Chevron Corporation manages investments in subsidiaries and affiliates engaged in integrated energy and chemicals operations, providing administrative, financial, management and technology support. Upstream activities include exploring for, developing, producing and transporting crude oil and natural gas, liquefied natural gas processing and transportation, carbon capture and storage, and a gas-to-liquids plant, while downstream activities include refining crude oil, marketing petroleum products and lubricants, manufacturing renewable fuels, and producing commodity petrochemicals and additives. The company's operations and projects are dispersed across North America, South America, Europe, Africa, Asia and Australia, serving industrial and individual consumers of energy, fuel and chemical products.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 189,031 | 202,792 | 200,949 | 2 |
| · Downstream | 130,876 | 146,434 | 151,038 | |
| · Upstream | 53,452 | 46,848 | 45,742 | |
| · All Other | 104 | 132 | 133 | |
| · Other (filed total less lines shown) | 4,599 | 9,378 | 4,036 | |
| Cost of revenue | 108,214 | 119,206 | 119,196 | |
| Research and development | 427 | 353 | 320 | |
| Selling, general and administrative | 5,126 | 4,834 | 4,141 | |
| Depreciation, depletion and amortization | 20,132 | 17,282 | 17,326 | |
| Impairments | 133 | 500 | 2,180 | |
| Total operating expenses | 169,288 | 175,286 | 171,365 | |
| Income before income taxes | 19,743 | 27,506 | 29,584 | |
| Income tax provision | 7,258 | 9,757 | 8,173 | 1 |
| Net income incl. noncontrolling interests | 12,485 | 17,749 | 21,411 | |
| Less: noncontrolling interests | 186 | 88 | 42 | |
| Net income attributable to common | 12,299 | 17,661 | 21,369 | 1 |
| Diluted earnings per share | $6.63 | $9.72 | $11.36 | |
| Weighted-average diluted shares | 1,856 | 1,817 | 1,880 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 12,485 | 17,749 | 21,411 | |
| Depreciation, depletion and amortization | 20,132 | 17,282 | 17,326 | |
| Deferred income taxes | 986 | 1,240 | 298 | |
| Change in inventories | (51) | 574 | 320 | |
| Change in payables | (3,469) | 2,569 | (49) | |
| Net cash provided by operating activities | 33,939 | 31,492 | 35,609 | 1 |
| Acquisitions, net of cash | (1,056) | 0 | (55) | 1 |
| Net cash used in investing activities | (15,911) | (8,936) | (15,232) | |
| Dividends paid | 12,751 | 11,801 | 11,336 | |
| Repurchases of common stock | 12,079 | 15,229 | 14,939 | |
| Debt issued | 11,402 | 478 | 150 | |
| Net cash used in financing activities | (19,063) | (23,472) | (30,109) | |
| Cash and equivalents at end of period | 7,285 | 8,262 | 9,275 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Short-term investments | 0 | 0 | |
| Receivables, net | 15,986 | 18,338 | 1 |
| Inventories | 9,711 | 9,074 | 1 |
| Total current assets | 38,552 | 40,911 | |
| Goodwill | 4,568 | 4,578 | 1 |
| Total assets | 324,012 | 256,938 | 1 |
| Accounts payable | 19,280 | 22,079 | |
| Current debt | 10,918 | 12,656 | |
| Total current liabilities | 33,387 | 38,558 | |
| Long-term debt | 39,781 | 20,135 | |
| Total liabilities | 131,836 | 103,781 | |
| Redeemable interests (temporary equity) | — | 0 | |
| Stockholders' equity | 186,450 | 152,318 | |
| Noncontrolling interests | 5,726 | 839 | |
| Total equity | 192,176 | 153,157 |
| Segments · as filed in the segment note · $ millions | Downstream | Upstream | All Other | Other (filed total less lines shown) | Consolidated |
|---|---|---|---|---|---|
| Net sales | 130,876 | 53,452 | 104 | 4,599 | 189,031 |
| Depreciation & amortization | 1,404 | 18,445 | 283 | — | 20,132 |
Not shown: Cost of sales, Assets. The filed segment lines for these do not reconcile to the consolidated line, so the row is left out rather than approximated.
