Chevron Corporation

NYSE:CVX Stock Report

Market Cap: US$419.9b

Chevron Future Growth

Future criteria checks 0/6

Chevron's revenue is forecast to decline at 2% per annum while its annual earnings are expected to grow at 2% per year. EPS is expected to grow by 4.6% per annum. Return on equity is forecast to be 12.6% in 3 years.

Key information

2.0%

Earnings growth rate

4.56%

EPS growth rate

Oil and Gas earnings growth3.7%
Revenue growth rate-2.0%
Future return on equity12.61%
Analyst coverage

Good

Last updated03 Sep 2026

Recent future growth updates

Analysis Article • May 11

Results: Chevron Corporation Beat Earnings Expectations And Analysts Now Have New Forecasts

Last week, you might have seen that Chevron Corporation ( NYSE:CVX ) released its first-quarter result to the market...

Recent updates

Seeking Alpha • Sep 11

Chevron: $100 Oil Price Can Last Longer Than You Think

Summary Prolonged U.S.-Iran conflicts and the latest earnings updates led us to see prevailing oil price forecasts—and the EPS projections for Chevron—as underestimates. Current oil price forecasts expect oil prices to fall back to the range of $74—$85 in 2027. CVX's EPS estimates based on these forecasts could underestimate its 2027 EPS by ~$4.5/share if oil averages $100. At the current P/E multiple, this underestimate translates to a potential for a $50+ share price rally. Read the full article on Seeking Alpha
Narrative Update • Sep 03

CVX: Venezuela Expansion And Project Execution Will Shape Future Cash Returns

Analysts have modestly lifted the average Chevron price target to $221 from about $216. They cited stronger expected cash flow contributions from Venezuela assets, updated commodity price assumptions into 2026 and 2027, and recent estimate revisions following quarterly results.
Narrative Update • Jun 18

CVX: Tighter Oil Supply And Refining Margins Will Support Future Cash Returns

The analyst price target for Chevron stock has been reaffirmed at $216.04, with analysts citing higher oil price and refining crack assumptions alongside tighter global supply conditions as key supports for their updated view. Analyst Commentary Recent research on Chevron centers on how changing oil and gas assumptions feed into valuation, with several firms updating their price targets and ratings in response to tighter supply expectations and shifts in commodity pricing outlooks.
Narrative Update • Jun 04

CVX: Tighter Oil Markets And Refining Margins Will Support Future Cash Returns

Analysts have nudged their Chevron fair value estimate higher to about $216 from roughly $213. This reflects updated views that tighter oil markets and stronger refining margins support a modestly lower future P/E assumption and a slightly richer valuation for the stock.
Analysis Article • May 17

Why Chevron's (NYSE:CVX) Shaky Earnings Are Just The Beginning Of Its Problems

Chevron Corporation's ( NYSE:CVX ) recent weak earnings report didn't cause a big stock movement. Our analysis suggests...
Analysis Article • May 11

Results: Chevron Corporation Beat Earnings Expectations And Analysts Now Have New Forecasts

Last week, you might have seen that Chevron Corporation ( NYSE:CVX ) released its first-quarter result to the market...
Narrative Update • Apr 18

CVX: Firmer Long Term Oil Prices Will Drive Future Cash Returns

Chevron's updated analyst price target has shifted from $203.00 to $213.29 as analysts factor in higher projected revenue growth, slightly better profit margins, and a modestly lower future P/E, supported by a series of recent upgrades and price target increases tied to expectations for firmer long term oil prices. Analyst Commentary Recent research commentary on Chevron clusters around oil price expectations, cash flow potential, and the company’s ability to execute on its project pipeline while maintaining shareholder returns.
Narrative Update • Apr 03

CVX: Venezuela Licensing And Oil Market Risks Will Shape Future Cash Returns

Narrative Update: Chevron Chevron's updated analyst price target of $203, up from $192.29, reflects analysts incorporating higher long term oil price assumptions, modestly higher revenue growth expectations, and a slightly richer forward P/E multiple in light of recent sector wide target raises and upgrades. Analyst Commentary Recent research shows a clear tilt toward higher Chevron price targets, but with a wide spread of opinions on how durable the backdrop for oil and gas will be and what that could mean for valuation, execution risk, and growth options.
Narrative Update • Mar 19

CVX: Venezuela Licensing And Permian Cash Generation Will Shape Future Capital Returns

The analyst price target for Chevron has increased by about $6, reflecting updated oil price assumptions, tighter expected crude balances into 2026, and what analysts view as underappreciated cash flow support for integrated oil and gas companies. Analyst Commentary Recent research on Chevron reflects a wide range of opinions, but there is a clear cluster of higher price targets tied to revised oil assumptions, perceived cash flow support, and capital allocation plans.
Narrative Update • Mar 05

