— Know what they know.
/
Not Investment Advice

CVX

NYSE · USD
Chevron Corporation
Energy · Oil & Gas Integrated
CEO Michael K. Wirth Employees 43,039 R&D / revenue 0.0%
Last price
$224.98+2.58%last session
Market cap
$444.5B
P/E (TTM)
21.5x
From 52w high
−0.1%
From 52w low
+53.6%
1-year return
+50.0%
RSI 14 · vs SMA200
70.8 · +18.8%
IS score
73.8/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CVX   SPY   XLE (sector ETF) · weekly closes
100120140160Jan 26Apr 26Jul 26Oct 26XLE 160CVX 150SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
64
Profitability
65
Growth
60
Value
91
Momentum
80
Risk (safety)
83
Quality
74
Balance sheet
71
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Narrow, Efficient ScalePiotroski 7 / 9Altman Z 3.3Beta 0.493 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
24 open-market sales, $338.0M
Form 144 notices (12m): 38, $606.9M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
9
Last disclosed purchase 2026-09-02
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−160
165 new holders, 274 closed
4,148 filers hold 76.4% · 1,817 added, 1,741 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+357
1,453 funds adding shares
1,096 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
56.1%
20-day avg 56.5%, 50-day avg 45.7%
Latest 0.4 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$187.0B
Revenue growth YoY−3.3%
Gross margin18.4%
Operating income$11.0B
Operating margin5.9%
Net income$12.3B
Net margin6.6%
EPS (diluted)$6.63
Cash flow
Operating cash flow$33.9B
Capital expenditure$17.3B
Free cash flow$16.6B
FCF conversion (FCF / OCF)48.9%
Stock-based compensation$0
FCF less SBC$16.6B
Buybacks$11.9B
Dividends$12.8B
Balance sheet & returns
Cash & short-term investments$6.5B
Total debt$41.9B
Net debt$35.5B
Shareholders' equity$192.2B
Goodwill & intangibles$4.6B
Debt / equity0.20
ROE (TTM)11.0%
ROIC (TTM)7.8%
Operating margin by fiscal year
10.4%FY202116.9%FY202214.5%FY20239.8%FY20245.6%FY2025
Revenue $155.6B (FY2021) to $187.0B (FY2025), a 4.7% CAGR.

Valuation

P/E (TTM)21.5x
EV / EBITDA8.5x
Price / sales2.13x
Price / FCF16.5x
FCF yield6.08%
Buyback yield2.67%
SBC / revenue0.0%
Price / book2.33x
Forward P/E FY202613.0x
Forward P/E FY202715.0x
Forward P/E FY202818.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $217.79 across 14 analysts last quarter is theirs, not ours.

CVX vs industry median

53 companies in Oil & Gas Integrated
Gross margin 31.0% 26.1% Operating margin 15.8% 13.0% Net margin 9.9% 8.3% ROIC 7.8% 10.3%
CVX (TTM)Industry median Asset turnover 0.63 vs industry 0.59 · financial leverage 1.74

Earnings delivery

Next report 2026-10-30 · consensus EPS $4.88
75%
beat rate, 9 of 12 quarters
+3.0%
median EPS surprise
6
longest beat streak
-19+5+2-13+4-15+1+2+9+8+41+9
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-27 to 2026-07-31. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CVX Chevron Corporation $444.5B21.5x11.0%9.9%−3.3% +50.0%
SHEL Shell plc $303.8B11.5x14.3%11.4%+8.9% +50.9%
XOM Exxonmobil Holdings Corporat $736.0B23.0x12.6%12.7%+9.6% +66.5%
TTE TotalEnergies SE $203.4B11.3x14.6%9.5%+5.0% +51.1%
PBR Petróleo Brasileiro S.A. - $167.6B6.4x30.8%31.0%+20.8% +145.7%
BP BP p.l.c. $131.7B23.7x9.3%5.6%+17.0% —
EQNR Equinor ASA $112.3B12.5x21.3%14.0%+6.7% —
COP ConocoPhillips $176.0B19.4x14.2%20.5%+9.7% —
12-month window: SPY +15.9%, sector ETF XLE +60.0%. Past returns describe history only.

