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Chevron Corporation (CVX) stock

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NYSE: CVX NYSE Integrated Oil & Gas Next results ~January 29, 2027

B Fundamentals grade

Chevron Corporation is a Delaware-incorporated energy and chemicals group, tracing its roots to Standard Oil Company of California, founded in 1926. Its upstream business explores for, develops and produces crude oil and natural gas, including liquefied natural gas, and also covers pipeline transport, carbon capture and storage, and a gas-to-liquids plant. Its downstream business refines crude oil into fuels and lubricants, manufactures renewable fuels, and produces commodity petrochemicals and plastics.

The company sells crude oil, natural gas, NGLs, refined products, lubricants and petrochemicals to industrial and individual customers worldwide, generating income mainly from these product sales rather than fees or subscriptions. Operations are managed through an Oil, Products and Gas organisation, with activities spanning North America, South America, Europe, Africa, Asia and Australia.

At year-end 2025, Chevron reported proved reserves of about 10.6 billion barrels of oil-equivalent, up eight percent on 2024, following its acquisition of Hess Corporation. It employed 43,039 people, with 45 percent based in the United States, and holds the largest acreage position in the Gulf of America and is among the largest producers in Colorado and the Permian Basin.

Based on Chevron Corporation's 10-K filed February 24, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$190

Cash-flow model

Base case. Range ~$140–$260 across our lower- and higher-growth cases (-0.5%–9.5% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 18% above our base value.

Price used: $227.77, November 2, 2026

Chevron Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Chevron files

Where Chevron stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $215.3bn, up 10.2% on a year earlier, faster than -5.8% a quarter earlier. Free-cash-flow margin rose to 12.5% from 8.2% a year earlier. The diluted share count is up 12.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 2 financial-health checks. Our cash-flow model value is $201 a share, against a share price of $224. At that price, our model says the market is pricing in about 6.5% a year of cash-flow growth for five years, close to the 5.8% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 29, 2027 (estimated)

Chevron Corporation's trailing-twelve-month revenue grew 10.2% year on year, with a free-cash-flow margin of 12.5%. Where it stands out: change in growth rate of +16.0pp ranks 21 of 152 energy companies we cover. Where it lags: change in share count of 12.0% ranks 110 of 127 energy companies we cover.

Our discounted-cash-flow model values the business at ~$190 per share in the base case (~$140–$260 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 67.8% while net income grew 50.1%: a 18pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 16.0 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 24.6% over 90 days.

Things to watch

  • Share dilution. Diluted shares rose 12.0% in a year.
  • Insiders selling. 9 insiders sold $647M of stock over the past 365 days and none bought (28% under pre-set trading plans).
  • Earnings expected to fall. The consensus expects earnings per share to fall 10% next year.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$5.28 against an average estimate of $4.87: beat by 8.5%
Revenue
$70.06bn, up 56.3% on a year earlier
Share reaction
-1.6% in the first session after the results on October 30, 2026, against -2.2% for the S&P 500
Next report
January 29, 2027; average EPS estimate $5.48

Chevron's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.3%
  • 1 week-1.8%
  • 1 month+10.2%
  • This year+53.6%
  • 1 year+50.1%
  • 5 years+146.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$215B
Net margin
9.6%
EPS (TTM, diluted)
$10.41

Growth

Revenue growth
+10.2%
Change in growth rate
+16.0 pts
Share count change
+12.0%

Cash

Free cash flow (TTM)
$27B
FCF margin
12.5%

Earnings

Last results
October 30, 2026
Next results (est.)
January 29, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Announcement

    Chevron to sell Hess Midstream stake for cash and lower costs

    Chevron Corporation said it agreed to transfer its interests in Hess Midstream and DJ Basin assets to Hess Midstream LP. The deal includes $200 million in cash and extends Bakken contracts, cutting unit midstream costs by approximately 50%. Chevron expects a one-time after-tax loss of $3 to $4 billion and aims to close by year-end 2026.

    SEC 8-KRead source ↗
  4. Leadership

    Chevron names new CFO and reshuffles senior oil leadership

    Chevron Corporation said its board approved officer changes effective January 1, 2027. Jeff B. Gustavson will become Chief Financial Officer with a base salary of $1,000,000. Eimear P. Bonner will move to President, Oil, Products & Gas, while Mark A. Nelson retains the Vice Chairman role.