CVX: Venezuela Policy And Permian Cash Generation Will Influence Future Dividend Resilience

Chevron's fair value estimate has been nudged higher to $185.92 from $183.46 as analysts point to higher price targets and see support from stronger cash generation potential, renewed exploration plans, and a tighter crude supply backdrop linked to geopolitical risks. Analyst Commentary Recent Street research around Chevron highlights a split view on how sustainable the current setup is for the shares, with several price target increases sitting alongside a few cuts and downgrades.
Narrative Update • Feb 19

CVX: Venezuela Policy And Permian Cash Generation Will Shape Future Dividend Resilience

Analysts have nudged their fair value estimate for Chevron higher to $183.46 from $181.67, citing increased confidence in cash generation from the Permian, a broader set of offshore exploration prospects, and a series of higher Street price targets that offset some differing views on the outlook for oil and gas equities. Analyst Commentary Recent Street research on Chevron presents a mix of optimism and caution, with several firms adjusting ratings and price targets as they reassess the company’s cash generation, exploration program, and exposure to oil price assumptions.
Analysis Article • Feb 06

Chevron (NYSE:CVX) Has Announced That It Will Be Increasing Its Dividend To $1.78

The board of Chevron Corporation ( NYSE:CVX ) has announced that it will be paying its dividend of $1.78 on the 10th of...
Narrative Update • Feb 05

CVX: Venezuela Policy And Upstream Execution Will Shape Future Dividend Resilience

Analysts have raised their fair value estimate for Chevron from $174.83 to $181.67, citing a group of higher Street price targets and updated assumptions about future revenue growth, margins, and P/E expectations. Analyst Commentary Recent Street research on Chevron has been active, with several firms adjusting price targets in both directions and a few changing their ratings.
Narrative Update • Jan 21

CVX: Future Dividend Capacity Will Reflect Venezuela Exposure And Upstream Execution

Narrative Update on Chevron The updated analyst price target for Chevron moves slightly higher to about US$175. Analysts attribute this to modestly higher fair value estimates, a small adjustment to the discount rate, and mixed views on near term crude and refining fundamentals, as reflected in recent target changes across the Street.
Narrative Update • Jan 06

CVX: Future Dividend Capacity Will Reflect Free Cash Flow And Upstream Execution

Analysts have slightly trimmed their Chevron fair value estimate to about $172.08 per share. This reflects modestly softer revenue growth and profit margin assumptions, even as recent price target increases highlight confidence in free cash flow support for dividends and the company’s longer term growth plans.
Narrative Update • Dec 16

CVX: Future Dividend Capacity Will Be Driven By Strong Free Cash Flow

Analysts have nudged their average price target on Chevron higher by roughly $5 to reflect stronger than expected Q3 results, visible production growth and free cash flow support for dividend expansion, even as they modestly temper longer term revenue growth assumptions. Analyst Commentary Street research remains broadly constructive on Chevron, with a series of upward price target revisions reinforcing confidence in the company's capacity to sustain higher free cash flow, support dividend growth, and execute on its long term production plans.
Narrative Update • Dec 02

CVX: Future Dividend Payouts And Asset Integration Will Drive Outperformance

Chevron's analyst price target increased from $172.80 to $172.92, as analysts cite a stronger financial profile and consistent dividend growth highlighted by recent investor updates. Analyst Commentary Chevron's recent investor day and third quarter results have prompted a variety of responses from Wall Street.
Narrative Update • Nov 18

CVX: Dividend Strength And Asset Synergies Will Drive Shareholder Returns

Chevron's analyst price target has increased modestly to $172.80 from $172.04. Analysts cite strong Q3 financial performance, improving profit margins, and confidence in future cash flow and dividend growth as key factors for the upward revision.
Narrative Update • Nov 03

CVX: Upcoming Investor Day Will Preview Long-Term Production and Dividend Upside

Chevron's analyst price target has risen from $168.78 to $172.04 per share. Analysts cite solid Q3 results, operational outperformance, and positive expectations ahead of its upcoming investor day as key factors supporting the upward adjustment.
Narrative Update • Sep 11

Permian Production And Renewables Will Shape Enduring Value

Analysts have raised their price target for Chevron, citing resilient Q2 results, improved refining margins, strong resource depth, and long-term support from rising natural gas demand, partially offset by integration risks post-acquisition, resulting in a modest upward revision of fair value to $168.78. Analyst Commentary Bullish analysts highlight Chevron’s strong second-quarter results, demonstrating resilience and outperformance among integrated oil companies due to a diversified asset portfolio and reliable shareholder returns.
Seeking Alpha • Apr 15

