Chevron (CVX) Financials

$151.33 -0.31 (-0.20%)

Closing price 08/1/2025 03:59 PM Eastern

Extended Trading

$151.68 +0.35 (+0.23%)

As of 04:42 AM Eastern

Annual Income Statements for Chevron

This table shows Chevron's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	4,587	-497	9,195	14,824	2,924	-5,543	15,625	35,465	21,369	17,661
Consolidated Net Income / (Loss)	4,710	-431	9,269	14,860	2,845	-5,561	15,689	35,608	21,411	17,749
Net Income / (Loss) Continuing Operations	4,710	-431	9,269	14,860	3,262	-5,561	15,689	35,608	21,411	17,749
Total Pre-Tax Income	4,842	-2,160	9,221	20,575	5,536	-7,453	21,639	49,674	29,584	27,506
Total Operating Income	4,842	-1,959	9,528	21,323	6,751	-6,756	22,351	50,190	30,053	28,100
Total Gross Profit	68,726	55,151	65,957	71,761	66,403	42,544	70,216	100,836	81,753	83,586
Total Revenue	138,477	114,472	141,722	166,339	146,516	94,692	162,465	246,252	200,949	202,792
Operating Revenue	138,477	114,472	141,722	166,339	146,516	94,692	162,465	246,252	200,949	202,792
Total Cost of Revenue	69,751	59,321	75,765	94,578	80,113	52,148	92,249	145,416	119,196	119,206
Operating Cost of Revenue	69,751	59,321	75,765	94,578	80,113	52,148	92,249	145,416	119,196	119,206
Total Operating Expenses	63,884	57,110	56,429	50,438	59,652	49,300	47,865	50,646	51,700	55,486
Selling, General & Admin Expense	27,477	24,207	23,237	24,382	25,528	24,536	24,740	29,026	29,028	32,298
Exploration Expense	3,340	1,033	864	1,210	770	1,537	549	974	914	995
Depreciation Expense	21,037	19,457	19,349	19,419	29,218	19,508	17,925	16,319	17,326	17,282
Other Operating Expenses / (Income)	12,030	12,413	12,979	5,427	4,553	3,719	4,651	4,327	4,432	4,911
Total Other Income / (Expense), net	0.00	-201	-307	-748	-798	-697	-712	-516	-469	-594
Interest Expense	0.00	201	307	748	798	697	712	516	469	594
Income Tax Expense	132	-1,729	-48	5,715	2,691	-1,892	5,950	14,066	8,173	9,757
Net Income / (Loss) Attributable to Noncontrolling Interest	123	66	74	36	-79	-18	64	143	42	88
Basic Earnings per Share	$2.46	($0.27)	$4.88	$7.81	$1.55	($2.96)	$8.15	$18.36	$11.41	$9.76
Weighted Average Basic Shares Outstanding	1.87B	1.87B	1.88B	1.90B	1.88B	1.93B	1.95B	1.91B	1.86B	1.76B
Diluted Earnings per Share	$2.45	($0.27)	$4.85	$7.74	$1.54	($2.96)	$8.14	$18.28	$11.36	$9.72
Weighted Average Diluted Shares Outstanding	1.87B	1.87B	1.88B	1.90B	1.88B	1.93B	1.95B	1.91B	1.86B	1.76B
Weighted Average Basic & Diluted Shares Outstanding	1.87B	1.87B	1.88B	1.90B	1.88B	1.93B	1.95B	1.91B	1.86B	1.76B
Cash Dividends to Common per Share	-	-	-	-	$4.76	$5.16	$5.31	$5.68	$6.04	$6.52

This table shows Chevron's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	11,231	6,353	6,574	6,010	6,526	2,259	5,501	4,434	4,487	3,239	3,500
Consolidated Net Income / (Loss)	11,238	6,378	6,605	6,008	6,555	2,243	5,551	4,443	4,496	3,259	3,512
Net Income / (Loss) Continuing Operations	11,238	6,378	6,605	6,008	6,555	2,243	5,551	4,443	4,496	3,259	3,512
Total Pre-Tax Income	14,809	9,808	9,519	7,837	8,738	3,490	7,922	7,036	6,489	6,059	5,583
Total Operating Income	14,937	9,867	9,634	7,957	8,852	3,610	8,040	7,149	6,653	6,258	5,795
Total Gross Profit	27,893	23,903	21,386	19,912	21,752	18,703	20,975	20,314	20,219	22,078	19,000
Total Revenue	66,644	56,473	50,793	48,896	54,080	47,180	48,716	51,181	50,669	52,226	47,610
Operating Revenue	66,644	56,473	50,793	48,896	54,080	47,180	48,716	51,181	50,669	52,226	47,610
Total Cost of Revenue	38,751	32,570	29,407	28,984	32,328	28,477	27,741	30,867	30,450	30,148	28,610
Operating Cost of Revenue	38,751	32,570	29,407	28,984	32,328	28,477	27,741	30,867	30,450	30,148	28,610
Total Operating Expenses	12,956	14,036	11,752	11,955	12,900	15,093	12,935	13,165	13,566	15,820	13,205
Selling, General & Admin Expense	7,385	7,855	6,902	7,185	7,462	7,479	7,543	7,662	7,886	9,207	7,629
Exploration Expense	116	453	190	169	301	254	129	263	154	449	187
Depreciation Expense	4,201	4,764	3,526	3,521	4,025	6,254	4,091	4,004	4,214	4,973	4,123
Other Operating Expenses / (Income)	1,254	900	1,134	1,080	1,112	1,106	1,172	1,236	1,312	1,191	1,266
Total Other Income / (Expense), net	-128	-123	-115	-120	-114	-120	-118	-113	-164	-199	-212
Interest Expense	128	123	115	120	114	120	118	113	164	199	212
Income Tax Expense	3,571	3,430	2,914	1,829	2,183	1,247	2,371	2,593	1,993	2,800	2,071
Net Income / (Loss) Attributable to Noncontrolling Interest	7.00	25	31	-2.00	29	-16	50	9.00	9.00	20	12
Basic Earnings per Share	$5.81	$3.34	$3.48	$3.22	$3.48	$1.23	$2.99	$2.43	$2.49	$1.85	$2.01
Weighted Average Basic Shares Outstanding	1.93B	1.91B	1.89B	1.87B	1.87B	1.86B	1.84B	1.83B	1.80B	1.76B	1.74B
Diluted Earnings per Share	$5.78	$3.33	$3.46	$3.20	$3.48	$1.22	$2.97	$2.43	$2.48	$1.84	$2.00
Weighted Average Diluted Shares Outstanding	1.94B	1.91B	1.90B	1.88B	1.88B	1.86B	1.85B	1.83B	1.81B	1.76B	1.75B
Weighted Average Basic & Diluted Shares Outstanding	1.93B	1.91B	1.89B	1.87B	1.89B	1.86B	1.85B	1.83B	1.80B	1.76B	1.75B