    SEC 8-KRead source ↗
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Insider trade
  10. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Chevron Corporation valuation models and calculator

What the price is pricing in

The share price implies about 6.6% a year of cash-flow growth for five years.That is close to the 5.8% a year revenue growth Chevron has delivered.

  • Priced in6.6%
  • Last 12 months10.2%
  • 3 years a year-1.1%
  • 5 years a year5.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($225.60, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$190
Price used
$225.60close November 3, 2026
Implied change
▼ 14%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Chevron Corporation's free cash flow after stock-based pay with after-tax interest added back ($22.3B, FY2026 Q2 TTM), growing 8.2% and 1.3% in the next two years (forecasts, guidance and its record), then back to 4.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$140–~$260 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Chevron Corporation's free cash flow after stock-based pay ( $22.3B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Chevron Corporation as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.44 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$190 ~$140–$260 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$220 ~$150–$320 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$280 ~$220–$370 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$220 ~$190–$280 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Chevron Corporation with Energy sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▲ +53%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $145$203$280$382$515$686
8.5% $106$149$204$277$372$494
10% $83$116$159$215$287$379

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$57.05$77.97$86.23$77.82$89.71$66.43$97.14$153.94$132.95$134.66$148.27$227.77
Market value$107.0bn$146.0bn$163.7bn$149.0bn$170.0bn$124.2bn$186.5bn$298.6bn$249.9bn$244.7bn$275.2bn$450.4bn
+ Net debt (− = net cash)$35.4bn$48.0bn$43.9bn$35.0bn$29.8bn$48.5bn$33.5bn$9.7bn$17.2bn$24.5bn$43.4bn$27.5bn
Enterprise value$142.4bn$194.1bn$207.5bn$184.0bn$199.8bn$172.8bn$220.0bn$308.3bn$267.1bn$269.2bn$318.6bn$477.9bn
Multiples
Price / sales 0.8x1.3x1.2x0.9x1.2x1.3x1.1x1.2x1.2x1.2x1.5x2.1x
Price / earnings 23.3x—17.8x10.0x58.1x—11.9x8.4x11.7x13.9x22.4x21.9x
Price / free cash flow ——23.6x8.9x12.9x75.1x8.8x7.9x12.6x16.3x16.6x16.7x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

61 /100

Moderate moat

How hard Chevron's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 30.3% of total assets over 6 years.

  • Pricing power 15 / 20

    Gross margin has been a median 44.1%, moving by 2.1 percentage points (standard deviation) across 9 years.

  • Durability 1 / 20

    Net margin has been a median 8.5%; its worst year was -7.4%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 8.6% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 4.1% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 29, 2027, before the open. Analysts expect revenue of $63.4bn and EPS of $5.48 (range $2.90 to $7.00) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $17.54 +141% $241.6bn +28%
Next $15.80 −10% $231.4bn −4%

Next year's EPS estimate has moved +24.6% in 90 days, across 26 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +19.0% on 90 days ago. In the last 30 days, 12 analysts raised Chevron Corporation's forecast and 2 cut it.

Consensus EPS forecast Chevron Corporation, last 90 days
$12.00 $14.00 $16.00 $18.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $14.74 Current fiscal year, 60 days ago: $15.94 Current fiscal year, 30 days ago: $16.64 Current fiscal year, 7 days ago: $17.53 Current fiscal year, Now: $17.54 $17.54 Next fiscal year, 90 days ago: $12.69 Next fiscal year, 60 days ago: $13.24 Next fiscal year, 30 days ago: $14.44 Next fiscal year, 7 days ago: $15.72 Next fiscal year, Now: $15.80 $15.80

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $14.74$12.69
60 days ago $15.94$13.24
30 days ago $16.64$14.44
7 days ago $17.53$15.72
Now $17.54$15.80

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.87 $5.28 +8.5%
Jun 2026 $5.57 $6.06 +8.8%
Mar 2026 $0.97 $1.41 +45.6%
Dec 2025 $1.44 $1.52 +5.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 30, 2026

No numeric guidance in Chevron Corporation's latest earnings release (filed October 30, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Chevron Corporation's revenue by +8.2% next year and +1.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.8%, weight 70%) and the company's own record (+4.5%, weight 30%) . How the weights are set.

