Chevron Corporation (CVX) Income Statement

30Y historyFree accessUpdated daily

Q2 2026 gross margin expanded to 45.5% from 29.7% a year earlier, driving EPS to $6.11 despite a 4.6% revenue decline, indicating margin-driven earnings growth rather than top-line expansion.

Annual statement

CVX Income Statement

Chevron Corporation (CVX) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	208.71B	184.43B	193.41B	196.91B	235.72B	155.61B	94.47B	139.87B	158.9B	134.67B	110.22B	129.93B	200.49B	220.16B	230.59B	244.37B	198.2B	168.32B	267.64B	220.9B	210.12B	198.2B	155.3B	121.28B	98.54B	106.25B	119.13B	85.71B	30.56B	41.95B	43.89B
Revenue Growth %	11.17%	-4.64%	-1.78%	-16.46%	51.48%	64.71%	-32.46%	-11.98%	17.99%	22.19%	-15.17%	-35.2%	-8.93%	-4.52%	-5.64%	23.3%	17.75%	-37.11%	21.16%	5.13%	6.01%	27.62%	28.05%	23.08%	-7.25%	-10.82%	38.99%	180.5%	-27.16%	-4.43%	18.37%
Cost of Goods Sold	144.02B	128.35B	136.49B	136.52B	170.13B	110.17B	71.66B	109.33B	114B	95.11B	78.78B	90.79B	136.46B	148.88B	154.18B	162.83B	129.53B	125.62B	192.19B	151.56B	144.14B	140.9B	104.95B	80.38B	65.44B	69.24B	79.09B	55.1B	14.04B	20.22B	22.83B
COGS % of Revenue	-	69.59%	70.57%	69.33%	72.18%	70.8%	75.85%	78.17%	71.74%	70.63%	71.48%	69.88%	68.06%	67.63%	66.86%	66.63%	65.35%	74.63%	71.81%	68.61%	68.6%	71.09%	67.58%	66.28%	66.41%	65.17%	66.39%	64.29%	45.93%	48.21%	52%
Gross Profit	64.69B	56.09B	56.93B	60.39B	65.59B	45.43B	22.82B	30.53B	44.91B	39.56B	31.44B	39.14B	64.03B	71.27B	76.41B	81.54B	68.67B	42.7B	75.45B	69.34B	65.98B	57.3B	50.35B	40.9B	33.1B	37.01B	40.04B	30.61B	16.52B	21.73B	21.07B
Gross Margin %	31%	30.41%	29.43%	30.67%	27.82%	29.2%	24.15%	21.83%	28.26%	29.37%	28.52%	30.12%	31.94%	32.37%	33.14%	33.37%	34.65%	25.37%	28.19%	31.39%	31.4%	28.91%	32.42%	33.72%	33.59%	34.83%	33.61%	35.71%	54.07%	51.79%	48%
Gross Profit Growth %	-	-1.48%	-5.74%	-7.92%	44.36%	99.13%	-25.28%	-32%	13.51%	25.84%	-19.67%	-38.88%	-10.16%	-6.72%	-6.29%	18.74%	60.81%	-43.4%	8.81%	5.09%	15.15%	13.79%	23.12%	23.56%	-10.56%	-7.58%	30.81%	85.29%	-23.96%	3.13%	10.59%
Operating Expenses	31.66B	39.41B	27.83B	26.6B	25.64B	29.33B	29.76B	30.43B	30.46B	36.43B	36.91B	42.85B	44.3B	44.06B	41.4B	43.24B	43.29B	35.57B	37.76B	36.9B	33.48B	22.8B	21.34B	20.57B	19B	19.65B	18.17B	17.57B	14.28B	15.91B	15.96B
OpEx % of Revenue	-	21.37%	14.39%	13.51%	10.88%	18.85%	31.5%	21.76%	19.17%	27.05%	33.49%	32.98%	22.1%	20.01%	17.95%	17.69%	21.84%	21.13%	14.11%	16.7%	15.93%	11.51%	13.74%	16.96%	19.28%	18.5%	15.25%	20.5%	46.74%	37.93%	36.37%
Selling, General & Admin	12.08B	5.13B	4.83B	4.14B	4.31B	4.01B	4.21B	4.14B	3.84B	4.11B	4.3B	4.44B	4.49B	4.51B	4.72B	4.75B	4.77B	4.53B	5.76B	5.93B	5.09B	4.83B	4.56B	4.44B	4.16B	3.98B	3.63B	3.22B	2.24B	1.53B	1.38B
SG&A % of Revenue	-	2.78%	2.5%	2.1%	1.83%	2.58%	4.46%	2.96%	2.42%	3.05%	3.91%	3.42%	2.24%	2.05%	2.05%	1.94%	2.41%	2.69%	2.15%	2.68%	2.42%	2.44%	2.93%	3.66%	4.22%	3.75%	3.04%	3.76%	7.33%	3.65%	3.14%
Research & Development	0	427M	353M	320M	268M	268M	435M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	478M	493M	455M
