CHEVRON CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CHEVRON CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	114,472	141,722	166,339	146,516	94,692	162,465	246,252	200,949	202,792	189,031
Cost of revenue	59,321	75,765	94,578	80,113	52,148	92,249	145,416	119,196	119,206	108,214
Gross profit	55,151	65,957	71,761	66,403	42,544	70,216	100,836	81,753	83,586	80,817
Research and development	476	433	453	500	435	268	268	320	353	427
Selling, general and administrative	4,305	4,110	3,838	4,143	4,213	4,014	4,312	4,141	4,834	5,126
Interest expense	201	307	748	798	697	712	516	469	594	1,217
Other non-operating income	1,596	2,610
Pre-tax income	-2,160	9,221	20,575	5,536	-7,453	21,639	49,674	29,584	27,506	19,743
Income tax	-1,729	-48	5,715	2,691	-1,892	5,950	14,066	8,173	9,757	7,258
Net income to minority interests	66	74	36	-79	-18	64	143	42	88	186
Net income	-497	9,195	14,824	2,924	-5,543	15,625	35,465	21,369	17,661	12,299
EPS, basic	-0.27	4.88	7.81	1.55	-2.96	8.15	18.36	11.41	9.76	6.65
EPS, diluted	-0.27	4.85	7.74	1.54	-2.96	8.14	18.28	11.36	9.72	6.63
Shares, basic (weighted)	1,873	1,883	1,898	1,882	1,870	1,916	1,931	1,873	1,810	1,849
Shares, diluted (weighted)	1,873	1,898	1,914	1,895	1,870	1,920	1,940	1,880	1,817	1,856
Dividend per share				4.76	5.16	5.31	5.68	6.04	6.52	6.84

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6,988	4,813	9,342	6,911	5,596	5,640	17,678	8,178	8,262	7,285
Short-term investments	13	9	53	63	31	35	223	45	0	0
Receivables	14,092	15,353	15,050	13,325	9,500	16,400	18,200	17,640	18,338	15,986
Inventory	5,419	5,585	5,704	5,848	5,676	6,795	8,247	8,612	9,074	9,711
Other current assets	3,107	2,800	2,922	3,407	3,304	2,849	3,739	4,372	4,368	4,469
Total current assets	29,619	28,560	34,021	28,329	26,078	33,738	50,343	41,128	40,911	38,552
Property, plant and equipment	182,186	177,712	169,207	150,494	156,618	146,961	143,591	153,619	147,799	219,729
Lease right-of-use assets				4,074	3,949	3,668	4,262	5,422	5,315	6,054
Goodwill	4,581	4,531	4,518	4,463	4,402	4,385	4,722	4,722	4,578	4,568
Other non-current assets	6,838	7,017	6,766	10,532	11,950	12,384	12,310	13,734	14,854	16,236
Total assets	260,078	253,806	253,863	237,428	239,790	239,535	257,709	261,632	256,938	324,012
Accounts payable	13,986	14,565	13,953	14,103	10,950	16,454	18,955	20,423	22,079	19,280
Accrued liabilities	4,882	5,267	4,927	6,589	7,812	6,972	7,486	7,655	8,486	10,763
Short-term debt	19,840	15,192	15,626	13,032	11,373	8,015	6,014	5,072	12,656	10,918
Total current liabilities	31,785	27,737	27,171	26,530	22,183	26,791	34,208	32,258	38,558	33,387
Long-term debt	35,193	33,477	28,733	23,691	42,767	31,113	21,375	20,307	20,135	39,781
Lease liabilities				2,608	2,615	2,508	2,920	3,696	3,551	4,154
Total liabilities	113,356	104,487	98,221	92,220	107,064	99,595	97,467	99,703	103,781	131,836
Total debt	32,490	30,234	23,730	18,730	25,676	25,676	2,694	1,650	4,012	2,345
Paid-in capital	16,595	16,848	17,112	17,265	16,829	17,282	18,660	21,365	21,671	33,886
Retained earnings	173,046	174,106	180,987	174,945	160,377	165,546	190,024	200,025	205,852	205,365
Treasury stock	-41,834	-40,833	-41,593	-44,599	-41,498	-41,464	-48,196	-59,065	-74,037	-51,929
Other comprehensive income	-3,843	-3,589	-3,544	-4,990	-5,612	-3,889	-2,798	-2,960	-2,760	-2,464
Shareholders' equity	145,556	148,124	154,554	144,213	131,688	139,067	159,282	160,957	152,318	186,450
Minority interests	1,166	1,195	1,088	995	1,038	873	960	972	839	5,726
Total equity	146,722	149,319	155,642	145,208	132,726	139,940	160,242	161,929	153,157	192,176
Total liabilities and equity	260,078	253,806	253,863	237,428	239,790	239,535	257,709	261,632	256,938	324,012

