Filing Flows › Chevron (CVX) › Q4 2025
Chevron (CVX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Chevron (CVX) reported revenue of $46.9B for the fourth quarter 2025 (Q4 2025), -10% from a year earlier and -6% from the quarter before. Operating margin was 9.8%, net earnings $2.8B (5.9% of revenue).
Chevron, Q4 2025: revenue $46.9B (-10% year over year), operating margin 9.8%, net earnings $2.8B, operating cash flow $10.8B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $46.9B | -6% | -10% |
| Operating profit | $4.6B | -15% | -24% |
| Net earnings | $2.8B | -22% | -14% |
| Operating cash flow | $10.8B | +15% | +24% |
| Free cash flow | $5.5B | — | +25% |
What changed
Revenue was $46.9B in Q4 2025, down 10% year over year and down 6% from the previous quarter.
Operating profit was $4.6B, a 9.8% margin (down 1.8 points year over year). Total costs fell 8% while revenue fell 10%. Net earnings were $2.8B, down 14% year over year. The effective tax rate was 38.1%.
Operating cash flow was $10.8B (up 24% year over year), 379% of net income including minority interests. Non-cash charges added back $5.9B of depreciation and amortization. Working capital and other items added $2.1B. After capital expenditures ($5.3B), free cash flow as the company reports it was $5.5B.
Questions
What was Chevron's revenue in the fourth quarter 2025?
Chevron (CVX) reported revenue of $46.9B for the fourth quarter 2025 (Q4 2025), -10% from a year earlier and -6% from the quarter before.
Was Chevron profitable in the fourth quarter 2025?
Operating profit was $4.6B (9.8% of revenue) and net earnings $2.8B.
Source: Chevron 10-K on SEC EDGAR.