Chevron vs Shell
Shell is the larger business, with $266.89bn of revenue in fiscal 2025 against $189.03bn for Chevron (1.4 times as much). Shell grew faster (-6.1% against -6.8%). Shell kept more of each dollar of sales as profit: a net margin of 6.7% against 6.5%. Chevron carries less debt relative to equity (27.2% against 43.4%).
| Latest fiscal year | ChevronCVX, 2025 | ShellSHEL, 2025 |
|---|---|---|
| Revenue | $189.03bn | $266.89bn |
| Revenue growth | -6.8% | -6.1% |
| Net income | $12.30bn | $17.84bn |
| Operating margin | — | — |
| Net margin | 6.5% | 6.7% |
| Return on equity | 7.3% | 10.1% |
| Free cash flow | $16.59bn | — |
| Cash | $7.29bn | $30.22bn |
| Total debt | $50.70bn | $75.64bn |
| Debt to equity | 27.2% | 43.4% |
| Dividend per share | $6.84 | — |
| Dividend yield | 3.1% | — |
| Share buybacks | $12.08bn | $13.88bn |
| Employees | — | — |
| Market value | $445.73bn | $310.16bn |
| Price vs our value range | Within our value range | — |
| Moat score | 61 (Moderate) | — |
| Insider trades, 12 months | 0 buys, 80 sales | 0 buys, 0 sales |