Filing Flows › Chevron (CVX) › Q3 2025
Chevron (CVX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Chevron (CVX) reported revenue of $49.7B for the third quarter 2025 (Q3 2025), -2% from a year earlier and +11% from the quarter before. Operating margin was 10.9%, net earnings $3.5B (7.1% of revenue).
Chevron, Q3 2025: revenue $49.7B (-2% year over year), operating margin 10.9%, net earnings $3.5B, operating cash flow $9.4B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $49.7B | +11% | -2% |
| Operating profit | $5.4B | +31% | -17% |
| Net earnings | $3.5B | +42% | -21% |
| Operating cash flow | $9.4B | +9% | -3% |
| Free cash flow | $4.9B | +2% | -12% |
What changed
Revenue was $49.7B in Q3 2025, down 2% year over year and up 11% from the previous quarter.
Operating profit was $5.4B, a 10.9% margin (down 1.9 points year over year). Total costs grew 0% against a revenue fall of 2%. The fastest-growing cost line was SG&A (+28%). Net earnings were $3.5B, down 21% year over year. The effective tax rate was 33.3%.
Operating cash flow was $9.4B (down 3% year over year), 260% of net income including minority interests. Non-cash charges added back $5.8B of depreciation and amortization. Capital expenditures of $4.4B left free cash flow of $4.9B.
Questions
What was Chevron's revenue in the third quarter 2025?
Chevron (CVX) reported revenue of $49.7B for the third quarter 2025 (Q3 2025), -2% from a year earlier and +11% from the quarter before.
Was Chevron profitable in the third quarter 2025?
Operating profit was $5.4B (10.9% of revenue) and net earnings $3.5B.
Source: Chevron 10-Q on SEC EDGAR.