Compare · CVX and XOM
Chevron vs. ExxonMobil
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Both produce oil and gas and refine crude into fuels. ExxonMobil reports chemicals and specialty products as separate segments; Chevron reports Upstream and Downstream, with chemicals inside Downstream. 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 ExxonMobil fiscal 2025 (ended Dec 31, 2025)
ChevronExxonMobil
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% |
| ExxonMobil (FY2024 to FY2025) | $349.6B | $332.2B | −5.0% |
Chevron reports total revenues and other income: sales and other operating revenues plus income from equity affiliates and other income. ExxonMobil reports total revenues and other income: sales and other operating revenue plus income from equity affiliates and other income.
Margins
| Company | Revenue | Net income | Net margin |
|---|---|---|---|
| Chevron FY2025 | $189.0B | $12.3B | 6.5% |
| ExxonMobil FY2025 | $332.2B | $28.8B | 8.7% |
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 | Capital spending | Free cash flow | Buybacks | Dividends paid |
|---|---|---|---|---|---|
| Chevron FY2025 | $33.9B | $17.3B | $16.6B | $12.1B | $12.8B |
| ExxonMobil FY2025 | $52.0B | $28.4B | $23.6B | $20.3B | $17.2B |
Capital spending is the capital expenditures line for Chevron, and property and equipment for ExxonMobil, as each company labels it in the cash flow statement. Free cash flow isn't a GAAP line; Ticker Sage works it out the same way for both. How free cash flow works · 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.
ExxonMobil
ExxonMobil reports four segments. Upstream explores for and produces crude oil and natural gas. Energy Products refines crude and sells fuels. Chemical Products makes petrochemicals such as plastics, and Specialty Products makes lubricants and other finished products.
Since July 1, 2026, the listed company has been ExxonMobil Holdings Corporation, a new holding company above Exxon Mobil Corporation. 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.
ExxonMobil
- Oil, gas and chemical prices, driven by supply, demand and the economy, largely set its earnings.
- Sanctions, expropriation, changing rules and litigation can restrict where and how it does business.
- Greenhouse-gas rules and shifts toward lower-emission energy could reduce demand or raise costs.
- Big projects can run late or over budget, and exploration may not find enough oil and gas.
- Accidents, spills and other incidents could cause harm and losses.
How they differ
- Size. ExxonMobil reported $332.2B of revenue for fiscal 2025, and Chevron $189.0B for fiscal 2025.
- Growth. Chevron's revenue fell 6.8% in its latest year and ExxonMobil's 5.0%.
- Margins. ExxonMobil kept 8.7% of revenue as net income and Chevron 6.5%.
- Segments. Chevron reports Upstream and Downstream. ExxonMobil reports Upstream, Energy Products, Chemical Products and Specialty Products.
- Corporate changes. Chevron completed its purchase of Hess in 2025. Since July 1, 2026, ExxonMobil's listed company has been ExxonMobil Holdings Corporation, a new holding company.
- Where the money goes. In the latest year ExxonMobil spent $20.3B on buybacks and $17.2B 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
- ExxonMobil Form 10-K for fiscal 2025, filed Feb 18, 2026
Chevron company file → · ExxonMobil company file →
Common questions
Which is bigger by revenue, ExxonMobil or Chevron?
ExxonMobil reported $332.2B of revenue for fiscal 2025 and Chevron $189.0B for fiscal 2025.
Do Chevron and ExxonMobil both refine oil?
Yes. Chevron's Downstream and ExxonMobil's Energy Products segments refine crude into fuels.
How do their profit margins compare?
In the latest fiscal year ExxonMobil's net margin was 8.7% 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.