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Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. It operates through Upstream, Downstream, and All Other segments. The Upstream segment engages in the exploration for, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; carbon capture and storage; and operation of a gas-to-liquids plant. Its Downstream segment refines crude oil into petroleum products; markets crude oil, refined products, and lubricants; manufactures and markets renewable fuels; transports crude oil and refined products through pipeline, marine vessel, motor equipment, and rail car; and manufactures and markets commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. The All Other segment engages in cash management and debt financing; insurance; real estate; and technology activities. It has operations in North America, South America, Europe, Africa, Asia, and Australia. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in May 2005. Chevron Corporation was founded in 1879 and is headquartered in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $184.4B | $41.4B | $12.3B | $16.6B | 6.6% | -4.6% | -30.4% |
| 2024 | $193.4B | $45.8B | $17.7B | $15.0B | 11.6% | -1.8% | -17.4% |
| 2023 | $196.9B | $47.8B | $21.4B | $19.8B | 13.3% | -16.5% | -39.7% |
| 2022 | $235.7B | $65.5B | $35.5B | $37.6B | 22.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 235,717 | 196,913 | 193,414 | 184,432 |
| Operating Revenue | - | 235,717 | 196,913 | 193,414 | 184,432 |
| Cost Of Revenue | - | 161,735 | 136,522 | 136,488 | 128,346 |
| Gross Profit | - | 73,982 | 60,391 | 56,926 | 56,086 |
| Operating Expense | - | 34,032 | 34,162 | 38,009 | 39,412 |
| Selling General And Administration | - | 4,312 | 4,141 | 4,834 | 5,126 |
| Total Expenses | - | 195,767 | 170,684 | 174,497 | 167,758 |
| Operating Income | - | 39,950 | 26,229 | 18,917 | 16,674 |
| EBITDA | - | 65,485 | 47,815 | 45,811 | 41,417 |
| Normalized EBITDA | - | 65,485 | 47,815 | 45,811 | 41,417 |
| EBIT | - | 50,190 | 30,053 | 28,100 | 20,960 |
| Interest Expense | - | 516 | 469 | 594 | 1,217 |
| Net Interest Income | - | -516 | -469 | -594 | -1,217 |
| Other Non Operating Income Expenses | - | 1,655 | -1,307 | 4,587 | 1,286 |
| Other Income Expense | - | 10,240 | 3,824 | 9,183 | 4,286 |
| Interest Expense Non Operating | - | 516 | 469 | 594 | 1,217 |
| Net Non Operating Interest Income Expense | - | -516 | -469 | -594 | -1,217 |
| Pretax Income | - | 49,674 | 29,584 | 27,506 | 19,743 |
| Tax Provision | - | 14,066 | 8,173 | 9,757 | 7,258 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 35,608 | 21,411 | 17,749 | 12,485 |
| Net Income From Continuing And Discontinued Operation | - | 35,465 | 21,369 | 17,661 | 12,299 |
| Net Income From Continuing Operation Net Minority Interest | - | 35,465 | 21,369 | 17,661 | 12,299 |
| Net Income | - | 35,465 | 21,369 | 17,661 | 12,299 |
| Net Income Common Stockholders | - | 35,465 | 21,369 | 17,661 | 12,299 |
| Net Income Including Noncontrolling Interests | - | 35,608 | 21,411 | 17,749 | 12,485 |
| Normalized Income | - | 35,465 | 21,369 | 17,661 | 12,299 |
| Diluted NI Availto Com Stockholders | - | 35,465 | 21,369 | 17,661 | 12,299 |
| Basic Average Shares | - | 1,931.49 | 1,872.74 | 1,809.58 | 1,849.22 |
| Diluted Average Shares | - | 1,940.28 | 1,880.31 | 1,816.60 | 1,855.64 |
| Reconciled Depreciation | - | 15,295 | 17,762 | 17,711 | 20,457 |
| Reconciled Cost Of Revenue | - | 161,735 | 136,522 | 136,488 | 128,346 |
| Minority Interests | - | -143 | -42 | -88 | -186 |
| Other Operating Expenses | - | 25,688 | 25,801 | 28,459 | 29,056 |
| Earnings From Equity Interest | - | 8,585 | 5,131 | 4,596 | 3,000 |
| Other Taxes | - | 4,032 | 4,220 | 4,716 | 5,230 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Chevron Corporationthis co. | CVX | $375.1B | 30.50↑ premium | 2.01 | 6.6% | 9.89 |
| Exxon Mobil Corporation | XOM | $630.2B | 21.85 | 2.43 | 11.1% | 9.77 |
| ConocoPhillips | COP | $145.3B | 18.18 | 2.25 | 12.4% | 6.34 |
| The Williams Companies, Inc. | WMB | $88.6B | 33.84 | 6.94 | 20.5% | 15.90 |
| SLB N.V. | SLB | $86.7B | 25.70 |
| - |
| - |
| - |
| - |
| - |
| 3.32 |
| 12.9% |
| 13.70 |
| Marathon Petroleum Corporation | MPC | $78.0B | 19.26 | 4.50 | 23.4% | 9.30 |
| Valero Energy Corporation | VLO | $76.9B | 32.73 | 3.24 | 9.9% | 12.48 |
| EOG Resources, Inc. | EOG | $75.0B | 15.07 | 2.52 | 16.7% | 7.24 |
| Phillips 66 | PSX | $73.8B | 16.77 | 2.54 | 15.1% | 9.47 |
| Peer Median | - | 20.56 | 2.89 | 14.0% | 9.62 | |