Analyst recommendations

26 analysts, Oct 2026
Buy2181%
Hold415%
Sell14%

Monthly trend

  1. Oct 2026615426
  2. Sep 2026614425
  3. Aug 2026614425
  4. Jul 2026614425

Counts of recommendations published by analysts covering Chevron Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.3%
of tradable shares
Days to cover
2.77
at average volume
Short interest, 1 month
+24%
to October 15, 2026
Held by institutions
71%
of shares
Held by insiders
4.8%
of shares
Employees
43,039
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +50.1%

$151.74 on October 31, 2025 to $227.77

ThenNowEffect
Revenue (last 12 months) $195.3bn $215.3bn +10.2%
Net margin 7.0% 9.6% +36.2%
P/E multiple 19.5x 21.9x +12.0%
Share count 1765m 1977m −10.7%

Biggest factor: net margin.

Last 3 years +74.9%

$130.21 on November 3, 2023 to $227.77

ThenNowEffect
Revenue (last 12 months) $222.8bn $215.3bn −3.4%
Net margin 13.5% 9.6% −29.4%
P/E multiple 8.2x 21.9x +165.5%
Share count 1909m 1977m −3.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CVX+46%+59%−14%+1%+10%+54%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CVX67%58%50%58%75%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CVX−13%−25%−22%−15%−21%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 56% from July 24, 2019 to March 23, 2020. Getting back needed a 126% gain, reached on October 20, 2021, 576 days after the low.

Price behaviour

52-week range
$142.76 – $235.52
From 52-week high
−3.3%
vs 50-day average
+6.6%
vs 200-day average
+18.9%
Volatility (1 year)
24%
Beta vs S&P 500
-0.63

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±1.8%
After a week
5 up, 6 down
typical move ±3.4%
After a month
5 up, 6 down
typical move ±5.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 30, 2026 −1.6% −2.2% — —
July 31, 2026 +0.5% +2.2% −3.0% +8.1%
May 1, 2026 −0.5% −0.1% −6.0% −2.1%
April 9, 2026 −2.2% +0.5% −2.5% −5.8%
January 30, 2026 +1.7% +0.2% +5.6% +11.3%
October 31, 2025 +0.3% +0.5% +1.0% −1.0%
August 1, 2025 −0.4% −0.1% +2.2% +7.9%
May 2, 2025 −0.6% +0.9% +1.6% +3.7%
January 31, 2025 −4.5% −1.2% −2.4% −1.7%
November 1, 2024 +3.5% +0.2% +5.4% +9.9%
August 2, 2024 −5.2% −4.7% −5.0% −4.2%
April 26, 2024 +0.6% +1.3% −3.0% −2.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Chevron Corporation’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Results just out

Results came out in the last few days. Option prices are still adjusting, so we do not judge them yet.

  • Implied is 1.43× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: results came out in the last few days, so option prices are still adjusting.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

CVX Chevron Corporation Grade B $228.11

Own 100 shares, sell the $235 call expiring December 4, 2026 (32 days) for $4.70 a share — $470 per contract.

Previous session · Bid $4.70, ask $5.70, quoted Mon 2 Nov, 17:20 New York time with CVX at $228.11. Option prices move with the shares: check the live chain at your broker before trading.

  • If CVX ends below $235: you keep your shares and the $470 — 2.1% extra on the position, 23.5% a year at that pace.
  • If it ends above $235: your shares are sold at $235, a total return of 5.1% including the premium — at or above our value of ~$190.
$1.2k $0 −$4.5k Our value $190 Break-even $223.41 Price $228.11
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$470
Annualised
23.5%
Break-even
$223.41
Max gain
$1,159
Chance of selling
~41%

Collar

Own the shares, buy the $220 put and sell the $235 call, both expiring December 4, 2026 (32 days).

