Chevron (CVX) Q2 2025 Earnings
Adjusted EPS excludes a net special-item loss of $215 million: a $275 million after-tax fair value adjustment loss on Hess common stock and $55 million of pension costs, partly offset by a $115 million after-tax gain on the sale of non-operated U.S. pipeline assets. It also excludes $348 million of unfavorable foreign currency effects. GAAP diluted EPS was $1.45.
How Did CVX Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +3.54%.
Did CVX Beat Earnings? Q2 2025 Results
Yes. Chevron reported Q2 2025 earnings of $1.77 a share on Aug 1, 2025, beating the $1.75 consensus estimate by 1.2%. Revenue was $44.8B against a $45.1B estimate.
Chevron delivered a mixed second quarter, narrowly beating adjusted earnings expectations while falling short on revenue as lower crude prices weighed heavily on results. The oil major posted adjusted diluted EPS of $1.77, edging past the $1.75 consensus estimate by 1.22%, but revenue slid 9.6% year-over-year to $44.82 billion, missing analyst expectations of $45.14 billion. The earnings story was dominated by sharply lower liquids realizations, with U.S. upstream prices dropping to $47.77 per barrel from $59.85 a year earlier, dragging adjusted earnings to $3.05 billion compared with $4.68 billion in the prior-year period. GAAP diluted EPS came in at $1.45, weighed down by a $275 million after-tax fair value loss on Hess shares and $348 million in unfavorable foreign currency effects. On a brighter note, worldwide net oil-equivalent production reached 3,396 MBOED, with the Permian Basin hitting 1 million BOE per day, and cash flow from operations reached $8.60 billion. Chevron closed its Hess acquisition in July, a deal management says extends production and free cash flow growth well into the next decade.
- Worldwide and U.S. net oil-equivalent production set quarterly records; worldwide production of 3,396 MBOED vs 3,292 MBOED a year ago
- Permian Basin production reached 1 million BOE per day, up 14% year over year
- Tengizchevroil production up 34% as the Future Growth Project reached nameplate capacity; Gulf of America production up 22%
- Lower crude oil prices and liquids realizations reduced upstream earnings (U.S. liquids realization $47.77/bbl vs $59.85)
- Higher refined product margins lifted U.S. and international downstream earnings
- U.S. refinery crude inputs up 17% on improved El Segundo availability, no Pascagoula turnaround, and the completed Pasadena Light Tight Oil project
- Cash flow from operations rose on the absence of prior-year working capital outflows and higher TCO distributions
- Unfavorable Hess share fair value adjustment, higher interest expense and pension curtailment costs increased All Other net charges
- Foreign currency effects decreased earnings by $348 million
“Second quarter results reflect continued strong execution, record production, and exceptional cash generation.”
Chevron CEO, on the earnings call
What Was Chevron's Outlook in Q2 2025?
Management expects the Hess acquisition to strengthen Chevron's diversified portfolio and extend its production and free cash flow growth well into the next decade. A simplified organizational structure took effect July 1, aimed at efficiencies through standardization and centralization. Chevron publishes a separate 'Sensitivities and Forward Guidance' document on its website; this release contains no numerical guidance.
CVX YoY Financials
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $44.8B | $49.6B | −9.6% |
| Net Income | $2.5B | $4.4B | −43.8% |
Figures from SEC filings and company reports. Not investment advice.