Chevron's profitability is under significant pressure, with gross margins contracting sharply to 9.6% in 2026Q1 alongside a 44.5% year-over-year decline in EPS.
| 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 | 185.89B | 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 % | -3.65% | -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 | 138.62B | 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 | 47.27B | 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 % | 25.43% | 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 | 4.11B | 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 | 15.62B | 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 % | 8.4% | 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 | 37.65B | 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 % | 20.25% | 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 % | 7.29% | -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) | 22.03B | 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 | 19.46B | 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 | -1.35B | -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 | 1.35B | 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 | 2.49B | 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 | 18.11B | 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 % | 9.74% | 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 | 6.84B | 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 % | 37.78% | 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 | 11.01B | 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 % | 5.92% | 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 % | -29.7% | -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) | 11.27B | 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 | 5.66B | 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) | 5.54 | 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 % | -34.06% | -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 | 1.99B | 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 | 1.98B | 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% |
Commodity price volatility exposure
According to the latest quarterly financial data, Chevron's revenue growth has trended into negative territory, with the most recent period showing a 3.2% increase that masks a broader pattern of sequential volatility and underlying weakness in commodity price realizations across the firm's integrated global operations.
The recent revenue trajectory suggests that Chevron is struggling to maintain top-line momentum in a softening energy price environment. Investors should monitor whether this contraction reflects a structural decline in production volumes or merely the cyclical nature of global oil and gas benchmarks.
As reported in recent income statements, Chevron's gross margin plummeted to 9.6% in 2026Q1, a significant departure from the 30% range maintained throughout 2025, indicating that the company's cost of goods sold is currently outpacing its ability to capture value from refined and raw energy products.
This sharp margin compression appears to be a critical warning sign regarding the company's pricing power and operational efficiency. The sudden shift suggests that external cost pressures or inventory accounting adjustments may be eroding the profitability of the upstream and downstream segments simultaneously.
Based on the provided financial figures, Chevron's operating margin has deteriorated to 6.8% in the most recent quarter, demonstrating that the firm is failing to achieve the necessary scale to offset rising overhead costs relative to its shrinking gross profit pool.
The inability to maintain operating margins above 10% suggests that the company's fixed-cost structure is becoming a liability during periods of revenue stagnation. Analysts should investigate whether this reflects inefficient SG&A management or the inherent difficulty of scaling high-cost extraction projects in a volatile market.
Data from the income statement reveals that EPS growth has experienced extreme volatility, including a 44.5% decline in 2026Q1, which warrants skepticism regarding the quality of earnings and the company's ability to sustain dividend payouts without relying on balance sheet liquidity or non-operating adjustments.
The dramatic swings in net income suggest that Chevron's bottom line is highly sensitive to non-operating items and accounting nuances rather than core operational performance. Investors should be wary of the disconnect between reported earnings and the underlying cash-generating capacity of the firm's mature asset base.
Quick answers to the most common questions about buying CVX stock.
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.
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%.
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.
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.