CVX CHEVRON CORP

Overview and Growth

In fiscal 2025, CHEVRON CORP recorded $189.03B of revenue, net income of $12.30B, and an operating cash inflow of $33.94B. Revenue of $189.03B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 6.8% below fiscal 2024 revenue of $202.79B, marking a top-line contraction. The company reported diluted EPS of $6.63, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 31.8% decrease from fiscal 2024 diluted EPS of $9.72. Total assets stood at $324.01B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.58x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $80.82B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 42.8% of revenue, quantifying the portion retained before operating expenses were recognized. After all reported below-operating-line items, the company recorded net income of $12.30B for the fiscal year. Net margin was 6.5%, meaning that this portion of revenue remained as net income after all recognized expenses. The reported income-tax provision was $7.26B, the amount recognized between pretax income and the final net-income result. Return on period-end equity was 6.4%, relating annual net income to the equity capital on the balance sheet. Net income represented 3.8% of period-end assets, placing the company’s bottom-line result against the total resource base employed. The company moved from fiscal 2024 net income of $17.66B to $12.30B, with the current outcome ending below that comparison.

Liquidity and Capital Structure

At period end, the $324.01B asset base was financed through $131.84B of liabilities and $192.18B of equity. Current assets were $38.55B against $33.39B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 1.15x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $7.29B, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 21.8% of current liabilities, showing how much near-term coverage came from cash alone. The equity-to-assets relationship was 59.3%, placing book capital against the total resource base. Relative to total assets, liabilities measured 40.7%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 2.2%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 26.1% from $256.94B in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 25.5% from $153.16B in fiscal 2024, placing the current capital base higher year over year. The reported cash balance changed 11.8% from $8.26B in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

The company reported $33.94B of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 2.76x of net income, showing how strongly accounting earnings converted into cash from operations. The cash-flow statement records $17.35B of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 51.1% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $16.59B of positive free cash flow for the period. Relative to revenue, free cash flow equaled 8.8%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 5.1%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.