This table details how cash moves in and out of Chevron's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-1,763	-3,708	-2,471	4,629	-3,570	-174	58	12,326	-9,846	-1,013
Net Cash From Operating Activities	19,456	12,690	20,338	30,618	27,314	10,577	29,187	49,602	35,609	31,492
Net Cash From Continuing Operating Activities	19,456	12,690	20,338	30,618	27,314	10,577	29,187	49,602	35,609	31,492
Net Income / (Loss) Continuing Operations	4,710	-431	9,269	14,860	2,845	-5,561	15,689	35,608	21,411	17,749
Consolidated Net Income / (Loss)	4,710	-431	9,269	14,860	2,845	-5,561	15,689	35,608	21,411	17,749
Depreciation Expense	21,037	19,457	19,349	19,419	29,218	19,508	17,925	16,319	17,326	17,282
Non-Cash Adjustments To Reconcile Net Income	-1,549	-1,351	-3,475	-4,094	-1,854	1,399	-3,077	-3,068	-2,156	-2,824
Changes in Operating Assets and Liabilities, net	-4,742	-4,985	-4,805	433	-2,895	-4,769	-1,350	743	-972	-715
Net Cash From Investing Activities	-23,808	-16,370	-8,320	-12,290	-11,458	-6,965	-5,865	-12,108	-15,232	-8,936
Net Cash From Continuing Investing Activities	-23,808	-16,370	-8,320	-12,290	-11,458	-6,965	-5,865	-12,108	-15,232	-8,936
Purchase of Property, Plant & Equipment	-29,504	-18,109	-13,404	-13,792	-14,116	-8,922	-8,056	-11,974	-15,829	-16,448
Acquisitions	-	-	-	-	-	0.00	0.00	-2,862	55	0.00
Purchase of Investments	-217	-2,034	-16	-51	-1,245	-1,419	-1.00	117	175	41
Sale of Property, Plant & Equipment	5,739	3,476	5,096	2,392	2,951	2,968	1,791	2,635	669	7,704
Sale and/or Maturity of Investments	166	297	4.00	111	2.00	35	401	-24	-302	-233
Net Cash From Financing Activities	2,815	25	-14,554	-13,699	-19,758	-3,736	-23,113	-24,978	-30,109	-23,472
Net Cash From Continuing Financing Activities	2,815	25	-14,554	-13,699	-19,758	-3,736	-23,113	-24,978	-30,109	-23,472
Repayment of Debt	-32	546	-11,452	-6,741	-7,846	-4,838	-12,936	-8,479	-4,205	3,090
Repurchase of Common Equity	-	650	1,117	-604	-2,935	-1,531	38	-5,417	-14,678	-15,044
Payment of Dividends	-8,120	-8,095	-8,210	-8,593	-8,977	-9,675	-10,215	-11,082	-11,376	-11,996
Issuance of Debt	10,756	6,924	3,991	2,239	0.00	12,308	0.00	0.00	150	478
Effect of Exchange Rate Changes	-226	-53	65	-	332	-50	-151	-190	-114	-97

This table details how cash moves in and out of Chevron's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	3,341	2,424	-2,222	-6,499	-3,394	2,269	-2,063	-2,247	799	2,498	-2,096
Net Cash From Operating Activities	15,267	12,498	7,205	6,297	9,673	12,434	6,828	6,295	9,674	8,695	5,189
Net Cash From Continuing Operating Activities	15,267	12,498	7,205	6,297	9,673	12,434	6,828	6,295	9,674	8,695	5,189
Net Income / (Loss) Continuing Operations	11,238	6,378	6,605	6,008	6,555	2,243	5,551	4,443	4,496	3,259	3,512
Consolidated Net Income / (Loss)	11,238	6,378	6,605	6,008	6,555	2,243	5,551	4,443	4,496	3,259	3,512
Depreciation Expense	4,201	4,764	3,526	3,521	4,025	6,254	4,091	4,004	4,214	4,973	4,123
Non-Cash Adjustments To Reconcile Net Income	-316	1,256	-3,222	-3,666	-243	4,975	-2,973	-2,141	936	1,354	-2,451
Changes in Operating Assets and Liabilities, net	144	100	296	434	-664	-1,038	159	-11	28	-891	5.00
Net Cash From Investing Activities	-2,767	-3,712	-2,807	-3,944	-4,410	-4,071	-3,956	-3,954	-3,696	2,670	-5,618
Net Cash From Continuing Investing Activities	-2,767	-3,712	-2,807	-3,944	-4,410	-4,071	-3,956	-3,954	-3,696	2,670	-5,618
Purchase of Property, Plant & Equipment	-2,995	-3,835	-3,038	-3,757	-4,673	-4,361	-4,089	-3,966	-4,055	-4,338	-3,927
Acquisitions	-	-	-	-	-	-	-	-	-	-	-2,225
Purchase of Investments	39	79	95	-186	175	91	-16	61	-4.00	-	0.00
Sale of Property, Plant & Equipment	136	150	219	105	86	259	104	114	402	7,084	600
Sale and/or Maturity of Investments	53	-106	-83	-106	-53	-60	45	-163	-39	-76	-66
Net Cash From Financing Activities	-9,025	-6,449	-6,573	-8,748	-8,621	-6,167	-4,863	-4,565	-5,262	-8,782	-1,664
Net Cash From Continuing Financing Activities	-9,025	-6,449	-6,573	-8,748	-8,621	-6,167	-4,863	-4,565	-5,262	-8,782	-1,664
Repayment of Debt	-2,518	-308	-100	-1,746	-2,394	35	824	1,245	2,484	-1,463	-461
Repurchase of Common Equity	-3,697	-3,417	-3,607	-4,340	-3,334	-3,397	-2,891	-2,930	-4,714	-4,509	-3,699
Payment of Dividends	-2,810	-2,724	-2,866	-2,812	-2,893	-2,805	-2,999	-2,980	-3,132	-2,885	-2,995
Issuance of Debt	-	-	0.00	150	-	-	203	100	100	75	5,491
Effect of Exchange Rate Changes	-134	87	-47	-104	-36	73	-72	-23	83	-85	-3.00

This table presents Chevron's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	264,540	260,078	253,806	253,863	237,428	239,790	239,535	257,709	261,632	256,938
Total Current Assets	34,430	29,619	28,560	34,021	28,329	26,078	33,738	50,343	41,128	40,911
Cash & Equivalents	11,022	6,988	4,813	9,342	5,686	5,596	5,640	17,678	8,178	6,781
Short-Term Investments	310	13	9.00	53	63	31	35	223	45	4.00
Note & Lease Receivable	12,860	14,092	15,353	15,050	13,325	11,471	18,419	20,456	19,921	20,684
Inventories, net	6,334	5,419	5,585	5,704	5,848	5,676	6,795	8,247	8,612	9,074
Prepaid Expenses	3,904	3,107	2,800	2,922	3,407	3,304	2,849	3,739	4,372	4,368
Plant, Property, & Equipment, net	188,396	182,186	177,712	169,207	150,494	156,618	146,961	143,591	153,619	147,799
Plant, Property & Equipment, gross	340,277	336,077	344,485	340,244	326,722	345,232	336,045	327,785	346,081	345,933
Accumulated Depreciation	151,881	153,891	166,773	171,037	176,228	188,614	189,084	184,194	192,462	198,134
Total Noncurrent Assets	41,714	48,273	47,534	50,635	58,605	57,094	58,836	63,775	66,885	68,228
Long-Term Investments	27,110	30,250	32,497	35,546	38,688	39,052	40,696	45,238	46,812	47,438
Noncurrent Note & Lease Receivables	2,412	2,485	2,849	1,942	1,511	589	603	1,069	942	877
Goodwill	4,588	4,581	4,531	4,518	4,463	4,402	4,385	4,722	4,722	4,578
Other Noncurrent Operating Assets	7,604	10,957	7,657	8,629	13,943	13,051	13,152	12,746	14,409	15,335
Total Liabilities & Shareholders' Equity	264,540	260,078	253,806	253,863	237,428	239,790	239,535	257,709	261,632	256,938
Total Liabilities	110,654	113,356	104,487	98,221	92,220	107,064	99,595	97,467	99,703	103,781
Total Current Liabilities	25,467	31,785	27,737	27,171	26,530	22,183	26,791	34,208	32,258	38,558
Short-Term Debt	4,927	10,840	5,192	5,726	3,282	1,548	256	1,964	529	4,406
Accounts Payable	13,516	13,986	14,565	13,953	14,103	10,950	16,454	18,955	20,423	22,079
Accrued Expenses	4,833	4,882	5,267	4,927	6,589	7,812	6,972	7,486	7,655	8,486
Current Deferred & Payable Income Tax Liabilities	1,073	1,050	1,600	1,628	1,554	921	1,700	4,381	1,863	1,872
Other Taxes Payable	1,118	1,027	1,113	937	1,002	952	1,409	1,422	1,788	1,715
Total Noncurrent Liabilities	85,187	81,571	76,750	71,050	65,690	84,881	72,804	63,259	67,445	65,223
Long-Term Debt	33,542	35,193	33,571	28,733	23,691	42,767	31,113	21,375	20,307	20,135
Noncurrent Deferred Revenue	23,465	21,553	21,106	19,742	20,445	20,328	20,778	20,396	24,226	22,094
Noncurrent Deferred & Payable Income Tax Liabilities	20,165	17,516	14,652	15,921	13,688	12,569	14,665	17,131	18,830	19,137
Noncurrent Employee Benefit Liabilities	7,935	7,216	7,421	6,654	7,866	9,217	6,248	4,357	4,082	3,857
Total Equity & Noncontrolling Interests	153,886	146,722	149,319	155,642	145,208	132,726	139,940	160,242	161,929	153,157
Total Preferred & Common Equity	152,716	145,556	148,124	154,554	144,213	131,688	139,067	159,282	160,957	152,318
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	152,716	145,556	148,124	154,554	144,213	131,688	139,067	159,282	160,957	152,318
Common Stock	18,162	18,427	18,680	18,944	19,097	18,661	19,114	20,492	23,197	23,503
Retained Earnings	181,578	173,046	174,106	180,987	174,945	160,377	165,546	190,024	200,025	205,852
Treasury Stock	-42,493	-41,834	-40,833	-41,593	-44,599	-41,498	-41,464	-48,196	-59,065	-74,037
Accumulated Other Comprehensive Income / (Loss)	-4,291	-3,843	-3,589	-3,544	-4,990	-5,612	-3,889	-2,798	-2,960	-2,760
Other Equity Adjustments	-240	-240	-240	-240	-240	-240	-240	-240	-240	-240
Noncontrolling Interest	1,170	1,166	1,195	1,088	995	1,038	873	960	972	839

