Chevron Past Earnings Performance
Past criteria checks 2/6
Chevron has been growing earnings at an average annual rate of 9.6%, while the Oil and Gas industry saw earnings growing at 17.2% annually. Revenues have been growing at an average rate of 8.1% per year. Chevron's return on equity is 6.5%, and it has net margins of 6.7%.
Key information
9.65%
Earnings growth rate
10.83%
EPS growth rate
| Oil and Gas Industry Growth | 33.67% |
| Revenue growth rate | 8.05% |
| Return on equity | 6.50% |
| Net Margin | 6.66% |
| Next Earnings Update | 01 May 2026 |
Recent past performance updates
Recent updates
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.Chevron: Growth Drivers Are In Sync With Valuation And Technicals
Apr 10CVX: 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.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.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.
Chevron Corporation (CVX): The Integrated Titan – Scaling Guyana and the Permian for a Decade of Cash Flow
Chevron (CVX) stands as a premier pillar of the global energy sector as we open March 2026, with the stock closing at $186.75 on February 27. The company has successfully navigated the most significant strategic shift in its recent history by fully integrating Hess Corporation , a $53 billion merger that closed in July 2025 after a favorable arbitration ruling regarding the crown-jewel Stabroek Block in Guyana.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.Chevron (NYSE:CVX) Has Announced That It Will Be Increasing Its Dividend To $1.78
Feb 06
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.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.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.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.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.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.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.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.Chevron's (NYSE:CVX) Shareholders Have More To Worry About Than Only Soft Earnings
Aug 08
Chevron: Why The Stars Are Aligning
Apr 15Chevron Is Hitting The Pavement With Natural Gas
Mar 31Chevron Loses Venezuelan Conditional License
Mar 05Chevron Stock's Outlook Is Uncertain At This Point (Technical Analysis)
Feb 24Chevron Has Continued Cash Flow Potential
Feb 11Chevron: A Capital Return Investment In 2025
Feb 04Chevron's Profit Engine Remains Strong, But I Have Concerns
Jan 25Chevron: Why I Agree With The Crowd On This One
Jan 07Chevron: Cash, Baby, Cash Is Good News For Shareholders
Dec 18Chevron: Oil Prices Break Below $70, But CVX Remains Undervalued
Dec 08Chevron: A Top Energy Investment For 2025
Nov 18Chevron: Good Quarter But Mr. Market Turns Pessimistic
Nov 03Chevron: 3 Reasons This Is The King Of Oil Dividend Aristocrats
Oct 22Chevron: Think Of The Future - Buy
Oct 06Striking Oil: Why Chevron Remains A Strong Buy
Sep 20Chevron: Don't Miss This Buying Opportunity
Aug 20Buy Chevron Stock For The Overhangs
Aug 14Chevron Options Still Offer Better Prospects Than Hess
Aug 07Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Chevron makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 184,654 | 12,299 | 34,494 | 0 |
| 30 Sep 25 | 188,687 | 12,768 | 33,867 | 0 |
| 30 Jun 25 | 189,356 | 13,716 | 32,540 | 0 |
| 31 Mar 25 | 194,618 | 15,660 | 32,615 | 0 |
| 31 Dec 24 | 195,568 | 17,661 | 33,488 | 0 |
| 30 Sep 24 | 191,689 | 16,681 | 31,492 | 0 |
| 30 Jun 24 | 195,048 | 18,720 | 31,257 | 0 |
| 31 Mar 24 | 192,803 | 20,296 | 30,677 | 0 |
| 31 Dec 23 | 194,799 | 21,369 | 30,087 | 0 |
| 30 Sep 23 | 203,065 | 25,463 | 30,648 | 0 |
| 30 Jun 23 | 214,534 | 30,168 | 30,503 | 0 |
| 31 Mar 23 | 233,306 | 35,780 | 30,474 | 0 |
| 31 Dec 22 | 235,916 | 35,465 | 30,222 | 0 |
| 30 Sep 22 | 227,692 | 34,167 | 28,973 | 0 |
| 30 Jun 22 | 206,000 | 29,047 | 27,532 | 0 |
| 31 Mar 22 | 175,812 | 20,507 | 26,441 | 0 |
| 31 Dec 21 | 155,067 | 15,625 | 25,943 | 0 |
| 30 Sep 21 | 134,196 | 9,905 | 25,109 | 0 |
| 30 Jun 21 | 115,641 | 3,587 | 24,616 | 0 |
| 31 Mar 21 | 95,450 | -7,765 | 26,436 | 0 |
| 31 Dec 20 | 94,005 | -5,543 | 26,286 | 0 |
| 30 Sep 20 | 96,411 | -11,488 | 27,459 | 0 |
| 30 Jun 20 | 107,193 | -8,701 | 28,252 | 0 |
| 31 Mar 20 | 127,590 | 3,874 | 26,660 | 0 |
| 31 Dec 19 | 139,365 | 2,924 | 26,590 | 0 |
| 30 Sep 19 | 137,768 | 13,264 | 26,087 | 0 |
| 30 Jun 19 | 145,094 | 14,731 | 26,305 | 0 |
| 31 Mar 19 | 149,262 | 13,835 | 26,313 | 0 |
| 31 Dec 18 | 151,041 | 14,824 | 25,819 | 0 |
| 30 Sep 18 | 153,071 | 14,205 | 25,809 | 0 |
| 30 Jun 18 | 142,991 | 12,110 | 25,437 | 0 |
| 31 Mar 18 | 133,606 | 10,151 | 24,706 | 0 |
| 31 Dec 17 | 127,485 | 9,195 | 24,710 | 0 |
| 30 Sep 17 | 121,423 | 6,499 | 24,623 | 0 |
| 30 Jun 17 | 116,785 | 5,830 | 24,242 | 0 |
| 31 Mar 17 | 111,739 | 2,910 | 24,765 | 0 |
| 31 Dec 16 | 103,310 | -497 | 25,867 | 0 |
| 30 Sep 16 | 101,162 | -1,500 | 26,340 | 0 |
| 30 Jun 16 | 104,742 | -746 | 27,240 | 0 |
| 31 Mar 16 | 113,546 | 1,295 | 29,261 | 0 |
| 31 Dec 15 | 122,566 | 4,587 | 29,420 | 0 |
| 30 Sep 15 | 136,376 | 8,646 | 30,324 | 0 |
| 30 Jun 15 | 155,115 | 12,202 | 31,282 | 0 |
Quality Earnings: CVX has high quality earnings.
Growing Profit Margin: CVX's current net profit margins (6.7%) are lower than last year (9%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: CVX has become profitable over the past 5 years, growing earnings by 9.6% per year.
Accelerating Growth: CVX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: CVX had negative earnings growth (-30.4%) over the past year, making it difficult to compare to the Oil and Gas industry average (-2.6%).
Return on Equity
High ROE: CVX's Return on Equity (6.5%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/04/30 04:04 |
| End of Day Share Price | 2026/04/30 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
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.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* 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
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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 48 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| William Selesky | Argus Research Company |
| Yim Cheng | Barclays |
| Wei Jiang | Barclays |