Chevron (CVX) Q1 2025 Earnings
Adjusted EPS excludes net special items of $175 million after-tax: legal reserves of $130 million (U.S. Upstream) and $170 million (U.S. Downstream), a $55 million tax charge from UK energy profits levy changes, and a $180 million favorable fair value adjustment of Hess common stock. It also excludes foreign currency effects of -$138 million. GAAP diluted EPS was $2.00.
How Did CVX Stock React to Q1 2025 Earnings?
S&P 500 over the same 30 days: +5.15%.
Did CVX Beat Earnings? Q1 2025 Results
Yes. Chevron reported Q1 2025 earnings of $2.18 a share on May 2, 2025, beating the $2.15 consensus estimate by 1.3%. Revenue was $47.6B against a $48.4B estimate.
Chevron delivered a mixed first quarter in 2025, edging past earnings expectations while falling short on revenue as sharply lower profits cast a shadow over the results. Adjusted diluted EPS came in at $2.18, nudging ahead of the $2.15 consensus estimate by 1.31%, but reported earnings of $3.50 billion were down roughly 36% from $5.50 billion a year earlier, with the steepest pressure coming from weaker upstream affiliate income and a collapse in downstream margins that dragged segment earnings to $325 million from $783 million. Revenue of $47.61 billion rose 2.2% year over year yet missed the $48.39 billion consensus by 1.62%. The quarter's softness is already reshaping capital returns; Chevron signaled it would trim its share repurchase pace to $2.50 billion to $3.00 billion in Q2, stepping back from the $3.90 billion it returned in buybacks during Q1, as lower oil prices and rising OPEC+ supply weigh on the outlook. Management maintained its target of industry-leading free cash flow growth by 2026, anchored by the ramp-up at Tengizchevroil and new Gulf of America production.
- Lower income from upstream and downstream equity affiliates
- Lower margins on refined product sales
- Unfavorable swings in tax items and foreign exchange effects (FX reduced earnings by $138 million)
- Lower liquids realizations; higher U.S. natural gas realizations ($2.50/MCF vs $1.24/MCF)
- Production growth at TCO (20%), Permian Basin (12%) and Gulf of America (7%) offset asset sales
- U.S. refinery crude inputs up 16% on improved El Segundo reliability, no Pascagoula shutdown, and Pasadena Light Tight Oil project
- Legal reserves of $130 million (U.S. Upstream) and $170 million (U.S. Downstream) after-tax
- Favorable Hess share fair value adjustment of $180 million after-tax
- Working capital build of $2.4 billion and Canadian asset sale tax payments reduced operating cash flow
“This quarter reflected continued strong execution and progress on our objective to deliver superior shareholder value.”
Chevron CEO, on the earnings call
What Was Chevron's Outlook in Q1 2025?
Management expects its resilient portfolio, strong balance sheet and capital and cost discipline to deliver industry-leading free cash flow growth by 2026. Recent Gulf of America project startups, including Ballymore, are expected to raise net production from the Gulf to 300,000 barrels of oil equivalent per day in 2026. A structural cost reduction program targets $2-3 billion in savings by the end of 2026. The company remains confident the pending Hess acquisition will be consummated. Chevron publishes a separate quarterly 'Sensitivities and Forward Guidance' document.
CVX YoY Financials
| Metric | Q1 2025 | Q1 2024 | Year over year |
|---|---|---|---|
| Revenue | $47.6B | $46.6B | +2.2% |
| Net Income | $3.5B | $5.5B | −36.4% |
Figures from SEC filings and company reports. Not investment advice.