Recent 8-K filings

2026-10-06Regulation FD; Other Events; Exhibits
2026-10-05Officer/Director Change
2026-07-31Earnings Release; Exhibits
2026-05-29Officer/Director Change
2026-05-29Shareholder Vote
2026-05-01Earnings Release; Exhibits

Context

Shares outstanding1,975,770,000
Free float99.6%
Institutional ownership76.4%
Beta0.49
Dividend yield3.13%
Last dividend$1.78 on 2026-08-19
50 / 200-day average$206.42 / $189.50

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CVX sits among 9 scored companies in Oil & Gas Integrated (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCVXIndustry medianIndustry percentileSector median
P/E (TTM) 21.6x 11.7x
75th		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 2.1x 1.0x
88th		 1.8x
Price / book 2.3x 1.9x
75th		 1.9x
Price / tangible book 1.8x 1.9x
38th		 1.9x
Price / free cash flow 16.7x 11.7x
75th		 11.9x
Price / operating cash flow 9.8x 6.0x
88th		 6.9x
Enterprise value $473.1B $228.0B
88th		 $5.3B
EV / sales 2.3x 1.2x
88th		 2.4x
EV / EBITDA 8.5x 5.0x
88th		 9.0x
EV / EBIT 14.8x 7.7x
88th		 14.1x
EV / free cash flow 17.8x 12.6x
75th		 14.6x
Earnings yield 4.6% 8.5%
25th		 4.6%
FCF yield 6.0% 8.5%
25th		 5.8%
Operating cash flow yield 10.2% 16.7%
12th		 13.6%
Graham number (per share) $150.17 $81.75
100th		 $32.92

Profitability (TTM)

MeasureCVXIndustry medianIndustry percentileSector median
Gross margin 31.0% 31.0%
50th		 31.9%
EBITDA margin 26.7% 26.7%
50th		 26.7%
Operating margin 15.8% 15.8%
50th		 15.2%
EBIT margin 15.4% 16.3%
38th		 13.3%
Net margin 9.9% 9.1%
62nd		 8.0%
NOPAT margin 10.8% 8.5%
62nd		 12.4%
FCF margin 12.7% 8.9%
88th		 7.8%
Operating cash flow margin 21.6% 19.2%
75th		 21.8%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 5.2% 4.2%
62nd		 6.7%
Stock comp / revenue 0.0% 0.0%
0th		 0.7%
Effective tax rate 31.6% 31.6%
50th		 21.0%

Returns on capital

MeasureCVXIndustry medianIndustry percentileSector median
ROE (on average equity) 12.2% 14.6%
12th		 12.2%
ROA 7.1% 7.1%
50th		 4.8%
ROIC 10.3% 10.8%
12th		 9.9%
ROCE 11.0% 15.0%
25th		 9.8%
Return on tangible assets 11.0% 11.0%
50th		 8.3%
Cash ROIC (OCF / invested capital) 20.7% 21.6%
25th		 18.4%
Gross profitability (GP / assets) 16.7% 19.2%
38th		 14.8%
ROIC, 3-yr average 7.5% 8.1%
38th		 7.0%
ROIC, 5-yr average 11.9% 11.9%
38th		 10.1%
ROE, 5-yr average 14.0% 15.9%
25th		 14.8%
Incremental ROIC 25.8% 29.1%
43rd		 14.8%