Product revenue is tagged under the filer's own concept, not a standard one; not read.
| Revenue by geography · as filed · $ millions | FY2025 | Share |
|---|---|---|
| International | 99,389 | 52.6% |
| United States | 84,939 | 44.9% |
| Other (filed total less lines shown) | 4,703 | 2.5% |
| Total revenues, as filed | 189,031 | 100.0% |
Geographic lines cover 98% of filed revenue; the rest is shown as one computed line. Lines not filed as one figure are the sum of their filed pieces across segments.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total assets · BS | 324,012 | 256,938 | +67,074 | +26.1% | — |
| Total equity · BS | 192,176 | 153,157 | +39,019 | +25.5% | — |
| Stockholders' equity · BS | 186,450 | 152,318 | +34,132 | +22.4% | — |
| Total liabilities · BS | 131,836 | 103,781 | +28,055 | +27.0% | — |
| Long-term debt · BS | 39,781 | 20,135 | +19,646 | +97.6% | ◐ outsized |
| · Downstream · IS | 130,876 | 146,434 | −15,558 | -10.6% | — |
| Total revenues · IS | 189,031 | 202,792 | −13,761 | -6.8% | — |
| Cost of revenue · IS | 108,214 | 119,206 | −10,992 | -9.2% | — |
| Debt issued · CF | 11,402 | 478 | +10,924 | +2,285.4% | ◐ outsized |
| Income before income taxes · IS | 19,743 | 27,506 | −7,763 | -28.2% | — |
| Net cash used in investing activities · CF | (15,911) | (8,936) | −6,975 | -78.1% | — |
| · Upstream · IS | 53,452 | 46,848 | +6,604 | +14.1% | — |
| Change in payables · CF | (3,469) | 2,569 | −6,038 | -235.0% | — |
| Total operating expenses · IS | 169,288 | 175,286 | −5,998 | -3.4% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 7.3% sector median 14.3% | weak |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | +0.0% sector median +0.0% | flat |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 0.27 sector median 0.49 | low |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 5 of 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 10.4% sector median 14.6% | cyclical |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 47,610 | 44,822 | 49,726 | 48,607 | 70,055 |
| Cost of revenue | 28,610 | 26,858 | 27,398 | 28,265 | 36,607 |
| Selling, general and administrative | 1,221 | 889 | 1,524 | 1,066 | 1,314 |
| Depreciation, depletion and amortization | 4,123 | 4,344 | 5,781 | 5,808 | 6,082 |
| Total operating expenses | 42,027 | 40,675 | 44,312 | 44,661 | 53,371 |
| Income before income taxes | 5,583 | 4,147 | 5,414 | 3,946 | 16,684 |
| Income tax provision | 2,071 | 1,632 | 1,801 | 1,653 | 4,470 |
| Net income incl. noncontrolling interests | 3,512 | 2,515 | 3,613 | 2,293 | 12,214 |
| Less: noncontrolling interests | 12 | 25 | 74 | 83 | 142 |
| Net income attributable to common | 3,500 | 2,490 | 3,539 | 2,210 | 12,072 |
| Diluted earnings per share | $2.00 | $1.45 | $1.82 | $1.11 | $6.11 |
| Weighted-average diluted shares | 1,751 | 1,724 | 1,946 | 1,986 | 1,975 |
| Net cash provided by operating activities | 5,189 | — | — | 2,514 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Total revenues | 48,607 | 70,055 | +21,448 | +44.1% |
| Income before income taxes | 3,946 | 16,684 | +12,738 | +322.8% |
| Net income incl. noncontrolling interests | 2,293 | 12,214 | +9,921 | +432.7% |
| Net income attributable to common | 2,210 | 12,072 | +9,862 | +446.2% |
| Total operating expenses | 44,661 | 53,371 | +8,710 | +19.5% |
| Cost of revenue | 28,265 | 36,607 | +8,342 | +29.5% |
| Income tax provision | 1,653 | 4,470 | +2,817 | +170.4% |
| Net cash provided by operating activities | 5,189 | 2,514 | −2,675 | -51.6% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $247,400M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 11 filings · 0 buys / 14 sells | net selling · −$228,595,179 |
| · Wirth Michael K | SELL $61,493,800 | Form 4 filed 2026-08-18 · open market |
| · Hess John B | SELL $52,888,194 | Form 4 filed 2026-08-05 · open market |
| · Hess John B | SELL $33,989,066 | Form 4 filed 2026-08-05 · open market |
| · Hess John B | SELL $22,935,045 | Form 4 filed 2026-08-05 · open market |
| · Hess John B | SELL $17,353,349 | Form 4 filed 2026-08-05 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
| · 10b5-1 adopted | Michael K. Wirth, Chairman of the Board and Chief Executive Officer | November 26, 2025 · 262,900 shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Eimear P. Bonner, Chief Financial Officer | November 22, 2025 · 132,768 shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | R. Hewitt Pate, Chief Legal Officer | November 26, 2025 · 335,509 shares · 10-K insider trading arrangements |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Chevron Corporation's Form 10-K for FY2025 (accession 0000093410-26-000078), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. CVX is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.