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ChevronCVX

Legal name
Chevron Corp
Sector
Energy
Industry
Petroleum Refining
Exchange
NYSE

Stock Price $CVX

Latest filings

You are here#2 of 32 in Energy by market cap

Filing record · 2016–202610-K1110-Q338-K143

CVX filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 143 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Impairment8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $184.43B
YoY changeLargest recent move+64.7%in FY21Latest −4.6%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All CVX Financial Metrics55 metrics

Income Statement14

Balance Sheet24

Cash Flow12

Per Share5

02—Overview

Chevron Financial Overview 2021–2025

Updated Nov 3, 2026

Chevron’s total debt surged to $40.8 billiona in FY2025, a structural shift driven by the completion of its Hess Corporation acquisition. This leveraging matters because it signals a definitive pivot from cash harvesting to aggressive geographic expansion. Chevron is actively trading near-term profitability for immediate scale, cementing its integrated footprint as the Hess deal drove an 8% increase in proved reserves to 10.6 billion barrels of oil-equivalent.

This strategic trade-off defines the company's multi-year operating arc. Between FY2021 and FY2025, Chevron’s worldwide net oil-equivalent production expanded from 3.099 million barrels per day to a record 3.7 million barrels per day. However, lower liquids realizations and rising upstream depreciation squeezed profitability. Net income contracted from a record peak of $35.5 billion in FY2022 down to $12.3 billionb in FY2025. Despite this earnings compression, management sustained its capital return program, repurchasing $12.1 billion in common stock during FY2025 while funding $17.3 billion in capital expenditures. At the close of FY2025, the market absorbed this heavier debt load and expanded reserve base by pricing the stock at $152.41 per share, valuing the oil major at 23.0x earnings.

Recent Developments (Q1 and Q2 2026)

Net income rebounded from $2.21 billion in Q1 2026 to $12.1 billionc in Q2 2026, versus $2.5 billion in Q2 2025. Upstream earnings reached $8.2 billion and downstream earnings hit $4.9 billion, after a $817 million downstream loss in Q1 2026. Worldwide production rose 20% year over year to 4.07 million BOE/day. Total debt fell by a record $8.4 billion to $37.1 billion in Q2 2026. Chevron also hit $3 billion in structural cost cuts early and reached $1.5 billion in Hess synergies. It signed a 20-year Microsoft power agreement for a West Texas data center. Chief Financial Officer Eimear Bonner moves to a president role, and Jeff Gustavson becomes CFO on January 1, 2027.

Bull case: ROCE rose to 21.4%, and free cash flow was $18.1 billiond in Q2 2026. Bear case: at 28.5x earnings as of the August 5, 2026 report date, not today, the stock prices in elevated oil and refining margins that may not last.

What to watch: Closing of the Hess Midstream divestiture, with its $3 to $4 billione after-tax loss, by year-end 2026; the $7 billion Venezuela investment plan

