Chevron Corp Financials

CVX

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 47/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Chevron Corp's revenue grew a modest 0.9% year-over-year to $202.8B. This slow but positive growth earns a score of 31/100.

Leverage

100

Chevron Corp carries a low D/E ratio of 0.13, meaning only $0.13 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Chevron Corp's current ratio of 1.06 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 22/100, which could limit financial flexibility.

Cash Flow

Chevron Corp has a free cash flow margin of 7.4%, earning a moderate score of 37/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Chevron Corp's ROE of 11.6% shows moderate profitability relative to equity, earning a score of 46/100. This is down from 13.3% the prior year.

Piotroski F-Score Neutral

5/9

Chevron Corp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.78x

For every $1 of reported earnings, Chevron Corp generates $1.78 in operating cash flow ($31.5B OCF vs $17.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Chevron Corp (CVX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).

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Key Financial Metrics

Revenue

$202.8B

YoY+0.9%

5Y CAGR+6.7%

10Y CAGR-0.4%

Chevron Corp generated $202.8B in revenue in fiscal year 2024. This represents an increase of 0.9% from the prior year.

EBITDA

N/A

Free Cash Flow

$15.0B

YoY-23.9%

5Y CAGR+2.7%

Chevron Corp generated $15.0B in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 23.9% from the prior year.

Net Income

$17.7B

YoY-17.4%

5Y CAGR+43.3%

10Y CAGR-0.9%

Chevron Corp reported $17.7B in net income in fiscal year 2024. This represents a decrease of 17.4% from the prior year.

EPS (Diluted)

$9.72

YoY-14.4%

5Y CAGR+44.6%

10Y CAGR-0.4%

Chevron Corp earned $9.72 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 14.4% from the prior year.

Cash & Debt

$8.3B

YoY+1.0%

5Y CAGR+3.6%

10Y CAGR-4.3%

Chevron Corp held $8.3B in cash against $20.1B in long-term debt as of fiscal year 2024.

Dividends Per Share

$6.52

YoY+7.9%

5Y CAGR+6.5%

Chevron Corp paid $6.52 per share in dividends in fiscal year 2024. This represents an increase of 7.9% from the prior year.

Shares Outstanding

1.76B

YoY-5.2%

5Y CAGR-1.3%

10Y CAGR-0.7%

Chevron Corp had 1.76B shares outstanding in fiscal year 2024. This represents a decrease of 5.2% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

8.7%

YoY-1.9pp

5Y CAGR+6.7pp

10Y CAGR-0.4pp

Chevron Corp's net profit margin was 8.7% in fiscal year 2024, showing the share of revenue converted to profit. This is down 1.9 percentage points from the prior year.

Return on Equity

11.6%

YoY-1.7pp

5Y CAGR+9.6pp

10Y CAGR-0.8pp

Chevron Corp's ROE was 11.6% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 1.7 percentage points from the prior year.

R&D Spending

$353.0M

YoY+10.3%

5Y CAGR-6.7%

10Y CAGR-6.7%

Chevron Corp invested $353.0M in research and development in fiscal year 2024. This represents an increase of 10.3% from the prior year.

Share Buybacks

$15.2B

YoY+1.9%

5Y CAGR+30.4%

10Y CAGR+11.8%

Chevron Corp spent $15.2B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 1.9% from the prior year.

Capital Expenditures

$16.4B

YoY+3.9%

5Y CAGR+3.1%

10Y CAGR-7.4%

Chevron Corp invested $16.4B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 3.9% from the prior year.

CVX Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$202.8B+0.9%	$200.9B-18.4%	$246.3B+51.6%	$162.5B+71.6%	$94.7B-35.4%	$146.5B
Cost of Revenue	$119.2B0.0%	$119.2B-18.0%	$145.4B+57.6%	$92.2B+76.9%	$52.1B-34.9%	$80.1B
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$353.0M+10.3%	$320.0M+19.4%	$268.0M0.0%	$268.0M-38.4%	$435.0M-13.0%	$500.0M
SG&A Expenses	$4.8B+16.7%	$4.1B-4.0%	$4.3B+7.4%	$4.0B-4.7%	$4.2B+1.7%	$4.1B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$594.0M+26.7%	$469.0M-9.1%	$516.0M-27.5%	$712.0M+2.2%	$697.0M-12.7%	$798.0M
Income Tax	$9.8B+19.4%	$8.2B-41.9%	$14.1B+136.4%	$6.0B+414.5%	-$1.9B-170.3%	$2.7B
Net Income	$17.7B-17.4%	$21.4B-39.7%	$35.5B+127.0%	$15.6B+381.9%	-$5.5B-289.6%	$2.9B
EPS (Diluted)	$9.72-14.4%	$11.36-37.9%	$18.28+124.6%	$8.14+375.0%	$-2.96-292.2%	$1.54

