CHEVRON CORP

CVX 10-K · Q4 2025

CVX Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 45,787 48,334 -5.3%
Show Business Segments breakouts
All Other Segments 31 45 -31.1%
All Other Segments · Intersegment Elimination -145 -159 +8.8%
All Other Segments · Operating Segments 176 204 -13.7%
Downstream · Non Us -1,064 -422 -152.1%
Downstream · Non Us 16,902 19,220 -12.1%
Downstream · Non Us 15,838 18,798 -15.7%
Downstream · US -1,718 -2,020 +15.0%
Downstream · US 16,838 18,528 -9.1%
Downstream · US 15,120 16,508 -8.4%
Reportable Segment Aggregation Before Other Operating Segment 45,756 48,289 -5.2%
Reportable Segment Aggregation Before Other Operating Segment · Intersegment Elimination -11,031 -11,709 +5.8%
Reportable Segment Aggregation Before Other Operating Segment · Operating Segments 56,787 59,998 -5.4%
Upstream · Non Us -2,310 -2,516 +8.2%
Upstream · Non Us 11,590 11,132 +4.1%
Upstream · Non Us 9,280 8,616 +7.7%
Upstream · US -5,939 -6,751 +12.0%
Upstream · US 11,457 11,118 +3.0%
Upstream · US 5,518 4,367 +26.4%
Show — breakouts
Revenue 34,753 37,217 -6.6%
Show Consolidation Items breakouts
Intersegment Elimination -11,176 -11,868 +5.8%
Operating Segments 56,963 60,202 -5.4%
Show Equity Method Investment Nonconsolidated Investee breakouts
Tengizchevroil 4,885 4,015 +21.7%
Revenue 46,873 52,226 -10.2%
Show Business Segments breakouts
All Other Segments 136 157 -13.4%
All Other Segments · Intersegment Elimination -16 63 -125.4%
Downstream · Non Us -547 -428 -27.8%
Downstream · Non Us 16,116 18,787 -14.2%
Downstream · US -5,752 -6,523 +11.8%
Downstream · US 15,169 16,743 -9.4%
Reportable Segment Aggregation Before Other Operating Segment · Intersegment Elimination 16 -63 +125.4%
Reportable Segment Aggregation Before Other Operating Segment · Operating Segments 46,737 52,069 -10.2%
Upstream · Non Us 653 797 -18.1%
Upstream · US 5,662 6,091 -7.0%
Upstream · US 5,515 4,539 +21.5%
Cost of Revenue 25,348 30,148 -15.9%
Show Business Segments breakouts
Downstream · Non Us 12,569 16,095 -21.9%
Downstream · US 6,424 7,522 -14.6%
Reportable Segment Aggregation Before Other Operating Segment · Operating Segments 25,348 30,148 -15.9%
Upstream · Non Us 2,811 2,697 +4.2%
Upstream · US 3,544 3,834 -7.6%
Cost of Revenue (Q)
Show Equity Method Investment Nonconsolidated Investee breakouts
Tengizchevroil 4,318 2,416 +78.7%
Total Costs & Expenses 42,274 46,167 -8.4%
Show Business Segments breakouts
All Other Segments 1,370 1,390 -1.4%
Downstream · Non Us 14,844 18,208 -18.5%
Downstream · US 9,199 10,676 -13.8%
Reportable Segment Aggregation Before Other Operating Segment · Operating Segments 40,904 44,777 -8.6%
Upstream · Non Us 7,422 7,099 +4.5%
Upstream · US 9,439 8,794 +7.3%
Show — breakouts
Total Costs & Expenses 33,454 37,748 -11.4%
Selling, General & Administrative 1,492 1,585 -5.9%
Interest Income (Q)
Show Business Segments breakouts
All Other Segments 64 81 -21.0%
Income Tax Expense (Benefit) 1,754 2,800 -37.4%
Show Business Segments breakouts
All Other Segments -162 -353 +54.1%
Downstream · Non Us 109 38 +186.8%
Downstream · US -12 -108 +88.9%
Reportable Segment Aggregation Before Other Operating Segment · Operating Segments 1,916 3,153 -39.2%
Upstream · Non Us 1,388 2,815 -50.7%
Upstream · US 431 408 +5.6%
Net Income 2,845 3,259 -12.7%
Show Equity Components breakouts
Noncontrolling Interest 75 20 +275.0%
Parent 2,770 3,239 -14.5%
Retained Earnings 2,770 3,239 -14.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Tengizchevroil 287 1,052 -72.7%
Net Income 2,770 3,239 -14.5%
Show Business Segments breakouts
All Other Segments -1,088 -817 -33.2%
Downstream · Non Us 593 100 +493.0%
Downstream · US 230 -348 +166.1%
Reportable Segment Aggregation Before Other Operating Segment · Operating Segments 3,858 4,056 -4.9%
Upstream · Non Us 1,778 2,884 -38.3%
Upstream · US 1,257 1,420 -11.5%
Show — breakouts
Net Income 1,049 -340 +408.5%
Comprehensive Income 2,897 3,304 -12.3%
EPS (Basic) 1.36 1.85 -26.5%
EPS (Diluted) 1.36 1.84 -26.1%
Wtd Avg Shares (Basic) -1,799,774 -1,820,960 +1.2%
