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Chevron's finances, and what holding CVX would have done
Chevron's revenue, profit, cash flow and debt from SEC filings, and what holding CVX would have done in the past.
Chevron (CVX) was the number 22 US company by market value on 5 November 2026, at about $423 billion, on the companiesmarketcap.com ranking. Its figures come from its SEC filings, read on 5 November 2026. A figure a filing lacks is marked as not reported.
What Chevron sells
Chevron finds and produces oil and natural gas, refines it into petrol and diesel, and sells it through its fuel stations. It also makes chemicals.
The finances
- Revenue: $184 billion in the year to 31 December 2025 (10-K), down 4.6% from $193 billion. The 12 months to 30 June 2026: $209 billion. Sales shrank.
- Net income: $12.3 billion in the year to 31 December 2025 (10-K), against $17.7 billion a year earlier; net margin 6.7%. The 12 months to 30 June 2026: $20.6 billion. About $7 of every $100 of sales stayed as profit.
- Free cash flow: $16.6 billion in the year to 31 December 2025 (10-K), which is $33.9 billion of operating cash flow minus $17.3 billion of capital spending. The 12 months to 30 June 2026: $27.0 billion. Cash left over was above reported profit.
- Cash and debt: $9.6 billion in cash and $36.7 billion of debt (10-Q, 30 June 2026). Debt was several times its cash.
- Share count: 1.86 billion average diluted shares in the year to 31 December 2025 (10-K), up 2.1% from 1.82 billion. More shares, often from pay in stock, make each one a smaller slice.
One thing to notice: Net income fell 30% in 2025, from $17.7 billion to $12.3 billion, as revenue fell about 5%. The latest filing in our data is the quarter to 30 June 2026, because its filing for the quarter to September was not in the SEC data yet.
What holding it would have done
From our free long-term checker, which looks back only:
- Past returns, price only: 1-year +46% (SPY +10%), 3-year +53% (SPY +74%), 5-year +99% (SPY +62%), 10-year +109% (SPY +248%). That 10-year gain is 7.7% a year, against 13.3% for SPY.
- Worst fall: -59.4%, from the close on 12 January 2018 to the low on 23 March 2020 (801 days). Getting back to that high took another 675 days, to 27 January 2022. SPY's worst fall was -34.1%.
- How often holding ended higher: 62% of 1-year holds (worst -56%) and 99% of 5-year holds (worst -4%).
- Monthly buying against a lump sum: over the past 10 years, $100 a month ($12,100 in total) would have grown to $21,465. The same money in on day one would have grown to $25,288; in SPY, monthly buying ends at $24,571 and the lump sum at $42,078.
Price only: no dividends, fees or tax. Daily closes, 10 November 2016 to 3 November 2026. SPY is an S&P 500 fund.
What this does and does not tell you
A company can earn more and still see its shares fall, because the price already reflects what people expect. So the filings and the long test answer different questions, and neither says what comes next.
This is one company over one stretch of history: an in-sample look at the past, not a promise. It is general information, not a call to buy or sell CVX, and it sets no price target.
More
The other 24 are in The 25 biggest US stocks. To check any other stock, use the long-term checker.
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