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$49.7B+10.9%	$44.8B-5.9%	$47.6B-8.8%	$52.2B+2.0%	$51.2B+5.1%	$48.7B+3.3%	$47.2B-12.8%	$54.1B
Cost of Revenue	$27.4B+2.0%	$26.9B-6.1%	$28.6B-5.1%	$30.1B-2.3%	$30.9B+11.3%	$27.7B-2.6%	$28.5B-11.9%	$32.3B
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	$1.5B+71.4%	$889.0M-27.2%	$1.2B-23.0%	$1.6B+51.2%	$1.0B+3.8%	$1.0B+4.2%	$969.0M-16.7%	$1.2B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$370.0M+35.0%	$274.0M+29.2%	$212.0M+6.5%	$199.0M+76.1%	$113.0M-4.2%	$118.0M-1.7%	$120.0M+5.3%	$114.0M
Income Tax	$1.8B+10.4%	$1.6B-21.2%	$2.1B-26.0%	$2.8B+8.0%	$2.6B+9.4%	$2.4B+90.1%	$1.2B-42.9%	$2.2B
Net Income	$3.5B+42.1%	$2.5B-28.9%	$3.5B+8.1%	$3.2B-27.0%	$4.4B-19.4%	$5.5B+143.5%	$2.3B-65.4%	$6.5B
EPS (Diluted)	$1.82+25.5%	$1.45-27.5%	$2.00+8.7%	$1.84-24.3%	$2.43-18.2%	$2.97+143.4%	$1.22-64.9%	$3.48

CVX Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$256.9B-1.8%	$261.6B+1.5%	$257.7B+7.6%	$239.5B-0.1%	$239.8B+1.0%	$237.4B
Current Assets	$40.9B-0.5%	$41.1B-18.3%	$50.3B+49.2%	$33.7B+29.4%	$26.1B-7.9%	$28.3B
Cash & Equivalents	$8.3B+1.0%	$8.2B-53.7%	$17.7B+213.4%	$5.6B+0.8%	$5.6B-19.0%	$6.9B
Inventory	$9.1B+5.4%	$8.6B+4.4%	$8.2B+21.4%	$6.8B+19.7%	$5.7B-2.9%	$5.8B
Accounts Receivable	$18.3B+4.0%	$17.6B-3.1%	$18.2B+11.0%	$16.4B+72.6%	$9.5B	N/A
Goodwill	$4.6B-3.0%	$4.7B0.0%	$4.7B+7.7%	$4.4B-0.4%	$4.4B-1.4%	$4.5B
Total Liabilities	$103.8B+4.1%	$99.7B+2.3%	$97.5B-2.1%	$99.6B-7.0%	$107.1B+16.1%	$92.2B
Current Liabilities	$38.6B+19.5%	$32.3B-5.7%	$34.2B+27.7%	$26.8B+20.8%	$22.2B-16.4%	$26.5B
Long-Term Debt	$20.1B-0.8%	$20.3B-5.0%	$21.4B-16.8%	$25.7B0.0%	$25.7B+37.1%	$18.7B
Total Equity	$152.3B-5.4%	$161.0B+1.1%	$159.3B+14.5%	$139.1B+5.6%	$131.7B-8.7%	$144.2B
Retained Earnings	$205.9B+2.9%	$200.0B+5.3%	$190.0B+14.8%	$165.5B+3.2%	$160.4B-8.3%	$174.9B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$326.5B+30.2%	$250.8B-2.2%	$256.4B-0.2%	$256.9B-1.4%	$260.6B-0.4%	$261.7B0.0%	$261.6B-0.9%	$263.9B
Current Assets	$40.9B+17.8%	$34.7B-10.1%	$38.6B-5.7%	$40.9B+3.9%	$39.4B-2.8%	$40.5B-1.5%	$41.1B-1.4%	$41.7B
Cash & Equivalents	$8.8B+63.4%	$5.4B-12.8%	$6.2B-25.4%	$8.3B+106.1%	$4.0B-36.2%	$6.3B-23.2%	$8.2B+41.1%	$5.8B
Inventory	$10.4B+18.4%	$8.8B-3.9%	$9.2B+1.0%	$9.1B-13.4%	$10.5B+5.4%	$9.9B+15.4%	$8.6B-8.7%	$9.4B
Accounts Receivable	$16.0B+1.9%	$15.7B-8.7%	$17.2B-6.2%	$18.3B+0.2%	$18.3B+1.7%	$18.0B+2.0%	$17.6B-9.5%	$19.5B
Goodwill	$4.6B0.0%	$4.6B0.0%	$4.6B-0.2%	$4.6B-3.0%	$4.7B0.0%	$4.7B0.0%	$4.7B0.0%	$4.7B
Total Liabilities	$130.9B+26.4%	$103.6B-2.6%	$106.3B+2.4%	$103.8B+3.4%	$100.4B+0.4%	$100.0B+0.3%	$99.7B+2.1%	$97.7B
Current Liabilities	$35.5B+1.9%	$34.8B-2.5%	$35.7B-7.4%	$38.6B+13.3%	$34.0B+3.3%	$32.9B+2.1%	$32.3B-3.0%	$33.3B
Long-Term Debt	N/A	N/A	N/A	$20.1B	N/A	N/A	$20.3B	N/A
Total Equity	$189.8B+29.7%	$146.4B-1.9%	$149.2B-2.0%	$152.3B-4.3%	$159.2B-0.9%	$160.6B-0.2%	$161.0B-2.6%	$165.3B
Retained Earnings	$206.0B0.0%	$205.9B-0.2%	$206.4B+0.2%	$205.9B+0.9%	$204.0B+0.7%	$202.5B+1.2%	$200.0B-0.3%	$200.6B

