What is Chevron Corp's earnings per share (EPS)?

Chevron Corp (CVX) reported diluted earnings per share of $6.63 for fiscal year 2025. This represents a -31.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Chevron Corp Financials

CVX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Chevron Corp (CVX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CVX FY2025 2026-05-07

Chevron's cash engine remains sturdier than its earnings, but capital returns now lean more on the balance sheet.

From FY2023 to FY2025, net income fell from $21.4B to $12.3B, while operating cash flow slipped only from $35.6B to $33.9B. That gap suggests the business's cash generation is more resilient than reported profit, but rising depreciation to $20.1B and capex of $17.3B show much of that cash is needed just to keep the asset base productive.

In FY2025, dividends plus buybacks reached $24.8B, while free cash flow was $16.6B. With payouts running above internally generated surplus, long-term debt rose to $39.8B from $20.1B in FY2024, indicating shareholder distributions were supported partly by a looser balance-sheet posture rather than by surplus cash alone.

The company still looks liquid in the short run, with a current ratio of 1.2x, so this is not a near-term cash squeeze story. But net margin compressed from 8.7% to 6.5% between FY2024 and FY2025, and return on assets fell to 3.8%, which means lower profitability is running through the whole asset base rather than showing up only as softer sales.

Financial Health Signals

Financial Profile 37/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Chevron Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Chevron Corp's revenue declined 6.8% year-over-year, from $202.8B to $189.0B. This contraction results in a growth score of 28/100.

Leverage

Chevron Corp carries a low D/E ratio of 0.21, meaning only $0.21 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Chevron Corp's current ratio of 1.15 is below the typical benchmark, resulting in a score of 18/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Chevron Corp has a free cash flow margin of 8.8%, earning a moderate score of 46/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Chevron Corp's ROE of 6.6% shows moderate profitability relative to equity, earning a score of 32/100. This is down from 11.6% the prior year.

Piotroski F-Score Neutral

4/9

Chevron Corp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

2.76x

For every $1 of reported earnings, Chevron Corp generates $2.76 in operating cash flow ($33.9B OCF vs $12.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$189.0B

YoY-6.8%

5Y CAGR+14.8%

10Y CAGR+3.2%

Chevron Corp generated $189.0B in revenue in fiscal year 2025. This represents a decrease of 6.8% from the prior year.

EBITDA

N/A

Net Income

$12.3B

YoY-30.5%

10Y CAGR+10.4%

Chevron Corp reported $12.3B in net income in fiscal year 2025. This represents a decrease of 30.5% from the prior year.

EPS (Diluted)

$6.63

YoY-31.8%

10Y CAGR+10.5%

Chevron Corp earned $6.63 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 31.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$16.6B

YoY+10.3%

5Y CAGR+58.6%

Chevron Corp generated $16.6B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 10.3% from the prior year.

Cash & Debt

$7.3B

YoY-11.8%

5Y CAGR+5.4%

10Y CAGR-4.1%

Chevron Corp held $7.3B in cash against $39.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

$6.84

YoY+4.9%

5Y CAGR+5.8%

Chevron Corp paid $6.84 per share in dividends in fiscal year 2025. This represents an increase of 4.9% from the prior year.

Shares Outstanding

2.00B

YoY+13.3%

5Y CAGR+0.7%

Chevron Corp had 2.00B shares outstanding in fiscal year 2025. This represents an increase of 13.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

6.5%

YoY-2.2pp

5Y CAGR+12.4pp

10Y CAGR+3.2pp

Chevron Corp's net profit margin was 6.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.2 percentage points from the prior year.

Return on Equity

6.6%

YoY-5.0pp

5Y CAGR+10.8pp

10Y CAGR+3.6pp

Chevron Corp's ROE was 6.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.0 percentage points from the prior year.

Capital Allocation

R&D Spending

$427.0M

YoY+21.0%

5Y CAGR-0.4%

10Y CAGR-3.4%

Chevron Corp invested $427.0M in research and development in fiscal year 2025. This represents an increase of 21.0% from the prior year.

Share Buybacks

$12.1B

YoY-20.7%

5Y CAGR+47.0%

10Y CAGR+138.8%

Chevron Corp spent $12.1B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 20.7% from the prior year.

Capital Expenditures

$17.3B

YoY+5.5%

5Y CAGR+14.2%

10Y CAGR-5.2%

Chevron Corp invested $17.3B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 5.5% from the prior year.

