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Chevron (CVX) USD

Chevron Corporation is an integrated energy company that explores for, produces, and transports crude oil and natural gas, and refines crude oil into petroleum products, lubricants, and renewable fuels. It also manufactures petrochemicals and operates in carbon capture and storage.

At a glance: strengths & risks
✓Revenue growing (+50% y/y, Q2 2026)✓Profit growing (+385% y/y, Q2 2026)✓Margins improving (19%→30%, Q2 2026)✓Commodity price +30% vs 1-yr · +5% vs 3-yr✗Only 10 years of reserves✗Priced above model value

Sector: Oil & gas

Geography: United States, Australia, Kazakhstan

COMM_CVX

Price chart

209.8 USDDay 0.58%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
209.8 USD · 0.58%
Market cap
414.4 bn USD

Growth

Δ revenue y/y
49.9%
Δ EBITDA y/y
139.8%

Multiples

P/E (LTM)
20.1x
3y avg: 18.2x
P/B (FY)
2.2x
P/E (ann.)
8.6x
EV/EBITDA (LTM)
8.6x
3y avg: 7.5x
EV/EBITDA (ann.)
5.4x

Cash return

Dividend yield
3.4%
FCF yield (LTM)
4.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-34.1%
↓ details

Liquidity

Daily turnover (listing)
1.6 bln USD

Shares: sec_companyfacts/93410

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK67.2
y/y 49.9%
14.3
y/y 244.2%
6.1
y/y 40.0%
20.4
y/y 139.8%
12.1
y/y 384.8%
22.6-4.5330.1
y/y 31.6%
189.9
y/y 29.7%
25.9%28.5Yahoo Finance
2026-03-31Q1 2026 (3M)OK48.6
y/y 2.1%
3.9
y/y -29.3%
5.8
y/y 40.9%
9.8
y/y 0.5%
2.2
y/y -36.9%
2.5-4.1329.6
y/y 28.5%
183.7
y/y 23.1%
4.8%39.1Link
2025-12-31Q4 2025 (3M)OK46.9
y/y -10.2%
4.6
y/y -24.1%
5.9
y/y 18.3%
10.5
y/y -5.0%
2.8
y/y -14.5%
10.8-3.6324.0
y/y 26.1%
186.4
y/y 22.4%
6.5%49.4Link
2025-09-30Q3 2025 (3M)OK49.7
y/y -1.9%
5.4
y/y -16.6%
5.8
y/y 37.2%
11.2
y/y 4.6%
3.5
y/y -21.1%
9.4-4.4326.5
y/y 25.9%
189.8
y/y 21.5%
2.8%32.8Link
2025-06-30Q2 2025 (3M)OK44.8
y/y -12.4%
4.1
y/y -41.1%
4.3
y/y 8.5%
8.5
y/y -23.1%
2.5
y/y -43.8%
8.6-3.7250.8
y/y -3.8%
146.4
y/y -8.0%
6.7%24.1Link
2025-03-31Q1 2025 (3M)OK47.6
y/y -2.3%
5.6
y/y -29.5%
4.1
y/y 0.8%
9.7
y/y -19.2%
3.5
y/y -36.4%
5.2-5.6256.4
y/y -2.0%
149.2
y/y -7.1%
9.3%23.5Link
2024-12-31Q4 2024 (3M)OK52.2
y/y 10.7%
6.1
y/y 73.6%
5.0
y/y -20.5%
11.0
y/y 13.2%
3.2
y/y 43.4%
8.7-4.3256.9
y/y -1.8%
152.3
y/y -5.4%
11.4%29.6Link
2024-09-30Q3 2024 (3M)OK50.7
y/y -6.3%
6.5
y/y -25.7%
4.2
y/y 4.7%
10.7
y/y -16.1%
4.5
y/y -31.2%
9.7-4.1259.2
y/y -1.8%
156.2
y/y -5.5%
3.8%20.1Link
2024-06-30Q2 2024 (3M)OK51.2
y/y 4.7%
7.0
y/y -10.2%
4.0
y/y 13.7%
11.0
y/y -2.8%
4.4
y/y -26.2%
6.3-4.0260.6
y/y 3.5%
159.2
y/y 0.6%
11.1%19.2Link
2024-03-31Q1 2024 (3M)OK48.7
y/y -4.1%
7.9
y/y -16.8%
4.1
y/y 16.0%
12.0
y/y -7.9%
5.5
y/y -16.3%
6.8-4.1261.7
y/y 2.3%
160.6
y/y 0.7%
13.7%15.6Link
2023-12-31Q4 2023 (3M)OK47.2
y/y —
3.5
y/y —
6.3
y/y —
9.7
y/y —
2.3
y/y —
12.4-4.2261.6
y/y —
161.0
y/y —
13.1%22.4Link
2023-09-30Q3 2023 (3M)OK54.1
y/y —
8.7
y/y —
4.0
y/y —
12.8
y/y —
6.5
y/y —
9.7-4.7263.9
y/y —
165.3
y/y —
5.4%14.6Link
2023-06-30Q2 2023 (3M)OK48.9
y/y —
7.8
y/y —
3.5
y/y —
11.4
y/y —
6.0
y/y —
6.3-3.9251.8
y/y —
158.3
y/y —
15.1%11.9Link
2023-03-31Q1 2023 (3M)OK50.8
y/y —
9.5
y/y —
3.5
y/y —
13.0
y/y —
6.6
y/y —
7.2-3.0255.9
y/y —
159.4
y/y —
—7.4Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)401
Long-term debt (incl. LT leases)36 674
− Cash & equivalents8 530
Net debt28 545