CVX Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$31.5B-11.6%	$35.6B-28.2%	$49.6B+69.9%	$29.2B+175.9%	$10.6B-61.3%	$27.3B
Capital Expenditures	$16.4B+3.9%	$15.8B+32.2%	$12.0B+48.6%	$8.1B-9.7%	$8.9B-36.8%	$14.1B
Free Cash Flow	$15.0B-23.9%	$19.8B-47.4%	$37.6B+78.1%	$21.1B+1176.8%	$1.7B-87.5%	$13.2B
Investing Cash Flow	-$8.9B+41.3%	-$15.2B-25.8%	-$12.1B-106.4%	-$5.9B+15.8%	-$7.0B+39.2%	-$11.5B
Financing Cash Flow	-$23.5B+22.0%	-$30.1B-20.5%	-$25.0B-8.1%	-$23.1B-518.7%	-$3.7B+81.1%	-$19.8B
Dividends Paid	$11.8B+4.1%	$11.3B+3.4%	$11.0B+7.8%	$10.2B+5.5%	$9.7B+7.7%	$9.0B
Share Buybacks	$15.2B+1.9%	$14.9B+32.7%	$11.3B+713.8%	$1.4B-21.3%	$1.8B-56.5%	$4.0B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$9.4B+9.4%	$8.6B+65.3%	$5.2B-40.3%	$8.7B+38.1%	$6.3B-7.8%	$6.8B-45.1%	$12.4B+28.5%	$9.7B
Capital Expenditures	$4.4B+19.7%	$3.7B-5.5%	$3.9B-9.5%	$4.3B+9.4%	$4.0B-3.0%	$4.1B-6.2%	$4.4B-6.7%	$4.7B
Free Cash Flow	$4.9B+1.6%	$4.9B+285.4%	$1.3B-71.0%	$4.4B+87.1%	$2.3B-15.0%	$2.7B-66.1%	$8.1B+61.5%	$5.0B
Investing Cash Flow	-$1.9B+43.8%	-$3.4B+38.9%	-$5.6B-310.4%	$2.7B+167.5%	-$4.0B+0.1%	-$4.0B+2.8%	-$4.1B+7.7%	-$4.4B
Financing Cash Flow	-$4.0B+32.5%	-$6.0B-259.7%	-$1.7B+81.1%	-$8.8B-92.4%	-$4.6B+6.1%	-$4.9B+21.1%	-$6.2B+28.5%	-$8.6B
Dividends Paid	$3.4B+16.9%	$2.9B-1.7%	$3.0B+3.4%	$2.9B-3.1%	$3.0B-0.8%	$3.0B+6.9%	$2.8B-1.5%	$2.9B
Share Buybacks	$2.6B-1.2%	$2.6B-33.7%	$3.9B-13.0%	$4.5B+50.0%	$3.0B+0.8%	$3.0B-12.9%	$3.4B+0.9%	$3.4B

