Chevron Corporation
Financial Performance
Chevron Revenue & Financials
Revenue
$189B (FY2025)
Market Cap
$401B
Employees
43,039
What is Chevron's revenue?
Chevron had $189B in revenue for fiscal year 2025, down 6.8% from 2024.
- Latest revenue
- $189B (FY2025)
- Year-over-year
- -6.8%
- Growth rate (CAGR)
- 5.7% over 9 years
- Peak revenue
- $246.3B (FY2022)
- Years of data
- 10
- Employees
- 43,039
- How many employees does Chevron have?
- Chevron has about 43,039 employees.
Financial Analysis
Chevron's revenue tracks oil and gas prices: $94.7 billion in 2020, a peak of $246.3 billion in 2022, $200.9 billion in 2023, $202.8 billion in 2024 and $189.0 billion in 2025. 2025 net income was $12.3 billion. In the second quarter of 2026, Chevron reported earnings of $12.1 billion ($6.11 per diluted share; adjusted $12.0 billion, $6.06 per share) on roughly $70.1 billion of revenue, with cash flow from operations excluding working capital of nearly $20 billion. Shareholder returns are prioritized in this order: grow the dividend, fund disciplined capital spending, keep a strong balance sheet, then buy back shares with surplus cash. Chevron Corporation is one of the world's supermajor oil companies, sustaining a market valuation typically over $300 billion.
Revenue Trend Analysis
YoY Change
-6.8%
9-Year CAGR
+5.7%
Peak Year
2022
Trend
Mostly Growing
Chevron Corporation has 10 full fiscal year figures on this page, compounding at +5.7% annually over 9 years. The most recent year saw a 6.8% decline versus the prior year. Annual revenue peaked in fiscal year 2022 at $246.3B. Of 9 comparable year-over-year steps, 5 showed growth and 4 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Net Income | YoY Change | Source |
|---|---|---|---|---|
| FY2025 | $189B | — | -6.8% | data.sec.gov Revenue and other income declined to $189.031 billion. |
| FY2024 | $202.8B | — | +0.9% | data.sec.gov Revenue was $202.792 billion. |
| FY2023 | $200.9B | — | -18.4% | data.sec.gov Revenue declined to $200.949 billion as prices normalized. |
| FY2022 | $246.3B | — | +51.6% | data.sec.gov Revenue reached $246.252 billion during the post-invasion energy price spike. |
| FY2021 | $162.5B | — | +71.6% | data.sec.gov Revenue rebounded to $162.465 billion as oil and gas demand recovered. |
| FY2020 | $94.7B | — | -35.4% | data.sec.gov Revenue fell to $94.692 billion during the pandemic energy-demand shock. |
| FY2019 | $146.5B | $2.9B | -11.9% | Chevron Corporation annual report (Form 10-K, SEC EDGAR, filed 2022-02-24) Fiscal year ended 2019-12-31. |
| FY2018 | $166.3B | $14.8B | +17.4% | Chevron Corporation annual report (Form 10-K, SEC EDGAR, filed 2021-02-25) Fiscal year ended 2018-12-31. |
| FY2017 | $141.7B | $9.2B | +23.8% | Chevron Corporation annual report (Form 10-K, SEC EDGAR, filed 2020-02-21) Fiscal year ended 2017-12-31. |
| FY2016 | $114.5B | -$497M | — | Chevron Corporation annual report (Form 10-K, SEC EDGAR, filed 2019-02-22) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Chevron Corporation balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Total assets | Total liabilities | Shareholders' equity | Source |
|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $33.9B | $324B | $131.8B | $186.4B | Form 10-K |
| FY2024ended Dec 31, 2024 | $31.5B | $256.9B | $103.8B | $152.3B | Form 10-K |
| FY2023ended Dec 31, 2023 | $35.6B | $261.6B | $99.7B | $161B | Form 10-K |
| FY2022ended Dec 31, 2022 | $49.6B | $257.7B | $97.5B | $159.3B | Form 10-K |
| FY2021ended Dec 31, 2021 | $29.2B | $239.5B | $99.6B | $139.1B | Form 10-K |
| FY2020ended Dec 31, 2020 | $10.6B | $239.8B | $107.1B | $131.7B | Form 10-K |
| FY2019ended Dec 31, 2019 | $27.3B | $237.4B | $92.2B | $144.2B | Form 10-K |
| FY2018ended Dec 31, 2018 | $30.6B | $253.9B | $98.2B | $154.6B | Form 10-K |
| FY2017ended Dec 31, 2017 | $20.3B | $253.8B | $104.5B | $148.1B | Form 10-K |
| FY2016ended Dec 31, 2016 | $12.7B | $260.1B | $113.4B | $145.6B | Form 10-K |
Keep researching Chevron
Chevron Revenue and Financial FAQ
What was Chevron's total annual revenue in recent fiscal years?
Chevron Corporation reported revenue of $189.0 billion for fiscal year 2025, down from $202.8 billion in fiscal 2024.
How much net income does Chevron make?
Chevron's net income attributable to the company was $12.3 billion in 2025, down from $17.7 billion in 2024. Quarterly earnings rose to $12.1 billion in Q2 2026 on higher prices, stronger refining margins and higher production after the Hess acquisition.
What is Chevron's dividend track record and annual payout?
Chevron has raised its annual dividend every year for nearly four decades. It paid $1.71 per share per quarter in 2025, and the dividend is first in its stated cash-allocation priorities.
How much capital does Chevron return to shareholders through share buybacks?
Chevron buys back shares with cash left after dividends and capital spending, and has guided to a $10 billion to $20 billion annual buyback range across different oil price environments.
How strong is Chevron's balance sheet?
Chevron keeps an investment-grade balance sheet and treats it as a priority alongside dividends and capital spending. Strong Q2 2026 cash flow, with operating cash flow excluding working capital of nearly $20 billion, allowed it to reduce debt.
How much does Chevron spend on capital projects?
Chevron's capital spending is focused mainly on upstream projects in the Permian, Guyana, Kazakhstan and the Gulf of America, with smaller amounts for downstream, chemicals and lower-carbon businesses. The budget increased after the Hess acquisition added Guyana and Bakken spending.
What is Chevron's total market capitalization on the NYSE?
Chevron's market capitalization was about $400 billion in late September 2026, with shares trading around $204. It is the second-most valuable U.S. oil company after ExxonMobil.
Why are Chevron's Permian Basin barrels so profitable?
Much of Chevron's Permian acreage was acquired decades ago and carries low royalty burdens, and the company develops it with multi-well pads and long laterals. That gives it competitive per-barrel costs and helps the Permian generate cash at moderate oil prices.
Is Chevron profitable?
Yes, immensely. When global oil prices surge, Chevron frequently reports tens of billions in pure profit, which it aggressively returns to shareholders through massive dividends and unprecedented stock buybacks.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Chevron Revenue & Financials." CorpDigest, https://corpdigest.com/company/chevron/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Chevron reported $189B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/chevron/financials" target="_blank" rel="noopener">CorpDigest — Chevron financials</a></div>Related Financial Audits
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