This table presents Chevron's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	259,735	257,709	255,886	251,779	263,927	261,632	261,651	260,644	259,232	256,938	256,397
Total Current Assets	51,503	50,343	48,351	42,790	41,732	41,128	40,508	39,369	38,187	40,911	38,574
Cash & Equivalents	15,164	17,678	15,668	9,292	5,797	8,178	6,278	4,008	4,699	6,781	4,638
Short-Term Investments	267	223	130	318	141	45	0.00	0.00	4.00	4.00	5.00
Note & Lease Receivable	22,466	20,456	19,021	19,285	21,993	19,921	20,414	20,752	19,591	20,684	19,560
Inventories, net	9,002	8,247	9,232	9,198	9,428	8,612	9,942	10,477	9,725	9,074	9,167
Prepaid Expenses	4,604	3,739	4,300	4,697	4,373	4,372	3,874	4,132	4,168	4,368	5,204
Plant, Property, & Equipment, net	144,144	143,591	142,951	142,768	153,972	153,619	153,641	153,003	147,891	147,799	148,124
Plant, Property & Equipment, gross	325,102	327,785	330,409	327,084	342,522	346,081	350,501	349,859	343,450	345,933	348,820
Accumulated Depreciation	180,958	184,194	187,458	184,316	188,550	192,462	196,860	196,856	195,559	198,134	200,696
Total Noncurrent Assets	64,088	63,775	64,584	66,221	68,223	66,885	67,502	68,272	73,154	68,228	69,699
Long-Term Investments	45,154	45,238	46,248	46,769	48,123	46,812	47,650	47,654	47,476	47,438	49,150
Noncurrent Note & Lease Receivables	1,099	1,069	1,036	940	1,055	942	968	974	942	877	942
Goodwill	4,663	4,722	4,722	4,722	4,722	4,722	4,722	4,722	4,722	4,578	4,568
Other Noncurrent Operating Assets	13,172	12,746	12,578	13,790	14,323	14,409	14,162	14,922	20,014	15,335	15,039
Total Liabilities & Shareholders' Equity	259,735	257,709	255,886	251,779	263,927	261,632	261,651	260,644	259,232	256,938	256,397
Total Liabilities	100,108	97,467	95,452	92,481	97,679	99,703	99,995	100,381	102,202	103,781	106,317
Total Current Liabilities	36,883	34,208	33,735	29,847	33,263	32,258	32,940	34,027	35,718	38,558	35,702
Short-Term Debt	2,221	1,964	2,931	1,269	440	529	282	1,735	5,144	4,406	4,076
Accounts Payable	21,699	18,955	17,942	18,656	21,649	20,423	21,257	21,007	20,037	22,079	20,878
Accrued Expenses	7,181	7,486	6,658	7,262	7,618	7,655	7,777	9,054	8,313	8,486	8,374
Current Deferred & Payable Income Tax Liabilities	4,020	4,381	4,883	1,548	1,927	1,863	2,001	893	702	1,872	842
Other Taxes Payable	1,762	1,422	1,321	1,112	1,629	1,788	1,623	1,338	1,522	1,715	1,532
Total Noncurrent Liabilities	63,225	63,259	61,717	62,634	64,416	67,445	67,055	66,354	66,484	65,223	70,615
Long-Term Debt	21,420	21,375	20,275	20,245	20,119	20,307	21,553	21,449	20,697	20,135	25,605
Noncurrent Deferred Revenue	20,005	20,396	19,606	19,980	20,884	24,226	22,448	21,454	21,955	22,094	21,610
Noncurrent Deferred & Payable Income Tax Liabilities	16,616	17,131	17,736	18,451	19,637	18,830	19,106	19,509	19,899	19,137	19,594
Noncurrent Employee Benefit Liabilities	5,184	4,357	4,100	3,958	3,776	4,082	3,948	3,942	3,933	3,857	3,806
Total Equity & Noncontrolling Interests	159,627	160,242	160,434	159,298	166,248	161,929	161,656	160,263	157,030	153,157	150,080
Total Preferred & Common Equity	158,680	159,282	159,449	158,325	165,265	160,957	160,625	159,233	156,202	152,318	149,244
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	158,680	159,282	159,449	158,325	165,265	160,957	160,625	159,233	156,202	152,318	149,244
Common Stock	20,419	20,492	20,546	20,590	23,149	23,197	23,275	23,327	23,410	23,503	23,551
Retained Earnings	186,394	190,024	193,738	196,926	200,593	200,025	202,514	203,960	205,503	205,852	206,359
Treasury Stock	-44,720	-48,196	-51,854	-56,240	-55,640	-59,065	-61,959	-64,890	-69,646	-74,037	-77,717
Accumulated Other Comprehensive Income / (Loss)	-3,173	-2,798	-2,741	-2,711	-2,597	-2,960	-2,965	-2,924	-2,825	-2,760	-2,709
Other Equity Adjustments	-240	-240	-240	-240	-240	-240	-240	-240	-240	-240	-240
Noncontrolling Interest	947	960	985	973	983	972	1,031	1,030	828	839	836

