Short answer
Chevron Corporation (CVX) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $184.4B (−4.6% year over year) and net income of $12.3B.
- Top risk flagged: Plaquemines Parish jury awarded $744.6M against Chevron under Louisiana's SLCRMA in April 2025; appeal pending, outcome uncertain
FY2025 key financial metrics · XBRL
- Revenue
- $184.4B
- −4.6% YoY
- Net income
- $12.3B
- −30.4% YoY
- EPS (diluted)
- $6.63
- −31.8% YoY
- ROE
- 6.6%
- −5.0 pp YoY
- Operating cash flow
- $33.9B
- +7.8% YoY
Source: XBRL data from the Chevron Corporation (CVX) FY2025 10-K on SEC EDGAR. USD.
Chevron Corporation FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global integrated energy company generating ~$184B in revenue via upstream E&P (majority of earnings) and downstream refining/marketing
- Completed Hess acquisition July 2025; Hess represents 24% of total assets and added ~385,000 BOE/day, lifting worldwide production to 3.7M BOE/day, up 12% YoY
- New diversification moves: entered U.S. lithium sector (135,000 net acres, Smackover Formation), expanded Geismar renewable diesel to 22,000 BPD, and announced first data center power project in West Texas
- Total debt surged to $40.8B from $24.5B YoY as Chevron assumed $10B Hess debt; debt ratio rose to 17.9% vs 13.9%; net income fell to $12.3B from $17.7B on lower crude prices (Brent avg $69 vs $81)
- Abandoned 2050 net-zero upstream Scope 1&2 aspiration timeline, explicitly stating it "is not on track to achieve the aspiration by 2050"
Management Discussion & Analysis
- Revenue $184.4B in 2025, down ~5% YoY from $193.4B; net income $12.3B vs $17.7B in 2024, down ~30%
- Operating margin compressed to ~10.4% (pre-tax income $19.7B / revenue $189B) vs ~13.6% in 2024
- Best segment: International Upstream net income $7.0B; worst: US Downstream $1.4B vs $531M prior year (near breakeven)
- Operating cash flow $33.9B vs $31.5B; capex $17.3B; dividends $12.8B; share buybacks $12.1B
- Key risk: Hess acquisition (closed July 2025, $73.5B PP&E fair value) adds leverage; long-term debt rose to $39.8B from $20.1B
Risk Factors
- Plaquemines Parish jury awarded $744.6M against Chevron under Louisiana's SLCRMA in April 2025; appeal pending, outcome uncertain
- Hess acquisition closed 2025; Hess assets = 24% of consolidated total assets but only 3% of revenues, creating significant integration and valuation risk
- Long-term debt surged to $39.8B in 2025 from $20.1B in 2024, largely acquisition-driven, nearly doubling leverage
- TCO Kazakhstan operations material to upstream earnings ($1.6B equity earnings 2025 vs $3.0B in 2024), exposed to geopolitical and export route risk via Caspian Pipeline Consortium
- ~30+ active climate change lawsuits across multiple U.S. jurisdictions; U.S. Supreme Court granted certiorari in Suncor v. Boulder County (No. 25-170), Feb 2026, could set precedent on federal preemption
Generated from the filing text; verify against the original. How to read a 10-K
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