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-431	9,269	14,860	2,845	-5,561	15,689	35,608	21,411	17,749	12,485
Depreciation and amortization	19,457	19,349	19,419	29,218	19,508	17,925	16,319	17,326	17,282	20,132
Deferred income tax	-3,835	-3,203	1,050	-1,966	-3,604	700	2,124	298	1,240	986
Change in inventory	603	-267	-424	7	284	-530	-930	-320	-574	51
Change in payables	366	998	-494	-109	-3,576	5,475	2,750	-49	2,569	-3,469
Cash from operations	12,690	20,338	30,618	27,314	10,577	29,187	49,602	35,609	31,492	33,939
Capital expenditures	-18,109	-13,404	-13,792	-14,116	-8,922	-8,056	-11,974	-15,829	-16,448	-17,347
Acquisitions						0	-2,862	55	0	1,056
Purchases of investments	-9	-3	-51	-1	0	-4	-7	-289	0	0
Sales and maturities of investments	297	4
Cash from investing	-16,370	-8,320	-12,290	-11,458	-6,965	-5,865	-12,108	-15,232	-8,936	-15,911
Debt issued	6,924	3,991	218	0	12,308	0	0	150	478	11,402
Stock issued	647	1,100	1,159	1,090	226	1,274	5,835	263	356	374
Share buybacks	-2	-1	-1,751	-4,039	-1,757	-1,383	-11,255	-14,939	-15,229	-12,079
Dividends paid	-8,032	-8,132	-8,502	-8,959	-9,651	-10,179	-10,968	-11,336	-11,801	-12,751
Cash from financing	25	-14,554	-13,699	-19,758	-3,736	-23,113	-24,978	-30,109	-23,472	-19,063
Exchange rate effect	-53	65	-91	332	-50	-151	-190	-114	-97	58
Net change in cash	-3,708	-2,471	4,538	-3,570	-174	58	12,326	-9,846	-1,013	-977
Free cash flow	-5,419	6,934	16,826	13,198	1,655	21,131	37,628	19,780	15,044	16,592
Interest paid	158	265	736	810	720	699	525	465	587	942
Income taxes paid	1,935	3,132	4,748	4,817	2,987	4,355	9,148	10,416	8,458	7,304

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $204.45 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	45.4%	Gross profit / revenue.
Pre-tax margin	14.2%	Pre-tax income / revenue.
Net margin	9.6%	Net income / revenue.
FCF margin	12.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.1%	Cash from operations / revenue.
Effective tax rate	31.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.2%	Net income / average total assets.
SG&A / revenue	2.5%	Selling, general and administrative expense / revenue.
Capex / revenue	8.5%	Capital expenditures / revenue.
D&A / revenue	10.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-8.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-7.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-30.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-29.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-31.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-28.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	7.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-11.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	26.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	10.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-23.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	58.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	22.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	26.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.25x	Current assets / current liabilities.
Quick ratio	0.80x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	40.8%	Total liabilities / total assets.
Working capital	$9.90B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$185.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	1.00x	Revenue / average property, plant and equipment.
Inventory turnover	11.2x	Cost of revenue / average inventory.
Days inventory	33 days	365 x average inventory / cost of revenue.
Receivables turnover	9.78x	Revenue / average receivables.
Days sales outstanding	37 days	365 x average receivables / revenue.
Days payables	76 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-6 days	Days inventory + days sales outstanding - days payables.
FCF conversion	131.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	40.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.43	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$108.99	Revenue / diluted weighted shares.
FCF per share	$13.68	Free cash flow / diluted weighted shares.
Operating cash flow per share	$22.95	Cash from operations / diluted weighted shares.
Book value per share	$96.14	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$93.83	Tangible book value / shares outstanding.
Cash per share	$4.85	(Cash + short-term investments) / shares outstanding.
Payout ratio	67.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	51.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	41.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$403.95B	Share price x shares outstanding.
Enterprise value	$394.36B	Market cap + total debt - cash - short-term investments.
P/E	19.6x	Market cap / net income. Only when net income is positive.
P/S	1.88x	Market cap / revenue.
P/B	2.13x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.18x	Market cap / tangible book value, when positive.
P/FCF	15.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.91x	Market cap / cash from operations, when positive.
EV/Sales	1.83x	Enterprise value / revenue.
EV/FCF	14.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.7%	Free cash flow / market cap.
Earnings yield	5.1%	Net income / market cap (the inverse of P/E).
Dividend yield	3.4%	Dividends paid over the period / market cap.
Shareholder yield	6.2%	(Dividends paid + share buybacks) / market cap.

What was CHEVRON CORP's revenue in fiscal 2025?

CHEVRON CORP reported revenue of $189.03B for fiscal 2025, 6.8% lower than the year before.

Was CHEVRON CORP profitable in fiscal 2025?

Yes. Net income was $12.30B, a net margin of 6.5%.

How much free cash flow did CHEVRON CORP generate in fiscal 2025?

Cash from operations of $33.94B minus capital expenditures of $17.35B left free cash flow of $16.59B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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