This table displays calculated financial ratios and metrics derived from Chevron's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-34.67%	-17.34%	23.80%	17.37%	-11.92%	-35.37%	71.57%	51.57%	-18.40%	0.92%
EBITDA Growth	-46.08%	-32.39%	65.03%	41.09%	-11.72%	-64.55%	215.84%	65.13%	-28.76%	-4.21%
EBIT Growth	-84.48%	-140.46%	586.37%	123.79%	-68.34%	-200.07%	430.83%	124.55%	-40.12%	-6.50%
NOPAT Growth	-75.61%	-129.11%	798.43%	60.79%	-77.47%	-236.31%	442.66%	122.01%	-39.55%	-16.63%
Net Income Growth	-75.61%	-109.15%	2,250.58%	60.32%	-80.85%	-295.47%	382.13%	126.96%	-39.87%	-17.10%
EPS Growth	-75.84%	-111.02%	1,896.30%	59.59%	-80.10%	-292.21%	375.00%	124.57%	-37.86%	-14.44%
Operating Cash Flow Growth	-38.19%	-34.78%	60.27%	50.55%	-10.79%	-61.28%	175.95%	69.95%	-28.21%	-11.56%
Free Cash Flow Firm Growth	-246.45%	44.91%	584.37%	45.74%	-0.56%	-144.75%	352.79%	71.29%	-64.27%	54.80%
Invested Capital Growth	7.03%	1.04%	-3.11%	-3.72%	-12.00%	3.62%	-5.61%	-3.60%	6.05%	-3.33%
Revenue Q/Q Growth	-10.84%	2.01%	4.51%	2.93%	-3.94%	-10.50%	16.39%	3.51%	-4.42%	2.55%
EBITDA Q/Q Growth	-21.45%	9.31%	6.29%	11.29%	-5.02%	-27.72%	25.27%	4.36%	-9.14%	3.11%
EBIT Q/Q Growth	-61.06%	57.83%	14.09%	20.42%	-65.96%	51.07%	53.58%	5.97%	-17.23%	10.40%
NOPAT Q/Q Growth	-46.09%	57.83%	43.63%	4.68%	-75.10%	51.07%	53.27%	3.72%	-15.81%	6.17%
Net Income Q/Q Growth	-46.09%	69.73%	40.67%	4.24%	-78.50%	51.94%	57.66%	3.78%	-16.19%	6.07%
EPS Q/Q Growth	-46.85%	66.25%	41.40%	4.17%	-77.91%	51.55%	57.14%	3.98%	-15.66%	6.81%
Operating Cash Flow Q/Q Growth	-9.07%	-6.28%	13.29%	11.10%	-11.34%	-24.43%	32.87%	6.53%	-0.18%	-10.61%
Free Cash Flow Firm Q/Q Growth	-263.46%	58.96%	23.13%	9.55%	1.21%	-221.45%	298.34%	3.93%	-8.31%	17.01%
Invested Capital Q/Q Growth	1.40%	-0.17%	-0.04%	-0.82%	-8.53%	8.23%	-1.58%	-1.83%	-3.78%	-5.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.63%	48.18%	46.54%	43.14%	45.32%	44.93%	43.22%	40.95%	40.68%	41.22%
EBITDA Margin	18.69%	15.29%	20.38%	24.49%	24.55%	13.47%	24.79%	27.01%	23.58%	22.38%
Operating Margin	3.50%	-1.71%	6.72%	12.82%	4.61%	-7.13%	13.76%	20.38%	14.96%	13.86%
EBIT Margin	3.50%	-1.71%	6.72%	12.82%	4.61%	-7.13%	13.76%	20.38%	14.96%	13.86%
Profit (Net Income) Margin	3.40%	-0.38%	6.54%	8.93%	1.94%	-5.87%	9.66%	14.46%	10.65%	8.75%
Tax Burden Percent	97.27%	19.95%	100.52%	72.22%	51.39%	74.61%	72.50%	71.68%	72.37%	64.53%
Interest Burden Percent	100.00%	110.26%	96.78%	96.49%	82.00%	110.32%	96.81%	98.97%	98.44%	97.89%
Effective Tax Rate	2.73%	0.00%	-0.52%	27.78%	48.61%	0.00%	27.50%	28.32%	27.63%	35.47%
Return on Invested Capital (ROIC)	3.16%	-0.89%	6.25%	10.41%	2.54%	-3.64%	12.60%	29.32%	17.53%	14.44%
ROIC Less NNEP Spread (ROIC-NNEP)	3.16%	20.05%	0.27%	22.36%	7.01%	5.70%	19.32%	30.67%	18.45%	15.64%
Return on Net Nonoperating Assets (RNNOA)	-0.12%	0.60%	0.01%	-0.66%	-0.65%	-0.37%	-1.09%	-5.60%	-4.24%	-3.17%
Return on Equity (ROE)	3.04%	-0.29%	6.26%	9.75%	1.89%	-4.00%	11.51%	23.72%	13.29%	11.27%
Cash Return on Invested Capital (CROIC)	-3.63%	-1.92%	9.41%	14.20%	15.31%	-7.19%	18.37%	32.99%	11.66%	17.82%
Operating Return on Assets (OROA)	1.83%	-0.75%	3.71%	8.40%	2.75%	-2.83%	9.33%	20.19%	11.57%	10.84%
Return on Assets (ROA)	1.78%	-0.16%	3.61%	5.85%	1.16%	-2.33%	6.55%	14.32%	8.25%	6.85%
Return on Common Equity (ROCE)	3.02%	-0.28%	6.21%	9.67%	1.88%	-3.97%	11.43%	23.58%	13.21%	11.20%
Return on Equity Simple (ROE_SIMPLE)	3.08%	-0.30%	6.26%	9.61%	1.97%	-4.22%	11.28%	22.36%	13.30%	11.65%
Net Operating Profit after Tax (NOPAT)	4,710	-1,371	9,578	15,400	3,469	-4,729	16,205	35,978	21,750	18,132
NOPAT Margin	3.40%	-1.20%	6.76%	9.26%	2.37%	-4.99%	9.97%	14.61%	10.82%	8.94%
Net Nonoperating Expense Percent (NNEP)	0.00%	-20.94%	5.98%	-11.95%	-4.47%	-9.33%	-6.72%	-1.35%	-0.92%	-1.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	19.60%	11.90%	10.20%
Cost of Revenue to Revenue	50.37%	51.82%	53.46%	56.86%	54.68%	55.07%	56.78%	59.05%	59.32%	58.78%
SG&A Expenses to Revenue	19.84%	21.15%	16.40%	14.66%	17.42%	25.91%	15.23%	11.79%	14.45%	15.93%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	46.13%	49.89%	39.82%	30.32%	40.71%	52.06%	29.46%	20.57%	25.73%	27.36%
Earnings before Interest and Taxes (EBIT)	4,842	-1,959	9,528	21,323	6,751	-6,756	22,351	50,190	30,053	28,100
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	25,879	17,498	28,877	40,742	35,969	12,752	40,276	66,509	47,379	45,382
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.79	1.13	1.21	1.08	1.32	1.06	1.49	1.99	1.66	1.69
Price to Tangible Book Value (P/TBV)	0.81	1.17	1.25	1.11	1.36	1.09	1.54	2.05	1.71	1.74
Price to Revenue (P/Rev)	0.87	1.44	1.27	1.00	1.30	1.47	1.28	1.29	1.33	1.27
Price to Earnings (P/E)	26.26	0.00	19.57	11.25	65.08	0.00	13.30	8.93	12.49	14.58
Dividend Yield	6.69%	4.90%	4.56%	5.13%	4.73%	6.92%	4.93%	3.47%	4.27%	4.55%
Earnings Yield	3.81%	0.00%	5.11%	8.89%	1.54%	0.00%	7.52%	11.20%	8.00%	6.86%
Enterprise Value to Invested Capital (EV/IC)	0.79	1.13	1.21	1.08	1.36	1.06	1.55	2.31	1.83	1.85
Enterprise Value to Revenue (EV/Rev)	0.88	1.53	1.29	0.95	1.19	1.48	1.19	1.13	1.16	1.13
Enterprise Value to EBITDA (EV/EBITDA)	4.70	10.01	6.32	3.86	4.83	10.97	4.81	4.18	4.93	5.04
Enterprise Value to EBIT (EV/EBIT)	25.14	0.00	19.16	7.38	25.75	0.00	8.67	5.54	7.78	8.14
Enterprise Value to NOPAT (EV/NOPAT)	25.85	0.00	19.06	10.22	50.11	0.00	11.95	7.72	10.75	12.61
Enterprise Value to Operating Cash Flow (EV/OCF)	6.26	13.80	8.98	5.14	6.36	13.22	6.64	5.60	6.56	7.26
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	12.67	7.50	8.32	0.00	8.20	6.86	16.16	10.21
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.25	0.31	0.26	0.22	0.19	0.33	0.22	0.15	0.13	0.16
Long-Term Debt to Equity	0.22	0.24	0.22	0.18	0.16	0.32	0.22	0.13	0.13	0.13
Financial Leverage	-0.04	0.03	0.03	-0.03	-0.09	-0.06	-0.06	-0.18	-0.23	-0.20
Leverage Ratio	1.71	1.75	1.74	1.66	1.63	1.72	1.76	1.66	1.61	1.65
Compound Leverage Factor	1.71	1.92	1.68	1.61	1.34	1.89	1.70	1.64	1.59	1.61
