Q4 25 EPS
$1.52
BEAT +5.56%
Est. $1.44
Q4 25 Revenue
$46.87B
vs S&P Since Q4 25
+6.8%
BEATING MARKET
CVX +10.9% vs S&P +4.1%
Full Year 2025 Results
FY 25 EPS
$6.63
MISS 8.33%
Est. $7.23
FY 25 Revenue
$189.03B
BEAT +1.15%
Est. $186.89B
Market Reaction
Did CVX Beat Earnings? Q4 2025 Results
Chevron closed out 2025 with a stronger-than-expected quarter, posting adjusted earnings of $1.52 per diluted share against a Wall Street consensus of $1.44, a 5.56% beat, even as the oil major navigated a meaningfully softer commodity price environm… Read more Chevron closed out 2025 with a stronger-than-expected quarter, posting adjusted earnings of $1.52 per diluted share against a Wall Street consensus of $1.44, a 5.56% beat, even as the oil major navigated a meaningfully softer commodity price environment. Revenue of $46.87 billion edged past the $46.73 billion estimate, though it still reflected a 3.0% decline year-over-year, with average Brent crude falling to $64 per barrel in the quarter from $75 a year ago. The central story, however, was scale: the successful integration of Hess Corporation drove full-year worldwide production to a record 3,723 MBOED, up 12% year-over-year, with the Permian Basin hitting its 1 million BOE/day target and the TCO project in Kazakhstan ramping to similar levels. Chevron also generated a record $33.90 billion in full-year operating cash flow and returned $27.10 billion to shareholders, including a 4% dividend increase, its 39th consecutive annual raise. With $1.50 billion in structural cost reductions already locked in and a $3.00–$4.00 billion target by end of 2026, the company is positioning itself for sustained competition among the sector's elite.
Key Takeaways
- • Record worldwide and U.S. net oil-equivalent production, up 12% and 16% respectively
- • Successful Hess integration contributing 261 MBOED in 2025
- • Permian Basin achieved 1 million BOE/day production target
- • TCO Future Growth Project startup and ramp-up to ~1 million BOE/day in Kazakhstan
- • Higher margins on refined product sales
- • Highest U.S. refinery throughput in 20 years
- • $1.5 billion in structural cost reductions achieved in 2025
- • Lower crude oil realizations (avg. Brent $64/BBL in Q4 vs $75/BBL year-ago) weighed on earnings
- • Unfavorable foreign currency effects of $130 million in Q4
CVX YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
CVX Revenue by Segment
With YoY comparisons, source: SEC Filings
“2025 was a year of significant achievement. We successfully integrated Hess, started-up major projects, delivered record production and reorganized our business. This resulted in industry-leading free cash flow growth and superior shareholder returns, despite declining oil prices.”
— Mike Wirth, Q4 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% |