Q2 25 EPS
$1.77
BEAT +1.22%
Est. $1.75
Q2 25 Revenue
$44.38B
MISS 1.70%
Est. $45.14B
vs S&P Since Q2 25
+13.4%
BEATING MARKET
CVX +29.3% vs S&P +15.9%
Market Reaction
Did CVX Beat Earnings? Q2 2025 Results
Chevron delivered a mixed second quarter for 2025, edging past earnings expectations while falling short on revenue as lower crude prices weighed heavily on results. The oil major posted adjusted EPS of $1.77, clearing the $1.75 consensus estimate by… Read more Chevron delivered a mixed second quarter for 2025, edging past earnings expectations while falling short on revenue as lower crude prices weighed heavily on results. The oil major posted adjusted EPS of $1.77, clearing the $1.75 consensus estimate by 1.22%, but revenue of $44.38 billion trailed the $45.14 billion forecast and fell 10.5% from a year earlier, a decline that reflected sharply weaker upstream realizations, U.S. Liquids prices dropped to $47.77 per barrel from $59.85 in the year-ago period. The headline story, however, was operational: Permian Basin output crossed the 1 million barrels of oil equivalent per day threshold for the first time, anchoring record worldwide net production of 3,396 MBOED and helping drive cash flow from operations to $8.60 billion. With the Hess acquisition now closed following a favorable Guyana arbitration ruling, Chevron's long-term competitive positioning looks meaningfully strengthened, adding Bakken and deepwater Guyana assets to an already record-setting production base.
Key Takeaways
- • Record worldwide and U.S. net oil-equivalent production
- • Permian Basin production reached 1 million BOE per day, up 14% year-over-year
- • Gulf of America production up 22% year-over-year
- • TCO production up 34% following Future Growth Project start-up reaching nameplate capacity
- • Higher downstream margins on refined product sales
- • U.S. refinery crude unit inputs increased 17% year-over-year from improved operational availability
- • Absence of prior year working capital outflows and higher TCO cash distributions boosted operating cash flow
- • Cash flow from operations at similar commodity prices was one of the highest in company history
CVX YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
CVX Revenue by Segment
With YoY comparisons, source: SEC Filings
“Second quarter results reflect continued strong execution, record production, and exceptional cash generation.”
— Mike Wirth, Q2 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% |