Debt to Total Capital	20.03%	23.92%	20.61%	18.13%	15.67%	25.03%	18.31%	12.71%	11.40%	13.81%
Short-Term Debt to Total Capital	2.56%	5.62%	2.76%	3.01%	1.91%	0.87%	0.15%	1.07%	0.29%	2.48%
Long-Term Debt to Total Capital	17.47%	18.30%	17.85%	15.11%	13.76%	24.16%	18.16%	11.64%	11.11%	11.33%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.61%	0.60%	0.64%	0.57%	0.58%	0.59%	0.51%	0.52%	0.53%	0.47%
Common Equity to Total Capital	79.36%	75.48%	78.76%	81.30%	83.76%	74.38%	81.18%	86.76%	88.07%	85.72%
Debt to EBITDA	1.49	2.64	1.34	0.85	0.75	3.48	0.78	0.35	0.44	0.54
Net Debt to EBITDA	0.00	0.51	0.05	-0.26	-0.49	-0.03	-0.37	-0.60	-0.72	-0.65
Long-Term Debt to EBITDA	1.30	2.02	1.16	0.71	0.66	3.35	0.77	0.32	0.43	0.44
Debt to NOPAT	8.18	-33.64	4.05	2.24	7.77	-9.37	1.94	0.65	0.96	1.35
Net Debt to NOPAT	0.02	-6.47	0.15	-0.68	-5.03	0.08	-0.93	-1.11	-1.57	-1.64
Long-Term Debt to NOPAT	7.14	-25.73	3.51	1.87	6.83	-9.04	1.92	0.59	0.93	1.11
Altman Z-Score	2.24	2.21	2.68	2.98	2.99	2.04	3.24	4.65	3.86	3.77
Noncontrolling Interest Sharing Ratio	0.75%	0.78%	0.80%	0.75%	0.69%	0.73%	0.70%	0.61%	0.60%	0.57%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.35	0.93	1.03	1.25	1.07	1.18	1.26	1.47	1.28	1.06
Quick Ratio	0.95	0.66	0.73	0.90	0.72	0.77	0.90	1.12	0.87	0.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-5,401	-2,975	14,412	21,003	20,885	-9,347	23,629	40,474	14,462	22,387
Operating Cash Flow to CapEx	81.87%	86.72%	244.80%	268.58%	244.64%	177.65%	465.87%	531.13%	234.89%	360.16%
Free Cash Flow to Firm to Interest Expense	0.00	-14.80	46.94	28.08	26.17	-13.41	33.19	78.44	30.84	37.69
Operating Cash Flow to Interest Expense	0.00	63.13	66.25	40.93	34.23	15.18	40.99	96.13	75.93	53.02
Operating Cash Flow Less CapEx to Interest Expense	0.00	-9.67	39.19	25.69	20.24	6.63	32.19	78.03	43.60	38.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.52	0.44	0.55	0.66	0.60	0.40	0.68	0.99	0.77	0.78
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	10.87	10.09	13.77	16.76	13.87	9.05	14.79	19.33	14.14	13.48
Fixed Asset Turnover	0.75	0.62	0.79	0.96	0.92	0.62	1.07	1.70	1.35	1.35
Accounts Payable Turnover	4.29	4.31	5.31	6.63	5.71	4.16	6.73	8.21	6.05	5.61
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	33.59	36.16	26.51	21.78	26.32	40.33	24.67	18.88	25.81	27.08
Days Payable Outstanding (DPO)	85.08	84.61	68.77	55.03	63.91	87.68	54.21	44.44	60.29	65.07
Cash Conversion Cycle (CCC)	-51.48	-48.45	-42.27	-33.25	-37.60	-47.35	-29.54	-25.56	-34.48	-37.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	153,993	155,597	150,763	145,160	127,744	132,362	124,938	120,442	127,730	123,475
Invested Capital Turnover	0.93	0.74	0.93	1.12	1.07	0.73	1.26	2.01	1.62	1.61
Increase / (Decrease) in Invested Capital	10,111	1,604	-4,834	-5,603	-17,416	4,618	-7,424	-4,496	7,288	-4,255
Enterprise Value (EV)	121,745	175,176	182,583	157,436	173,839	139,838	193,697	277,803	233,759	228,592
Market Capitalization	120,468	165,135	179,944	166,830	190,308	139,164	207,826	316,643	266,986	257,435
Book Value per Share	$81.14	$77.10	$77.99	$80.89	$76.27	$70.52	$72.14	$82.37	$85.26	$84.76
Tangible Book Value per Share	$78.71	$74.68	$75.60	$78.52	$73.91	$68.16	$69.87	$79.93	$82.76	$82.21
Total Capital	192,435	192,848	188,082	190,101	172,181	177,041	171,309	183,581	182,765	177,698
Total Debt	38,549	46,126	38,763	34,459	26,973	44,315	31,369	23,339	20,836	24,541
Total Long-Term Debt	33,622	35,286	33,571	28,733	23,691	42,767	31,113	21,375	20,307	20,135
Net Debt	107	8,875	1,444	-10,482	-17,464	-364	-15,002	-39,800	-34,199	-29,682
Capital Expenditures (CapEx)	23,765	14,633	8,308	11,400	11,165	5,954	6,265	9,339	15,160	8,744
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,558	1,673	1,193	3,181	-668	-184	1,528	198	1,176	-26
Debt-free Net Working Capital (DFNWC)	13,890	8,674	6,015	12,576	5,081	5,443	7,203	18,099	9,399	6,759
Net Working Capital (NWC)	8,963	-2,166	823	6,850	1,799	3,895	6,947	16,135	8,870	2,353
Net Nonoperating Expense (NNE)	0.00	-940	309	540	624	832	516	370	339	383
Net Nonoperating Obligations (NNO)	107	8,875	1,444	-10,482	-17,464	-364	-15,002	-39,800	-34,199	-29,682
Total Depreciation and Amortization (D&A)	21,037	19,457	19,349	19,419	29,218	19,508	17,925	16,319	17,326	17,282
Debt-free, Cash-free Net Working Capital to Revenue	1.85%	1.46%	0.84%	1.91%	-0.46%	-0.19%	0.94%	0.08%	0.59%	-0.01%
Debt-free Net Working Capital to Revenue	10.03%	7.58%	4.24%	7.56%	3.47%	5.75%	4.43%	7.35%	4.68%	3.33%
Net Working Capital to Revenue	6.47%	-1.89%	0.58%	4.12%	1.23%	4.11%	4.28%	6.55%	4.41%	1.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.46	($0.27)	$4.88	$7.81	$1.55	($2.96)	$8.15	$18.36	$11.41	$9.76
Adjusted Weighted Average Basic Shares Outstanding	1.88B	1.89B	1.91B	1.90B	1.88B	1.93B	1.95B	1.91B	1.86B	1.76B
Adjusted Diluted Earnings per Share	$2.45	($0.27)	$4.85	$7.74	$1.54	($2.96)	$8.14	$18.28	$11.36	$9.72
Adjusted Weighted Average Diluted Shares Outstanding	1.88B	1.89B	1.91B	1.90B	1.88B	1.93B	1.95B	1.91B	1.86B	1.76B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.88B	1.89B	1.91B	1.90B	1.88B	1.93B	1.95B	1.91B	1.86B	1.76B
Normalized Net Operating Profit after Tax (NOPAT)	4,710	-1,371	6,670	15,400	3,469	-4,729	16,205	35,978	21,750	18,132
Normalized NOPAT Margin	3.40%	-1.20%	4.71%	9.26%	2.37%	-4.99%	9.97%	14.61%	10.82%	8.94%
Pre Tax Income Margin	3.50%	-1.89%	6.51%	12.37%	3.78%	-7.87%	13.32%	20.17%	14.72%	13.56%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-9.75	31.04	28.51	8.46	-9.69	31.39	97.27	64.08	47.31
NOPAT to Interest Expense	0.00	-6.82	31.20	20.59	4.35	-6.79	22.76	69.72	46.38	30.53
EBIT Less CapEx to Interest Expense	0.00	-82.55	3.97	13.27	-5.53	-18.24	22.59	79.17	31.75	32.59
NOPAT Less CapEx to Interest Expense	0.00	-79.62	4.14	5.35	-9.64	-15.33	13.96	51.63	14.05	15.81
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	172.40%	-1,878.19%	88.57%	57.83%	315.54%	-173.98%	65.11%	31.12%	53.13%	67.59%
Augmented Payout Ratio	172.40%	-1,727.38%	76.52%	61.89%	418.70%	-201.51%	64.87%	46.34%	121.69%	152.35%

