Chevron Corporation (CVX) Income Statement
CVX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCVX revenue and net income
Where CVX's revenue goes
2025Each bar shows an amount and its share of revenue. CVX kept 6.7% of revenue as net income.
CVX profit margins
CVX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −4.6% | −9.2% | +14.3% | +3.6% |
| Gross profit | −1.5% | −8.8% | +19.7% | +3.7% |
| Operating income | −42.7% | −30.7% | — | — |
| Net income | −30.4% | −29.7% | — | +10.4% |
| EPS (diluted) | −27.2% | −27.0% | — | +7.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CVX quarterly EPS vs estimates
Chevron beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 30, 2026 (estimate $4.74).
CVX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $184.43B | $193.41B | $196.91B | $246.25B | $155.61B | $94.47B | $139.87B | $158.90B | $134.67B | $110.22B |
| Cost of revenue | $128.35B | $136.49B | $136.52B | $161.74B | $110.17B | $71.66B | $109.33B | $114.00B | $95.11B | $78.78B |
| Gross profit | $56.09B | $56.93B | $60.39B | $73.98B | $45.43B | $22.82B | $30.53B | $44.91B | $39.56B | $31.44B |
| Research & development | $427.0M | $353.0M | $320.0M | $268.0M | $268.0M | $435.0M | $500.0M | $453.0M | $433.0M | $476.0M |
| Sales, general & admin | $38.67B | $4.83B | $4.14B | $33.35B | $32.27B | $4.21B | $4.14B | $3.84B | $4.45B | $4.68B |
| Total operating expenses | $39.41B | $27.83B | $26.60B | $34.33B | $29.33B | $29.76B | $30.43B | $30.46B | $36.43B | $36.91B |
| Operating income | $16.67B | $29.10B | $33.79B | $50.19B | $16.10B | −$6.94B | $100.0M | $14.45B | $3.13B | −$5.47B |
| Interest income | $1.78B | $4.00B | $4.66B | $8.07B | $4.95B | $1.17B | $2.86B | $5.68B | $4.01B | $2.16B |
| Interest expense | $1.22B | $594.0M | $469.0M | $516.0M | $712.0M | $697.0M | $798.0M | $748.0M | $307.0M | $201.0M |
| Income before taxes | $19.74B | $27.51B | $29.58B | $49.67B | $21.64B | −$7.45B | $5.54B | $20.57B | $9.22B | −$2.16B |
| Income taxes | $7.26B | $9.76B | $8.17B | $14.07B | $5.95B | −$1.89B | $2.69B | $5.71B | −$48.0M | −$1.73B |
| Net income | $12.30B | $17.66B | $21.37B | $35.47B | $15.62B | −$5.54B | $2.92B | $14.82B | $9.20B | −$497.0M |
| EBITDA | $41.09B | $45.38B | $47.38B | $66.49B | $40.28B | $11.00B | $24.13B | $39.35B | $27.19B | $13.56B |
| EPS (diluted) | $7.32 | $10.05 | $13.13 | $18.83 | $8.13 | −$0.20 | $6.28 | $8.07 | $3.71 | $0.94 |
| Gross margin | 30.4% | 29.4% | 30.7% | 30.0% | 29.2% | 24.2% | 21.8% | 28.3% | 29.4% | 28.5% |
| Operating margin | 9.0% | 15.0% | 17.2% | 20.4% | 10.3% | −7.3% | 0.1% | 9.1% | 2.3% | −5.0% |
| Net margin | 6.7% | 9.1% | 10.9% | 14.4% | 10.0% | −5.9% | 2.1% | 9.3% | 6.8% | −0.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $67.20B | $47.56B | $45.79B | $48.17B | $44.38B | $46.10B | $48.33B | $48.93B | $49.57B | $46.58B | $48.93B | $51.92B |
| Cost of revenue | $36.61B | $43.00B | $31.23B | $33.18B | $31.20B | $32.73B | $35.12B | $34.66B | $34.87B | $31.83B | $34.73B | $36.35B |
| Gross profit | $30.59B | $4.55B | $14.55B | $14.99B | $13.17B | $13.37B | $13.21B | $14.26B | $14.70B | $14.75B | $14.20B | $15.57B |
| Research & development | — | — | — | — | — | — | — | — | — | — | $320.0M | — |
| Sales, general & admin | $1.31B | $1.07B | $10.36B | $1.52B | $8.95B | $1.22B | $1.58B | $1.19B | $1.05B | $1.01B | $969.0M | $8.57B |
