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Chevron vs Plains GP: revenue, profit, margins and growth compared

Chevron brought in $189B of revenue in fiscal 2025, Plains GP $44.3B in fiscal 2025. Revenue changed by -6.8% at Chevron and -9.5% at Plains GP on the year before, so Chevron grew faster. Chevron kept 6.5% of its revenue as net profit, Plains GP 0.6%. Free cash flow was $16.6B at Chevron and $2.3B at Plains GP.

Side by side, latest fiscal year

CVXPAGP
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$189B$44.3B
Revenue growth-6.8%-9.5%
Net income$12.3B$260M
Net margin6.5%0.6%
Free cash flow$16.6B$2.3B
Free cash flow margin8.8%5.2%
Earnings per share (diluted)$6.63n/a
Cash$7.3B$329M
Debt$2.3B$1.1B
Price to earnings30.8n/a
Market value$403.9B$5.3B
Dividend yield3.35%n/a
Rank by revenue in sector#2 of 129 · Energy#8 of 129 · 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: $189BPAGP FY2018: $34.1BPAGP FY2019: $33.7BPAGP FY2020: $23.3BPAGP FY2021: $42.1BPAGP FY2022: $57.3BPAGP FY2023: $47.3BPAGP FY2024: $48.9BPAGP FY2025: $44.3BFY18FY19FY20FY21FY22FY23FY24FY25
CVX $189BPAGP $44.3B
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: $12.3BPAGP FY2018: $334MPAGP FY2019: $331MPAGP FY2020: -$568MPAGP FY2021: $60MPAGP FY2022: $168MPAGP FY2023: $198MPAGP FY2024: $103MPAGP FY2025: $260MFY18FY19FY20FY21FY22FY23FY24FY25
CVX $12.3BPAGP $260M
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%PAGP FY2018: 1.0%PAGP FY2019: 1.0%PAGP FY2020: -2.4%PAGP FY2021: 0.1%PAGP FY2022: 0.3%PAGP FY2023: 0.4%PAGP FY2024: 0.2%PAGP FY2025: 0.6%FY18FY19FY20FY21FY22FY23FY24FY25
CVX 6.5%PAGP 0.6%
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%PAGP FY2019: -1.1%PAGP FY2020: -30.8%PAGP FY2021: +80.7%PAGP FY2022: +36.3%PAGP FY2023: -17.4%PAGP FY2024: +3.3%PAGP FY2025: -9.5%FY19FY20FY21FY22FY23FY24FY25
CVX -6.8%PAGP -9.5%
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: $16.6BPAGP FY2018: $970MPAGP FY2019: $1.3BPAGP FY2020: $772MPAGP FY2021: $1.7BPAGP FY2022: $1.9BPAGP FY2023: $2.3BPAGP FY2024: $2BPAGP FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
CVX $16.6BPAGP $2.3B

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

Questions about Chevron and Plains GP

Which is bigger by revenue, Chevron or Plains GP?

Chevron is bigger by revenue: $189B in fiscal 2025, against $44.3B for Plains GP in fiscal 2025.

Which keeps more of its revenue as profit, Chevron or Plains GP?

Chevron had a net margin of 6.5% in fiscal 2025; Plains GP had 0.6% in fiscal 2025.

Which grew revenue faster, Chevron or Plains GP?

In their latest fiscal years revenue changed by -6.8% at Chevron and -9.5% at Plains GP.

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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