CVX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$189.0B-6.8%	$202.8B+0.9%	$200.9B-18.4%	$246.3B+51.6%	$162.5B+71.6%	$94.7B
Cost of Revenue	$108.2B-9.2%	$119.2B0.0%	$119.2B-18.0%	$145.4B+57.6%	$92.2B+76.9%	$52.1B
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$427.0M+21.0%	$353.0M+10.3%	$320.0M+19.4%	$268.0M0.0%	$268.0M-38.4%	$435.0M
SG&A Expenses	$5.1B+6.0%	$4.8B+16.7%	$4.1B-4.0%	$4.3B+7.4%	$4.0B-4.7%	$4.2B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$1.2B+104.9%	$594.0M+26.7%	$469.0M-9.1%	$516.0M-27.5%	$712.0M+2.2%	$697.0M
Income Tax	$7.3B-25.6%	$9.8B+19.4%	$8.2B-41.9%	$14.1B+136.4%	$6.0B+414.5%	-$1.9B
Net Income	$12.3B-30.5%	$17.7B-17.3%	$21.4B-39.7%	$35.5B+127.6%	$15.6B+381.4%	-$5.5B
EPS (Diluted)	$6.63-31.8%	$9.72-14.4%	$11.36-37.9%	$18.28+124.6%	$8.14+375.0%	$-2.96

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$48.6B+3.7%	$46.9B-5.7%	$49.7B+10.9%	$44.8B-5.9%	$47.6B-8.8%	$52.2B+3.1%	$50.7B-1.0%	$51.2B
Cost of Revenue	$28.3B+11.5%	$25.3B-7.5%	$27.4B+2.0%	$26.9B-6.1%	$28.6B-5.1%	$30.1B-1.0%	$30.4B-1.4%	$30.9B
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.1B-28.6%	$1.5B-2.1%	$1.5B+71.4%	$889.0M-27.2%	$1.2B-23.0%	$1.6B+33.1%	$1.2B+13.6%	$1.0B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$345.0M-4.4%	$361.0M-2.4%	$370.0M+35.0%	$274.0M+29.2%	$212.0M+6.5%	$199.0M+21.3%	$164.0M+45.1%	$113.0M
Income Tax	$1.7B-5.8%	$1.8B-2.6%	$1.8B+10.4%	$1.6B-21.2%	$2.1B-26.0%	$2.8B+40.5%	$2.0B-23.1%	$2.6B
Net Income	$2.2B-20.2%	$2.8B-21.7%	$3.5B+42.1%	$2.5B-28.9%	$3.5B+6.8%	$3.3B-26.9%	$4.5B+1.2%	$4.4B
EPS (Diluted)	$1.11	N/A	$1.82+25.5%	$1.45-27.5%	$2.00	N/A	$2.48+2.1%	$2.43

CVX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$324.0B+26.1%	$256.9B-1.8%	$261.6B+1.5%	$257.7B+7.6%	$239.5B-0.1%	$239.8B
Current Assets	$38.6B-5.8%	$40.9B-0.5%	$41.1B-18.3%	$50.3B+49.2%	$33.7B+29.4%	$26.1B
Cash & Equivalents	$7.3B-11.8%	$8.3B+1.0%	$8.2B-53.7%	$17.7B+213.4%	$5.6B+0.8%	$5.6B
Inventory	$9.7B+7.0%	$9.1B+5.4%	$8.6B+4.4%	$8.2B+21.4%	$6.8B+19.7%	$5.7B
Accounts Receivable	$16.0B-12.8%	$18.3B+4.0%	$17.6B-3.1%	$18.2B+11.0%	$16.4B+72.6%	$9.5B
Goodwill	$4.6B-0.2%	$4.6B-3.0%	$4.7B0.0%	$4.7B+7.7%	$4.4B-0.4%	$4.4B
Total Liabilities	$131.8B+27.0%	$103.8B+4.1%	$99.7B+2.3%	$97.5B-2.1%	$99.6B-7.0%	$107.1B
Current Liabilities	$33.4B-13.4%	$38.6B+19.5%	$32.3B-5.7%	$34.2B+27.7%	$26.8B+20.8%	$22.2B
Long-Term Debt	$39.8B+97.6%	$20.1B-0.8%	$20.3B-5.0%	$21.4B-16.8%	$25.7B0.0%	$25.7B
Total Equity	$186.4B+22.4%	$152.3B-5.4%	$161.0B+1.1%	$159.3B+14.5%	$139.1B+5.6%	$131.7B
Retained Earnings	$205.4B-0.2%	$205.9B+2.9%	$200.0B+5.3%	$190.0B+14.8%	$165.5B+3.2%	$160.4B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$329.6B+1.7%	$324.0B-0.8%	$326.5B+30.2%	$250.8B-2.2%	$256.4B-0.2%	$256.9B-0.9%	$259.2B-0.5%	$260.6B
Current Assets	$46.2B+19.7%	$38.6B-5.7%	$40.9B+17.8%	$34.7B-10.1%	$38.6B-5.7%	$40.9B+7.1%	$38.2B-3.0%	$39.4B
Cash & Equivalents	$6.3B-13.3%	$7.3B-17.1%	$8.8B+63.4%	$5.4B-12.8%	$6.2B-25.4%	$8.3B+43.3%	$5.8B+43.8%	$4.0B
Inventory	$10.6B+8.7%	$9.7B-6.9%	$10.4B+18.4%	$8.8B-3.9%	$9.2B+1.0%	$9.1B-6.7%	$9.7B-7.2%	$10.5B
Accounts Receivable	$22.2B+38.9%	$16.0B-0.1%	$16.0B+1.9%	$15.7B-8.7%	$17.2B-6.2%	$18.3B+6.0%	$17.3B-5.5%	$18.3B
Goodwill	$4.6B0.0%	$4.6B0.0%	$4.6B0.0%	$4.6B0.0%	$4.6B-0.2%	$4.6B-3.0%	$4.7B0.0%	$4.7B
Total Liabilities	$140.2B+6.3%	$131.8B+0.7%	$130.9B+26.4%	$103.6B-2.6%	$106.3B+2.4%	$103.8B+1.5%	$102.2B+1.8%	$100.4B
Current Liabilities	$42.2B+26.3%	$33.4B-5.9%	$35.5B+1.9%	$34.8B-2.5%	$35.7B-7.4%	$38.6B+8.0%	$35.7B+5.0%	$34.0B
Long-Term Debt	$27.0B-32.1%	$39.8B	N/A	N/A	N/A	$20.1B	N/A	N/A
Total Equity	$183.7B-1.5%	$186.4B-1.8%	$189.8B+29.7%	$146.4B-1.9%	$149.2B-2.0%	$152.3B-2.5%	$156.2B-1.9%	$159.2B
Retained Earnings	$204.0B-0.6%	$205.4B-0.3%	$206.0B0.0%	$205.9B-0.2%	$206.4B+0.2%	$205.9B+0.2%	$205.5B+0.8%	$204.0B

