CVX
SP100NYSEChevron Corporation
Energy · Oil & Gas Integrated · United States
Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. It operates through Upstream, Downstream, and All Other segments. The Upstream segment engages in the exploration for, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; carbon capture and storage; and operation of a gas-to-liquids plant. Its Downstream segment refines crude oil into petroleum products; markets crude oil, refined products, and lubricants; manufactures and markets renewable fuels; transports crude oil and refined products through pipeline, marine vessel, motor equipment, and rail car; and manufactures and markets commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. The All Other segment engages in cash management and debt financing; insurance; real estate; and technology activities. It has operations in North America, South America, Europe, Africa, Asia, and Australia. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in May 2005. Chevron Corporation was founded in 1879 and is headquartered in Houston, Texas.
www.chevron.com ↗Shares trade at a premium 29.5× trailing earnings, easing to 13.4× on forward estimates. Profitability shows a net margin of 5.9% and return on equity of 6.6%. Leverage is modest at 1.1× net debt/EBITDA. Revenue grew 2.3% year-on-year. It yields 4.2% in dividends. The mean analyst target of USD216.48 sits 27.9% above the current price (Buy, 23 analysts).
business model
Chevron is an integrated oil and gas major that explores for, produces, refines, transports, and markets crude oil, natural gas, and petroleum products, with a growing lower-carbon business. It generates cash primarily from upstream production and downstream refining and chemicals. Profitability is heavily tied to global commodity prices and production volumes.
revenue segments
The two reporting segments are Upstream (exploration and production of crude oil and natural gas, including LNG) and Downstream (refining, marketing, transportation, and petrochemicals via the Chevron Phillips Chemical joint venture). Upstream typically drives the majority of earnings. Key producing regions include the U.S. Permian Basin, the Gulf of Mexico, Kazakhstan (Tengiz), and Australia LNG.
key dependencies
The business depends on crude oil and natural gas prices, refining margins, reserve replacement, and access to low-cost resources such as the Permian. It relies on major project execution (e.g., Tengiz expansion), OPEC+ supply decisions, and regulatory and permitting approvals. Capital discipline and shareholder returns depend on sustained free cash flow.
competitors
Chevron competes with other integrated majors including ExxonMobil, Shell, BP, TotalEnergies, and ConocoPhillips, as well as national oil companies and U.S. shale independents. In refining and marketing it faces regional refiners and fuel retailers.
moat
Chevron's advantages include scale, a low-cost and long-lived resource base (notably the Permian and Tengiz), integrated operations, technical and project-management expertise, and a strong balance sheet supporting a long dividend record. Its brand and distribution network add downstream stability.
risks
Risks include oil and gas price volatility, the long-term energy transition and demand uncertainty, large project cost overruns, geopolitical exposure (e.g., Kazakhstan, Venezuela licensing), environmental liabilities, and climate-related regulation and litigation. Reserve depletion and capital allocation missteps are additional concerns.
Financials & metrics
as of 26 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $184.43B | $193.41B | $196.91B | $235.72B | — |
| Cost of revenue | $128.35B | $136.49B | $136.52B | $161.74B | — |
| Gross profit | $56.09B | $56.93B | $60.39B | $73.98B | — |
| Operating expense | $39.41B | $38.01B | $34.16B | $34.03B | — |
| Operating income | $16.67B | $18.92B | $26.23B | $39.95B | — |
| Interest expense | $1.22B | $594.00M | $469.00M | $516.00M | — |
| Pretax income | $19.74B | $27.51B | $29.58B | $49.67B | — |
| Tax provision | $7.26B | $9.76B | $8.17B | $14.07B | — |
| Net income | $12.30B | $17.66B | $21.37B | $35.47B | — |
| EBITDA | $41.42B | $45.81B | $47.81B | $65.48B | — |
| Diluted EPS | $6.63 | $9.72 | $11.36 | $18.28 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $324.01B | $256.94B | $261.63B | $257.71B | — |
| Current assets | $38.55B | $40.91B | $41.13B | $50.34B | — |
| Cash & equivalents | $6.29B | $6.78B | $8.18B | $17.68B | — |
| Inventory | $9.71B | $9.07B | $8.61B | $8.25B | — |
| Total liabilities | $131.84B | $103.78B | $99.70B | $97.47B | — |
| Current liabilities | $33.39B | $38.56B | $32.26B | $34.21B | — |
| Total debt | $40.76B | $24.54B | $20.84B | $23.34B | — |
| Long-term debt | $39.12B | $19.59B | $19.73B | $20.97B | — |
| Shareholders' equity | $186.45B | $152.32B | $160.96B | $159.28B | — |
| Retained earnings | $205.37B | $205.85B | $200.03B | $190.02B | — |
| Working capital | $5.17B | $2.35B | $8.87B | $16.14B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $33.94B | $31.49B | $35.61B | $49.60B | — |
| Investing cash flow | -$15.91B | -$8.94B | -$15.23B | -$12.11B | — |
| Financing cash flow | -$19.06B | -$23.47B | -$30.11B | -$24.98B | — |
| Capital expenditure | -$17.35B | -$16.45B | -$15.83B | -$11.97B | — |
| Free cash flow | $16.59B | $15.04B | $19.78B | $37.63B | — |
| Dividends paid | -$12.75B | -$11.80B | -$11.34B | -$10.97B | — |
| Share buybacks | -$12.08B | -$15.23B | -$14.94B | -$11.26B | — |
| End cash position | $7.29B | $8.26B | $9.28B | $19.12B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
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