  • Net cost of $0.90 a share ($90.00 per contract of 100 shares).
  • Worst case at expiry: -3.9%, if the shares fall below $220 (-3.6% from today).
  • Best case at expiry: +2.6%, if the shares rise above $235 (+3.0%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $190: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Chevron Corporation in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Chevron Corporation
$180B $190B $200B $210B $220B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $210.2B Revenue (TTM), FY23 Q4: $200.9B Revenue (TTM), FY24 Q1: $198.9B Revenue (TTM), FY24 Q2: $201.2B Revenue (TTM), FY24 Q3: $197.7B Revenue (TTM), FY24 Q4: $202.8B Revenue (TTM), FY25 Q1: $201.7B Revenue (TTM), FY25 Q2: $195.3B Revenue (TTM), FY25 Q3: $194.4B Revenue (TTM), FY25 Q4: $189B Revenue (TTM), FY26 Q1: $190B Revenue (TTM), FY26 Q2: $215.3B $215.3B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $210.2B
FY23 Q4 $200.9B
FY24 Q1 $198.9B
FY24 Q2 $201.2B
FY24 Q3 $197.7B
FY24 Q4 $202.8B
FY25 Q1 $201.7B
FY25 Q2 $195.3B
FY25 Q3 $194.4B
FY25 Q4 $189B
FY26 Q1 $190B
FY26 Q2 $215.3B
Revenue growth, TTM YoY Chevron Corporation
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -11.6% Revenue growth, TTM YoY, FY23 Q4: -18.4% Revenue growth, TTM YoY, FY24 Q1: -18.0% Revenue growth, TTM YoY, FY24 Q2: -9.7% Revenue growth, TTM YoY, FY24 Q3: -5.9% Revenue growth, TTM YoY, FY24 Q4: 0.9% Revenue growth, TTM YoY, FY25 Q1: 1.4% Revenue growth, TTM YoY, FY25 Q2: -2.9% Revenue growth, TTM YoY, FY25 Q3: -1.7% Revenue growth, TTM YoY, FY25 Q4: -6.8% Revenue growth, TTM YoY, FY26 Q1: -5.8% Revenue growth, TTM YoY, FY26 Q2: 10.2% 10.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -11.6%
FY23 Q4 -18.4%
FY24 Q1 -18.0%
FY24 Q2 -9.7%
FY24 Q3 -5.9%
FY24 Q4 0.9%
FY25 Q1 1.4%
FY25 Q2 -2.9%
FY25 Q3 -1.7%
FY25 Q4 -6.8%
FY26 Q1 -5.8%
FY26 Q2 10.2%
FCF margin (TTM) Chevron Corporation
6% 8% 10% 12% 14% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 9.7% FCF margin (TTM), FY23 Q4: 9.8% FCF margin (TTM), FY24 Q1: 9.2% FCF margin (TTM), FY24 Q2: 9.0% FCF margin (TTM), FY24 Q3: 9.5% FCF margin (TTM), FY24 Q4: 7.4% FCF margin (TTM), FY25 Q1: 6.7% FCF margin (TTM), FY25 Q2: 8.2% FCF margin (TTM), FY25 Q3: 7.9% FCF margin (TTM), FY25 Q4: 8.8% FCF margin (TTM), FY26 Q1: 7.3% FCF margin (TTM), FY26 Q2: 12.5% 12.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 9.7%
FY23 Q4 9.8%
FY24 Q1 9.2%
FY24 Q2 9.0%
FY24 Q3 9.5%
FY24 Q4 7.4%
FY25 Q1 6.7%
FY25 Q2 8.2%
FY25 Q3 7.9%
FY25 Q4 8.8%
FY26 Q1 7.3%
FY26 Q2 12.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 171.6 204.9 253.7 241.9 228.8 212.0 138.5 114.5 141.7 166.3 146.5 94.7 162.5 246.3 200.9 202.8 189.0 215.3
Gross profit — — — — — — — 55.2 66.0 71.8 66.4 42.5 70.2 100.8 81.8 83.6 80.8 97.6
Net income 10.5 19.0 26.9 26.2 21.4 19.2 4.6 −0.5 9.2 14.8 2.9 −5.5 15.6 35.5 21.4 17.7 12.3 20.6
Diluted EPS $5.24 $9.48 $13.44 $13.32 $11.09 $10.14 $2.45 −$0.27 $4.85 $7.74 $1.54 −$2.96 $8.14 $18.28 $11.36 $9.72 $6.63 $10.41
Growth (year on year)
Revenue −37.1% +19.4% +23.8% −4.6% −5.4% −7.4% −34.7% −17.3% +23.8% +17.4% −11.9% −35.4% +71.6% +51.6% −18.4% +0.9% −6.8% +10.2%
Net income −56.2% +81.5% +41.4% −2.7% −18.2% −10.2% −76.2% −110.8% — +61.2% −80.3% — — +127.0% −39.7% −17.4% −30.4% +50.1%
Diluted EPS −55.1% +80.9% +41.8% −0.9% −16.7% −8.6% −75.8% −111.0% — +59.6% −80.1% — — +124.6% −37.9% −14.4% −31.8% +34.0%