Growth

MeasureCVXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 10.3% 10.3%
50th		 10.2%
Revenue growth (QoQ) 41.3% 34.2%
88th		 13.0%
Revenue CAGR, 3 yr -0.8% -1.6%
62nd		 2.0%
Revenue CAGR, 5 yr 12.5% 9.0%
75th		 13.7%
Gross profit CAGR, 3 yr -5.9% -3.9%
25th		 1.7%
Operating income CAGR, 3 yr -1.1% -9.7%
75th		 -2.0%
Net income growth (TTM YoY) 50.0% 85.2%
38th		 23.5%
Net income CAGR, 3 yr -12.0% -5.8%
38th		 -7.8%
EPS growth (TTM YoY) 32.0% 64.3%
25th		 19.9%
EPS CAGR, 3 yr -13.5% -5.4%
38th		 -9.8%
EPS CAGR, 5 yr 41.1% 26.8%
83rd		 20.5%
FCF growth (TTM YoY) 65.2% 19.6%
88th		 19.9%
FCF CAGR, 3 yr -1.3% -10.3%
100th		 -3.4%
Operating cash flow CAGR, 3 yr 3.0% -4.4%
100th		 3.2%
Book value CAGR, 3 yr 4.4% 6.9%
25th		 5.6%
Dividend CAGR, 3 yr 3.9% 1.2%
62nd		 -0.1%
Sustainable growth rate 4.0% 9.7%
12th		 9.4%

Margin history & stability

MeasureCVXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 26.6% 29.3%
38th		 31.0%
Operating margin, 3-yr average 11.3% 11.6%
25th		 15.4%
Net margin, 3-yr average 8.9% 8.9%
50th		 8.7%
FCF margin, 3-yr average 10.2% 8.9%
62nd		 7.2%
Revenue stability (0-1) 0.56 0.43
75th		 0.64
Earnings stability (0-1) 0.02 0.07
38th		 0.22
Margin stability (0-1) 0.89 0.91
38th		 0.73

Liquidity (latest quarter)

MeasureCVXIndustry medianIndustry percentileSector median
Cash & short-term investments $8.5B $10.6B
12th		 $248.6M
Net cash (− = net debt) −$28.5B −$31.8B
75th		 −$1.1B
Working capital $9.9B $6.8B
62nd		 $205.0M
Current ratio 1.25 1.18
62nd		 1.41
Quick ratio 0.98 0.95
62nd		 1.13
Cash ratio (cash + ST investments / current liabilities) 0.22 0.32
12th		 0.36
Defensive interval (days) 542 days 579 days
38th		 768 days

Leverage & solvency (latest quarter)

MeasureCVXIndustry medianIndustry percentileSector median
Total debt $37.1B $62.6B
25th		 $1.3B
Debt / equity 0.20 0.75
12th		 0.61
Net debt / equity 0.15 0.24
12th		 0.45
Debt / assets 11.2% 23.0%
12th		 28.7%
Debt / capital 16.3% 42.9%
12th		 37.9%
Debt / EBITDA 0.67 1.08
25th		 1.98
Net debt / EBITDA 0.51 0.61
38th		 1.43
Interest coverage (EBIT / interest) 22.5x 13.0x
88th		 4.1x
Cash interest coverage 31.6x 11.7x
88th		 6.7x
Debt payback (years of OCF) 0.8 yrs 1.8 yrs
12th		 2.3 yrs
Liabilities / assets 40.8% 62.3%
0th		 54.6%
IS credit model rating AA — —
Implied credit spread (bps) 80 175
12th		 275

Efficiency

MeasureCVXIndustry medianIndustry percentileSector median
Asset turnover 0.72 0.75
38th		 0.49
Fixed asset turnover 0.97 1.22
25th		 0.94
Inventory turnover 15.9 10.6
75th		 11.7
Receivables turnover 9.9 9.7
62nd		 7.8
Days sales outstanding 37 days 37 days
38th		 46 days
Days inventory outstanding 23 days 34 days
25th		 31 days
Days payables outstanding 51 days 56 days
38th		 41 days
Cash conversion cycle (days) 9 days 9 days
50th		 18 days
Capex / revenue 8.9% 8.9%
50th		 11.9%
Capex / depreciation 0.78 0.98
38th		 1.04
Operating expense ratio 13.6% 13.6%
50th		 16.5%

