Companies /Energy

Chevron Corp

NYSE: CVX Oil & Gas Integrated
$200.53
â–² $0.76 (+0.38%) today
Markets open · 10:30am ET

Q2 2025 Earnings

Reported Aug 1, 2025, 6:17am ET · SEC source
$1.77
Beat +1.22%
EPS · est. $1.75
$44.4B
Miss −1.70%
Revenue · est. $45.1B
+0.9%
Beating market
CVX vs S&P since report
7 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−1.4%−0.7%0+0.7%Aug 1Aug 1report 6:17am ETearnings−0.8%−0.9%
−1.4%−0.7%0+0.7%Aug 1Aug 1earnings−0.8%−0.9%
CVX −0.9%S&P 500 −0.8%
−1.4%−0.7%0+0.7%Aug 1Aug 1report 6:17am ETearnings−1.0%−0.9%
−1.4%−0.7%0+0.7%Aug 1Aug 1earnings−1.0%−0.9%
CVX −0.9%NASDAQ −1.0%
0+2%Jul 31Aug 8report 6:17am ETearnings+2.1%+1.9%
0+2%Jul 31Aug 8earnings+2.1%+1.9%
CVX +1.9%S&P 500 +2.1%
0+2%Jul 31Aug 8report 6:17am ETearnings+3.2%+1.9%
0+2%Jul 31Aug 8earnings+3.2%+1.9%
CVX +1.9%NASDAQ +3.2%
−0.16%
Day of report
−0.24%
Next session
+2.38%
One week
+4.40%
30 days

S&P 500 over the same 30 days: +3.54%.

Did CVX Beat Earnings? Q2 2025 Results

Chevron delivered a mixed second quarter for 2025, edging past earnings expectations while falling short on revenue as lower crude prices weighed heavily on results. The oil major posted adjusted EPS of $1.77, clearing the $1.75 consensus estimate by 1.22%, but revenue of $44.38 billion trailed the $45.14 billion forecast and fell 10.5% from a year earlier, a decline that reflected sharply weaker upstream realizations — U.S. liquids prices dropped to $47.77 per barrel from $59.85 in the year-ago period. The headline story, however, was operational: Permian Basin output crossed the 1 million barrels of oil equivalent per day threshold for the first time, anchoring record worldwide net production of 3,396 MBOED and helping drive cash flow from operations to $8.60 billion. With the Hess acquisition now closed following a favorable Guyana arbitration ruling, Chevron's <a href="https://247wallst.com/investing/2026/02/17/chevron-vs-conocophillips-which-is-the-better-buy-as-energy-sector-crushes-the-market/">long-term competitive positioning</a> looks meaningfully strengthened, adding Bakken and deepwater Guyana assets to an already record-setting production base.

Key Takeaways
  • Record worldwide and U.S. net oil-equivalent production
  • Permian Basin production reached 1 million BOE per day, up 14% year-over-year
  • Gulf of America production up 22% year-over-year
  • TCO production up 34% following Future Growth Project start-up reaching nameplate capacity
  • Higher downstream margins on refined product sales
  • U.S. refinery crude unit inputs increased 17% year-over-year from improved operational availability
  • Absence of prior year working capital outflows and higher TCO cash distributions boosted operating cash flow
  • Cash flow from operations at similar commodity prices was one of the highest in company history

“Second quarter results reflect continued strong execution, record production, and exceptional cash generation.”

Chevron CEO, on the earnings call

Forward Guidance & Outlook

The completion of the Hess acquisition positions Chevron to extend its production and free cash flow growth profile well into the next decade. The addition of Hess's assets in Guyana, the U.S. Bakken, and the Gulf of America creates one of the most advantaged and differentiated portfolios in the industry. The company is implementing a simplified organizational structure effective July 1 to realize greater efficiencies through standardization and centralization.

CVX YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$20.0B$40.0B$49.6B$44.4BRevenue$5.6B$4.1BOperating Income$4.4B$2.5BNet Income
$0$20.0B$40.0BRevenueOperating IncomeNet Income

CVX Revenue by Segment

International Upstream$1.3B
U.S. Upstream$1.4B
International Downstream$333.0M
U.S. Downstream$404.0M

Figures from SEC filings and company reports. Not investment advice.