R&D % of Revenue	-	0.23%	0.18%	0.16%	0.11%	0.17%	0.46%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.56%	1.18%	1.04%
Other Operating Expenses	4M	33.86B	22.64B	22.14B	21.06B	25.05B	25.11B	26.29B	26.62B	32.32B	32.6B	38.4B	39.81B	39.55B	36.67B	38.49B	38.53B	31.04B	32B	30.97B	28.39B	17.98B	16.79B	16.13B	14.85B	15.67B	14.55B	14.35B	11.56B	13.89B	14.13B
Operating Income	33.03B	16.67B	29.1B	33.79B	39.95B	16.1B	-6.94B	100M	14.45B	3.13B	-5.47B	-3.71B	19.73B	27.21B	35.01B	38.3B	25.38B	7.13B	37.69B	32.44B	32.5B	34.49B	29.01B	20.32B	14.1B	17.35B	21.87B	13.04B	2.24B	5.81B	5.1B
Operating Margin %	15.83%	9.04%	15.04%	17.16%	16.95%	10.35%	-7.35%	0.07%	9.09%	2.32%	-4.96%	-2.86%	9.84%	12.36%	15.18%	15.67%	12.8%	4.24%	14.08%	14.69%	15.47%	17.4%	18.68%	16.76%	14.31%	16.33%	18.36%	15.22%	7.33%	13.86%	11.63%
Operating Income Growth %	-	-42.7%	-13.88%	-15.42%	148.07%	331.98%	-7042%	-99.31%	361.83%	157.17%	-47.47%	-118.81%	-27.51%	-22.28%	-8.58%	50.93%	255.84%	-81.08%	16.19%	-0.18%	-5.79%	18.9%	42.73%	44.15%	-18.75%	-20.65%	67.67%	482.58%	-61.49%	13.91%	133.06%
EBITDA	56.74B	37.13B	46.81B	51.55B	56.76B	33.12B	10.25B	18.07B	33.16B	20.99B	10.54B	14.86B	37.39B	42.08B	48.98B	51.59B	38.93B	19.24B	47.22B	41.15B	40B	40.41B	33.95B	25.65B	19.27B	24.41B	27.19B	17.98B	4.56B	8.11B	7.32B
EBITDA Margin %	27.18%	20.13%	24.2%	26.18%	24.08%	21.28%	10.85%	12.92%	20.87%	15.58%	9.56%	11.43%	18.65%	19.11%	21.24%	21.11%	19.64%	11.43%	17.64%	18.63%	19.04%	20.39%	21.86%	21.15%	19.56%	22.98%	22.83%	20.97%	14.92%	19.34%	16.68%
EBITDA Growth %	67.96%	-20.68%	-9.2%	-9.17%	71.38%	223.09%	-43.26%	-45.53%	58.02%	99.11%	-29.05%	-60.27%	-11.14%	-14.09%	-5.05%	32.5%	102.35%	-59.25%	14.75%	2.86%	-1%	19.04%	32.33%	33.12%	-21.07%	-10.22%	51.25%	294.34%	-43.81%	10.85%	31.39%
D&A (Non-Cash Add-back)	23.7B	20.46B	17.71B	17.76B	16.8B	17.01B	17.19B	17.96B	18.72B	17.86B	16.01B	18.57B	17.67B	14.87B	13.97B	13.29B	13.56B	12.11B	9.53B	8.71B	7.51B	5.91B	4.93B	5.33B	5.17B	7.06B	5.32B	4.93B	2.32B	2.3B	2.22B
EBIT	32.07B	20.96B	28.1B	30.05B	50.19B	22.35B	-6.76B	6.33B	21.32B	9.53B	-1.96B	4.84B	31.2B	27.21B	35.01B	38.3B	32.1B	18.56B	43.06B	32.44B	32.5B	34.49B	29.01B	20.32B	14.1B	17.35B	21.87B	13.04B	2.24B	5.81B	5.1B
Net Interest Income	-1.43B	-1.22B	-594M	-469M	-516M	-712M	-697M	-798M	-556M	-200M	-56M	119M	145M	136M	166M	145M	-50M	-28M	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	192M	107M	145M	119M	145M	136M	166M	145M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.43B	1.22B	594M	469M	516M	712M	697M	798M	748M	307M	201M	0	0	0	0	0	50M	28M	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-2.39B	3.07B	-1.59B	-4.21B	9.72B	5.54B	-511M	5.44B	6.13B	6.09B	3.31B	8.55B	11.48B	8.69B	11.32B	9.34B	6.68B	11.4B	5.37B	-273M	-521M	-9.3B	-8.46B	-7.65B	-10B	-9.06B	-7.82B	-7.23B	-405M	-312M	-364M
Pretax Income	30.64B	19.74B	27.51B	29.58B	49.67B	21.64B	-7.45B	5.54B	20.57B	9.22B	-2.16B	4.84B	31.2B	35.91B	46.33B	47.63B	32.05B	18.53B	43.06B	32.17B	31.98B	25.2B	20.55B	12.68B	4.1B	8.29B	14.05B	5.81B	1.83B	5.5B	4.74B