| Total operating expenses | $9.12B | $1.31B | $10.53B | $10.69B | $9.12B | $9.07B | $10.80B | $9.30B | $9.11B | $8.80B | $8.79B | $6.51B |
| Operating income | $21.48B | $3.24B | $4.02B | $4.30B | $4.06B | $4.30B | $2.42B | $4.96B | $5.59B | $5.95B | $5.41B | $9.06B |
| Interest income | — | — | $302.0M | $672.0M | $262.0M | $677.0M | $489.0M | $1.10B | — | — | — | $1.20B |
| Interest expense | $352.0M | $345.0M | $361.0M | $370.0M | $274.0M | $212.0M | $199.0M | $164.0M | $113.0M | $118.0M | $120.0M | $114.0M |
| Income before taxes | $16.68B | $3.95B | $4.60B | $5.41B | $4.15B | $5.58B | $6.06B | $6.49B | $7.04B | $7.92B | $3.49B | $8.74B |
| Income taxes | $4.47B | $1.65B | $1.75B | $1.80B | $1.63B | $2.07B | $2.80B | $1.99B | $2.59B | $2.37B | $1.25B | $2.18B |
| Net income | $12.07B | $2.21B | $2.77B | $3.54B | $2.49B | $3.50B | $3.24B | $4.49B | $4.43B | $5.50B | $2.26B | $6.53B |
| EBITDA | $23.12B | $10.10B | $10.84B | $11.56B | $8.77B | $9.92B | $10.14B | $10.87B | $11.15B | $12.13B | $7.09B | $12.88B |
| EPS (diluted) | $6.06 | $1.41 | $1.52 | $1.85 | $1.77 | $2.18 | $2.06 | $2.51 | $2.55 | $2.93 | $3.45 | $3.05 |
| Gross margin | 45.5% | 9.6% | 31.8% | 31.1% | 29.7% | 29.0% | 27.3% | 29.2% | 29.7% | 31.7% | 29.0% | 30.0% |
| Operating margin | 32.0% | 6.8% | 8.8% | 8.9% | 9.1% | 9.3% | 5.0% | 10.1% | 11.3% | 12.8% | 11.0% | 17.4% |
| Net margin | 18.0% | 4.6% | 6.0% | 7.3% | 5.6% | 7.6% | 6.7% | 9.2% | 8.9% | 11.8% | 4.6% | 12.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CVX's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CVX financial results
In fiscal year 2025 (ended December 31, 2025), Chevron reported revenue of $184.4 billion, down 4.6% from the year before. It had net income of $12.3 billion (down 30.4%), a net profit margin of 6.7%. Diluted earnings per share came to $7.32. Over five years revenue grew at an average rate of 14.3% a year.
See the CVX stock overview for the latest quote and news, or the CVX chart for price history and technical indicators.
CVX income statement FAQ
What is Chevron's annual revenue?
Chevron reported total revenue of $184.4 billion for fiscal year 2025, which ended on December 31, 2025. That was down 4.6% from $193.4 billion the previous year.
Is Chevron profitable?
Yes. Chevron reported net income of $12.3 billion in fiscal 2025, a net profit margin of 6.7%; its operating margin was 9.0%.
What is Chevron's gross margin?
Chevron's gross margin was 30.4% in fiscal 2025: for every $100 of revenue, Chevron kept $30 after the direct cost of its products and services.
How much does Chevron spend on research and development?
Chevron spent $427.0 million on research and development in fiscal 2025, 0.2% of revenue.
How fast is Chevron growing?
Revenue grew 14.3% a year on average over the last five fiscal years, from $94.5 billion to $184.4 billion.
What are Chevron's earnings per share?
Chevron earned $7.32 per diluted share in fiscal 2025, compared with $10.05 a year earlier.
When will Chevron report its next earnings?
Chevron is expected to report results for the quarter ending September 30, 2026 on October 30, 2026 before the market opens.
When does Chevron's fiscal year end?
Chevron's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.