Short answer
Chevron Corporation (CVX) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $48.2B (down 1.5% year over year) with net income of $3.5B.
Q3 2025 key financials · XBRL
- Revenue
- $48.2B
- −1.5% YoY · +8.5% QoQ
- Net income
- $3.5B
- −21.1% YoY · +42.1% QoQ
- EPS (diluted)
- $1.82
- −26.6% YoY · +25.5% QoQ
Source: XBRL data from the Chevron Corporation (CVX) Q3 2025 10-Q on SEC EDGAR. USD.
Chevron Corporation Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue slightly down to $48.2B Q3 2025 vs $48.9B Q3 2024; net income $3.5B vs $4.5B YoY; 9-month net income $9.5B vs $14.4B prior year
- Operating earnings: Upstream $3.3B Q3 2025 vs $4.6B Q3 2024; Downstream $1.1B Q3 2025 vs $595M Q3 2024; total margin impacted by earnings shift
- U.S. Upstream earnings down $664M Q3 mainly from 27% higher production but lower realizations ($48.12/bbl vs $54.86/bbl) and acquisition costs
- Cash flow: Operating cash flow $23.2B YTD up YoY; free cash flow stable at $11.1B; capital expenditure steady at $12.1B YTD
- Debt $41.5B up from $24.5B year-end 2024 due to Hess acquisition; share repurchases $2.6B Q3, targeting $2.5-3.0B Q4 2025
- Management highlights ongoing macro risks from commodity prices, geopolitical tensions; continues strategy on energy transition with no updated capital spend guidance on low carbon
Risk Factors
- New Hess acquisition severance accrual increase $ million in Q3, balance expected to settle by end of 2026
- Asset retirement obligations (ARO) increased by $1.682 billion due to Hess acquisition, total ARO balance $13.9 billion at Sept 30, 2025
- Legal obligation for ARO is unconditional despite timing uncertainty, fair value estimates regularly updated with new information
- Upstream segment restructuring costs impact SG&A and operating expenses, reflecting integration costs from Hess deal
- Long-term ARO liability $12.6 billion exposes company to future cash outflows dependent on asset retirement timing
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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