Pretax Margin %	14.68%	10.7%	14.22%	15.02%	21.07%	13.91%	-7.89%	3.96%	12.95%	6.85%	-1.96%	3.73%	15.56%	16.31%	20.09%	19.49%	16.17%	11.01%	16.09%	14.56%	15.22%	12.71%	13.23%	10.45%	4.16%	7.8%	11.79%	6.78%	6%	13.12%	10.8%
Income Tax	9.68B	7.26B	9.76B	8.17B	14.07B	5.95B	-1.89B	2.69B	5.71B	-48M	-1.73B	132M	11.89B	14.31B	20B	20.63B	12.92B	7.96B	19.03B	13.48B	14.84B	11.1B	7.52B	5.29B	3B	4.36B	6.32B	2.56B	495M	2.25B	2.13B
Effective Tax Rate %	31.58%	36.76%	35.47%	27.63%	28.32%	27.5%	25.39%	48.61%	27.78%	-0.52%	80.05%	2.73%	38.11%	39.85%	43.16%	43.3%	40.3%	42.99%	44.19%	41.9%	46.4%	44.04%	36.58%	41.76%	73.12%	52.59%	45%	44.13%	26.99%	40.82%	45%
Net Income	20.59B	12.3B	17.66B	21.37B	35.47B	15.63B	-5.54B	2.92B	14.82B	9.2B	-497M	4.59B	19.24B	21.42B	26.18B	26.89B	19.02B	10.48B	23.93B	18.69B	17.14B	14.1B	13.33B	7.23B	1.13B	3.29B	7.73B	3.25B	1.34B	3.26B	2.61B
Net Margin %	9.87%	6.67%	9.13%	10.85%	15.05%	10.04%	-5.87%	2.09%	9.33%	6.83%	-0.45%	3.53%	9.6%	9.73%	11.35%	11.01%	9.6%	6.23%	8.94%	8.46%	8.16%	7.11%	8.58%	5.96%	1.15%	3.09%	6.49%	3.79%	4.38%	7.76%	5.94%
Net Income Growth %	50.12%	-30.36%	-17.35%	-39.75%	126.98%	381.89%	-289.57%	-80.28%	61.22%	1950.1%	-110.83%	-76.16%	-10.19%	-18.17%	-2.66%	41.37%	81.47%	-56.19%	28.06%	9.04%	21.55%	5.78%	84.34%	538.69%	-65.57%	-57.45%	137.97%	142.49%	-58.88%	24.89%	180.32%
Net Income (Continuing)	20.96B	12.48B	17.75B	21.41B	35.61B	15.69B	-5.56B	2.85B	14.86B	9.27B	-431M	4.71B	19.31B	21.6B	26.34B	27.01B	19.14B	10.56B	24.03B	18.69B	17.14B	14.1B	13.03B	7.38B	1.1B	3.93B	7.73B	3.25B	1.34B	3.26B	2.61B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	294M	44M	30M	0	0	0	0	0	0
Minority Interest	5.67B	5.73B	839M	972M	960M	873M	1.04B	995M	1.09B	1.2B	1.17B	1.17B	1.16B	1.31B	1.31B	799M	730M	647M	469M	204M	209M	200M	172M	268M	303M	283M	746M	733M	0	0	0
EPS (Diluted)	10.43	6.63	9.72	11.36	18.28	8.14	-2.96	1.54	7.74	4.85	-0.27	2.45	10.14	11.09	13.32	13.44	2.64	5.24	11.67	8.77	7.80	6.54	6.28	3.48	0.53	1.55	3.99	1.57	1.02	2.48	2.00
EPS Growth %	34.23%	-31.79%	-14.44%	-37.86%	124.57%	375%	-292.21%	-80.1%	59.59%	1896.3%	-111.02%	-75.84%	-8.57%	-16.74%	-0.89%	409.09%	-49.62%	-55.1%	33.07%	12.44%	19.27%	4.14%	80.46%	556.6%	-65.81%	-61.15%	154.14%	53.92%	-58.87%	24%	177.78%
EPS (Basic)	-	6.65	9.76	11.41	18.36	8.15	-2.96	1.55	7.81	4.88	-0.27	2.46	10.21	11.18	13.42	13.54	2.65	5.26	11.74	8.83	7.84	6.58	6.30	3.48	0.53	1.55	3.99	1.58	1.02	2.49	2.00
Diluted Shares Outstanding	1.98B	1.86B	1.82B	1.88B	1.94B	1.92B	1.87B	1.9B	1.91B	1.9B	1.87B	1.87B	1.9B	1.93B	1.96B	2B	2.01B	2B	2.05B	2.13B	2.2B	2.16B	2.12B	2.08B	2.14B	2.12B	1.31B	1.32B	1.31B	1.32B	1.31B
Basic Shares Outstanding	1.97B	1.85B	1.81B	1.87B	1.93B	1.92B	1.87B	1.88B	1.9B	1.88B	1.84B	1.87B	1.88B	1.92B	1.95B	1.99B	2B	1.99B	2.04B	2.12B	2.19B	2.14B	2.12B	2.08B	2.14B	2.12B	1.31B	1.31B	1.31B	1.31B	1.31B
Dividend Payout Ratio	-	103.68%	66.81%	53.05%	30.93%	65.15%	-	306.4%	57.35%	88.44%	-	174.23%	41.2%	34.89%	26.14%	22.83%	29.83%	50.58%	21.57%	25.64%	25.65%	26.8%	24.28%	0.51%	264.22%	86.92%	36.09%	82.29%	119.19%	45.85%	52.09%