This table displays calculated financial ratios and metrics derived from Chevron's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	49.06%	17.34%	-6.58%	-28.89%	-18.85%	-16.46%	-4.09%	4.67%	-6.31%	10.70%	-2.27%
EBITDA Growth	51.49%	23.44%	1.95%	-42.12%	-32.72%	-32.58%	-7.82%	-2.83%	-15.61%	13.86%	-18.24%
EBIT Growth	79.34%	40.16%	4.11%	-50.68%	-40.74%	-63.41%	-16.55%	-10.15%	-24.84%	73.35%	-27.92%
NOPAT Growth	79.27%	25.27%	4.20%	-48.35%	-41.42%	-63.84%	-15.72%	-25.99%	-30.58%	45.08%	-35.29%
Net Income Growth	83.78%	25.50%	5.23%	-48.72%	-41.67%	-64.83%	-15.96%	-26.05%	-31.41%	45.30%	-36.73%
EPS Growth	81.19%	26.62%	7.45%	-46.22%	-39.79%	-63.36%	-14.16%	-24.06%	-28.74%	50.82%	-32.66%
Operating Cash Flow Growth	77.96%	32.14%	-10.55%	-54.31%	-36.64%	-0.51%	-5.23%	-0.03%	0.01%	-30.07%	-24.00%
Free Cash Flow Firm Growth	826.99%	-13.02%	-46.41%	-58.51%	-121.95%	-145.53%	-128.87%	-143.41%	294.70%	253.41%	410.04%
Invested Capital Growth	-3.35%	-3.60%	-1.14%	-0.35%	8.20%	6.05%	6.55%	5.91%	-1.55%	-3.33%	-2.77%
Revenue Q/Q Growth	-3.08%	-15.26%	-10.06%	-3.73%	10.60%	-12.76%	3.26%	5.06%	-1.00%	3.07%	-8.84%
EBITDA Q/Q Growth	-3.50%	-23.55%	-10.05%	-12.78%	12.19%	-23.40%	22.98%	-8.06%	-2.56%	3.35%	-11.69%
EBIT Q/Q Growth	-7.41%	-33.94%	-2.36%	-17.41%	11.25%	-59.22%	122.71%	-11.08%	-6.94%	-5.94%	-7.40%
NOPAT Q/Q Growth	-4.02%	-43.39%	4.18%	-8.75%	8.86%	-65.06%	142.82%	-19.87%	2.11%	-26.98%	8.30%
Net Income Q/Q Growth	-4.07%	-43.25%	3.56%	-9.04%	9.10%	-65.78%	147.48%	-19.96%	1.19%	-27.51%	7.76%
EPS Q/Q Growth	-2.86%	-42.39%	3.90%	-7.51%	8.75%	-64.94%	143.44%	-18.18%	2.06%	-25.81%	8.70%
Operating Cash Flow Q/Q Growth	10.77%	-18.14%	-42.35%	-12.60%	53.61%	28.54%	-45.09%	-7.81%	53.68%	-10.12%	-40.32%
Free Cash Flow Firm Q/Q Growth	-1.04%	-30.01%	-25.88%	-19.17%	-152.36%	-45.15%	52.99%	-21.51%	334.83%	14.37%	-5.00%
Invested Capital Q/Q Growth	-1.75%	-1.83%	0.96%	2.33%	6.68%	-3.78%	1.44%	1.72%	-0.83%	-5.52%	2.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.85%	42.33%	42.10%	40.72%	40.22%	39.64%	43.06%	39.69%	39.90%	42.27%	39.91%
EBITDA Margin	28.72%	25.91%	25.91%	23.47%	23.81%	20.91%	24.90%	21.79%	21.45%	21.50%	20.83%
Operating Margin	22.41%	17.47%	18.97%	16.27%	16.37%	7.65%	16.50%	13.97%	13.13%	11.98%	12.17%
EBIT Margin	22.41%	17.47%	18.97%	16.27%	16.37%	7.65%	16.50%	13.97%	13.13%	11.98%	12.17%
Profit (Net Income) Margin	16.86%	11.29%	13.00%	12.29%	12.12%	4.75%	11.39%	8.68%	8.87%	6.24%	7.38%
Tax Burden Percent	75.89%	65.03%	69.39%	76.66%	75.02%	64.27%	70.07%	63.15%	69.29%	53.79%	62.91%
Interest Burden Percent	99.14%	99.40%	98.81%	98.49%	98.71%	96.68%	98.53%	98.42%	97.53%	96.82%	96.34%
Effective Tax Rate	24.11%	34.97%	30.61%	23.34%	24.98%	35.73%	29.93%	36.85%	30.71%	46.21%	37.09%
Return on Invested Capital (ROIC)	32.42%	22.80%	26.12%	22.30%	20.21%	7.96%	18.31%	13.85%	13.66%	10.41%	12.09%
ROIC Less NNEP Spread (ROIC-NNEP)	32.84%	22.94%	26.37%	22.58%	20.46%	8.17%	18.55%	14.08%	14.04%	10.74%	12.56%
Return on Net Nonoperating Assets (RNNOA)	-5.18%	-4.19%	-5.40%	-4.65%	-4.42%	-1.88%	-4.08%	-2.79%	-2.60%	-2.18%	-2.26%
Return on Equity (ROE)	27.24%	18.62%	20.72%	17.65%	15.79%	6.09%	14.23%	11.06%	11.06%	8.23%	9.82%
Cash Return on Invested Capital (CROIC)	31.20%	32.99%	30.78%	24.85%	12.35%	11.66%	10.14%	9.18%	14.53%	17.82%	15.45%
Operating Return on Assets (OROA)	21.34%	17.31%	18.23%	14.23%	13.14%	5.92%	12.68%	10.97%	9.93%	9.37%	9.48%
Return on Assets (ROA)	16.06%	11.19%	12.50%	10.74%	9.73%	3.68%	8.76%	6.82%	6.71%	4.88%	5.74%
Return on Common Equity (ROCE)	27.08%	18.50%	20.59%	17.54%	15.70%	6.05%	14.14%	10.99%	11.00%	8.18%	9.76%
Return on Equity Simple (ROE_SIMPLE)	21.62%	0.00%	22.54%	19.09%	15.46%	0.00%	12.67%	11.80%	10.71%	0.00%	10.53%
Net Operating Profit after Tax (NOPAT)	11,335	6,416	6,685	6,100	6,641	2,320	5,634	4,514	4,610	3,366	3,645
NOPAT Margin	17.01%	11.36%	13.16%	12.48%	12.28%	4.92%	11.56%	8.82%	9.10%	6.45%	7.66%
Net Nonoperating Expense Percent (NNEP)	-0.42%	-0.14%	-0.25%	-0.29%	-0.24%	-0.21%	-0.23%	-0.23%	-0.38%	-0.34%	-0.47%
Return On Investment Capital (ROIC_SIMPLE)	-	3.50%	-	-	-	1.27%	-	-	-	1.89%	2.03%
Cost of Revenue to Revenue	58.15%	57.67%	57.90%	59.28%	59.78%	60.36%	56.94%	60.31%	60.10%	57.73%	60.09%
SG&A Expenses to Revenue	11.08%	13.91%	13.59%	14.69%	13.80%	15.85%	15.48%	14.97%	15.56%	17.63%	16.02%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.44%	24.85%	23.14%	24.45%	23.85%	31.99%	26.55%	25.72%	26.77%	30.29%	27.74%
Earnings before Interest and Taxes (EBIT)	14,937	9,867	9,634	7,957	8,852	3,610	8,040	7,149	6,653	6,258	5,795
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	19,138	14,631	13,160	11,478	12,877	9,864	12,131	11,153	10,867	11,231	9,918
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.69	1.99	1.87	1.81	1.83	1.66	1.85	1.81	1.72	1.69	1.97
Price to Tangible Book Value (P/TBV)	1.74	2.05	1.93	1.86	1.88	1.71	1.91	1.87	1.78	1.74	2.04
Price to Revenue (P/Rev)	1.13	1.29	1.23	1.28	1.44	1.33	1.50	1.44	1.36	1.27	1.46
Price to Earnings (P/E)	7.86	8.93	8.35	9.48	11.85	12.49	14.67	15.43	16.15	14.58	18.81
Dividend Yield	4.08%	3.47%	3.68%	3.88%	3.68%	4.27%	3.91%	4.01%	4.35%	4.55%	3.95%
Earnings Yield	12.72%	11.20%	11.98%	10.54%	8.44%	8.00%	6.82%	6.48%	6.19%	6.86%	5.32%
Enterprise Value to Invested Capital (EV/IC)	1.90	2.31	2.15	2.03	2.03	1.83	2.06	1.98	1.87	1.85	2.15
Enterprise Value to Revenue (EV/Rev)	0.98	1.13	1.08	1.13	1.28	1.16	1.34	1.30	1.23	1.13	1.34
Enterprise Value to EBITDA (EV/EBITDA)	3.65	4.18	3.91	4.32	5.16	4.93	5.75	5.68	5.54	5.04	6.28
Enterprise Value to EBIT (EV/EBIT)	4.91	5.54	5.16	5.95	7.42	7.78	9.37	9.46	9.58	8.14	10.49
Enterprise Value to NOPAT (EV/NOPAT)	6.70	7.72	7.20	8.26	10.42	10.75	12.88	13.68	14.28	12.61	16.81
Enterprise Value to Operating Cash Flow (EV/OCF)	4.99	5.60	5.35	6.11	7.55	6.56	7.57	7.42	6.92	7.26	9.09
Enterprise Value to Free Cash Flow (EV/FCFF)	5.97	6.86	6.93	8.14	17.07	16.16	20.95	22.23	12.74	10.21	13.75
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.15	0.15	0.14	0.14	0.12	0.13	0.14	0.14	0.16	0.16	0.20
Long-Term Debt to Equity	0.13	0.13	0.13	0.13	0.12	0.13	0.13	0.13	0.13	0.13	0.17
Financial Leverage	-0.16	-0.18	-0.20	-0.21	-0.22	-0.23	-0.22	-0.20	-0.19	-0.20	-0.18
Leverage Ratio	1.69	1.66	1.64	1.62	1.61	1.61	1.61	1.60	1.62	1.65	1.66
Compound Leverage Factor	1.67	1.65	1.62	1.60	1.59	1.56	1.58	1.58	1.58	1.59	1.60
