# Chevron Corp (CVX)

> Chevron produces oil and natural gas, refines and sells fuels, and makes chemicals and renewable fuels.

- Exchange: NYSE · Sector: Energy · Industry: Oil Gas Integrated
- Headquarters: San Ramon, California
- Founded: 1926, as Standard Oil Company of California
- Employees: 43,039 (December 31, 2025)
- SEC CIK: 0000093410 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000093410))
- Full page: https://inspectstocks.com/stocks/cvx
- Data as of: price 2026-09-28; newest filing used 2026-08-06; latest fiscal period ended 2026-06-30

## Grade

**C** on the growth-and-cash rubric, 3 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | failed | $215.3B | $222.8B |
| Revenue growing recently | passed | $215.3B | $189B |
| Free cash flow positive | passed | $27B |  |
| Free cash flow growing overall | failed | $27B | $27.6B |
| Free cash flow growing recently | passed | $27B | $16.6B |

Business quality (the + / − mark): 3 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 9.6% |  |
| Healthy profit margin | failed | 9.6% |  |
| Good return on equity | failed | 11.0% |  |
| Debt under control | passed | 0.29 |  |
| Turns sales into cash | passed | 12.5% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $215.3B |
| Net income, trailing twelve months | $20.6B |
| Free cash flow, trailing twelve months | $27B |
| Net margin | 9.6% |
| Return on equity | 11.0% |
| Debt to equity | 0.29 |
| Diluted EPS, trailing twelve months | $10.40 |
| Share price | $206.38 |
| Market value | $407.8B |
| Price / earnings | 19.8x |
| Price / sales | 1.9x |

## What the business does

Chevron explores for and produces oil and natural gas around the world, then sells those products to other businesses. It also refines crude oil into fuels, sells fuels and lubricants under brands such as Chevron, Texaco and Caltex, and makes chemicals and fuel additives. The company also produces renewable fuels and is developing a natural-gas-fired power project for Microsoft data centers.

### How it makes money

- **Oil, products and gas operations, including upstream production and downstream refining, marketing and chemicals** (99.7% (year ended December 31, 2025)) — The filing groups the reportable segments together for this revenue figure. Money comes from selling produced oil and gas, refined fuels, lubricants, chemicals and other products; the supplied segment data does not give separate revenue shares for upstream and downstream.
- **All Other** (0.3% (year ended December 31, 2025)) — This is the filing's separate All Other segment revenue. It includes activities such as corporate functions, cash management, insurance and real estate; the segment figure does not reconcile to consolidated revenue.

### Products

- **Crude oil, natural gas and natural gas liquids** — Fuels and feedstocks produced from oil and gas fields and sold to customers under contracts or other sales arrangements.
- **Liquefied natural gas (LNG)** — Natural gas cooled into a liquid so it can be shipped by sea and delivered to customers.
- **Refined fuels** — Products made by refining crude oil, including gasoline, diesel and jet fuel, sold to businesses and through branded fuel stations.
- **Lubricants and fuel additives** — Oils and chemical additives used in engines, fuels and industrial applications, sold under Chevron, Texaco, Caltex and other brands.
- **Renewable fuels** — Fuels including renewable diesel, biodiesel, renewable natural gas and sustainable aviation fuel.
- **Petrochemicals and plastics** — Industrial chemicals and materials, including olefins, polyethylene and other plastics used in products such as packaging, pipes, textiles and vehicle parts.

### Customers

- Oil refineries, traders and other energy companies that buy crude oil and natural gas.
- Utilities and industrial businesses that buy natural gas, liquefied natural gas and other energy products under sales contracts.
- Drivers who buy fuel at Chevron-, Texaco- and Caltex-branded stations, including stations operated by retailers and marketers.
- Airports and aviation fuel buyers, as well as businesses that buy lubricants, additives, petrochemicals and plastics.

### Competitors

- Exxon Mobil Corporation (XOM) — Competes in oil and gas production, refining, fuel sales and chemicals.
- Shell plc (SHEL) — Competes in oil and gas production, liquefied natural gas, refining and fuel sales.
- BP p.l.c. (BP) — Competes in oil and gas production, refining and the sale of fuels and related products.
- TotalEnergies SE (TTE) — Competes in oil and gas production, liquefied natural gas, refining and fuel sales.
- ConocoPhillips (COP) — Competes with Chevron in finding and producing oil and natural gas.

### What it depends on

- A large part of the business depends on worldwide prices for crude oil, natural gas and related products, which are set by supply and demand beyond Chevron's control.
- Production from Kazakhstan relies heavily on the Caspian Pipeline Consortium as an export route; disruptions there could impede shipments.
- Operations and projects depend on government permits, laws, taxes and contract terms in the countries where Chevron produces, transports and sells energy.

### What could go wrong

- Changes in oil, natural gas and refined-product prices can affect production earnings, sales margins and the value of assets.
- The Caspian Pipeline Consortium and other export routes can be disrupted by conflict, attacks, political decisions or other events, limiting the transport and sale of production.
- Climate-related laws, regulations and changing customer preferences could raise operating costs or reduce demand for oil, gas and other hydrocarbon products.

## More on this company

- [Overview](https://inspectstocks.com/stocks/cvx)
- [Financial statements](https://inspectstocks.com/stocks/cvx/financials)
- [Competitors](https://inspectstocks.com/stocks/cvx/peers)
- [Earnings](https://inspectstocks.com/stocks/cvx/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.