Latest revenue
$47.56B
as of 2026-03-31
Latest net income
$2.21B
as of 2026-03-31
Net margin
4.6%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $381.25B
- Enterprise value
- $422.79B
- P/E (trailing)
- 31.0×
- Forward P/E
- —
- P/B
- 2.01×
- Dividend yield
- 3.6%
- 52-wk high
- $214.71
- 52-wk low
- $135.21
- Beta
- —
- Shares out
- 1.99B
5-year trend
What this company does
Chevron is a global integrated oil and gas major that explores for, produces, refines, and sells crude oil, natural gas, and petroleum products. The bulk of its revenue comes from selling crude oil, refined fuels, and chemicals, generating $138.6 billion in sales over the first nine months of 2025. The company just closed its acquisition of Hess Corporation, adding roughly $50 billion in equity, $83 billion in property, and meaningful new debt while quarterly profit fell to $3.5 billion from $4.5 billion a year earlier.
Generated from CVX's filing dated 2026-02-24
Key risks
- Earnings deterioration: Q3 2025 net income fell to $3.54B from $4.49B; 9-month EPS dropped to $5.27 from $7.88 YoY.
- Leverage jump post-Hess: long-term debt nearly doubled to $37.95B from $20.14B; interest expense rose 125% to $370M quarterly.
- Hess integration risk: $50.6B acquisition added $5.0B noncontrolling interests and meaningfully diluted share count to 1.94B basic.
Generated from CVX's filing dated 2026-02-24
Profitability
Net margin
6.5%
25.3%Return on equity
6.6%
43.1%Return on assets
3.8%
44.8%Leverage
Debt / equity
0.74×
7.4%Long-term debt / equity
0.21×
61.4%Debt / assets
42.5%
4.3%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $47.56B | +3.2% | $2.21B | -36.9% | 4.6% |
Q4 2025 2025-12-31 | $50.39B | -12.7% | $2.77B | -14.5% | 5.5% |
Q3 2025 2025-09-30 | $48.17B | -1.5% | $3.54B | -21.1% | 7.3% |
Q2 2025 2025-06-30 | $44.38B | -10.5% | $2.49B | -43.8% | 5.6% |
Q1 2025 2025-03-31 | $46.10B | -1.0% | $3.50B | -36.4% | 7.6% |
Q4 2024 2024-12-31 | $57.71B | — | $3.24B | — | 5.6% |
Q3 2024 2024-09-30 | $48.93B | -5.8% | $4.49B | -31.2% | 9.2% |
Q2 2024 2024-06-30 | $49.57B | +5.0% | $4.43B | -26.2% | 8.9% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Petroleum Refining · SIC 2911
Your notes
Keep private notes on CVX — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$394.8M
Net activity
−$394.8M
Distinct insiders
9
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns CVX
Institutional value
$67.59B
Total shares held
335.2M
Distinct holders
764
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 122.5M | $25.34B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 42.3M | $8.75B | — | New |
| 3 | WELLS FARGO & COMPANY/MN | 18.0M | $3.73B | — | New |
| 4 | Invesco Ltd. | 15.7M | $3.24B | — | New |
| 5 | DIMENSIONAL FUND ADVISORS LP | 13.4M | $2.76B | — | New |
| 6 | VANGUARD FIDUCIARY TRUST CO | 10.6M | $2.19B | — | New |
| 7 | GQG Partners LLC | 10.3M | $2.12B | — | New |
| 8 | Legal & General Group Plc | 10.1M | $2.09B | — | New |
| 9 | Mitsubishi UFJ Asset Management Co., Ltd. | 4.6M | $952.5M | — | New |
| 10 | National Pension Service | 4.5M | $926.8M | — | New |
| 11 | Vanguard Global Advisers, LLC | 4.1M | $848.1M | — | New |
| 12 | FEDERATED HERMES, INC. | 3.5M | $725.6M | — | New |
| 13 | VANGUARD ASSET MANAGEMENT, Ltd | 3.4M | $705.5M | — | New |
| 14 | PNC Financial Services Group, Inc. | 3.2M | $662.9M | — | New |
| 15 | RHUMBLINE ADVISERS | 3.1M | $641.0M | — | New |
| 16 | STIFEL FINANCIAL CORP | 3.1M | $638.1M | — | New |
| 17 | PRIMECAP MANAGEMENT CO/CA/ | 2.3M | $474.1M | — | New |
| 18 | BAHL & GAYNOR INC | 2.1M | $439.4M | — | New |
| 19 | BNP PARIBAS FINANCIAL MARKETS | 2.0M | $416.7M | — | New |
| 20 | CITIGROUP INC | 2.0M | $407.9M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Q3 EPS dropped to $1.82 from $2.48 with DD&A jumping 37% to $5.78B post-Hess; what's the normalized earnings power ex-purchase accounting?
- 2
Long-term debt nearly doubled to $38B and interest expense rose 126%; what's your deleveraging timeline and buyback pace given $8.9B YTD repurchases?
- 3
Equity affiliate income fell 40% YTD to $2.34B—is this TCO/Tengiz underperformance structural, and what are the cash distribution implications?
Refreshed when CVX files a new report · last from 2026-02-24