Net debt / LTM EBITDA: 0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

020 00040 00060 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-5 00005 00010 00015 00020 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

010 00020 00030 00040 00050 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.78x of reported net profit; after capex, 1.06x.
year20212022202320242025
cash flow / profit1.87x1.40x1.67x1.78x2.76x
accruals, % of assets-5.7%-5.5%-5.4%-5.4%-6.7%
Last twelve months (to 2026-06-30): 2.20x of profit came back as operating cash flow.
net debt / EBITDA 1.2x · EBIT covers interest 16.2x · capex 0.8x of depreciation · dividends 52% of free cash flow · share count -0.8% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas Integrated

Proved reserves
10 591 mln boe
2025
Reserve life (R/P)
9.7 yrs
reserves ÷ annual output
Annual production
1 095 mln boe
2022

Production, mln boe

1 13120211 0952022

Proved reserves

YearReserves, mln boe
202510 591
20249 804
202311 069
202211 229
202111 264
202011 134

Production

YearProduction, mln boeper day, mln boe
2023540.36 * (6M)
−0.3%		2.96
20221 095
−3.2%		3.00
20211 1313.10
2020257.89 * (3M)2.82

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 99spot vs LTM +21%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -34.1% ▼ -0.1 pp 1d

Main driver: Brent +30% vs LTM; revenue ×1.21 vs costs ×1.04; EBITDA 51 065→69 646; at 6.2× EV/EBITDA → -34%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+80%99.3376.5180.58+30%+5%
Henry Hub Gas (rev)+20%2.893.383.12-15%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue211 319
LTM EBITDA51 065
LTM cash costs (revenue − EBITDA)160 254
2 · Revenue projection
Revenue multiplier — spot×1.210 (+21%)
= Spot revenue255 610
Revenue multiplier — 3y price×1.027 (+3%)
= 3-year-price revenue217 011
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs166 664
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs166 664
4 · EBITDA projection (revenue − costs)
= Spot EBITDA88 946
= 3-year-price EBITDA50 347
Conservative EBITDA = min(spot, avg)69 646
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.2x
Target EV = EV/EBITDA × conservative EBITDA431 806
Net debt28 644
Target market cap = EV − net debt403 162
Current market cap405 735

Upside = target market cap ÷ current − 1 = -34.1%

Life of mine: 10 yrs — before haircut -0.6%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q354 08050 115+7.9%12 7637 875+62.1%
2023 Q448 93350 459-3.0%9 7449 838-1.0%
2024 Q148 71648 147+1.2%12 0138 222+46.1%
2024 Q251 18150 812+0.7%11 04011 154-1.0%
2024 Q350 66947 203+7.3%10 7036 878+55.6%
2024 Q448 33448 391-0.1%11 0328 412+31.1%
2025 Q147 61053 198-10.5%9 70613 708-29.2%
2025 Q244 82246 205-3.0%8 4916 407+32.5%
2025 Q349 72644 786+11.0%11 1955 959+87.9%
2025 Q445 78745 395+0.9%9 7586 936+40.7%
2026 Q148 60751 797-6.2%9 75413 669-28.6%
2026 Q267 19960 877+10.4%20 35822 506-9.5%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

Prod. CAGR (2 yr): +9.2%

37233572342232713120202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves CAGR (2 yr): -2.2% · Reserves life (R/P): 7.8 yr

110691075310436101209804202320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-313,72310,591——
2024-12-313,3389,804——
2023-12-313,12011,069——

2025-12-31 · FY

Production & proved reserves

FY2025 worldwide oil-equivalent net production and year-end total proved reserves. R/P 7.8 yr.

