$488B
FCF $16.59B ÷ (6.5% − 3.1%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.5% | 5.5% | 6.5% | 7.5% | 8.5% |
|---|---|---|---|---|---|
| 0% | 0.77x | 0.63x | 0.53x | 0.46x | 0.41x |
| 2% | 1.38x | 0.98x | 0.77x | 0.63x | 0.53x |
| 4% | 6.89x | 2.30x | 1.38x | 0.98x | 0.77x |
| 6% | — | — | 6.89x | 2.30x | 1.38x |
| 8% | — | — | — | — | 6.89x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.90x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -7.4%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 37 → 33 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$33,939M ÷ $12,299M = 2.76x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($18,338M + $15,986M) ÷ 2 ÷ $189,031M × 365 = 33 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($9,074M + $9,711M) ÷ 2 ÷ $108,214M × 365 = 32 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 74.3%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 25.7%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 360 of 416
- Beta (adjusted)
- 0.43
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 86% of covered companies have more
above 1 = swings more than the market
- 1,468.2M shares reported by 4,120 13F filers ÷ 1,975.8M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-07 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
20
Strengths & weaknessesSite analysis
Strengths
1. Production growth
Production rose 12% in 2025; Chevron expects 7–10% growth in 2026 (at $60 Brent, excluding asset sales).
Evidence: Form 10-K (FY2025)
2. Hess synergies
Chevron reached its initial $1B run-rate synergy target.
Evidence: Form 10-K (FY2025)
3. Dividend record
Dividends rose from $5.31 (2021) to $6.84 (2025) per share.
Evidence: SEC EDGAR XBRL
Weaknesses
1. Earnings decline
Net income fell from $35.5B (2022) to $12.3B (2025).
Evidence: SEC EDGAR XBRL
2. Higher debt
Debt rose to about $50.7B after assuming Hess debt.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
23.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.49%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
103%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
5.5%
(Operating CF − capex) ÷ market cap
1. Dividend income
$6.84 per share in 2025.
- What has to hold
- Cash flow covers it.
- The other side
- Earnings fell in 2025.
Evidence: SEC EDGAR XBRL
2. Growth assets
Guyana, Permian, TCO.
- What has to hold
- Projects deliver.
- The other side
- Oil price exposure.
Evidence: Form 10-K (FY2025)
Operating income is not reported. Acquisition cash flow is null in years where cash acquired exceeded cash paid (Hess was mainly stock).
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.7x
$7.29B vs. $10.92B
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
1.3x
$16.59B vs. $12.75B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -18.4% in FY2023 ($246.25B → $200.95B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash flow
Operating cash flow was $33.9B in 2025.
Source: SEC EDGAR XBRL
Integration
Downstream earnings offset some upstream weakness.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Chevron is a co-defendant in 34 climate-change suits by U.S. cities, counties, states, D.C., Puerto Rico and tribes; several have been dismissed on the merits. The Supreme Court has agreed to hear a related case on whether federal law precludes such state-law claims. Chevron also paid small environmental penalties in 2026.
1 open matter · 1 settled or closed
Climate change lawsuits
PendingEnvironmental34 suits by U.S. cities, counties, seven states, D.C., Puerto Rico, two tribes and a trade group
Claims include public nuisance, failure to warn, fraud, consumer-protection, antitrust and RICO theories tied to oil and gas production and alleged misstatements on climate risk. Annapolis, Anne Arundel, Baltimore and Charleston were dismissed on the merits, and the Honolulu case was allowed to proceed. On February 23, 2026 the Supreme Court granted certiorari in Suncor v. Boulder County, which does not involve Chevron, on federal preemption.
- Amounts
- Chevron cannot estimate a range of possible liability.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Environmental penalties (El Segundo RFS; Colorado ECMC)
SettledEnvironmentalU.S. EPA; Colorado Energy & Carbon Management Commission
A civil penalty of about $1.07 million was paid in April 2026 for overstated 2022 biofuel credits at El Segundo. A June 24, 2026 Colorado consent order assessed $6.4 million for reporting violations on remediation data; most is suspended subject to a four-year compliance period.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
Geopolitical risk highlights
- [2]OPEC+ and international operations
- 1Demand & macro
Commodity prices
- Company disclosure (summarized from the 10-K)
- Earnings depend on oil, gas and refining margins.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Geopolitical
OPEC+ and international operations
- Company disclosure (summarized from the 10-K)
- About 21% of 2025 production was in OPEC+ member countries (Equatorial Guinea, Kazakhstan, Malaysia, Nigeria, Partitioned Zone).