Margins
Gross margin — — — — — — — 48.2% 46.5% 43.1% 45.3% 44.9% 43.2% 40.9% 40.7% 41.2% 42.8% 45.4%
Net margin 6.1% 9.3% 10.6% 10.8% 9.4% 9.1% 3.3% −0.4% 6.5% 8.9% 2.0% −5.9% 9.6% 14.4% 10.6% 8.7% 6.5% 9.6%
Free-cash-flow margin −0.3% 5.7% 5.8% 3.3% −1.3% −1.9% −7.3% −4.7% 4.9% 10.1% 9.0% 1.7% 13.0% 15.3% 9.8% 7.4% 8.8% 12.5%
Cash flow
Cash from operations 19.4 31.4 41.1 38.8 35.0 31.5 19.5 12.7 20.3 30.6 27.3 10.6 29.2 49.6 35.6 31.5 33.9 45.3
Capital spending 19.8 19.6 26.5 30.9 38.0 35.4 29.5 18.1 13.4 13.8 14.1 8.9 8.1 12.0 15.8 16.4 17.3 18.3
Free cash flow −0.5 11.7 14.6 7.9 −3.0 −3.9 −10.0 −5.4 6.9 16.8 13.2 1.7 21.1 37.6 19.8 15.0 16.6 27.0
Balance sheet
Cash 8.7 14.1 15.9 20.9 16.2 12.8 11.0 7.0 4.8 9.3 6.9 5.6 5.6 17.7 8.2 8.3 7.3 9.6
Total debt 14.4 16.6 15.6 18.0 28.3 35.8 46.5 55.0 48.7 44.4 36.7 54.1 39.1 27.4 25.4 32.8 50.7 37.1
Net debt (negative = net cash) 5.7 2.5 −0.2 −2.9 12.1 23.0 35.4 48.0 43.9 35.0 29.8 48.5 33.5 9.7 17.2 24.5 43.4 27.5
Diluted shares 2,001m 2,007m 2,001m 1,965m 1,932m 1,898m 1,875m 1,873m 1,898m 1,914m 1,895m 1,870m 1,920m 1,940m 1,880m 1,817m 1,856m 1,977m
Returned to shareholders
Dividends 5.3 5.7 6.1 6.8 7.5 7.9 8.0 8.0 8.1 8.5 9.0 9.7 10.2 11.0 11.3 11.8 12.8 13.9
Buybacks — 0.8 4.3 5.0 5.0 5.0 0.0 0.0 0.0 1.8 4.0 1.8 1.4 11.3 14.9 15.2 12.1 11.1
Total returned 5.3 6.4 10.4 11.8 12.5 12.9 8.0 8.0 8.1 10.3 13.0 11.4 11.6 22.2 26.3 27.0 24.8 25.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 2 checks passed · June 30, 2026
What it owns · $330.1bn
Short-term assets $49.1bnLonger-term assets $281.0bn
What it owes, and who funded it · $324.5bn
Short-term liabilities $39.2bnLonger-term liabilities $95.3bnShareholders' equity $189.9bn
  • Short-term assets cover short-term liabilities $49.1bn of assets due within a year against $39.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $49.1bn short-term assets against $95.3bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Chevron Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$11.1B
Dividends (TTM)
$13.9B
Returned to shareholders
93%
of free cash flow
Buybacks, last 3 fiscal years
$42.2B
Diluted share count
+12.0%
year over year
Total shareholder yield
5.6%
dividends 3.1% + buybacks 2.5% of market value
Dividend payout ratio
67%
of net income paid out
Sales & admin spending
2.5%
of revenue
Days sales outstanding
37 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in integrated oil & gas
Last 12 months unless stated CVX SHEL PSX MPC VLO XOM Median
Revenue, last 12 months $215.3bn $266.9bn $168.2bn $153.6bn $153.3bn $396.6bn $1.7bn
Revenue growth, last 12 months 10.2% −6.1% 27.5% 15.0% 24.6% 19.0% 8.0%
Revenue growth, 3-year average −1.1% — 4.0% −0.7% 0.5% 3.7% 1.5%
Revenue growth, latest quarter 56.3% — 46.4% 53.8% 43.3% 32.7% 20.8%
Gross margin 45.4% — 15.1% 12.5% 12.3% — 24.3%
Operating margin — — — 9.2% 11.5% — 11.5%
Operating margin, 3-year average — — — 7.0% 5.6% — 12.6%
Net margin 9.6% 6.7% 7.5% 5.6% 8.4% 10.2% 6.8%
Cash from operations / revenue 21.1% 16.1% 8.9% 11.2% 10.4% 17.8% 22.8%
Free-cash-flow margin 12.5% 8.0% 7.4% 8.4% 9.3% 10.8% 7.7%
Free-cash-flow margin, 3-year average 9.9% — 3.2% 5.7% 4.7% 9.1% 7.3%
Stock pay / revenue — — — 0.1% 0.1% — 0.9%
Change in share count 12.0% −6.5% −1.3% −6.5% −5.8% −3.8% 0.3%