Cash flow & earnings quality

MeasureCVXIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.19 1.85
75th		 2.02
FCF / net income 1.29 0.93
88th		 0.96
FCF / operating cash flow 58.9% 49.4%
88th		 48.4%
Capex / operating cash flow 41.1% 50.6%
12th		 51.6%
Accruals ratio -8.4% -5.9%
12th		 -7.7%
Sloan accruals ratio -4.7% -4.7%
50th		 -4.7%
Earnings quality score (0-1) 0.75 0.75
12th		 0.75

Dividends & buybacks

MeasureCVXIndustry medianIndustry percentileSector median
Dividend yield 3.1% 3.4%
38th		 1.7%
Dividend per share (TTM) $7.05 $3.88
75th		 $0.66
Payout ratio (dividends / net income) 67.3% 41.3%
88th		 29.4%
Dividends / FCF 52.1% 39.8%
62nd		 28.1%
Dividend growth (YoY) 3.9% 2.2%
75th		 0.5%
Buyback yield 2.5% 2.5%
50th		 0.2%
Shareholder yield (dividends + buybacks) 5.6% 5.1%
62nd		 3.2%
Share count change (YoY) 13.7% 0.0%
88th		 0.2%
Buybacks, last 5 years $62.8B $25.9B
75th		 $38.8M

Scores & forensic checks

MeasureCVXIndustry medianIndustry percentileSector median
IS score 74 64
100th		 51
IS profitability 64 64
50th		 50
IS growth 65 65
50th		 61
IS value 60 83
25th		 57
IS momentum 91 90
62nd		 77
IS risk (safety) 80 50
88th		 50
IS quality 83 79
88th		 68
IS balance sheet 74 73
88th		 55
IS earnings quality 71 71
50th		 65
IS cash flow 72 59
100th		 50
Piotroski F-score (0-9) 7 8
25th		 6
Altman Z-score 3.3 2.4
88th		 2.0
Beneish M-score −6.69 −2.62
0th		 −2.62
Ohlson O-score −10.50 −9.09
0th		 −7.87
IS credit score 90 70
88th		 58

Per share

MeasureCVXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $10.43 $7.85
100th		 $1.88
Book value per share $96.14 $41.54
100th		 $14.22
Tangible book per share $96.96 $55.90
100th		 $12.86
Revenue per share $105.67 $83.55
100th		 $19.06
FCF per share $13.47 $6.18
100th		 $2.05
Operating cash flow per share $22.85 $13.47
100th		 $4.95
Cash per share $4.32 $9.73
38th		 $1.70

Size (TTM)

MeasureCVXIndustry medianIndustry percentileSector median
Market cap $444.5B $167.6B
88th		 $4.1B
Revenue $208.7B $204.4B
62nd		 $2.0B
EBITDA $55.7B $55.7B
50th		 $606.3M
Net income $20.6B $20.6B
50th		 $134.0M
Free cash flow $26.6B $18.7B
75th		 $199.4M
Total assets $330.1B $294.6B
75th		 $4.4B
Shareholders' equity $189.9B $92.9B
88th		 $1.8B
Employees 43,039 50,687
25th		 1,717

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-28Warner Cynthia J
Director
 Discretionary 19——426
2026-08-28Hewson Marillyn A
Director
 Discretionary 213——6,400
2026-08-18Pate R. Hewitt
Chief Legal Officer
 Open-market sale 2,470$205.11$506,61910,794
2026-08-17Moyo Dambisa F
Director
 Gift 350——14,495
2026-08-17Walz Andrew Benjamin
President, DM&C
 Option exercise 4,100$88.20$361,6204,114
2026-08-17Walz Andrew Benjamin
President, DM&C
 Option exercise 12,700$132.69$1.7M16,814
2026-08-17Walz Andrew Benjamin
President, DM&C
 Open-market sale 16,800$201.06$3.4M14
2026-08-17Walz Andrew Benjamin
President, DM&C
 Option exercise 4,100$88.20$361,6200
2026-08-17Walz Andrew Benjamin
President, DM&C
 Option exercise 12,700$132.69$1.7M0
2026-08-14Wirth Michael K
Director, Chairman and CEO
 Option exercise 317,100$88.20$28.0M343,408
2026-08-14Wirth Michael K
Director, Chairman and CEO
 Open-market sale 306,789$200.44$61.5M36,619
2026-08-14Wirth Michael K
Director, Chairman and CEO
 Open-market sale 10,311$201.05$2.1M26,308

