Chevron
CVX · NYSEPetroleum Refining · Fiscal year ends Dec 31
Chevron reported revenue of $184B in the fiscal year ended Dec 2025, down 4.6% from the year before. Net income was $12.3B. Operating cash flow of $33.9B less capital expenditure of $17.3B left free cash flow of $16.6B. Net debt was $34.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $156B | $236B | $197B | $193B | $184B |
| Cost of revenue | $92.2B | $145B | $119B | $119B | $108B |
| Gross profit | $63.4B | $90.3B | $77.7B | $74.2B | $76.2B |
| Research & development | $268M | $268M | $320M | $353M | $427M |
| Selling, general & admin | $4B | $4.3B | $4.1B | $4.8B | $5.1B |
| Interest expense | $712M | $516M | $469M | $594M | $1.2B |
| Pre-tax income | $21.6B | $49.7B | $29.6B | $27.5B | $19.7B |
| Income tax | $6B | $14.1B | $8.2B | $9.8B | $7.3B |
| Net income | $15.6B | $35.5B | $21.4B | $17.7B | $12.3B |
| Diluted EPS | 8.14 | 18.28 | 11.36 | 9.72 | 6.63 |
| Diluted shares | 1,920M | 1,940M | 1,880M | 1,817M | 1,856M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $5.6B | $17.7B | $8.2B | $8.3B | $7.3B |
| Receivables | $16.4B | $18.2B | $17.6B | $18.3B | $16B |
| Inventory | $6.8B | $8.2B | $8.6B | $9.1B | $9.7B |
| Current assets | $33.7B | $50.3B | $41.1B | $40.9B | $38.6B |
| Net PP&E | $147B | $144B | – | – | – |
| Goodwill | $4.4B | $4.7B | $4.7B | $4.6B | $4.6B |
| Total assets | $240B | $258B | $262B | $257B | $324B |
| Payables | $16.5B | $19B | $20.4B | $22.1B | $19.3B |
| Current liabilities | $26.8B | $34.2B | $32.3B | $38.6B | $33.4B |
| Short-term debt | $4.9B | $2.7B | $1.7B | $4B | $2.3B |
| Long-term debt | $25.7B | $21.4B | $20.3B | $20.1B | $39.8B |
| Total liabilities | $99.6B | $97.5B | $99.7B | $104B | $132B |
| Shareholders' equity | $139B | $159B | $161B | $152B | $186B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $29.2B | $49.6B | $35.6B | $31.5B | $33.9B |
| Capital expenditure | $8.1B | $12B | $15.8B | $16.4B | $17.3B |
| Free cash flow | $21.1B | $37.6B | $19.8B | $15B | $16.6B |
| Depreciation & amortisation | $17.9B | $16.3B | $17.3B | $17.3B | $20.1B |
| Acquisitions | $0 | $2.9B | −$55M | $0 | −$1.1B |
| Share buybacks | $1.4B | $11.3B | $14.9B | $15.2B | $12.1B |
| Dividends paid | $10.2B | $11B | $11.3B | $11.8B | $12.8B |
| Dividend per share | 5.31 | 5.68 | 6.04 | 6.52 | 6.84 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 51.5% | −16.5% | −1.8% | −4.6% |
| EPS growth (YoY) | – | 124.6% | −37.9% | −14.4% | −31.8% |
| Gross margin | 40.7% | 38.3% | 39.5% | 38.4% | 41.3% |
| Net margin | 10.0% | 15.0% | 10.9% | 9.1% | 6.7% |
| Return on equityBlank when equity is negative | 11.2% | 22.3% | 13.3% | 11.6% | 6.6% |
| Free cash flow margin | 13.6% | 16.0% | 10.0% | 7.8% | 9.0% |
| Cash conversion (CFO ÷ net income) | 1.87x | 1.40x | 1.67x | 1.78x | 2.76x |
| Receivable days | 38 | 28 | 33 | 35 | 32 |
| Inventory days | 27 | 21 | 26 | 28 | 33 |
| Payable days | 65 | 48 | 63 | 68 | 65 |
| Debt ÷ equity | 0.22x | 0.15x | 0.14x | 0.16x | 0.23x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $25B | $6.4B | $13.8B | $15.9B | $34.8B |
| Current ratio | 1.26x | 1.47x | 1.27x | 1.06x | 1.15x |
Recent filings
More in Petroleum Refining
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.