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Dec 31, 2025
Chevron Q4 2025 Earnings Report
Chevron reported earnings of $2.8 billion for Q4 2025, with adjusted earnings of $3.0 billion.
Key Takeaways
Chevron delivered strong Q4 2025 results with record production and operating cash flow, despite lower crude prices compared to the previous year.
Reported EPS was $1.39; adjusted EPS came in at $1.52
Revenue for the quarter was $46.87 billion
Net income totaled $2.8 billion
Operating cash flow reached a record $10.8 billion
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Chevron expects continued strong operational performance in 2026, with further cost reductions and increased shareholder returns despite macroeconomic headwinds.
Positive Outlook
- Record oil-equivalent production levels achieved
- Hess acquisition expected to contribute further synergies
- Higher cash flow from operations supports dividend growth
- Strong project pipeline in Guyana, Permian, and TCO
- Progress in energy transition with investments in renewables and lithium
Challenges Ahead
- Lower crude oil and gas price realizations impacting margins
- Foreign currency effects reduced earnings
- Adjusted free cash flow declined YoY
- Downstream operations still facing margin pressures globally
Historical Earnings Impact
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Avg. Return Before/After Earnings
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