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1113,992—
DiscretionaryAcquired2232—
GiftDisposed21,130—
Open-market saleDisposed241,741,626$338.0M
Option exerciseDisposed111,057,306$82.0M
Option exerciseAcquired111,057,306$82.0M
OtherDisposed12,244,497—
OtherAcquired3457,006—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 38 notices · 3,358,015 shares · $606.9M
FiledFilerShares proposedEst. proceeds
2026-08-18Robert Hewitt Pate2,470$508,178
2026-08-17Andrew B Walz16,800$3.4M
2026-08-11Jeff B Gustavson14,044$2.7M
2026-08-05Michael Wirth5,547$1.0M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 49 trades (11 purchases) · Senate 7 (7 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-23Kevin HernHouseSale$15,001 - $50,0002026-10-14
2026-09-23Kevin HernHouseSale (Partial)$15,001 - $50,0002026-10-13
2026-09-02Maria Elvira SalazarHousePurchase$1,001 - $15,0002026-10-08
2026-07-02John BoozmanSenatePurchase$1,001 - $15,0002026-08-17
2026-07-02John BoozmanSenatePurchase$1,001 - $15,0002026-08-17
2026-07-02John BoozmanSenatePurchase$1,001 - $15,0002026-08-17
2026-07-02John BoozmanSenatePurchase$1,001 - $15,0002026-08-16
2026-06-15David TaylorHousePurchase$1,001 - $15,0002026-07-02
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.154,824,622$25.7B7.84%
STATE STREET CORP148,447,634$24.6B7.51%
VANGUARD CAPITAL MANAGEMENT LLC122,899,830$20.4B6.22%
GEODE CAPITAL MANAGEMENT, LLC44,535,812$7.4B2.25%
VANGUARD PORTFOLIO MANAGEMENT LLC42,476,901$7.0B2.15%
BANK OF AMERICA CORP /DE/27,205,457$4.5B1.38%
NORGES BANK22,964,061$3.8B1.16%
AMERIPRISE FINANCIAL INC19,715,597$3.3B1.00%
PRICE T ROWE ASSOCIATES INC /MD/17,571,723$2.9B0.89%
WELLS FARGO & COMPANY/MN17,544,909$2.9B0.89%
Fisher Asset Management, LLC16,657,865$2.8B0.84%
NORTHERN TRUST CORP16,165,146$2.7B0.82%
JPMORGAN CHASE & CO15,720,758$2.6B0.80%
FRANKLIN RESOURCES INC15,438,550$2.6B0.78%
Invesco Ltd.15,185,328$2.5B0.77%

Institutional ownership by quarter

2023-092026-0676.4%
% of shares held by 13F filers
2023-092026-064,148
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-304,14876.4%1651,8171,741274
2026-03-314,30873.2%4831,8151,64199
2025-12-313,99374.4%4131,5291,678134
2025-09-303,80273.7%2781,9861,168119
2025-06-303,71471.3%1631,6111,594223
2025-03-313,82967.7%2591,6931,524131
2024-12-313,76568.0%4651,4901,478121
2024-09-303,48968.6%1781,4611,484166
2024-06-303,51469.5%1711,5901,376136
2024-03-313,53068.5%2341,6781,285138
2023-12-313,48168.2%3861,4791,307190
2023-09-303,34167.1%2111,6301,112113

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management7.1%141,217,561
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-11-10SCHEDULE 13GSTATE STREET CORPORATION7.5%152,617,711
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.52%$12.2B
VSMPX0.52%$12.2B
VTI0.52%$12.2B
VTSAX0.52%$12.2B
VOO0.61%$10.6B
VFINX0.61%$10.6B

