Chevron Corporation (CVX) financials
NYSE · Energy · Oil & Gas Integrated · 43,039 employees · CEO Michael K. Wirth
- Price
- $235.52 +1.75%
- Market cap
- $465B
- Enterprise value
- $486B
- Last report
- Q3 '26 filed 2026-10-30
- Next report
- 2027-01-29
Revenue (TTM)$226B+20.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)17.8%+9.7 pp vs a year agoOperating income $40.1B
Net income (TTM)$27B+111.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$34.1B+120.9% vs a year agoCapex $17.9B
Diluted EPS (TTM)$13.67+92.3% vs a year agoSum of the last 4 quarters
Net cash$0+100.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $465B EV $486B
- Revenue
- $226B Trailing 12 months
- Revenue growth
- +35% FY2026 consensus
- Profit margin
- 11.9% Net income / revenue, TTM
- P/E
- 17.2× Forward 13.4× (FY2026)
- P/S
- 2.1× Price / sales, TTM
- EV / EBITDA
- 7.6× TTM
- Free cash flow
- $34.1B Trailing 12 months
- Net income
- $27B Trailing 12 months
- Revenue estimate
- $249B FY2026 consensus
- Earnings
- 2027-01-29
- Dividend
- $7.05 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth accelerating: 35.4% year on yearQ3 '26 revenue $65.2B, against an average of 11.9% over the four quarters before.
- Operating margin 17.8% (TTM), +9.7 pp on a year agoOperating income grew 166.2% while revenue grew 20.8%.
- Capex 7.9% of revenue (a year ago 8.8%)$17.9B invested in the last 4 quarters (+8.9% on a year earlier). Free cash flow $34.1B = 126.3% of net income.
- Returned $25B to shareholders = 73.3% of free cash flowBuybacks $11.1B (a year earlier $13.7B), dividends $13.9B, stock-based pay $0 (TTM).
- Diluted share count up 0.9% in a year1.96B diluted shares in Q3 '26, 1.95B a year earlier.
- Net cash $0Cash + short-term investments $33.5B, debt incl. leases $33.5B; a year ago net debt $33.8B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $65.2B | $48.2B | +35.4% |
| Gross margin | 44.0% | 31.1% | +12.9 pp |
| Operating income | $11.4B | $4.3B | +164.6% |
| Operating margin | 17.4% | 8.9% | +8.5 pp |
| Net income | $9.92B | $3.54B | +180.4% |
| Diluted EPS | $5.06 | $1.82 | +178.0% |
| Operating cash flow | $16B | $9.39B | +70.6% |
| Capex | $4.01B | $4.44B | -9.7% |
| Free cash flow | $12B | $4.94B | +142.9% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Downstream | $49.6B | +165.4% | 73.9% | $124B | +19.2% | |
| Upstream | $17.5B | +68.8% | 26.1% | $42.9B | -38.0% | |
| All Other | $25M | – | 0.0% | – | – | |
| All Other Segments | – | – | – | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Downstream Segment | $28.5B | +52.4% | 60.6% | $101B | – | |
| Upstream Segment | $18.5B | +78.4% | 39.4% | $66.5B | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $52B
- Capex
- -$17.9B
- Buybacks
- -$11.1B
- Dividends
- -$13.9B
- Acquisitions
- $106M
- Net debt issued
- -$8.22B
- Stock-based compensation
- $0
- Free cash flow
- $34.1B
- Returned to shareholders / FCF
- 73.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 17.2× | 15.0× | 9.8× – 22.9× |
| EV / EBITDA | 7.6× | 6.3× | 5.3× – 7.7× |
| EV / Sales | 2.2× | 1.5× | 1.4× – 1.7× |
| Price / FCF | 13.7× | 13.7× | 9.2× – 17.4× |
| Price / Book | 2.4× | 1.8× | 1.5× – 2.2× |
| FCF yield | 7.3% | 7.8% | 5.7% – 10.9% |
| Return on invested capital | 220.9% | 8.2% | 3.6% – 12.7% |
| Return on equity | 14.3% | 13.0% | 6.6% – 22.3% |
Analysts
Consensus target $214.08 (-9.1%)
range $90.00 – $243.00 · rating Buy
Strong buy0
Buy33
Hold16
Sell4
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $249B | +35.2% | $17.63 | +165.9% | 13.4× | 14 |
| FY2027 | $232B | -7.0% | $15.68 | -11.1% | 15.0× | 15 |
| FY2028 | $216B | -6.7% | $12.64 | -19.4% | 18.6× | 9 |
| FY2029 | $239B | +10.6% | $12.97 | +2.6% | 18.2× | 3 |
| FY2030 | $241B | +0.8% | $14.09 | +8.6% | 16.7× | 3 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 340 figures Chevron Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts and Financing Receivable, after Allowance for Credit Loss, Current | $24.6B | $17.7B | +39.1% | $18.1B | $20.7B | -12.6% |
| Accounts Payable, Current | $24.4B | $18.6B | +31.2% | $19.3B | $22.1B | -12.7% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $22B | $15.7B | +40.1% | $16B | $18.3B | -12.8% |
| Accounts Receivable, Allowance for Credit Loss, Current | $178M | $188M | -5.3% | $176M | $259M | -32.0% |
| AccountsReceivableAllowanceForCreditLossExcludingAccruedInterestNoncurrent | $216M | $217M | -0.5% | $216M | $352M | -38.6% |
| AccountsReceivableExcludingAccruedInterestAfterAllowanceForCreditLossNoncurrent | $903M | $914M | -1.2% | $1.04B | $877M | +18.0% |
| Accretion Expense | – | – | – | $620M | $586M | +5.8% |
| Accrual for Environmental Loss Contingencies | $1.06B2025-12-31 | $945M | +12.1% | $1.06B | $945M | +12.1% |
| Accrual for Taxes Other than Income Taxes, Current | $1.38B | $1.25B | +10.1% | $1.52B | $1.72B | -11.2% |