Line itemAmount
Crude oil equivalent (net, Mboe/d)3,723
Proved reserves (net, MMboe)10,591

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 worldwide oil-equivalent net production and year-end total proved reserves. R/P 8.0 yr.

Line itemAmount
Crude oil equivalent (net, Mboe/d)3,338
Proved reserves (net, MMboe)9,804

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

FY2023 worldwide oil-equivalent net production and year-end total proved reserves. R/P 9.7 yr.

Line itemAmount
Crude oil equivalent (net, Mboe/d)3,120
Proved reserves (net, MMboe)11,069

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -7% vs +1% the year before — a -7.7 pp move. 3-year CAGR -8%.
revenue growth by year: 2023 -18% · 2024 +1% · 2025 -7%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 4.5x · target 75th pct (3y) 15.1x · LTM avg 8.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-191.78 USDEx-dividend: 1.78 USD per sharePaidYahoo Finance (ex-div)
2026-05-191.78 USDEx-dividend: 1.78 USD per sharePaidYahoo Finance (ex-div)
2026-02-171.78 USDEx-dividend: 1.78 USD per sharePaidYahoo Finance (ex-div)
2025-11-181.71 USDEx-dividend: 1.71 USD per sharePaidYahoo Finance (ex-div)
2025-08-191.71 USDEx-dividend: 1.71 USD per sharePaidYahoo Finance (ex-div)
2025-05-191.71 USDEx-dividend: 1.71 USD per sharePaidYahoo Finance (ex-div)
2025-02-141.71 USDEx-dividend: 1.71 USD per sharePaidYahoo Finance (ex-div)
2024-11-181.63 USDEx-dividend: 1.63 USD per sharePaidYahoo Finance (ex-div)
2024-08-191.63 USDEx-dividend: 1.63 USD per sharePaidYahoo Finance (ex-div)
2024-05-161.63 USDEx-dividend: 1.63 USD per sharePaidYahoo Finance (ex-div)
2024-02-151.63 USDEx-dividend: 1.63 USD per sharePaidYahoo Finance (ex-div)
2023-11-161.51 USDEx-dividend: 1.51 USD per sharePaidYahoo Finance (ex-div)
2023-08-171.51 USDEx-dividend: 1.51 USD per sharePaidYahoo Finance (ex-div)
2023-05-181.51 USDEx-dividend: 1.51 USD per sharePaidYahoo Finance (ex-div)
2023-02-151.51 USDEx-dividend: 1.51 USD per sharePaidYahoo Finance (ex-div)
2022-11-171.42 USDEx-dividend: 1.42 USD per sharePaidYahoo Finance (ex-div)
2022-08-181.42 USDEx-dividend: 1.42 USD per sharePaidYahoo Finance (ex-div)
2022-05-181.42 USDEx-dividend: 1.42 USD per sharePaidYahoo Finance (ex-div)
2022-02-151.42 USDEx-dividend: 1.42 USD per sharePaidYahoo Finance (ex-div)
2021-11-171.34 USDEx-dividend: 1.34 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Chevron (CVX) — from primary filings.

Frequently asked questions

What is Chevron (CVX)'s P/E ratio?
Chevron (CVX) trades at a P/E of 20.1x (price to trailing 12-month earnings).
What is Chevron (CVX)'s EV/EBITDA?
Chevron (CVX) trades at 8.6x EV/EBITDA.
What is Chevron (CVX)'s P/B ratio?
Chevron (CVX) trades at a P/B of 2.2x.
What is Chevron (CVX)'s dividend yield?
Chevron (CVX)'s trailing 12-month dividend yield is 3.4%.
What is Chevron (CVX)'s return on equity (ROE)?
Chevron (CVX)'s ROE is 25.9%.
What is Chevron (CVX)'s market capitalization?
Chevron (CVX)'s market cap is 414.4 bn USD.

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