Share structure

Shares outstanding1,975,770,000
Float1,968,846,902
Free float99.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$155.6B$235.7B$196.9B$193.4B$187.0B
Cost of revenue$110.2B$170.1B$136.5B$136.5B$152.6B
Gross profit$45.4B$65.6B$60.4B$56.9B$34.4B
R&D$268.0M$268.0M$320.0M$353.0M$0
SG&A$4.0B$4.3B$4.1B$4.8B$504.0M
Operating income$16.1B$40.0B$33.8B$29.1B$11.0B
EBITDA$39.4B$67.0B$47.8B$45.8B$41.1B
Pretax income$21.6B$49.7B$29.6B$27.5B$19.7B
Income tax$6.0B$14.1B$8.2B$9.8B$7.3B
Net income$15.6B$35.5B$21.4B$17.7B$12.3B
EPS, diluted$8.14$18.28$11.36$9.72$6.63
Diluted shares1.9B1.9B1.9B1.8B2.0B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$5.7B$17.9B$8.2B$6.8B$6.5B
Receivables$18.4B$20.5B$19.9B$20.7B$18.1B
Inventory$6.8B$8.2B$8.6B$9.1B$9.7B
Total current assets$33.7B$50.3B$41.1B$40.9B$38.6B
PP&E, net$147.0B$143.6B$153.6B$147.8B$225.8B
Goodwill & intangibles$4.4B$4.7B$4.7B$4.6B$4.6B
Total assets$239.5B$257.7B$261.6B$256.9B$324.0B
Accounts payable$16.5B$19.0B$20.4B$22.1B$19.2B
Total current liabilities$26.8B$34.2B$32.3B$38.6B$33.4B
Long-term debt$30.7B$21.0B$19.7B$19.6B$39.1B
Total liabilities$99.6B$97.5B$99.7B$103.8B$131.8B
Shareholders' equity$139.9B$160.2B$161.9B$153.2B$192.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$15.7B$35.6B$21.4B$17.7B$12.5B
Depreciation & amortization$16.9B$16.3B$14.6B$16.2B$20.1B
Stock-based compensation$0$1.1B$0$0$0
Change in working capital−$1.7B$2.1B−$3.3B$100.0M−$1.0B
Operating cash flow$29.2B$49.6B$35.6B$31.5B$33.9B
Capital expenditure−$8.1B−$12.0B−$15.8B−$16.4B−$17.3B
Free cash flow$21.1B$37.6B$19.8B$15.0B$16.6B
Investing cash flow−$5.9B−$12.1B−$15.2B−$8.9B−$15.9B
Net debt issued / repaid−$12.9B−$8.5B−$4.1B$3.6B$5.9B
Buybacks−$1.4B−$11.3B−$14.9B−$15.4B−$11.9B
Dividends paid−$10.2B−$11.0B−$11.3B−$11.8B−$12.8B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin31.0%30.5%30.7%29.4%19.8%
Operating margin10.4%16.9%14.5%9.8%5.6%
Net margin10.0%15.0%10.9%9.1%6.6%
FCF margin13.6%16.0%10.0%7.9%8.7%
ROE11.5%23.8%13.3%11.3%7.3%
ROIC7.1%17.4%11.9%7.2%2.9%
ROA6.5%14.3%8.2%6.8%4.2%
Debt / equity0.230.150.130.160.25
Interest coverage31.4x97.3x64.1x47.3x17.2x
Current ratio1.261.471.271.061.15
Revenue growth+64.7%+51.5%−16.5%−1.8%−3.9%
EPS growth+380.2%+127.3%−38.1%−13.1%−38.0%
P/E at year end12.3x8.6x11.9x13.9x24.7x
EV / EBITDA at year end5.5x4.7x5.9x5.8x8.4x
FCF yield at year end11.01%12.39%7.75%6.22%5.32%
Dividend payout65.1%30.9%53.0%66.8%103.6%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Downstream$111.5B$172.3B$151.0B$146.4B$130.9B
Upstream$44.0B$63.3B$45.7B$46.8B$53.5B
All Other Segments————$644.0M
All Other$124.0M$116.0M$133.0M$132.0M$104.0M