| Accrued Income Taxes, Current | $2.2B | $659M | +234.4% | $844M | $1.87B | -54.9% |
| Accrued Liabilities, Current | $10.8B | $8.12B | +33.5% | $10.8B | $8.49B | +26.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$2.11B | -$2.57B | +17.7% | -$2.46B | -$2.76B | +10.7% |
| Additional Paid in Capital, Common Stock | $34B | $21.8B | +55.9% | $33.9B | $21.7B | +56.4% |
| Asset Impairment Charges | – | – | – | $133M | $500M | -73.4% |
| Asset Retirement Obligation | $15B2025-12-31 | $12.7B | +18.3% | $15B | $12.7B | +18.3% |
| Asset Retirement Obligation, Accretion Expense | $164M2025-12-31 | $147M | +11.6% | $617M | $588M | +4.9% |
| Asset Retirement Obligation, Liabilities Incurred | $37M2025-12-31 | $45M | -17.8% | $186M | $83M | +124.1% |
| Asset Retirement Obligation, Liabilities Settled | $207M2025-12-31 | $288M | -28.1% | $1.11B | $2.08B | -46.8% |
| Asset Retirement Obligation, Revision of Estimate | $1.11B2025-12-31 | $480M | +130.6% | $1.4B | $417M | +236.5% |
| Asset Retirement Obligations, Noncurrent | $13.9B2025-12-31 | $11.4B | +21.8% | $13.9B | $11.4B | +21.8% |
| Assets | $330B | $251B | +31.6% | $324B | $257B | +26.1% |
| Assets, Current | $49.1B | $34.7B | +41.6% | $38.6B | $40.9B | -5.8% |
| Assets, Fair Value Disclosure | $30M | – | – | – | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | – | – | – | $79.5B2025-07-18 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | – | – | – | $26.5B2025-07-18 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | – | – | – | $48B2025-07-18 | – | – |
| Capitalized Exploratory Well Cost, Additions Pending Determination of Proved Reserves | – | – | – | $150M | $14M | +971.4% |
| Capitalized Exploratory Well Cost, Charged to Expense | – | – | – | $1M | $0 | – |
| Capitalized Exploratory Well Costs | $1.76B2025-12-31 | $1.66B | +5.8% | $1.76B | $1.66B | +5.8% |
| Capitalized Exploratory Well Costs that Have Been Capitalized for Period Greater than One Year | $1.61B2025-12-31 | $1.65B | -2.1% | $1.61B | $1.65B | -2.1% |
| Capitalized Exploratory Well Costs that Have Been Capitalized for Period of One Year or Less | $148M2025-12-31 | $17M | +770.6% | $148M | $17M | +770.6% |
| Cash and Cash Equivalents, Fair Value Disclosure | $8.5B | $4.1B | +107.3% | – | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $9.58B | $5.38B | +78.3% | $7.29B | $8.26B | -11.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $3.27B | -$791M | +512.9% | -$977M | -$1.01B | +3.6% |
| Commercial Paper | $4.64B2025-12-31 | $5.39B | -13.8% | $4.64B | $5.39B | -13.8% |
| Common Stock Held in Trust | $240M | $240M | 0.0% | $240M | $240M | 0.0% |
| Common Stock, Capital Shares Reserved for Future Issuance | 1.6M2025-12-31 | 1.6M | 0.0% | 1.6M | 1.6M | 0.0% |
| Common Stock, Dividends, Per Share, Cash Paid | $1.78 | $1.71 | +4.1% | $6.042023-12-31 | $5.68 | +6.3% |
| Common Stock, Dividends, Per Share, Declared | $1.78 | $1.71 | +4.1% | $6.84 | $6.52 | +4.9% |
| Common Stock, Par or Stated Value Per Share | $0.75 | $0.75 | 0.0% | $0.75 | $0.75 | 0.0% |
| Common Stock, Shares Authorized | 6B | 6B | 0.0% | 6B | 6B | 0.0% |
| Common Stock, Shares, Issued | 2.44B | 2.44B | 0.0% | 2.44B | 2.44B | 0.0% |
| Common Stock, Value, Issued | $1.83B | $1.83B | 0.0% | $1.83B | $1.83B | 0.0% |
| Compensation and Benefits Trust | $240M | $240M | 0.0% | $240M | $240M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $142M | $25M | +468.0% | $186M | $88M | +111.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $12.6B | $2.63B | +376.9% | $12.6B | $17.9B | -29.5% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $12.7B | $2.66B | +377.8% | $12.8B | $17.9B | -28.8% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $16.4B | $11.8B | +39.0% | $12.3B | $14.2B | -13.4% |
| Cost of Goods and Services Sold | $36.6B | $26.9B | +36.3% | $108B | $119B | -9.2% |
| Costs and Expenses | $53.4B | $40.7B | +31.2% | $169B | $175B | -3.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $444M | $854M | -48.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $5.52B | $7.39B | -25.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $309M | $275M | +12.4% |
| Debt, Current | $10.9B2025-12-31 | $12.7B | -13.7% | $10.9B | $12.7B | -13.7% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $885M | $748M | +18.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $188M | $482M | -61.0% |
| Deferred Income Tax Assets, Net | $2.86B2025-12-31 | $3.52B | -18.6% | $2.86B | $3.52B | -18.6% |
| Deferred Income Tax Liabilities, Net | $30.3B | $19.7B | +53.9% | $30B | $19.1B | +56.8% |
| Deferred Income Taxes and Tax Credits | $298M | $29M | +927.6% | $986M | $1.24B | -20.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$88M | $10M | -980.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01