Debt to Total Capital	12.90%	12.71%	12.64%	11.90%	11.01%	11.40%	11.90%	12.64%	14.13%	13.81%	16.51%
Short-Term Debt to Total Capital	1.21%	1.07%	1.60%	0.70%	0.24%	0.29%	0.15%	0.95%	2.81%	2.48%	2.27%
Long-Term Debt to Total Capital	11.69%	11.64%	11.04%	11.20%	10.77%	11.11%	11.75%	11.69%	11.32%	11.33%	14.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.52%	0.52%	0.54%	0.54%	0.53%	0.53%	0.56%	0.56%	0.45%	0.47%	0.47%
Common Equity to Total Capital	86.58%	86.76%	86.83%	87.56%	88.47%	88.07%	87.54%	86.80%	85.42%	85.72%	83.02%
Debt to EBITDA	0.37	0.35	0.35	0.37	0.39	0.44	0.47	0.50	0.59	0.54	0.69
Net Debt to EBITDA	-0.58	-0.60	-0.58	-0.60	-0.64	-0.72	-0.69	-0.62	-0.60	-0.65	-0.56
Long-Term Debt to EBITDA	0.34	0.32	0.30	0.35	0.39	0.43	0.47	0.47	0.47	0.44	0.59
Debt to NOPAT	0.68	0.65	0.64	0.70	0.80	0.96	1.05	1.21	1.51	1.35	1.84
Net Debt to NOPAT	-1.07	-1.11	-1.07	-1.14	-1.30	-1.57	-1.55	-1.49	-1.54	-1.64	-1.49
Long-Term Debt to NOPAT	0.62	0.59	0.56	0.66	0.78	0.93	1.04	1.12	1.21	1.11	1.59
Altman Z-Score	3.79	4.14	4.08	4.00	3.86	3.53	3.77	3.71	3.55	3.49	3.66
Noncontrolling Interest Sharing Ratio	0.61%	0.61%	0.61%	0.63%	0.59%	0.60%	0.63%	0.63%	0.56%	0.57%	0.60%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.40	1.47	1.43	1.43	1.25	1.28	1.23	1.16	1.07	1.06	1.08
Quick Ratio	1.03	1.12	1.03	0.97	0.84	0.87	0.81	0.73	0.68	0.71	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	15,592	10,912	8,088	6,537	-3,422	-4,968	-2,335	-2,838	6,664	7,621	7,240
Operating Cash Flow to CapEx	534.00%	339.16%	255.59%	172.43%	210.88%	303.12%	171.34%	163.42%	264.82%	0.00%	155.97%
Free Cash Flow to Firm to Interest Expense	121.81	88.72	70.33	54.48	-30.02	-41.40	-19.79	-25.11	40.63	38.30	34.15
Operating Cash Flow to Interest Expense	119.27	101.61	62.65	52.48	84.85	103.62	57.86	55.71	58.99	43.69	24.48
Operating Cash Flow Less CapEx to Interest Expense	96.94	71.65	38.14	22.04	44.61	69.43	24.09	21.62	36.71	57.49	8.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.95	0.99	0.96	0.87	0.80	0.77	0.77	0.79	0.76	0.78	0.78
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	18.91	19.33	17.95	15.34	13.38	14.14	12.26	12.14	12.27	13.48	12.57
Fixed Asset Turnover	1.63	1.70	1.69	1.55	1.41	1.35	1.34	1.36	1.31	1.35	1.34
Accounts Payable Turnover	7.73	8.21	7.43	5.96	5.69	6.05	6.00	6.02	5.64	5.61	5.70
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	19.30	18.88	20.34	23.80	27.28	25.81	29.77	30.07	29.74	27.08	29.04
Days Payable Outstanding (DPO)	47.21	44.44	49.14	61.29	64.17	60.29	60.87	60.62	64.73	65.07	64.04
Cash Conversion Cycle (CCC)	-27.91	-25.56	-28.81	-37.49	-36.89	-34.48	-31.09	-30.55	-34.99	-37.99	-35.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	122,683	120,442	121,594	124,433	132,746	127,730	129,563	131,785	130,692	123,475	125,968
Invested Capital Turnover	1.91	2.01	1.98	1.79	1.65	1.62	1.58	1.57	1.50	1.61	1.58
Increase / (Decrease) in Invested Capital	-4,257	-4,496	-1,403	-437	10,063	7,288	7,969	7,352	-2,054	-4,255	-3,595
Enterprise Value (EV)	232,519	277,803	260,864	252,220	269,248	233,759	266,711	261,461	243,835	228,592	271,255
Market Capitalization	268,516	316,643	298,719	286,112	301,767	266,986	297,773	288,909	269,345	257,435	294,531
Book Value per Share	$81.07	$82.37	$83.63	$83.58	$88.51	$85.26	$87.18	$86.21	$85.41	$84.76	$84.77
Tangible Book Value per Share	$78.68	$79.93	$81.15	$81.09	$85.98	$82.76	$84.62	$83.65	$82.83	$82.21	$82.17
Total Capital	183,268	183,581	183,640	180,812	186,807	182,765	183,491	183,447	182,871	177,698	179,761
Total Debt	23,641	23,339	23,206	21,514	20,559	20,836	21,835	23,184	25,841	24,541	29,681
Total Long-Term Debt	21,420	21,375	20,275	20,245	20,119	20,307	21,553	21,449	20,697	20,135	25,605
Net Debt	-36,944	-39,800	-38,840	-34,865	-33,502	-34,199	-32,093	-28,478	-26,338	-29,682	-24,112
Capital Expenditures (CapEx)	2,859	3,685	2,819	3,652	4,587	4,102	3,985	3,852	3,653	-2,746	3,327
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,410	198	1,749	4,602	2,971	1,176	1,572	3,069	2,910	-26	2,305
Debt-free Net Working Capital (DFNWC)	16,841	18,099	17,547	14,212	8,909	9,399	7,850	7,077	7,613	6,759	6,948
Net Working Capital (NWC)	14,620	16,135	14,616	12,943	8,469	8,870	7,568	5,342	2,469	2,353	2,872
Net Nonoperating Expense (NNE)	97	38	80	92	86	77	83	71	114	107	133
Net Nonoperating Obligations (NNO)	-36,944	-39,800	-38,840	-34,865	-33,502	-34,199	-32,093	-28,478	-26,338	-29,682	-24,112
Total Depreciation and Amortization (D&A)	4,201	4,764	3,526	3,521	4,025	6,254	4,091	4,004	4,214	4,973	4,123
Debt-free, Cash-free Net Working Capital to Revenue	0.59%	0.08%	0.72%	2.07%	1.41%	0.59%	0.79%	1.53%	1.47%	-0.01%	1.14%
Debt-free Net Working Capital to Revenue	7.08%	7.35%	7.23%	6.38%	4.24%	4.68%	3.95%	3.52%	3.85%	3.33%	3.45%
Net Working Capital to Revenue	6.15%	6.55%	6.02%	5.81%	4.03%	4.41%	3.81%	2.66%	1.25%	1.16%	1.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.81	$3.34	$3.48	$3.22	$3.48	$1.23	$2.99	$2.43	$2.49	$1.85	$2.01
Adjusted Weighted Average Basic Shares Outstanding	1.93B	1.91B	1.89B	1.87B	1.87B	1.86B	1.84B	1.83B	1.80B	1.76B	1.74B
Adjusted Diluted Earnings per Share	$5.78	$3.33	$3.46	$3.20	$3.48	$1.22	$2.97	$2.43	$2.48	$1.84	$2.00
Adjusted Weighted Average Diluted Shares Outstanding	1.94B	1.91B	1.90B	1.88B	1.88B	1.86B	1.85B	1.83B	1.81B	1.76B	1.75B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.93B	1.91B	1.89B	1.87B	1.89B	1.86B	1.85B	1.83B	1.80B	1.76B	1.75B
Normalized Net Operating Profit after Tax (NOPAT)	11,335	6,416	6,685	6,100	6,641	2,320	5,634	4,514	4,610	3,366	3,645
Normalized NOPAT Margin	17.01%	11.36%	13.16%	12.48%	12.28%	4.92%	11.56%	8.82%	9.10%	6.45%	7.66%
Pre Tax Income Margin	22.22%	17.37%	18.74%	16.03%	16.16%	7.40%	16.26%	13.75%	12.81%	11.60%	11.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	116.70	80.22	83.77	66.31	77.65	30.08	68.14	63.27	40.57	31.45	27.33
NOPAT to Interest Expense	88.56	52.17	58.13	50.83	58.25	19.33	47.74	39.95	28.11	16.91	17.20
EBIT Less CapEx to Interest Expense	94.36	50.26	59.26	35.88	37.41	-4.10	34.36	29.18	18.29	45.25	11.64
NOPAT Less CapEx to Interest Expense	66.22	22.21	33.62	20.40	18.01	-14.85	13.97	5.86	5.83	30.71	1.50
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.85%	31.12%	31.16%	37.09%	44.21%	53.13%	56.54%	62.14%	71.21%	67.59%	76.33%
Augmented Payout Ratio	36.85%	46.34%	65.69%	86.91%	101.75%	121.69%	125.12%	128.93%	154.47%	152.35%	177.24%

