Chevron Corporation
CVXFinancial Snapshot
ticker: CVX step: 04 generated: 2026-05-11 source: quick-research
Chevron Corporation (CVX) — Financial Snapshot
(Hess acquisition closed mid-2025; FY2025 includes partial-year contribution from Hess. FY2026 will be first full year as combined company.)
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY (FY25) |
|---|---|---|---|---|
| Revenue | $200.9B | $193.4B | ~$194B | flat |
| Net Income | $21.4B | $17.7B | $12.3B | -30% |
| Adjusted EPS | $13.13 | $9.72 | $7.20 | -26% |
| Operating Cash Flow | $35.6B | $31.5B | $33.9B | +8% |
| Capex (organic) | $15.8B | $16.4B | ~$17.0–17.5B | +5% |
| Brent Average | $82/bbl | $80/bbl | $78/bbl | -3% |
Earnings decline primarily reflects lower Brent + downstream margin compression; FY25 cash flow recovered on Permian + early Hess production.
Production & Reserves (FY2025)
| Metric | FY2025 |
|---|---|
| Worldwide Production | 4M+ BOE/d (record) |
| Permian Production | 1M+ BOE/d (Q2 2025 milestone) |
| Stabroek Block Stake (post-Hess) | 30% |
| Tengiz FGP-WPMP | Now ramping |
| Reserves (post-Hess) | ~11.5B BOE |
| Reserve Replacement Ratio | >100% |
Capital Return & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Total Capital Returned | $27.1B (record) |
| Dividends Paid | ~$12B |
| Share Repurchases | ~$15B |
| Quarterly Dividend | $1.71 (continued Dividend Aristocrat status) |
| Dividend Yield | ~4.3% |
| Years of Dividend Increases | 39 consecutive |
| Net Debt | ~$30B |
| Net Debt / Capitalization | ~12% (low for supermajor) |
| Credit Rating | Aa2 / AA- |
2026 Guidance
| Metric | 2026 Guide |
|---|---|
| Production | 3,980–4,100 MBOED (+7–10% YoY) |
| Organic Capex | $18–19B (low end of $18–21B long-term range) |
| Structural Cost-out | $3–4B by year-end 2026 |
| Share Repurchases | $2.5–3.0B per quarter ($10–12B annual run-rate) |
| Corporate Breakeven (post-Hess) | ~$50/bbl Brent |
Key Ratios (approximate)
- P/E: ~17x (FY25 adjusted) | EV/EBITDA: ~6x | FCF Yield: ~6%
- Revenue Growth (FY25): flat | EPS Growth: -26% (oil price-led)
- Dividend Yield: ~4.3% | Payout Ratio: ~60% of FCF
- Net Debt / EBITDA: ~0.7x
- Reserves Life: ~12 years (above peer average)
Growth Profile
The post-Hess Chevron is a structurally different company. Key dynamics for 2026+:
- Production growth +7–10% in 2026 — Hess contribution + Permian + Tengiz ramp + Guyana volumes ramp.
- Cash flow growth ~$8–10B incremental at flat oil prices, driven by production growth + $3–4B cost-out.
- Multi-decade Guyana runway — Stabroek has ~11B+ barrels at <$40/bbl breakeven; multi-decade production growth lever.
- Buyback pace at $10–12B/yr — sustainable at $70+/bbl Brent; throttle if Brent <$60.
Forward Estimates
Consensus FY2026 revenue: ~$200–210B; FY2026 EPS: ~$9.50–11.00 depending on Brent assumption. At $75/bbl Brent: EPS ~$10.50; at $65/bbl: ~$8.50; at $85/bbl: ~$12.50. Bull case: Brent holds $75–80 through 2026; Hess synergies + cost-out deliver $5B+ to operating income by 2027. Bear case: Brent retreats to $60s on weak China/Russia oversupply; buybacks slow; FCF/share compresses.
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $CVX.