Chevron (CVX) financial statements
Chevron reported revenue of $184.4B in fiscal 2025, up 5.9% a year over 9 years.
Net income was $12.3B and the operating margin 8.2%, against -5.8% in 2016.
Free cash flow was $16.6B, and the company returned $12.8B in dividends and $12.1B in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Chevron's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $110.2B | $134.7B | $158.9B | $139.9B | $94.5B | $155.6B | $235.7B | $196.9B | $193.4B | $184.4B |
| Cost of revenue | $59.3B | $75.8B | $94.6B | $80.1B | $52.1B | $92.2B | $145.4B | $119.2B | $119.2B | $108.2B |
| Gross profit | $50.9B | $58.9B | $64.3B | $59.8B | $42.3B | $63.4B | $90.3B | $77.7B | $74.2B | $76.2B |
| Research and development | $476M | $433M | $453M | $500M | $435M | $268M | $268M | $320M | $353M | $427M |
| Selling, general and admin | $4.3B | $4.1B | $3.8B | $4.1B | $4.2B | $4.0B | $4.3B | $4.1B | $4.8B | $5.1B |
| Operating income | -$6.4B | $2.2B | $13.1B | -$1.1B | -$7.7B | $14.8B | $39.1B | $25.5B | $18.1B | $15.1B |
| Interest expense | $201M | $307M | $748M | $798M | $697M | $712M | $516M | $469M | $594M | $1.2B |
| Pre-tax income | -$2.2B | $9.2B | $20.6B | $5.5B | -$7.5B | $21.6B | $49.7B | $29.6B | $27.5B | $19.7B |
| Income tax | -$1.7B | -$48M | $5.7B | $2.7B | -$1.9B | $6.0B | $14.1B | $8.2B | $9.8B | $7.3B |
| Net income | -$497M | $9.2B | $14.8B | $2.9B | -$5.5B | $15.6B | $35.5B | $21.4B | $17.7B | $12.3B |
| EPS (diluted) | -$0.27 | $4.85 | $7.74 | $1.54 | -$2.96 | $8.14 | $18.28 | $11.36 | $9.72 | $6.63 |
| Diluted shares | 1.87B | 1.90B | 1.91B | 1.90B | 1.87B | 1.92B | 1.94B | 1.88B | 1.82B | 1.86B |
| Gross margin | 46.2% | 43.7% | 40.5% | 42.7% | 44.8% | 40.7% | 38.3% | 39.5% | 38.4% | 41.3% |
| Operating margin | -5.8% | 1.6% | 8.3% | -0.8% | -8.1% | 9.5% | 16.6% | 13.0% | 9.4% | 8.2% |
| Net margin | -0.5% | 6.8% | 9.3% | 2.1% | -5.9% | 10.0% | 15.0% | 10.9% | 9.1% | 6.7% |
Balance sheet
Fiscal years, from Chevron's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $7.0B | $4.8B | $9.4B | $7.0B | $5.6B | $5.7B | $17.9B | $8.2B | $8.3B | $7.3B |
| Receivables | — | — | — | — | $9.5B | $16.4B | $18.2B | $17.6B | $18.3B | $16.0B |
| Inventory | $5.4B | $5.6B | $5.7B | $5.8B | $5.7B | $6.8B | $8.2B | $8.6B | $9.1B | $9.7B |
| Total current assets | $29.6B | $28.6B | $34.0B | $28.3B | $26.1B | $33.7B | $50.3B | $41.1B | $40.9B | $38.6B |
| Property, plant and equipment | $182.2B | $177.7B | $169.2B | $150.5B | $156.6B | $147.0B | $143.6B | $153.6B | $147.8B | $219.7B |
| Goodwill | $4.6B | $4.5B | $4.5B | $4.5B | $4.4B | $4.4B | $4.7B | $4.7B | $4.6B | $4.6B |
| Total assets | $260.1B | $253.8B | $253.9B | $237.4B | $239.8B | $239.5B | $257.7B | $261.6B | $256.9B | $324.0B |
| Total current liabilities | $31.8B | $27.7B | $27.2B | $26.5B | $22.2B | $26.8B | $34.2B | $32.3B | $38.6B | $33.4B |
| Long-term debt | $35.2B | $33.5B | $28.7B | $23.7B | $42.8B | $31.1B | $21.4B | $20.3B | $20.1B | $39.8B |
| Total liabilities | $113.4B | $104.5B | $98.2B | $92.2B | $107.1B | $99.6B | $97.5B | $99.7B | $103.8B | $131.8B |
| Shareholders' equity | $145.6B | $148.1B | $154.6B | $144.2B | $131.7B | $139.1B | $159.3B | $161.0B | $152.3B | $186.4B |
| Net debt | $34.5B | $35.4B | $24.4B | $21.8B | $39.8B | $30.4B | $6.4B | $13.8B | $15.9B | $34.8B |
Cash flow
Fiscal years, from Chevron's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $12.7B | $20.3B | $30.6B | $27.3B | $10.6B | $29.2B | $49.6B | $35.6B | $31.5B | $33.9B |
| Capital spending | $18.1B | $13.4B | $13.8B | $14.1B | $8.9B | $8.1B | $12.0B | $15.8B | $16.4B | $17.3B |
| Free cash flow | -$5.4B | $6.9B | $16.8B | $13.2B | $1.7B | $21.1B | $37.6B | $19.8B | $15.0B | $16.6B |
| Dividends paid | $8.0B | $8.1B | $8.5B | $9.0B | $9.7B | $10.2B | $11.0B | $11.3B | $11.8B | $12.8B |
| Share buybacks (net) | -$2M | -$1M | -$1.8B | -$4.0B | -$1.8B | -$1.4B | -$11.3B | -$14.9B | -$15.2B | -$12.1B |
| Net borrowing | $9.1B | -$1.2B | $2.2B | -$2.8B | $13.0B | -$5.6B | $263M | $285M | $5.3B | $10.3B |
| Free cash flow margin | -4.9% | 5.1% | 10.6% | 9.4% | 1.8% | 13.6% | 16.0% | 10.0% | 7.8% | 9.0% |
| Dividends per share | $4.29 | $4.28 | $4.44 | $4.73 | $5.16 | $5.30 | $5.65 | $6.03 | $6.49 | $6.87 |
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Open CVX in InvestinglyQuestions
What was Chevron's revenue in 2025?
$184.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Chevron generate?
$16.6B in fiscal 2025 (operating cash flow minus capital spending).
From Chevron's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.