Key Metrics

Growth RegimeMixed

ProfitabilityStrong

Balance SheetFortress

Cash FlowRobust

Top Statement Risk

Revenue contraction despite earnings beat

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Contraction Amidst Operational Strength

Chevron's revenue declined 4.6% year-over-year in Q2 2026, yet EPS surged 3.2% to $6.11, indicating margin expansion rather than top-line growth. According to the latest quarterly report, this divergence suggests pricing pressures persist.

The 51.4% sequential revenue jump in Q2 2026 is largely a rebound from the unusually weak Q1, but the year-over-year decline of 4.6% reflects softer commodity price realizations. This pattern suggests that volume growth, particularly in the Permian, is offsetting lower prices, but the sustainability of this mix is questionable if prices remain subdued. Investors should monitor whether production gains can continue to compensate for pricing headwinds.

Margin Expansion Driven by Upstream Efficiency

Gross margin expanded to 45.5% in Q2 2026 from 29.7% a year earlier, a 1,580 basis point improvement. As reported in the income statement, this surge appears driven by record U.S. upstream production and refinery throughput, highlighting operational leverage.

The dramatic margin expansion in Q2 2026 is a stark contrast to the 9.6% gross margin in Q1 2026, which was likely depressed by inventory effects or one-time charges. The 45.5% gross margin is well above the trailing average of around 30%, suggesting that Chevron is capturing higher value from its integrated model. However, such margins may not be sustainable if commodity prices retreat, as the company's cost structure remains high fixed.