- Company’s stated mitigation
- Geographic diversification.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Law & regulation
Climate and litigation
- Company disclosure (summarized from the 10-K)
- Climate-related regulation and litigation could raise costs.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Hess integration
- Company disclosure (summarized from the 10-K)
- Achieving anticipated benefits of the Hess acquisition.
- Company’s stated mitigation
- Synergy target achieved.
- This site’s assessment
- Impact Med / Likelihood Low
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
As a global energy company, Chevron is subject to a variety of risks. Read more
The following disclosures reflect our beliefs and opinions as to factors that could materially and adversely affect us in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future.
Chevron is incorporating artificial intelligence technologies into its processes and these technologies may present business, compliance, and reputational risks The company is increasingly utilizing artificial intelligence (“AI”) technologies in certain of its processes, information systems and various operations, and expects that AI will assume a more critical role in its operations over time. The use of AI technologies introduces certain risks to the company, including potential dependency on biased or incorrect AI outputs, new or enhanced regulatory requirements, litigation, privacy risks, cybersecurity risks, reputational harm, liability or other adverse consequences, any of which could adversely affect its business, financial condition and results of operations. Additionally, other unforeseen risks stemming from either the company’s or third-party service providers’ use and…
One of our subsidiaries acts as the general partner of a publicly traded limited partnership, Hess Midstream LP, which may involve a potential legal liability One of our subsidiaries acts as the general partner of Hess Midstream, a publicly traded limited partnership. Our control of the general partner of Hess Midstream may increase the possibility that we could be subject to claims of breach of duties owed to Hess Midstream, including claims of conflict of interest. Any liability resulting from such claims could have an adverse impact on our future business, financial condition, results of operations and cash flows.
No longer in the text (4)
Chevron may not complete the acquisition of Hess Corporation within the time frame the company anticipates or at all, which could have adverse effects on Chevron The completion of the acquisition of Hess Corporation (Hess) is subject to a number of conditions, including approval of any Guyanese governmental body, agency or authority that asserts its approval is required in connection with the transaction, which makes the completion and timing of the completion of the merger uncertain.
Hess Guyana Exploration Limited (HGEL), a wholly owned subsidiary of Hess, is currently in arbitration with respect to the right of first refusal (Stabroek ROFR) contained in an operating agreement among HGEL, affiliates of Exxon Mobil Corporation (Exxon), and China National Offshore Oil Corporation (CNOOC) regarding the Stabroek Block offshore Guyana. The arbitration merits hearing about the applicability of the Stabroek ROFR to the merger has been scheduled for May 2025, with a decision expected in approximately the following three months. If the arbitration does not result in a confirmation that the Stabroek ROFR is inapplicable to the merger, and if Chevron, Hess, Exxon and/or CNOOC do not otherwise agree upon an acceptable resolution, then there would be a failure of a closing condition under the merger agreement, in which case the merger would not close.
On December 7, 2023, Chevron and Hess each received a request for additional information and documentary materials (Second Request) from the Federal Trade Commission (FTC). Read more
Following the FTC review of the transaction, on September 30, 2024, the FTC announced that a majority of the Commission voted to accept a consent agreement among the FTC,
Chevron and Hess, resolving the concerns the FTC identified during its review of the transaction. Read more
Chevron and Hess have taken and will continue to take appropriate steps to maintain our ability under the Hart-Scott-Rodino Act of 1976, as amended, to close the merger following satisfactory resolution of the ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement. Additionally, if any Guyanese governmental body, agency or authority of competent jurisdiction asserts that its approval is required as a result of the consequences of the merger in Guyana on Hess’ assets in Guyana (which has not occurred as of the filing date of this report), approval of such governmental body, agency or authority will become a condition to each party’s obligation to complete the merger.
1 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 24, 2026 ↗ with the 10-K filed Feb 21, 2025 ↗.
26
What to watch going forwardSite analysis
- Oil prices.
- Guyana and TCO growth.
- Hess Midstream divestiture (expected by year-end 2026; $3–4B after-tax loss).
- CFO transition in January 2027.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: February 24, 2026
Built on10-K FY2025 · filed 2026-02-24
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Chevron’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.