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Chevron vs Valero Energy: revenue, profit, margins and growth compared

Chevron brought in $189B of revenue in fiscal 2025, Valero Energy $122.7B in fiscal 2025. Revenue changed by -6.8% at Chevron and -5.5% at Valero Energy on the year before, so Valero Energy grew faster. Chevron kept 6.5% of its revenue as net profit, Valero Energy 1.9%.

Side by side, latest fiscal year

CVXVLO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$189B$122.7B
Revenue growth-6.8%-5.5%
Net income$12.3B$2.3B
Net margin6.5%1.9%
Free cash flow$16.6Bn/a
Free cash flow margin8.8%n/a
Earnings per share (diluted)$6.63$7.57
Cash$7.3B$4.7B
Debt$2.3B$8.3B
Price to earnings30.851.1
Market value$403.9B$111.5B
Dividend yield3.35%1.17%
Rank by revenue in sector#2 of 129 · Energy#5 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: $189BVLO FY2018: $117BVLO FY2019: $108.3BVLO FY2020: $64.9BVLO FY2021: $114BVLO FY2022: $176.4BVLO FY2023: $144.8BVLO FY2024: $129.9BVLO FY2025: $122.7BFY18FY19FY20FY21FY22FY23FY24FY25
CVX $189BVLO $122.7B
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: $12.3BVLO FY2018: $3.1BVLO FY2019: $2.4BVLO FY2020: -$1.4BVLO FY2021: $930MVLO FY2022: $11.5BVLO FY2023: $8.8BVLO FY2024: $2.8BVLO FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
CVX $12.3BVLO $2.3B
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%VLO FY2018: 2.7%VLO FY2019: 2.2%VLO FY2020: -2.2%VLO FY2021: 0.8%VLO FY2022: 6.5%VLO FY2023: 6.1%VLO FY2024: 2.1%VLO FY2025: 1.9%FY18FY19FY20FY21FY22FY23FY24FY25
CVX 6.5%VLO 1.9%
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%VLO FY2019: -7.4%VLO FY2020: -40.1%VLO FY2021: +75.6%VLO FY2022: +54.8%VLO FY2023: -17.9%VLO FY2024: -10.3%VLO FY2025: -5.5%FY19FY20FY21FY22FY23FY24FY25
CVX -6.8%VLO -5.5%
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: $16.6BVLO FY2018: $995MVLO FY2019: $2.7BVLO FY2020: -$1.5BVLO FY2021: $3.4BVLO FY2022: $9.8BVLO FY2023: $7.3BVLO FY2024: $4.6BFY18FY19FY20FY21FY22FY23FY24FY25
CVX $16.6BVLO $4.6B

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

Questions about Chevron and Valero Energy

Which is bigger by revenue, Chevron or Valero Energy?

Chevron is bigger by revenue: $189B in fiscal 2025, against $122.7B for Valero Energy in fiscal 2025.

Which keeps more of its revenue as profit, Chevron or Valero Energy?

Chevron had a net margin of 6.5% in fiscal 2025; Valero Energy had 1.9% in fiscal 2025.

Which grew revenue faster, Chevron or Valero Energy?

In their latest fiscal years revenue changed by -6.8% at Chevron and -5.5% at Valero Energy.

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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