Operating Leverage Amplifies Earnings Volatility

Operating income swung from $3.2B in Q1 2026 to $21.5B in Q2 2026, a 572% increase, while revenue grew only 41%. Based on the quarterly data, this demonstrates significant operating leverage, but also exposes earnings to commodity price swings.

The operating margin of 32.0% in Q2 2026 is nearly triple the 11.3% in Q2 2024, indicating that fixed costs are being spread over higher production volumes. However, the extreme volatility—operating income fell to $3.2B in Q1 2026—underscores the cyclicality of the business. Investors should expect continued earnings swings as commodity prices fluctuate, and the company's ability to maintain cost discipline will be key.

Earnings Quality Boosted by One-Time Gains

Q2 2026 net income of $12.1B and EPS of $6.11 far exceeded consensus, but the absence of stock-based compensation and potential one-time items suggests earnings quality may be overstated. According to the financial statements, the beat appears driven by operational strength, yet sustainability is uncertain.

The EPS of $6.11 in Q2 2026 is more than double the $2.43 reported in Q2 2024, yet revenue is only 35% higher. This implies that margin expansion, not revenue growth, is the primary driver, which may be partly due to favorable inventory valuations or tax benefits. The lack of SBC in the data is unusual for a company of this size, and investors should scrutinize the footnotes for non-recurring items that may have inflated earnings.

Cost Discipline Amidst Revenue Decline

COGS as a percentage of revenue fell to 54.5% in Q2 2026 from 70.3% in Q2 2024, indicating improved cost efficiency. As per the income statement, SG&A also dropped to $8.9B from $889M, but this may reflect timing, not structural change.

The significant reduction in COGS relative to revenue suggests that Chevron is benefiting from lower input costs or more efficient production. However, the SG&A line in Q2 2026 is unusually high at $8.9B compared to prior quarters, which may include one-time charges. The company's ability to maintain cost discipline will be critical as commodity prices remain volatile, and investors should monitor whether these cost savings are sustainable.

Q2 2026: A Turning Point in Operational Efficiency

Q2 2026 marked a dramatic inflection, with gross margin jumping to 45.5% from 9.6% in Q1 2026, driven by record U.S. upstream production and refinery throughput. This quarter appears to signal a new operational baseline, but its durability is uncertain.

The sequential improvement from Q1 to Q2 2026 is unprecedented in the provided data, suggesting that Q1 was an anomaly, possibly due to weather-related disruptions or maintenance. The record production and throughput indicate that Chevron's operational strategy is yielding results, but the sustainability of this performance will depend on commodity prices and the successful integration of the Hess acquisition. Investors should watch if this level of profitability can be maintained.

Revenue Decline Undermines Earnings Beat

Despite the EPS beat, revenue contracted 4.6% year-over-year, and the 45.5% gross margin may be unsustainable. Short-sellers could argue that the earnings quality is low, as it relies on margin expansion rather than top-line growth, which may reverse if prices fall.

The divergence between strong earnings and weak revenue suggests that the beat is not driven by demand but by cost cuts and operational efficiency, which have limits. The company's reliance on commodity prices means that any downturn could quickly erode margins, as seen in Q1 2026. Additionally, the ongoing arbitration with ExxonMobil over the Stabroek Block poses a risk to future growth, and the Hess acquisition may not deliver the expected synergies. Investors should be cautious about extrapolating Q2 2026 results.

CVX — Frequently Asked Questions

Quick answers to the most common questions about buying CVX stock.

What was Chevron Corporation's (CVX) revenue in 2025?

For fiscal year 2025, Chevron Corporation (CVX) reported total revenue of $184.43B. This represents a 320.2% increase compared to $43.89B in 1996.

Is Chevron Corporation (CVX) profitable?

Chevron Corporation (CVX) is profitable, generating $12.30B in net income for the fiscal year ending 2025 with a net profit margin of 6.7%.

What is Chevron Corporation's operating profit margin?

Chevron Corporation (CVX) reported an operating income of $16.67B, resulting in an operating profit margin of 9.0%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Chevron Corporation's gross profit and gross margin?

Chevron Corporation (CVX) generated $56.09B in gross profit for the year, representing a gross profit margin of 30.4%. This demonstrates the company's core pricing power and production efficiency.