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Chevron vs Equinor Asa: revenue, profit, margins and growth compared

Chevron brought in $189B of revenue in fiscal 2025, Equinor Asa $106.5B in fiscal 2025. Revenue changed by -6.8% at Chevron and +2.6% at Equinor Asa on the year before, so Equinor Asa grew faster. Chevron kept 6.5% of its revenue as net profit, Equinor Asa 4.7%. Free cash flow was $16.6B at Chevron and $6B at Equinor Asa.

Side by side, latest fiscal year

CVXEQNR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$189B$106.5B
Revenue growth-6.8%+2.6%
Net income$12.3B$5B
Net margin6.5%4.7%
Free cash flow$16.6B$6B
Free cash flow margin8.8%5.6%
Earnings per share (diluted)$6.63$1.94
Cash$7.3B$5B
Debt$2.3Bn/a
Price to earnings31.1n/a
Market value$407.2B$105.7B
Dividend yield3.32%n/a
Rank by revenue in sector#4 of 163 · Energy#8 of 163 · Energy

Over the years

Revenue
CVX FY2018: $166.3BCVX FY2019: $146.5BCVX FY2020: $94.7BCVX FY2021: $162.5BCVX FY2022: $246.3BCVX FY2023: $200.9BCVX FY2024: $202.8BCVX FY2025: $189BEQNR FY2018: $79.6BEQNR FY2019: $64.4BEQNR FY2020: $45.8BEQNR FY2021: $90.9BEQNR FY2022: $150.8BEQNR FY2023: $107.2BEQNR FY2024: $103.8BEQNR FY2025: $106.5BFY18FY19FY20FY21FY22FY23FY24FY25
CVX $189BEQNR $106.5B
Net income
CVX FY2018: $14.8BCVX FY2019: $2.9BCVX FY2020: -$5.5BCVX FY2021: $15.6BCVX FY2022: $35.5BCVX FY2023: $21.4BCVX FY2024: $17.7BCVX FY2025: $12.3BEQNR FY2018: $7.5BEQNR FY2019: $1.8BEQNR FY2020: -$5.5BEQNR FY2021: $8.6BEQNR FY2022: $28.7BEQNR FY2023: $11.9BEQNR FY2024: $8.8BEQNR FY2025: $5BFY18FY19FY20FY21FY22FY23FY24FY25
CVX $12.3BEQNR $5B
Net margin
CVX FY2018: 8.9%CVX FY2019: 2.0%CVX FY2020: -5.9%CVX FY2021: 9.6%CVX FY2022: 14.4%CVX FY2023: 10.6%CVX FY2024: 8.7%CVX FY2025: 6.5%EQNR FY2018: 9.5%EQNR FY2019: 2.9%EQNR FY2020: -12.0%EQNR FY2021: 9.4%EQNR FY2022: 19.1%EQNR FY2023: 11.1%EQNR FY2024: 8.5%EQNR FY2025: 4.7%FY18FY19FY20FY21FY22FY23FY24FY25
CVX 6.5%EQNR 4.7%
Revenue growth
CVX FY2019: -11.9%CVX FY2020: -35.4%CVX FY2021: +71.6%CVX FY2022: +51.6%CVX FY2023: -18.4%CVX FY2024: +0.9%CVX FY2025: -6.8%EQNR FY2019: -19.1%EQNR FY2020: -28.8%EQNR FY2021: +98.4%EQNR FY2022: +65.9%EQNR FY2023: -28.9%EQNR FY2024: -3.2%EQNR FY2025: +2.6%FY19FY20FY21FY22FY23FY24FY25
CVX -6.8%EQNR +2.6%
Free cash flow
CVX FY2018: $16.8BCVX FY2019: $13.2BCVX FY2020: $1.7BCVX FY2021: $21.1BCVX FY2022: $37.6BCVX FY2023: $19.8BCVX FY2024: $15BCVX FY2025: $16.6BEQNR FY2018: $8.3BEQNR FY2019: $3.5BEQNR FY2020: $1.9BEQNR FY2021: $20.8BEQNR FY2022: $26.4BEQNR FY2023: $18.7BEQNR FY2024: $7.3BEQNR FY2025: $6BFY18FY19FY20FY21FY22FY23FY24FY25
CVX $16.6BEQNR $6B

Fiscal years as each company reports them; the two may end in different months.

Questions about Chevron and Equinor Asa

Which is bigger by revenue, Chevron or Equinor Asa?

Chevron is bigger by revenue: $189B in fiscal 2025, against $106.5B for Equinor Asa in fiscal 2025.

Which keeps more of its revenue as profit, Chevron or Equinor Asa?

Chevron had a net margin of 6.5% in fiscal 2025; Equinor Asa had 4.7% in fiscal 2025.

Which grew revenue faster, Chevron or Equinor Asa?

In their latest fiscal years revenue changed by -6.8% at Chevron and +2.6% at Equinor Asa.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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