Chevron: Why The Stars Are Aligning

Summary Chevron is undervalued with a favorable P/E ratio of 13x and strong shareholder returns through dividends and buybacks. Despite recent declines, Chevron's long-term support and potential for significant EPS growth make it a buy. Key risks include rising costs, geopolitical issues, and potential global recession impacts on oil prices. Technical analysis shows CVX near crucial support, with resistance in the $165-$170 range and potential for recovery. Read the full article on Seeking Alpha
Seeking Alpha • Mar 31

Chevron Is Hitting The Pavement With Natural Gas

Summary Chevron Corporation is targeting 6% annual production growth, focusing on Gulf of America and international projects, with a significant push towards growth in natural gas. The company plans to expand gas power production, partnering with hyperscalers to support the growing data center footprint, aiming for 1GW of power capacity by 2027-2028. Chevron's acquisition of Hess is under arbitration, with potential impacts on its stake in Stabroek assets; management remains optimistic about closing by Q3 2025. CVX shares are rated Buy with a $204 target, supported by strong production growth, cost-cutting initiatives, and attractive dividend yield compared to peers. Read the full article on Seeking Alpha

Earnings and Revenue Growth Forecasts

NYSE:CVX - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/2028211,55324,68630,45549,33810
12/31/2027212,57725,65234,80252,31812
12/31/2026228,31630,84140,10356,19713
6/30/2026209,38420,59127,01245,321N/A
3/31/2026185,74011,00913,78131,264N/A
12/31/2025184,65412,29916,59233,939N/A
9/30/2025188,85712,76815,42431,845N/A
6/30/2025189,52613,71616,10232,134N/A
3/31/2025195,16515,66013,56729,853N/A
12/31/2024195,56817,66115,04431,492N/A
9/30/2024191,68916,68118,76035,231N/A
6/30/2024195,04818,72018,14135,230N/A
3/31/2024192,71820,29618,35235,232N/A
12/31/2023194,79921,36919,78035,609N/A
9/30/2023203,06525,46320,37035,673N/A
6/30/2023214,53430,16827,64241,267N/A
3/31/2023233,30635,78035,70048,752N/A
12/31/2022235,91635,46537,62849,602N/A
9/30/2022227,69234,16735,81746,562N/A
6/30/2022206,00029,04730,21739,874N/A
3/31/2022175,81220,50724,77633,046N/A
12/31/2021155,06715,62521,13129,187N/A
9/30/2021134,1969,90514,45021,967N/A
6/30/2021115,6413,5879,68516,925N/A
3/31/202195,450-7,7652,51610,051N/A
12/31/202094,005-5,5431,65510,577N/A
9/30/202096,411-11,4882,93113,996N/A
6/30/2020107,193-8,7015,47218,276N/A
3/31/2020127,5903,874N/A26,979N/A
12/31/2019139,3652,924N/A27,314N/A
9/30/2019137,76813,264N/A30,808N/A
6/30/2019145,09414,731N/A32,560N/A
3/31/2019149,26213,835N/A30,632N/A
12/31/2018151,04114,824N/A30,618N/A
9/30/2018153,07114,205N/A27,560N/A
6/30/2018142,99112,110N/A23,488N/A
3/31/2018133,60610,151N/A21,604N/A
12/31/2017127,4859,195N/A20,338N/A
9/30/2017121,4236,499N/A18,108N/A
6/30/2017116,7855,830N/A17,922N/A
3/31/2017111,7392,910N/A15,482N/A
12/31/2016103,310-497N/A12,690N/A
9/30/2016101,162-1,500N/A13,540N/A
6/30/2016104,742-746N/A13,589N/A
3/31/2016113,5461,295N/A18,278N/A
12/31/2015122,5664,587N/A19,456N/A
9/30/2015136,3768,646N/A21,396N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CVX's forecast earnings growth (2% per year) is below the savings rate (3.7%).

Earnings vs Market: CVX's earnings (2% per year) are forecast to grow slower than the US market (17.2% per year).

High Growth Earnings: CVX's earnings are forecast to grow, but not significantly.

Revenue vs Market: CVX's revenue is expected to decline over the next 3 years (-2% per year).

High Growth Revenue: CVX's revenue is forecast to decline over the next 3 years (-2% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CVX's Return on Equity is forecast to be low in 3 years time (12.6%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/13 02:20
End of Day Share Price 2026/09/11 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Chevron Corporation is covered by 45 analysts. 19 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
William SeleskyArgus Research Company
Wei JiangBarclays
Yim ChengBarclays