CVX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$33.9B+7.8%	$31.5B-11.6%	$35.6B-28.2%	$49.6B+69.9%	$29.2B+175.9%	$10.6B
Capital Expenditures	$17.3B+5.5%	$16.4B+3.9%	$15.8B+32.2%	$12.0B+48.6%	$8.1B-9.7%	$8.9B
Free Cash Flow	$16.6B+10.3%	$15.0B-23.9%	$19.8B-47.4%	$37.6B+78.1%	$21.1B+1176.8%	$1.7B
Investing Cash Flow	-$15.9B-78.1%	-$8.9B+41.3%	-$15.2B-25.8%	-$12.1B-106.4%	-$5.9B+15.8%	-$7.0B
Financing Cash Flow	-$19.1B+18.8%	-$23.5B+22.0%	-$30.1B-20.5%	-$25.0B-8.1%	-$23.1B-518.7%	-$3.7B
Dividends Paid	$12.8B+8.1%	$11.8B+4.1%	$11.3B+3.4%	$11.0B+7.8%	$10.2B+5.5%	$9.7B
Share Buybacks	$12.1B-20.7%	$15.2B+1.9%	$14.9B+32.7%	$11.3B+713.8%	$1.4B-21.3%	$1.8B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$2.5B-76.7%	$10.8B+15.0%	$9.4B+9.4%	$8.6B+65.3%	$5.2B-40.3%	$8.7B-10.1%	$9.7B+53.7%	$6.3B
Capital Expenditures	$4.1B-22.8%	$5.3B+18.5%	$4.4B+19.7%	$3.7B-5.5%	$3.9B-9.5%	$4.3B+7.0%	$4.1B+2.2%	$4.0B
Free Cash Flow	-$1.5B-128.0%	$5.5B+11.8%	$4.9B+1.6%	$4.9B+285.4%	$1.3B-71.0%	$4.4B-22.5%	$5.6B+141.3%	$2.3B
Investing Cash Flow	-$3.0B+38.9%	-$4.9B-155.7%	-$1.9B+43.8%	-$3.4B+38.9%	-$5.6B-310.4%	$2.7B+172.2%	-$3.7B+6.5%	-$4.0B
Financing Cash Flow	-$448.0M+93.9%	-$7.4B-82.4%	-$4.0B+32.5%	-$6.0B-259.7%	-$1.7B+81.1%	-$8.8B-66.9%	-$5.3B-15.3%	-$4.6B
Dividends Paid	$3.5B+3.6%	$3.4B-0.7%	$3.4B+16.9%	$2.9B-1.7%	$3.0B+3.4%	$2.9B-1.6%	$2.9B-1.5%	$3.0B
Share Buybacks	$2.6B-14.2%	$3.0B+16.8%	$2.6B-1.2%	$2.6B-33.7%	$3.9B-13.0%	$4.5B-5.3%	$4.8B+58.3%	$3.0B

