Compare · CVX and COP
Chevron vs. ConocoPhillips
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
ConocoPhillips explores for and produces oil and gas and has no refining business. Chevron also refines crude into fuels and lubricants and sells them under brands such as Chevron, Texaco and Caltex. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Both fiscal years end in December, so the periods line up. Why fiscal years differ.
Comparing Chevron fiscal 2025 (ended Dec 31, 2025) with ConocoPhillips fiscal 2025 (ended Dec 31, 2025)
ChevronConocoPhillips
Each pair of bars shows both companies on one scale.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| Chevron (FY2024 to FY2025) | $202.8B | $189.0B | −6.8% |
| ConocoPhillips (FY2024 to FY2025) | $54.7B | $58.9B | +7.7% |
Chevron reports total revenues and other income: sales and other operating revenues plus income from equity affiliates and other income. ConocoPhillips reports sales and other operating revenues: sales of crude oil, natural gas, natural gas liquids and LNG, including some bought from others and resold. Excludes income from equity affiliates and other income.
Margins
| Company | Revenue | Net income | Net margin |
|---|---|---|---|
| Chevron FY2025 | $189.0B | $12.3B | 6.5% |
| ConocoPhillips FY2025 | $58.9B | $8.0B | 13.6% |
Operating income is shown only when both companies report it as a line in their income statement.
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Buybacks | Dividends paid |
|---|---|---|---|
| Chevron FY2025 | $33.9B | $12.1B | $12.8B |
| ConocoPhillips FY2025 | $19.8B | $5.0B | $4.0B |
Free cash flow needs a capital spending line for both companies, and one of them doesn't tag it in a form Ticker Sage reads, so the page leaves it out. A dash means the figure isn't in the filing data. How buybacks work · How dividends work.
How each one makes money
Chevron
Chevron reports two segments. Upstream explores for, develops and produces crude oil and natural gas, including liquefied natural gas. Downstream refines crude into fuels and lubricants, sells them under brands such as Chevron, Texaco and Caltex, and makes chemicals, partly through joint ventures.
It completed its purchase of Hess Corporation in 2025. Its fiscal year is the calendar year.
ConocoPhillips
It produces oil and gas in the US Lower 48 (including the Permian Basin), Alaska, Canada, Europe, the Middle East, North Africa and Asia Pacific, and sells LNG. It has no refining business.
Its results move with oil and gas prices. It bought Marathon Oil in late 2024. Its fiscal year is the calendar year.
Main risks each one lists
Chevron
- Crude oil, natural gas and refining margins swing with supply, demand and the economy.
- It must keep finding and developing oil and gas, and big projects can slip or cost more.
- The Hess acquisition may not deliver expected benefits and brought liabilities, including in Hess Midstream.
- Accidents, disruptions and cyberattacks on its operational technology could cause losses, some uninsured.
- Instability where it operates, tax changes and lawsuits or government actions could hurt results.
ConocoPhillips
- Revenue and profit swing with oil and gas prices.
- It must keep finding or buying new reserves to replace what it produces.
- Drilling and production carry accident, weather and environmental risks.
- Climate rules and the energy transition could reduce demand or raise costs.
- Some operations are in countries with political or regulatory risk.
How they differ
- Size. Chevron reported $189.0B of revenue for fiscal 2025, and ConocoPhillips $58.9B for fiscal 2025.
- Growth. Chevron's revenue fell 6.8% in its latest year and ConocoPhillips' grew 7.7%.
- Margins. ConocoPhillips kept 13.6% of revenue as net income and Chevron 6.5%.
- Refining. ConocoPhillips has no refining business, so its results move with oil and gas prices. Chevron's Downstream segment refines and sells fuels and makes chemicals.
- Recent deals. ConocoPhillips bought Marathon Oil in late 2024. Chevron completed its purchase of Hess in 2025.
- Where the money goes. In the latest year ConocoPhillips spent $5.0B on buybacks and $4.0B on dividends, and Chevron $12.1B and $12.8B.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- Chevron Form 10-K for fiscal 2025, filed Feb 24, 2026
- ConocoPhillips Form 10-K for fiscal 2025, filed Feb 17, 2026
Chevron company file → · ConocoPhillips company file →
Common questions
Which is bigger by revenue, ConocoPhillips or Chevron?
Chevron reported $189.0B of revenue for fiscal 2025 and ConocoPhillips $58.9B for fiscal 2025.
Does ConocoPhillips own refineries?
No. Its 10-K says it has no refining business. Chevron refines crude in its Downstream segment.
How do their profit margins compare?
In the latest fiscal year ConocoPhillips' net margin was 13.6% and Chevron's was 6.5%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.