CVX Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
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	8.7%-1.9pp	10.6%-3.8pp	14.4%+4.8pp	9.6%+15.5pp	-5.9%-7.8pp	2.0%
Return on Equity	11.6%-1.7pp	13.3%-9.0pp	22.3%+11.0pp	11.2%	N/A	2.0%
Return on Assets	6.9%-1.3pp	8.2%-5.6pp	13.8%+7.2pp	6.5%+8.8pp	-2.3%-3.5pp	1.2%
Current Ratio	1.06-0.2	1.27-0.2	1.47+0.2	1.26+0.1	1.18+0.1	1.07
Debt-to-Equity	0.130.0	0.130.0	0.13-0.1	0.18-0.0	0.20+0.1	0.13
FCF Margin	7.4%-2.4pp	9.8%-5.4pp	15.3%+2.3pp	13.0%+11.3pp	1.8%-7.3pp	9.0%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
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	7.1%+1.6pp	5.6%-1.8pp	7.3%+1.1pp	6.2%-2.5pp	8.7%-2.6pp	11.3%+6.5pp	4.8%-7.3pp	12.1%
Return on Equity	1.9%+0.2pp	1.7%-0.6pp	2.4%+0.2pp	2.1%-0.6pp	2.8%-0.6pp	3.4%+2.0pp	1.4%-2.6pp	4.0%
Return on Assets	1.1%+0.1pp	1.0%-0.4pp	1.4%+0.1pp	1.3%-0.4pp	1.7%-0.4pp	2.1%+1.2pp	0.9%-1.6pp	2.5%
Current Ratio	1.15+0.2	1.00-0.1	1.08+0.0	1.06-0.1	1.16-0.1	1.23-0.0	1.27+0.0	1.25
Debt-to-Equity	0.69-0.0	0.710.0	0.71+0.6	0.13-0.5	0.630.0	0.62+0.5	0.13-0.5	0.59
FCF Margin	9.9%-0.9pp	10.8%+8.2pp	2.6%-5.7pp	8.3%+3.8pp	4.5%-1.1pp	5.6%-11.5pp	17.1%+7.9pp	9.3%

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Frequently Asked Questions

What is Chevron Corp's annual revenue?

Chevron Corp (CVX) reported $202.8B in total revenue for fiscal year 2024. This represents a 0.9% 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 grew by 0.9% year-over-year, from $200.9B to $202.8B in fiscal year 2024.

Is Chevron Corp profitable?

Yes, Chevron Corp (CVX) reported a net income of $17.7B in fiscal year 2024, with a net profit margin of 8.7%.

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

Chevron Corp (CVX) reported diluted earnings per share of $9.72 for fiscal year 2024. This represents a -14.4% 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.

How much debt does Chevron Corp have?

As of fiscal year 2024, Chevron Corp (CVX) had $8.3B in cash and equivalents against $20.1B in long-term debt.

What is Chevron Corp's net profit margin?

Chevron Corp (CVX) had a net profit margin of 8.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Chevron Corp pay dividends?

Yes, Chevron Corp (CVX) paid $6.52 per share in dividends during fiscal year 2024.

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

Chevron Corp (CVX) has a return on equity of 11.6% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Chevron Corp's free cash flow?

Chevron Corp (CVX) generated $15.0B in free cash flow during fiscal year 2024. This represents a -23.9% 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 $31.5B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Chevron Corp's total assets?

Chevron Corp (CVX) had $256.9B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Chevron Corp's capital expenditures?

Chevron Corp (CVX) invested $16.4B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Chevron Corp spend on research and development?

Chevron Corp (CVX) invested $353.0M in research and development during fiscal year 2024.

Does Chevron Corp buy back shares?

Yes, Chevron Corp (CVX) spent $15.2B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Chevron Corp have outstanding?

Chevron Corp (CVX) had 1.76B shares outstanding as of fiscal year 2024.

What is Chevron Corp's current ratio?

Chevron Corp (CVX) had a current ratio of 1.06 as of fiscal year 2024, which is considered adequate.

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

Chevron Corp (CVX) had a debt-to-equity ratio of 0.13 as of fiscal year 2024, 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 6.9% for fiscal year 2024, 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 5 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 7–9 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 1.78x, 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 47 out of 100 on our Financial Profile, indicating moderate 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.