Q1 25 EPS
$2.18
BEAT +1.31%
Est. $2.15
Q1 25 Revenue
$46.10B
MISS 4.74%
Est. $48.39B
vs S&P Since Q1 25
+18.2%
BEATING MARKET
CVX +45.3% vs S&P +27.2%
Market Reaction
Did CVX Beat Earnings? Q1 2025 Results
Chevron delivered a mixed first quarter in 2025, narrowly beating profit expectations while falling short on revenue as lower commodity prices and weaker downstream margins weighed on results. Adjusted earnings of $2.18 per diluted share edged past t… Read more Chevron delivered a mixed first quarter in 2025, narrowly beating profit expectations while falling short on revenue as lower commodity prices and weaker downstream margins weighed on results. Adjusted earnings of $2.18 per diluted share edged past the $2.15 consensus estimate by 1.31%, but revenue of $46.10 billion missed expectations of $48.39 billion by 4.74% and slipped 1.0% year over year. The headline story was a sharp decline in upstream profitability, international upstream earnings collapsed to $1.90 billion from $3.16 billion a year ago, pressured by lower liftings, reduced commodity realizations, and higher depreciation charges following the startup of the major Tengizchevroil Future Growth Project in Kazakhstan. Cash returned to shareholders reached $6.90 billion in the quarter, though Chevron signaled it would trim buyback spending in Q2 amid softer oil prices driven by tariff concerns and rising OPEC+ supply. Looking ahead, management is targeting $2 billion to $3 billion in structural cost savings by end of 2026, with Gulf of America production expected to hit 300,000 barrels per day by next year, a production growth story that makes the Chevron investment case worth watching closely.
Key Takeaways
- • TCO production ramp-up to nameplate capacity following Future Growth Project completion, with 20% production growth
- • Permian Basin production growth of 12% year-over-year with increased efficiencies
- • Gulf of America production growth of 7% year-over-year
- • Lower earnings driven by reduced upstream and downstream equity affiliate income, lower refined product margins, unfavorable tax items and foreign exchange effects, and lower realizations
- • Improved U.S. refinery reliability at El Segundo and absence of planned shutdown at Pascagoula increased refinery crude unit inputs 16%
CVX YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
CVX Revenue by Segment
With YoY comparisons, source: SEC Filings
“This quarter reflected continued strong execution and progress on our objective to deliver superior shareholder value.”
— Mike Wirth, Q1 2025 Earnings Press Release
CVX Earnings Trends
CVX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CVX EPS Trend
Earnings per share: estimate vs actual
CVX Revenue Trend
Quarterly revenue: estimate vs actual
CVX Quarterly Results
10 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.41 | — | $47.56B | -9.76% |
| Q4 25 BEAT FY | $1.44 | $1.52 | +5.56% | $46.87B | — |
| FY Full Year | $7.23 | $6.63 | -8.33% | $189.03B | +1.15% |
| Q3 25 BEAT | $1.71 | $1.85 | +8.43% | $48.17B | +1.58% |
| Q2 25 BEAT | $1.75 | $1.77 | +1.22% | $44.38B | -1.70% |
| Q1 25 BEAT | $2.15 | $2.18 | +1.31% | $46.10B | -4.74% |
| Q3 24 BEAT | $2.43 | $2.51 | +3.29% | $48.93B | -0.12% |
| Q1 24 BEAT | $2.87 | $2.93 | +2.09% | $48.72B | -3.84% |
| Q4 23 | $3.21 | — | — | — | — |
| Q3 23 MISS | $3.33 | $3.05 | -8.41% | $54.08B | +13.16% |
| Q2 23 BEAT | $2.97 | $3.08 | +3.70% | $48.90B | +4.23% |