Filing Flows › Chevron (CVX) › Q1 2025
Chevron (CVX) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Chevron (CVX) reported revenue of $47.6B for the first quarter 2025 (Q1 2025), -2% from a year earlier and -9% from the quarter before. Operating margin was 11.7%, net earnings $3.5B (7.4% of revenue).
Chevron, Q1 2025: revenue $47.6B (-2% year over year), operating margin 11.7%, net earnings $3.5B, operating cash flow $5.2B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $47.6B | -9% | -2% |
| Operating profit | $5.6B | -8% | -30% |
| Net earnings | $3.5B | +8% | -36% |
| Operating cash flow | $5.2B | -40% | -24% |
| Free cash flow | $1.3B | — | -53% |
What changed
Revenue was $47.6B in Q1 2025, down 2% year over year and down 9% from the previous quarter.
Operating profit was $5.6B, a 11.7% margin (down 4.5 points year over year). Total costs grew 3% against a revenue fall of 2%. The fastest-growing cost line was SG&A (+21%). Net earnings were $3.5B, down 36% year over year. The effective tax rate was 37.1%.
Operating cash flow was $5.2B (down 24% year over year), 148% of net earnings. Non-cash charges added back $4.1B of depreciation and amortization. Working capital and other items used $2.4B. After capital expenditures ($3.9B), free cash flow as the company reports it was $1.3B.
Questions
What was Chevron's revenue in the first quarter 2025?
Chevron (CVX) reported revenue of $47.6B for the first quarter 2025 (Q1 2025), -2% from a year earlier and -9% from the quarter before.
Was Chevron profitable in the first quarter 2025?
Operating profit was $5.6B (11.7% of revenue) and net earnings $3.5B.
Source: Chevron 10-Q on SEC EDGAR.