CVX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	6.5%-2.2pp	8.7%-1.9pp	10.7%-3.8pp	14.4%+4.8pp	9.6%+15.4pp	-5.9%
Return on Equity	6.6%-5.0pp	11.6%-1.7pp	13.3%-9.0pp	22.3%+11.1pp	11.2%+15.4pp	-4.2%
Return on Assets	3.8%-3.1pp	6.9%-1.3pp	8.2%-5.6pp	13.8%+7.3pp	6.5%+8.8pp	-2.3%
Current Ratio	1.15+0.1	1.06-0.2	1.27-0.2	1.47+0.2	1.26+0.1	1.18
Debt-to-Equity	0.21+0.1	0.130.0	0.130.0	0.13-0.1	0.18-0.0	0.20
FCF Margin	8.8%+1.4pp	7.4%-2.4pp	9.8%-5.4pp	15.3%+2.3pp	13.0%+11.3pp	1.8%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	4.5%-1.4pp	5.9%-1.2pp	7.1%+1.6pp	5.6%-1.8pp	7.3%+1.1pp	6.3%-2.6pp	8.9%+0.2pp	8.7%
Return on Equity	1.2%-0.3pp	1.5%-0.4pp	1.9%+0.2pp	1.7%-0.6pp	2.4%+0.2pp	2.1%-0.7pp	2.9%+0.1pp	2.8%
Return on Assets	0.7%-0.2pp	0.9%-0.2pp	1.1%+0.1pp	1.0%-0.4pp	1.4%+0.1pp	1.3%-0.4pp	1.7%+0.0pp	1.7%
Current Ratio	1.09-0.1	1.150.0	1.15+0.2	1.00-0.1	1.08+0.0	1.060.0	1.07-0.1	1.16
Debt-to-Equity	0.76+0.5	0.21-0.5	0.69-0.0	0.710.0	0.71+0.6	0.13-0.5	0.65+0.0	0.63
FCF Margin	-3.2%-15.0pp	11.8%+1.9pp	9.9%-0.9pp	10.8%+8.2pp	2.6%-5.7pp	8.3%-2.7pp	11.1%+6.5pp	4.5%

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Frequently Asked Questions

What is Chevron Corp's annual revenue?

Chevron Corp (CVX) reported $189.0B in total revenue for fiscal year 2025. This represents a -6.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Chevron Corp's revenue growing?

Chevron Corp (CVX) revenue declined by 6.8% year-over-year, from $202.8B to $189.0B in fiscal year 2025.

Is Chevron Corp profitable?

Yes, Chevron Corp (CVX) reported a net income of $12.3B in fiscal year 2025, with a net profit margin of 6.5%.

How much debt does Chevron Corp have?

As of fiscal year 2025, Chevron Corp (CVX) had $7.3B in cash and equivalents against $39.8B in long-term debt.

What is Chevron Corp's net profit margin?

Chevron Corp (CVX) had a net profit margin of 6.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Chevron Corp pay dividends?

Yes, Chevron Corp (CVX) paid $6.84 per share in dividends during fiscal year 2025.

What is Chevron Corp's return on equity (ROE)?

Chevron Corp (CVX) has a return on equity of 6.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Chevron Corp's free cash flow?

Chevron Corp (CVX) generated $16.6B in free cash flow during fiscal year 2025. This represents a 10.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Chevron Corp's operating cash flow?

Chevron Corp (CVX) generated $33.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Chevron Corp's total assets?

Chevron Corp (CVX) had $324.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Chevron Corp's capital expenditures?

Chevron Corp (CVX) invested $17.3B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Chevron Corp spend on research and development?

Chevron Corp (CVX) invested $427.0M in research and development during fiscal year 2025.

Does Chevron Corp buy back shares?

Yes, Chevron Corp (CVX) spent $12.1B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Chevron Corp have outstanding?

Chevron Corp (CVX) had 2.00B shares outstanding as of fiscal year 2025.

What is Chevron Corp's current ratio?

Chevron Corp (CVX) had a current ratio of 1.15 as of fiscal year 2025, which is considered adequate.

What is Chevron Corp's debt-to-equity ratio?

Chevron Corp (CVX) had a debt-to-equity ratio of 0.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Chevron Corp's return on assets (ROA)?

Chevron Corp (CVX) had a return on assets of 3.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Chevron Corp's Piotroski F-Score?

Chevron Corp (CVX) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Chevron Corp's earnings high quality?

Chevron Corp (CVX) has an earnings quality ratio of 2.76x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Chevron Corp?

Chevron Corp (CVX) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.