03—Filings

Recent SEC Filings

  1. 8-KChevron 8-K Report, Financial Results (Oct 30, 2026)Chevron Corporation (CVX) reported a robust third quarter of 2026, with earnings of $9.9 billion ($5.06 per share diluted) and adjusted earnings of $10.4 billion ($5.28 per share diluted). This performance was driven by strong operational execution across both upstream and downstream segments, supported by higher crude oil realizations and refined product sales margins. The company highlighted significant achievements, including record crude throughput at its U.S. refineries and increased U.S. production. Strategic initiatives are also underway, with plans for substantial investment in Venezuela to unlock production growth and efforts to enhance Bakken competitiveness through midstream cost reductions. These results demonstrate Chevron's ability to generate strong cash flow and profitability in the current market environment.
  2. 8-KChevron 8-K Report, Regulation FD Disclosure (Oct 6, 2026)On October 6, 2026, Chevron (CVX) disclosed in an 8-K that it will divest its ownership interests in Hess Midstream LP (NYSE: HESM), including its general partner position, along with its DJ Basin crude oil midstream assets. In exchange, Chevron receives restructured, extended Bakken midstream contracts and new DJ Basin midstream contracts, plus $200 million in cash consideration. Management expects the Bakken midstream cost structure to fall by roughly 50%, which it expects to lift return on capital employed by about 0.5% on an absolute basis and improve long-term earnings. The main financial impact is accounting-driven rather than cash-driven. Upon closing, expected by year-end 2026, Chevron will fully deconsolidate Hess Midstream, including roughly $3.7 billion of Hess Midstream debt, and recognize a one-time after-tax loss of approximately $3 to $4 billion. Chevron expects to treat this loss as a special item, so it will be excluded from adjusted earnings. The loss reflects that Chevron cannot recognize future Bakken midstream cost savings as an asset on its balance sheet. For investors, the key items to watch are the size of the final charge, the closing conditions and regulatory approvals, and whether the promised Bakken cost savings materialize in practice. The transaction was approved by the independent Conflicts Committee of Hess Midstream's general partner. Litigation risk and the possibility that anticipated benefits are delayed or not realized are flagged as forward-looking risks.
  3. 8-KChevron 8-K Report, Executive Changes (Oct 5, 2026)Chevron Corporation (CVX) announced significant changes to its executive leadership team, effective January 1, 2027. These changes reflect a strategic realignment of responsibilities within the company's senior management. Mark A. Nelson will transition from his role as Executive Vice President, Oil, Products & Gas, to focus on Strategy and Business Development as Vice Chairman, while Eimear P. Bonner will move from Chief Financial Officer to President of Oil, Products & Gas. This reshuffling positions key leaders to drive future growth and strategic initiatives. The most impactful change for investors is the appointment of Jeff B. Gustavson as the new Chief Financial Officer (CFO). Mr. Gustavson brings extensive experience within Chevron, having held various senior roles including President of New Energies. His appointment as CFO is effective January 1, 2027, and he will be responsible for the company's principal financial operations. His compensation package includes an annual base salary of $1,000,000 and a target bonus percentage of 110% under the Chevron Incentive Plan, indicating the company's confidence in his leadership.
  4. 8-KChevron 8-K Report, Financial Results (Jul 31, 2026)Chevron reported second quarter 2026 earnings of $12.1 billion ($6.11 per diluted share), or $12.0 billion ($6.06 per share) on an adjusted basis, up sharply from $2.5 billion a year earlier and $2.2 billion in the first quarter. Results were driven by higher realized prices (Brent averaged $104/bbl versus $68 a year ago), record U.S. production, a 20% year-over-year increase in worldwide production largely from the Hess acquisition, and stronger downstream margins. Return on capital employed rose to 21.4%, and cash flow from operations reached $22.6 billion, supported in part by favorable working capital effects. Free cash flow was $18.1 billion, and the company cut total debt by a record $8.4 billion, lowering net debt-to-CFFO to 0.6x. Management highlighted progress on cost and integration: structural cost reductions reached $3 billion in annual run-rate savings, six months ahead of the target, and Hess synergies reached $1.5 billion, 50% above the initial goal. The company also declared a quarterly dividend of $1.78 per share. Share repurchases of $3.1 billion in the quarter and the dividend together returned substantial cash to shareholders. Looking ahead, investors should weigh the strength of the quarter against its dependence on elevated oil prices linked to Middle East disruption, which also curtailed Partitioned Zone output and reduced international refinery runs by 10%. Reported results include $1.4 billion of favorable timing effects that may reverse. Growth catalysts include a 20-year, 2.67 GW power agreement with Microsoft for a West Texas data center and planned divestitures of Singapore downstream assets expected to close in 2027. Note that all figures are unaudited and the filing is furnished under Item 2.02 rather than filed.
  5. 8-KChevron 8-K Report, Executive Changes (May 29, 2026)Chevron Corporation (CVX) has announced a significant leadership change with the upcoming resignation of its Chief Legal Officer (CLO), R. Hewitt Pate. Mr. Pate's resignation is effective December 31, 2026, coinciding with his planned retirement in June 2027. This transition marks the end of Mr. Pate's tenure in a key executive role, and investors will be keen to understand the succession plan and the impact on the company's legal strategy and governance.
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04—See also

Related Companies

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