Wtd Avg Shares (Diluted) -1,806,148 -1,827,959 +1.2%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 4,599 6,059 -24.1%
Net Income Loss Attributable To Noncontrolling Interest 75 20 +275.0%
Show Business Segments breakouts
Downstream · Non Us 23 13 +76.9%
Reportable Segment Aggregation Before Other Operating Segment · Operating Segments 75 20 +275.0%
Upstream · Non Us 2 -1 +300.0%
Upstream · US 50 8 +525.0%
Income Loss From Equity Method Investments 663 688 -3.6%
Interest Expense (Q)
Show Business Segments breakouts
All Other Segments 325 181 +79.6%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Accounts Receivable 15,986
Inventory 9,711 9,074 +7.0%
Total Current Assets 38,552 40,911 -5.8%
Show Legal Entity breakouts
Affiliates · Equity Method Investment Nonconsolidated Investee Or Group Of Investees 21,846 21,697 +0.7%
Chevron USA Inc [Member] 18,442 20,153 -8.5%
Tengizchevroil 6,052 4,753 +27.3%
Show Consolidated Entities breakouts
Parent Company · Equity Method Investment Nonconsolidated Investee Or Group Of Investees 9,233 9,323 -1.0%
Non-Current Assets
Operating Lease Right-of-Use Assets 6,054 5,315 +13.9%
Goodwill 4,568 4,578 -0.2%
Show Business Segments breakouts
Downstream · Operating Segments 352 352 0.0%
Upstream · Operating Segments 4,216 4,226 -0.2%
Deferred Tax Assets -2,862 -3,516 +18.6%
Other Non-Current Assets 16,236 14,854 +9.3%
Total Assets 324,012 256,938 +26.1%
Show Business Segments breakouts
Downstream · Non Us 21,146 22,165 -4.6%
Downstream · Operating Segments 55,243 56,770 -2.7%
Downstream · US 33,745 34,253 -1.5%
Upstream · Non Us 168,200 123,343 +36.4%
Upstream · Operating Segments 256,975 188,483 +36.3%
Upstream · US 84,559 60,914 +38.8%
Show Geography breakouts
Non Us 190,744 148,811 +28.2%
Non Us · Material Reconciling Items 1,398 3,303 -57.7%
US 128,700 103,549 +24.3%
US · Material Reconciling Items 10,396 8,382 +24.0%
Show Consolidation Items breakouts
Material Reconciling Items 11,794 11,685 +0.9%
Operating Segments 312,218 245,253 +27.3%
Current Liabilities
Accounts Payable 19,280 22,079 -12.7%
Accrued Liabilities 10,763 8,486 +26.8%
Commercial Paper 4,642 5,386 -13.8%
Current Portion of Long-Term Debt -2,345 -4,012 +41.6%
Total Current Liabilities 33,387 38,558 -13.4%
Show Legal Entity breakouts
Affiliates · Equity Method Investment Nonconsolidated Investee Or Group Of Investees 14,094 12,906 +9.2%
Chevron USA Inc [Member] 22,943 25,825 -11.2%
Tengizchevroil 5,538 3,203 +72.9%
Show Consolidated Entities breakouts
Parent Company · Equity Method Investment Nonconsolidated Investee Or Group Of Investees 4,586 5,084 -9.8%
Debt Current 10,918 12,656 -13.7%
Non-Current Liabilities
Long-Term Debt (Q)
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 28,532 10,810 +163.9%
Estimate Of Fair Value Fair Value Disclosure 28,610 9,791 +192.2%
Operating Lease Liabilities 4,154 3,551 +17.0%
Deferred Tax Liabilities 30,014 19,137 +56.8%
Total Liabilities 131,836 103,781 +27.0%
Stockholders' Equity
Common Stock 1,832 1,832 0.0%
Retained Earnings 205,365 205,852 -0.2%
Accumulated Other Comprehensive Income -2,464 -2,760 +10.7%
Total Stockholders' Equity 186,450 152,318 +22.4%
Total Liabilities & Equity 324,012 256,938 +26.1%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation & Amortization 5,884 4,973 +18.3%
Show Business Segments breakouts
All Other Segments 74 144 -48.6%
Downstream · Non Us 81 118 -31.4%
Downstream · US 335 418 -19.9%
Reportable Segment Aggregation Before Other Operating Segment · Operating Segments 5,810 4,829 +20.3%
Upstream · Non Us 2,647 2,178 +21.5%
Upstream · US 2,747 2,115 +29.9%
Other Non-Cash Items -210 -170 -23.5%
Change in Inventory 818 539 +51.8%
Change in Prepaid & Other Assets 266 -112 +337.5%
Net Cash from Operations 10,789 8,695 +24.1%
Investing Activities
Net Cash from Investing -4,932 2,670 -284.7%
Financing Activities
Share Repurchases -2,998 -4,500 +33.4%
Net Cash from Financing -7,372 -8,782 +16.1%
Supplemental
Interest Paid 369 261 +41.4%
Other Cash Flow
Net Change in Cash -1,498 2,498 -160.0%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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