Summary
Chevron Corporation reported a net income attributable to Chevron of $3.5 billion ($1.82 per diluted share) for the third quarter of 2025, a decrease from $4.5 billion ($2.48 per diluted share) in the same period of 2024. For the first nine months of 2025, net income was $9.5 billion ($5.27 per diluted share), down from $14.4 billion ($7.88 per diluted share) in the comparable 2024 period. The decline in earnings was primarily driven by lower upstream realizations and reduced affiliate earnings, partially offset by improved downstream margins and increased sales volumes. The company completed the significant acquisition of Hess Corporation in July 2025, which has been fully incorporated into the upstream segment. This acquisition, along with ongoing operational activities, contributed to a substantial increase in total assets and long-term debt. Despite the decline in year-over-year earnings, Chevron continued its capital return strategy, paying out $9.3 billion in dividends during the first nine months of 2025 and repurchasing $2.6 billion in shares in the third quarter.
Financial Highlights
45 data points| Revenue | $48.17B |
| Cost of Revenue | $27.40B |
| Gross Profit | $20.77B |
| SG&A Expenses | $1.52B |
| Operating Expenses | $44.31B |
| Interest Expense | $370.00M |
| Net Income | $3.54B |
| EPS (Basic) | $1.83 |
| EPS (Diluted) | $1.82 |
| Shares Outstanding (Basic) | 1.94B |
| Shares Outstanding (Diluted) | 1.95B |
Key Highlights
- 1Net income attributable to Chevron Corporation decreased to $3.5 billion for Q3 2025 from $4.5 billion in Q3 2024, and to $9.5 billion for the nine months ended September 30, 2025, from $14.4 billion in the prior year period.
- 2The acquisition of Hess Corporation was completed on July 18, 2025, significantly impacting the balance sheet with increased assets and assumed debt.
- 3Upstream earnings saw a notable decline due to lower crude oil and natural gas realizations and reduced affiliate earnings.
- 4Downstream earnings showed a strong improvement, primarily driven by higher refined product margins and lower operating expenses.
- 5Total debt and finance lease liabilities increased significantly to $41.5 billion at September 30, 2025, from $24.5 billion at December 31, 2024, largely due to the Hess acquisition.
- 6Capital expenditures remained stable year-over-year, totaling $12.1 billion for the nine months ended September 30, 2025.
- 7Chevron returned $9.3 billion to shareholders through dividends and repurchased $2.6 billion in stock during the third quarter of 2025.