CVX Chevron Corporation FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-31 · FILED 2026-02-24 · 1,856M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

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.

S&P 500 · ENERGY · CIK 93410
REVENUE$189.0B-6.8% YoY
NET INCOME$12.3B-30.4% YoY
OPERATING CASH FLOW$33.9B+7.8% YoY
55
FILING SCORE / 100
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How the score is computed: 1 management claims are checked against the filed statements and 5 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 1/2 on claims and 6/10 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
MIXED6 CHECKS · 1 red · 2 watchNEXT 10-Q ~AUG 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues189,031202,792200,9492
Cost of revenue108,214119,206119,196
Research and development427353320
Selling, general and administrative5,1264,8344,141
Depreciation, depletion and amortization20,13217,28217,326
Impairments1335002,180
Total operating expenses169,288175,286171,365
Income before income taxes19,74327,50629,584
Income tax provision7,2589,7578,1731
Net income incl. noncontrolling interests12,48517,74921,411
Less: noncontrolling interests1868842
Net income attributable to common12,29917,66121,3691
Diluted earnings per share$6.63$9.72$11.36
Weighted-average diluted shares1,8561,8171,880
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests12,48517,74921,411
Depreciation, depletion and amortization20,13217,28217,326
Deferred income taxes9861,240298
Change in inventories(51)574320
Change in payables(3,469)2,569(49)
Net cash provided by operating activities33,93931,49235,6091
Acquisitions, net of cash(1,056)0(55)1
Net cash used in investing activities(15,911)(8,936)(15,232)
Dividends paid12,75111,80111,336
Repurchases of common stock12,07915,22914,939
Debt issued11,402478150
Net cash used in financing activities(19,063)(23,472)(30,109)
Cash and equivalents at end of period7,2858,2629,275
Balance sheet · $ millions20252024
Short-term investments00
Receivables, net15,98618,3381
Inventories9,7119,0741
Total current assets38,55240,911
Goodwill4,5684,5781
Total assets324,012256,9381
Accounts payable19,28022,079
Current debt10,91812,656
Total current liabilities33,38738,558
Long-term debt39,78120,135
Total liabilities131,836103,781
Redeemable interests (temporary equity)—0
Stockholders' equity186,450152,318
Noncontrolling interests5,726839
Total equity192,176153,157
Segments · as filed in the segment note · $ millionsReportable segment aggregation before other operating segmentAll other segmentsConsolidated
Net sales184,328104184,432
Cost of sales108,2140108,214

Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total assets · BS324,012256,938+67,074+26.1%—
Total equity · BS192,176153,157+39,019+25.5%—
Stockholders' equity · BS186,450152,318+34,132+22.4%—
Total liabilities · BS131,836103,781+28,055+27.0%—
Long-term debt · BS39,78120,135+19,646+97.6%◐ outsized
Total revenues · IS189,031202,792−13,761-6.8%—
Cost of revenue · IS108,214119,206−10,992-9.2%—
Debt issued · CF11,402478+10,924+2,285.4%◐ outsized
Income before income taxes · IS19,74327,506−7,763-28.2%—
Net cash used in investing activities · CF(15,911)(8,936)−6,975-78.1%—
Change in payables · CF(3,469)2,569−6,038-235.0%—
Total operating expenses · IS169,288175,286−5,998-3.4%—
Net income attributable to common · IS12,29917,661−5,362-30.4%—
Net income incl. noncontrolling interests · IS12,48517,749−5,264-29.7%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
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 5consistent
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 · $ millionsSEP 24MAR 25JUN 25SEP 25MAR 26
Total revenues50,66947,61044,82249,72648,607
Cost of revenue30,45028,61026,85827,39828,265
Selling, general and administrative1,1911,2218891,5241,066
Depreciation, depletion and amortization4,2144,1234,3445,7815,808
Total operating expenses44,18042,02740,67544,31244,661
Income before income taxes6,4895,5834,1475,4143,946
Income tax provision1,9932,0711,6321,8011,653
Net income incl. noncontrolling interests4,4963,5122,5153,6132,293
Less: noncontrolling interests912257483
Net income attributable to common4,4873,5002,4903,5392,210
Diluted earnings per share$2.48$2.00$1.45$1.82$1.11
Weighted-average diluted shares1,8071,7511,7241,9461,986
Net cash provided by operating activities—5,189——2,514
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Net cash provided by operating activities5,1892,514−2,675-51.6%
Income before income taxes5,4143,946−1,468-27.1%
Net income attributable to common3,5392,210−1,329-37.6%
Net income incl. noncontrolling interests3,6132,293−1,320-36.5%
Total revenues49,72648,607−1,119-2.3%
Cost of revenue27,39828,265+867+3.2%
Selling, general and administrative1,5241,066−458-30.1%
Total operating expenses44,31244,661+349+0.8%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$247,400M10-K cover · as of 2025-06-30
Insider Form 4s, 90d18 filings · 0 buys / 12 sellsnet selling · −$127,089,210
· Hess John BSELL $23,102,324Form 4 filed 2026-05-22 · open market
· Hess John BSELL $22,567,892Form 4 filed 2026-05-22 · open market
· Hess John BSELL $16,421,050Form 4 filed 2026-05-08 · open market
· Hess John BSELL $14,455,489Form 4 filed 2026-05-08 · open market
· Hess John BSELL $11,442,165Form 4 filed 2026-05-22 · open market
Insider ownership %—needs the proxy statement — not read yet, never estimated
Institutional %—needs 13F aggregation — not read yet, never estimated
· 10b5-1 adoptedMichael K. Wirth, Chairman of the Board and Chief Executive OfficerNovember 26, 2025 · 262,900 shares · 10-K insider trading arrangements
· 10b5-1 adoptedEimear P. Bonner, Chief Financial OfficerNovember 22, 2025 · 132,768 shares · 10-K insider trading arrangements
· 10b5-1 adoptedR. Hewitt Pate, Chief Legal OfficerNovember 26, 2025 · 335,509 shares · 10-K insider trading arrangements
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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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.