Revenue by region · FY2025

Downstream Segment$72.5B · 61%
Upstream Segment$45.5B · 39%

Street estimates by fiscal year

Next report 2026-10-30 · consensus EPS $4.88 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$244.1B$215.8B – $261.4B$17.30$14.91 – $20.071513.0x
2027$223.8B$195.7B – $255.0B$14.95$12.17 – $20.161515.0x
2028$213.4B$199.6B – $238.8B$12.50$8.88 – $16.71918.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-31$5.55$6.06+9.2%$62.7B$70.1B+11.7%
2026-05-01$1.00$1.41+41.0%$51.9B$48.6B−6.3%
2026-01-30$1.41$1.52+7.8%$46.8B$46.9B+0.2%
2025-10-31$1.69$1.85+9.5%$48.9B$48.2B−1.6%
2025-08-01$1.73$1.77+2.3%$43.9B$44.4B+1.2%
2025-05-02$2.16$2.18+0.9%$48.2B$47.6B−1.3%
2025-01-31$2.42$2.06−14.9%$46.6B$52.2B+12.1%
2024-11-01$2.42$2.51+3.7%$48.9B$48.9B+0.1%
2024-08-02$2.93$2.55−13.0%$50.7B$49.6B−2.1%
2024-04-26$2.87$2.93+2.1%$48.4B$46.6B−3.8%
2024-02-02$3.29$3.45+4.9%$47.2B$48.9B+3.7%
2023-10-27$3.75$3.05−18.7%$47.8B$51.9B+8.6%
2023-07-28$2.97$3.08+3.7%$43.5B$47.2B+8.6%
2023-04-28$3.41$3.55+4.1%$47.9B$48.8B+2.0%
2023-01-27$4.38$4.09−6.6%$52.7B$54.5B+3.5%
2022-10-28$4.81$5.56+15.6%$60.3B$63.5B+5.4%
2022-07-29$5.10$5.82+14.1%$58.7B$65.4B+11.4%
2022-04-29$3.27$3.36+2.8%$47.9B$52.3B+9.1%
2022-01-28$3.12$2.56−17.9%$45.3B$45.9B+1.2%
2021-10-29$2.21$2.96+33.9%$40.4B$42.6B+5.3%
2021-07-30$1.59$1.71+7.5%$37.6B$36.1B−3.9%
2021-04-30$0.90$0.900.0%$30.5B$31.1B+1.9%
2021-01-29$0.08$-0.01−112.5%$47.9B$24.8B−48.1%
2020-10-30$-0.29$0.11+137.9%$60.0B$24.0B−60.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.106-151.406-221.506-291.507-061.207-131.407-201.607-271.708-031.208-101.508-171.108-241.508-31
Week ofNotionalSharesTrades
2026-08-31$1.5B7,169,576160,509
2026-08-24$1.1B5,419,806124,120
2026-08-17$1.5B7,294,753155,617
2026-08-10$1.2B6,055,075145,472
2026-08-03$1.7B8,707,796169,014
2026-07-27$1.6B8,405,180179,791

