Earnings quality
Compare earnings and operating cash flow for earnings quality.
Chevron Corporation
Ticker CVX · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-24 · Period end 2025-12-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 57.5%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio57.5%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
Chevron Corp is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 832-854-1000 · As of filing date 2026-02-24
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $193.4B | $184.4B |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | — | — |
| Income tax | $9.8B | $7.3B |
| Net income | $17.7B | $12.3B |
| Basic EPS | 9.76 | 6.65 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $17.7B | $8.2B |
| Current assets | $40.9B | $38.6B |
| Non-current assets* | $216.0B | $285.5B |
| Total assets | $256.9B | $324.0B |
| Current liabilities | $38.6B | $33.4B |
| Non-current liabilities* | $65.2B | $98.4B |
| Total liabilities | $103.8B | $131.8B |
| Stockholders’ equity | $152.3B | $186.4B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $31.5B | $33.9B |
| Investing cash flow | -$8.9B | -$15.9B |
| Financing cash flow | -$23.5B | -$19.1B |
| Cash at end of period | $17.7B | $8.2B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $155.6B | $235.7B | $196.9B | $193.4B | $184.4B | |
| Net income | $15.6B | $35.5B | $21.4B | $17.7B | $12.3B | |
| Total assets | $239.5B | $257.7B | $261.6B | $256.9B | $324.0B | |
| Cash & equivalents | $5.6B | $17.7B | $8.2B | — | — | |
| Stockholders’ equity | $139.1B | $159.3B | $161.0B | $152.3B | $186.4B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from $193.4B to $184.4B (▼ -4.6%). Operating profit went from — to — (—).
Operating cash flow was $33.9B (prior $31.5B), with cash on the balance sheet at $8.2B versus $17.7B.
Liquidity & leverage
Cash moved from $17.7B to $8.2B; current liabilities $33.4B.
Capital buffer
Stockholders’ equity moved from $152.3B to $186.4B.
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Source: SEC EDGAR 0000093410-26-000078
(Chevron Corp), period end 2025-12-31.