Chevron Corp Earnings
Chevron Corporation (NYSE: CVX), a titan in the global energy sector, unveiled its fourth-quarter earnings for 2025. The results highlighted the company's resilience in an environment of declining oil prices and pervasive market uncertainty. Chevron reported earnings of $2.8 billion, equating to $1.39 per share on a diluted basis. Notably, these figures include a net loss of $128 million attributed to pension settlement costs and a $130 million dent from foreign currency impacts. Upon adjustment for certain one-off items, earnings stood at a robust $3.0 billion or $1.52 per share.
Chevron Corp Results
Below is a detailed presentation of Chevron's key financial metrics, providing insights into the company's financial standing and performance compared to previous periods and market expectations.
| Metric | Q4 2025 | Q4 2024 | Change (YoY) |
|---|---|---|---|
| Reported Earnings (Billion $) | 2.8 | 3.2 | Decrease |
| Earnings Per Share (EPS) ($) | 1.39 (diluted) | 1.84 (diluted) | Decrease |
| Adjusted Earnings (Billion $) | 3.0 | 3.6 | Decrease |
| Adjusted EPS ($) | 1.52 (diluted) | 2.06 (diluted) | Decrease |
The decreased earnings in 2025 were primarily due to lower crude oil prices, diminished affiliate earnings, and unfavorable currency fluctuations, partially counteracted by higher volumes and improved margins in refined product sales.
Revenue Breakdown
The table below presents a revenue breakdown across Chevron's major segments, reflecting both the company's operational breadth and its revenue-generating capacity.
| Segment | Q4 2025 | Q4 2024 | Change (YoY) |
|---|---|---|---|
| U.S. Upstream Earnings | Lower | N/A | Decrease |
| International Upstream | Lower | N/A | Decrease |
| U.S. Downstream Earnings | Higher | N/A | Increase |
| International Downstream | Higher | N/A | Increase |
In-depth Analysis
Chevron's U.S. upstream earnings fell short of the previous year's figures primarily due to lower realized prices for liquids. In contrast, U.S. downstream operations benefited from improved margins on refined product sales and reduced operating expenses. International upstream and downstream earnings also experienced a decline, heavily influenced by adverse currency impacts in regions such as Australia, and lower performance from some affiliates. However, enhanced margins on product sales and the absence of prior-year impairments bolstered international downstream earnings.
Key Developments
Fourth-quarter developments were marked by several strategic milestones. Most notably, was the completion of the Hess Corporation acquisition, significantly boosting Chevron's upstream portfolio. Additionally, Chevron initiated the Future Growth Project in Kazakhstan and inaugurated multiple projects in the Gulf of America and Permian Basin. Further, the company intensified its focus on new energy avenues in sectors like power, lithium, and hydrogen. Collectively, these strategies led to a historic high in production levels and the largest cash flow from operations in Chevron's history.
Comments from Company Officers
Chevron's Chairman and CEO, Mike Wirth, articulated the company's robust performance despite headwinds, saying, “2025 was a year of significant achievement. We successfully integrated Hess, started up major projects, delivered record production, and reorganized our business.” With continued advancements in production and exploration efforts, Wirth stressed Chevron’s commitment to both shareholder returns and sustainable energy solutions.
Dividends and Share Repurchases
Chevron's strong fiscal discipline and strategic growth are evident in its shareholder return strategy. The company returned a total of $27.1 billion to its shareholders in 2025. This encompassed $12.1 billion in share repurchases and $12.8 billion in distributed dividends. Notably, Chevron announced a 4% increase in its quarterly dividend, raising it to $1.78 per share, to be dispensed by March 2026.
Chevron Corp Stock Forecast
Chevron's recent performance, strategic expansions, and shareholder-focused initiatives present a solid foundation for forecasting its stock trajectory. A high projection for Chevron's stock would rest on continued operational successes and favorable sector conditions, potentially driving it upward by a conservative 5-10%. However, if challenges like market volatility or geopolitical tensions intensify, a more restrained low projection could see Chevron's stock experiencing fluctuations closer to its current standing.
Chevron Corporation remains steadfast in its mission to deliver reliable energy solutions, all while maintaining a concerted approach toward growth and shareholder value. Its dynamic response to an evolving market assures a promising outlook for both its investors and stakeholders at large.