Median of all 153 companies we cover in integrated oil & gas. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

153 energy companies
Measure Company Peer median Rank
Revenue growth Growth 10.2% 8.0% 67 of 153
Change in growth rate Growth +16.0pp +3.5pp 21 of 152
Gross margin Profitability 45.4% 23.3% 18 of 68
Net margin Profitability 9.6% 6.8% 63 of 153
Free-cash-flow margin Cash generation 12.5% 7.7% 60 of 145
Long-term debt as % of assets Balance sheet 12.3% 21.6% 30 of 129
Change in share count Balance sheet 12.0% 0.2% 110 of 127
Days sales outstanding Balance sheet 37 days 42 days 46 of 113

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Reportable Segment Aggregation Before Other Operating $184B ▼ 4.6%
All Other Segments $104M ▼ 21.2%

These categories overlap or exclude eliminations, so shares aren't shown.

From Chevron Corporation's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$244B
Institutions reporting
4,116
Shares held vs prior quarter
▲ 1.8%
Positions opened / closed
111 / 275

Top buyers and sellers, Q2 2026: 1,914 institutions bought and 1,998 sold ; the biggest buyer was Blackrock, Inc (+10.1M shares) and the biggest seller GQG Partners LLC (−5.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $25.7B 154.8M 10.5% ▲ 7.0%
State Street Corp $24.6B 148.4M 10.1% ▼ 3.1%
Vanguard Capital Management LLC $20.4B 122.9M 8.4% ▲ 0.3%
Berkshire Hathaway Inc $14B 84.4M 5.7% 0.0%
Geode Capital Management, LLC $7.4B 44.5M 3.0% ▲ 2.0%
Vanguard Portfolio Management LLC $7B 42.5M 2.9% ▲ 0.4%
Charles Schwab Investment Management Inc $6.3B 37.7M 2.6% ▲ 4.4%
Morgan Stanley $6B 36.1M 2.5% ▼ 2.2%
Bank Of America Corp $4.5B 27.2M 1.9% ▼ 1.5%
Norges Bank $3.8B 23.0M 1.6% —
Ameriprise Financial Inc $3.3B 19.7M 1.3% ▲ 14.9%
Jpmorgan Chase & Co $3.2B 19.0M 1.3% ▼ 6.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Chevron Corporation's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $647M 80 trades by 9 insiders · 28% under pre-set plans
Net ▼ $647M net selling
Insider Date Trade Shares Price Value
Pate R. Hewitt Chief Legal Officer October 20, 2026 Sell pre-set plan 40,700 $226.65 $9.2M
Pate R. Hewitt Chief Legal Officer October 19, 2026 Sell pre-set plan 2,400 $225.61 $541,466
Pate R. Hewitt Chief Legal Officer August 18, 2026 Sell 2,470 $205.11 $506,619
Walz Andrew Benjamin President, DM&C August 17, 2026 Sell 16,800 $201.06 $3.4M
Wirth Michael K Chairman and CEO August 14, 2026 Sell 10,311 $201.05 $2.1M
Wirth Michael K Chairman and CEO August 14, 2026 Sell 306,789 $200.44 $61.5M
Gustavson Jeff B President, New Energies August 11, 2026 Sell 14,044 $194.95 $2.7M
Wirth Michael K Chairman and CEO August 5, 2026 Sell 5,547 $187.00 $1M
Hess John B Director August 3, 2026 Sell 30,031 $195.14 $5.9M
Hess John B Director August 3, 2026 Sell 271,946 $194.48 $52.9M
Hess John B Director August 3, 2026 Sell 118,657 $193.29 $22.9M
Hess John B Director August 3, 2026 Sell 90,031 $192.75 $17.4M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 168 trades and filings

In the last 12 months, 8 members of Congress disclosed 4 purchases and 12 sales of Chevron Corporation shares.