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1556.1%
DateShort shareShort volumeTotal volume
2026-10-1556.1%1,411,3622,516,957
2026-10-1451.5%1,774,2863,446,629
2026-10-1357.3%1,493,3902,608,300
2026-10-1259.8%1,351,7452,259,732
2026-10-0962.7%1,341,1072,137,733
2026-10-0857.3%1,589,5842,774,446
2026-10-0754.8%1,109,5722,023,313
2026-10-0655.6%1,029,7241,851,158
2026-10-0548.5%1,085,3222,238,402
2026-10-0255.1%1,215,3102,205,667
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-1.8Jan+1.5Feb+2.2Mar+2.9Apr-0.5May-0.1Jun+1.2Jul-0.6Aug+0.4Sep+2.0Oct+3.1Nov+0.9Dec
MonthAvg returnUp yearsYears
Jan−1.8%45%20
Feb+1.5%65%20
Mar+2.2%76%21
Apr+2.9%60%20
May−0.5%45%20
Jun−0.1%55%20
Jul+1.2%60%20
Aug−0.6%45%20
Sep+0.4%70%20
Oct+2.0%55%20
Nov+3.1%70%20
Dec+0.9%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1470.8
MFI74.5
ADX20.9
Stochastic %K / %D92.3 / 92.1
Williams %R-1.4
CCI174
TSI / signal24.6 / 14.0
Chaikin money flow0.01
ATR$4.55
Bollinger width12.4%
Volume vs 20-day avg1.16x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$209.61 (+7.3%)
SMA 50$206.86 (+8.8%)
SMA 200$189.43 (+18.8%)
EMA 21$212.21 (+6.0%)
EMA 50$206.28 (+9.1%)
EMA 200$188.89 (+19.1%)
Bollinger upper$222.66 (+1.0%)
Bollinger lower$196.56 (+14.5%)
Parabolic SAR$212.17 (+6.0%)
Open the live chart, 110+ indicators

About Chevron Corporation

Chevron Corporation functions as a global energy and chemicals powerhouse, orchestrating its diverse operations worldwide. The company's business is organized into two primary divisions: Upstream and Downstream. The Upstream segment focuses on the full lifecycle of crude oil and natural gas, from their initial exploration and development to production and subsequent transportation. This also encompasses the processing, liquefaction, transit, and regasification of liquefied natural gas (LNG), as well as pipeline transport of crude oil and the movement, storage, and sale of natural gas. Additionally, this segment manages a facility dedicated to converting natural gas into liquid fuels. In contrast, the Downstream segment is tasked with refining crude oil into a variety of petroleum products. Its activities include the merchandising of crude oil, refined goods, and lubricants, in addition to the creation and distribution of renewable fuels. This division is also responsible for moving crude oil and refined products using a range of methods, including pipelines, ships, motor vehicles, and rail cars. Furthermore, it produces and markets bulk petrochemicals, industrial-grade plastics, and additives for both fuels and lubricants. Beyond these core ventures, Chevron is also involved in financial management, debt financing, insurance underwriting, real estate development, and various technology-driven enterprises. Founded in 1879, the company operated as ChevronTexaco Corporation until it officially became Chevron Corporation in 2005. Its corporate headquarters are situated in San Ramon, California.

https://www.chevron.com

Key executives

NameTitlePayBorn
Michael K. WirthChairman & Chief Executive Officer$7.8M1961
Robert Clay NeffPresident of Upstream$5.5M1962
R. Hewitt PateChief Legal Officer$4.1M1963
Mark A. NelsonVice Chairman & Executive Vice President of Oil, Products and Gas$3.5M1963
Eimear BonnerChief Financial Officer$2.8M1974
Jake Robert SpieringPresident of Corporate Business Development—1983
Jeanine WaiDirector of Investor Relations—1980
Michelle GreenChief Human Resources Officer—1973

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
M.K. Wirth Chairman and Chief Executive Officer2025$1.9M$13.5M$3.6M$26.8M
M.A. Nelson Vice Chairman2025$1.3M$5.3M$1.8M$11.0M
R.C. Neff President, Upstream2025$999,625$2.5M$1.1M$9.2M
R.H. Pate Chief Legal Officer2025$1.2M$3.3M$2.6M$9.1M
E.P. Bonner Chief Financial Officer2025$1.0M$3.3M$1.4M$7.5M

Employees

49k201848k201948k202043k202144k202246k202345k202443k2025

Dividends

Ex-dateAmountPaid
2026-08-19$1.782026-09-10
2026-05-19$1.782026-06-10
2026-02-17$1.782026-03-10
2025-11-18$1.712025-12-10
2025-08-19$1.712025-09-10
2025-05-19$1.712025-06-10
2025-02-14$1.712025-03-10
2024-11-18$1.632024-12-10

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage46
Intangibles59
Switching costs48
Network effect40
Efficient scale90
Our component scores (0-100) and overall 55.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms