01—Abstract
Summary
Summary of the 10-Q filed November 6, 2025. Cited figures are marked; the original filing is the authoritative source.
Chevron Corporation reported a net income attributable to Chevron of $3.5 billiona ($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 billionb ($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 billionc in dividends during the first nine months of 2025 and repurchasing $2.6 billion in shares in the third quarter.
02—Key points
Key Highlights
- Net 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.
- The acquisition of Hess Corporation was completed on July 18, 2025, significantly impacting the balance sheet with increased assets and assumed debt.
- Upstream earnings saw a notable decline due to lower crude oil and natural gas realizations and reduced affiliate earnings.
- Downstream earnings showed a strong improvement, primarily driven by higher refined product margins and lower operating expenses.
- Total 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.
- Capital expenditures remained stable year-over-year, totaling $12.1 billion for the nine months ended September 30, 2025.
- Chevron returned $9.3 billion to shareholders through dividends and repurchased $2.6 billion in stock during the third quarter of 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 6, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $48.17B$48.93B | −1.5% |
| Cost of Revenue | $27.40B$30.45B | −10.0% |
| Gross Profit | $20.77B$18.48B | +12.4% |
| SG&A Expenses | $1.52B$1.19B | +28.0% |
| Operating Expenses | $44.31B$44.18B | +0.3% |
| Interest Expense | $370.00M$164.00M | +125.6% |
| Net Income | $3.54B$4.49B | −21.1% |
| EPS (Basic) | $1.83$2.49 | −26.5% |
| EPS (Diluted) | $1.82$2.48 | −26.6% |
| Shares Outstanding (Basic) | 1.94B1.80B | +7.7% |
| Shares Outstanding (Diluted) | 1.95B1.81B | +7.7% |
05—Questions
Frequently Asked Questions
What was the primary driver for the decrease in net income for the nine months ended September 30, 2025?
The primary drivers for the decrease in net income for the nine months ended September 30, 2025, compared to the same period in 2024, were lower upstream realizations and lower affiliate earnings. These factors were partially offset by higher upstream sales volumes and higher downstream margins.
How has the acquisition of Hess Corporation impacted Chevron's financial position?
The acquisition of Hess Corporation, completed on July 18, 2025, significantly increased Chevron's total assets and total liabilities. Specifically, total assets grew substantially, and total debt and finance lease liabilities rose to $41.5 billion at September 30, 2025, from $24.5 billion at December 31, 2024, due in large part to the $8.8 billion in debt assumed as part of the Hess acquisition.
What is Chevron's strategy regarding capital returns to shareholders?
Chevron remains committed to returning capital to shareholders. During the first nine months of 2025, the company paid $9.3 billion in dividends. The company also continued its share repurchase program, buying back $2.6 billion in the third quarter of 2025 and expecting further repurchases in the fourth quarter. The company has an ongoing $75 billion share repurchase program authorized.
How did the Upstream and Downstream segments perform differently?
The Upstream segment saw a decline in earnings, primarily due to lower commodity prices and reduced affiliate earnings. In contrast, the Downstream segment experienced significant earnings growth, driven by improved refining margins and lower operating expenses. This divergence highlights the differing market dynamics affecting each segment during the period.
06—Continue