  • Pete Sessions(R-TX 17):Sale (full), $15,001 - $50,000, traded October 14, 2026, filed October 27, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $15,001 - $50,000, traded September 23, 2026, filed October 13, 2026
  • Maria Elvira Salazar(R-FL 27):Purchase, $1,001 - $15,000, traded September 2, 2026, filed October 7, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 29, 2027 estimated from the company's past filing pattern, not announced

  • October 30, 2026
  • July 31, 2026
  • May 1, 2026
  • April 9, 2026
  • January 30, 2026
  • October 31, 2025

Recent SEC filings

Data status

When each part of this page on Chevron Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Chevron Corporation in brief

What does Chevron Corporation do?
Chevron Corporation is a US-listed company in the integrated oil & gas industry. Its financial year ends in December.
What is Chevron Corporation's stock ticker?
Chevron Corporation trades under the ticker CVX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Chevron Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Chevron Corporation reported revenue of $215B, 10.2% higher than a year earlier, according to its SEC filings.
What is Chevron Corporation's free cash flow?
Chevron Corporation's free-cash-flow margin is 12.5% of revenue over the trailing twelve months, ranking 60 of the 145 energy companies we cover.
What is Chevron Corporation's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Chevron Corporation's free cash flow after stock-based pay gives ~$190 per share in the base case, and ~$140–$260 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Chevron Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Chevron Corporation buying back stock, and does it pay a dividend?
Chevron Corporation spent $11.1B on share repurchases over the trailing twelve months, and its diluted share count still rose 12.0% over the year.
What is Chevron Corporation's market cap?
On November 2, 2026, Chevron Corporation's market capitalisation was about $450B, with a price-to-earnings ratio of 21.9 and net debt of $27.5B. Market figures come from third-party market data and may be delayed.
Does Chevron Corporation pay a dividend?
Yes: Chevron Corporation paid $13.9B in dividends over the trailing twelve months, a dividend yield of 3.08% and a payout ratio of 67.3%.
Who are Chevron Corporation's competitors?
In our Integrated Oil & Gas peer group, the companies closest to Chevron Corporation are Shell plc, Phillips 66, Marathon Petroleum, Valero Energy and ExxonMobil. The side-by-side comparison below sets their revenue, margins and growth against Chevron Corporation's.
Are insiders buying or selling Chevron Corporation stock?
Over the last 12 months, Chevron Corporation's directors and officers reported 0 open-market purchases and 80 sales on Form 4. The insider trading page charts every trade.
When is Chevron Corporation's next earnings date?
Around January 29, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Chevron Corporation announces its own schedule.