Key Financial Trends

Chevron (NYSE: CVX) has demonstrated a generally stable and resilient financial performance over the past several quarters spanning late 2022 through Q1 2025. Analysis of the income statements, balance sheets, and cash flow statements reveal key trends and insights relevant for retail investors.

Key Positive Trends:

Consistent Net Income Growth: Chevron’s consolidated net income has generally increased from $6.35 billion in Q4 2022 to $3.51 billion in Q1 2025 on a quarterly basis, with quarterly earnings per share (diluted EPS) rising from around $3.33 in Q4 2022 to $2.00 in Q1 2025 indicating solid profitability.
Strong Operating Cash Flow: The company has generated robust net cash from operating activities, exemplified by $5.19 billion in Q1 2025 and consistent prior quarters showing healthy cash flows supporting capital expenditures and dividends.
Maintained Capital Investment: Chevron continues to invest significantly in property, plant, and equipment (PP&E), with quarterly purchases averaging around $3-4 billion, indicating ongoing commitment to production capacity and future growth.
Healthy Balance Sheet: Total equity has remained strong around $150 billion, with a moderate level of liabilities (~$106 billion as of Q1 2025), supporting financial stability and flexibility for operations and investments.
Regular Dividend Payments: Chevron has maintained quarterly dividends per share steady at $1.51 to $1.63, providing income stability to shareholders despite market fluctuations.

Neutral Observations:

Fluctuations in Revenues and Costs: Operating revenues have shown some variability quarter to quarter, ranging from high $40 billion to low $52 billion levels, which tends to follow commodity price trends but does not show a strong directional trend upward or downward.
Share Repurchases: The company consistently repurchases common equity at several billion dollars per quarter, reducing share count modestly, which can be positive for per-share metrics but depends on market timing.
Interest Expenses Stable: Interest expense remains relatively consistent (~$110 - $210 million quarterly) indicating stable debt-related costs.
Exploration and Other Expenses: Exploration expenses and other operating expenses have small but steady values quarter to quarter, indicating steady investments in exploration but no large swings.

Potential Negative Trends:

Decline in Cash & Equivalents: Cash and equivalents have dropped from $17.7 billion in Q4 2022 to approximately $4.64 billion in Q1 2025, reflecting significant cash outflows potentially for investments, debt repayment, or shareholder returns, which could pressure liquidity.
Increasing Debt Levels: Long-term debt increased from roughly $20 billion in early 2023 to $25.6 billion in Q1 2025, which could imply higher leverage and interest burden if not managed prudently.

Summary: Chevron has sustained strong profitability and operational cash generation amid fluctuating revenues typical for the energy sector. The company maintains significant capital expenditures and shareholder returns through dividends and buybacks, supporting long-term growth and shareholder value. However, investors should monitor the declining cash reserves and rising debt levels, as these could affect Chevron’s financial flexibility if market conditions worsen. Overall, Chevron exhibits a stable but capital-intensive profile with ongoing investments into its future production capability.

08/04/25 03:45 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Chevron's Financials

When does Chevron's financial year end?

According to the most recent income statement we have on file, Chevron's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Chevron's net income changed over the last 9 years?

Chevron's net income appears to be on an upward trend, with a most recent value of $17.75 billion in 2024, rising from $4.71 billion in 2015. The previous period was $21.41 billion in 2023. See where experts think Chevron is headed by visiting Chevron's forecast page.

What is Chevron's operating income?

Chevron's total operating income in 2024 was $28.10 billion, based on the following breakdown:

Total Gross Profit: $83.59 billion
Total Operating Expenses: $55.49 billion

How has Chevron's revenue changed over the last 9 years?

Over the last 9 years, Chevron's total revenue changed from $138.48 billion in 2015 to $202.79 billion in 2024, a change of 46.4%.

How much debt does Chevron have?

Chevron's total liabilities were at $103.78 billion at the end of 2024, a 4.1% increase from 2023, and a 6.2% decrease since 2015.

How much cash does Chevron have?

In the past 9 years, Chevron's cash and equivalents has ranged from $4.81 billion in 2017 to $17.68 billion in 2022, and is currently $6.78 billion as of their latest financial filing in 2024.

How has Chevron's book value per share changed over the last 9 years?

Over the last 9 years, Chevron's book value per share changed from 81.14 in 2015 to 84.76 in 2024, a change of 4.5%.

Related Companies

This page (NYSE:CVX) was last updated on 8/4/2025 by MarketBeat.com Staff

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Chevron (CVX) Financials

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Chevron (CVX) Financials

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