Company file · CVX
Chevron
Chevron's net income fell by almost a third in 2025
Net income was $12.3B, down 30.4%, as total revenues and other income slipped 6.8% to $189.0B. Operating cash flow still rose 7.8% to $33.9B.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Chevron (NYSE: CVX) took in $189.0B of total revenues and other income (down 6.8% on fiscal 2024); net income to Chevron was $12.3B (down 30.4%). The most recent quarter, ended Jun 30, 2026, brought total revenues of $70.1B, up 56.3% year over year, with net income of $12.1B. Downstream was the biggest single line sales to outside customers by segment: 71% of fiscal 2025 total revenues and other income. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026).
Source: 10-K FY2025, filed Feb 24, 2026
Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 6, 2026
How it makes money
Sales to outside customers by segment, FY2025
Source: 10-K FY2025, XBRL breakdown
Downstream sales were $130.9B in 2025, 71% of segment sales, and Upstream $53.5B. Upstream also sells oil and gas to Chevron's own refineries; the segment figures here are sales to outside customers.
Source: 10-K FY2025
What changed last quarter
The bull case and the bear case
The bull case
- Revenue in the quarter ended Jun 30, 2026 was $70.1B, up 56.3%, and net income was $12.1B, up 384.8%. 10-Q, quarter ended Jun 30, 2026
- Operating cash flow was $25.1B in the first 6 months of 2026, up 82.7% on a year earlier. 10-Q, quarter ended Jun 30, 2026
- Operating cash flow rose 7.8% in 2025 to $33.9B. 10-K, FY2025
- Upstream sales grew 14.1% in 2025 to $53.5B. 10-K, FY2025
The bear case
- Net income fell 30.4% in 2025 to $12.3B. 10-K, FY2025
- Total debt rose 54.6% during 2025 to $50.7B. 10-K, FY2025
- Diluted shares rose 2.1% in 2025, the year the Hess deal closed. 10-K, FY2025
- The 10-K says results depend mainly on oil and gas prices and lists climate rules, political instability and litigation among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Chevron produces oil and natural gas, refines and sells fuels and lubricants, and makes petrochemicals through joint ventures, with operations across the world.
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.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Chevron's latest 10-K. Read the original for the full list.
- Commodity pricesCrude oil, natural gas and refining margins swing with supply, demand and the economy.
- Reserves and projectsIt must keep finding and developing oil and gas, and big projects can slip or cost more.
- Hess dealThe Hess acquisition may not deliver expected benefits and brought liabilities, including in Hess Midstream.
- Operations and cyberAccidents, disruptions and cyberattacks on its operational technology could cause losses, some uninsured.
- Politics, tax and legalInstability where it operates, tax changes and lawsuits or government actions could hurt results.
- Climate rulesGreenhouse-gas regulation and pressure on fossil fuels could lower demand or raise costs.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total revenues and other income | $200.9B | $202.8B | $189.0B |
| Net income to Chevron | $21.4B | $17.7B | $12.3B |
| Operating cash flow | $35.6B | $31.5B | $33.9B |
| Cash & equivalents (year end) | $8.2B | $8.3B | $7.3B |
| Total debt (year end) | $25.4B | $32.8B | $50.7B |
| Diluted shares | 1.88B | 1.82B | 1.86B |
- Total revenues and other income: Sales and other operating revenues plus income from equity affiliates and other income.
- Net income to Chevron: Net income attributable to Chevron, after the share belonging to minority owners of some affiliates.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term debt plus long-term debt, including finance leases, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Total revenues and other income include income from equity affiliates and other income. Segment sales are sales to outside customers, so they add up to slightly less than the total.
- Cash and equivalents include restricted cash, the figure Chevron tags consistently in its recent filings.
Recent filings
Latest filings
- Oct 214:38 PM ET
Form 4
Chevron Chief Legal Officer R. Hewitt Pate reports selling 43,100 shares under a 10b5-1 plan
The filing reports 43,100 shares in an open-market or private sale (code S) at prices from $225.61 to $226.65, about $9.8 million in total; and 43,100 shares in an exercise or conversion of a derivative security (code M).
- Oct 65:16 PM ET
8-K
Chevron files an 8-K on investor materials (Reg FD) and other events
Chevron filed a Form 8-K on Oct 6, 2026 at 5:16 PM ET under Item 7.01 (Regulation FD Disclosure), Item 8.01 (Other Events).
- Oct 59:01 AM ET
8-K
Chevron files an 8-K on director or officer changes
Chevron filed a Form 8-K on Oct 5, 2026 at 9:01 AM ET under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).
Common questions about Chevron
How does Chevron make money?
In fiscal 2025, total revenues and other income totaled $189.0B. Downstream sales were $130.9B in 2025, 71% of segment sales, and Upstream $53.5B. Upstream also sells oil and gas to Chevron's own refineries; the segment figures here are sales to outside customers. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
What was Chevron's revenue in fiscal 2025?
Total revenues and other income came to $189.0B in the year ended Dec 31, 2025. Going back two years, it was $200.9B in fiscal 2023 and $202.8B in fiscal 2024, so the latest year was down 6.8%. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
Is Chevron profitable?
Yes, by US accounting rules (GAAP): net income to Chevron was $12.3B in fiscal 2025, down 30.4% from $17.7B a year earlier. For the quarter ended Jun 30, 2026, net income was $12.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
What did Chevron report in its latest quarterly filing?
The 10-Q for the quarter ended Jun 30, 2026 shows total revenues of $70.1B, against $44.8B in the same quarter a year before (up 56.3%), and net income of $12.1B, against $2.5B (up 384.8%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026.
What are the main risks Chevron lists?
Item 1A of the fiscal 2025 10-K (filed Feb 24, 2026) sets out the risks. Grouped, they fall into 6 areas: Commodity prices; reserves and projects; hess deal; operations and cyber; politics, tax and legal; climate rules. To start with the first: Crude oil, natural gas and refining margins swing with supply, demand and the economy. Source: 10-K, Item 1A Risk Factors.
Where do these Chevron numbers come from?
Two filings Chevron made with the SEC: its fiscal 2025 10-K, filed Feb 24, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in CVX
- The editor holds no position in Chevron (CVX). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell CVX from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold CVX, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| ChevronCVX | FY2025 | $189.0B | −6.8% | $12.3B |
| ExxonMobilXOM | FY2025 | $332.2B | −5.0% | $28.8B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.