Chevron Corporation
- Growing?
- Yes: revenue up 35% on a year earlier (quarter ended Sep 2026); earnings per share up 93% over the last four quarters.
- Expensive?
- About usual: 15.8× trailing earnings; its five-year median is 15.5×. In line with the peer median of 14.2x.
- Analysts?
- 81% of 26 say buy; average 12-month target $243, 13% above today's price.
- Risky?
- About average for a large company: its price swung 25% over the past year (the S&P 500's 14%), and it fell as much as 29% since Nov 2021.
Chevron Corporation (CVX) is an integrated energy company that explores for and produces crude oil and natural gas, refines crude into transportation fuels (e.g., gasoline, diesel, jet fuel), and manufactures/sells petrochemicals and other products; it monetizes primarily through commodity-linked sales volumes across upstream and downstream value chains.
More about Chevron
Market Position
Chevron is one of the largest U.S.-listed integrated oil & gas majors, competing globally on scale, resource position, and integrated capabilities that can balance upstream realizations with refining/marketing and chemicals margins.
Key Segments
Chevron reports results primarily across Upstream (oil & gas exploration/production and related activities) and Downstream (refining, marketing, and chemicals), with additional activities including lower-carbon and other businesses typically reported within/alongside these segments.
How has the stock done?
Over the past month CVX rose 0.6%; the energy ETF (XLE) fell 2.5% and the S&P 500 fell 2.7%.
Over the past six months CVX rose 16.3%; the energy ETF (XLE) rose 11.7% and the S&P 500 rose 2.6%.
Over the past year CVX rose 41.1%; the energy ETF (XLE) rose 42.6% and the S&P 500 rose 10.8%.
Over five years CVX rose 89.4%; the energy ETF (XLE) rose 123.6% and the S&P 500 rose 62.0%.
From Nov 15, 2022 to Apr 21, 2025, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.5% the other way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Oct 30, 2026 | ended Sep 2026 | $65.2B (+35% vs a year earlier) | $5.28 vs $4.87 (beat) | −1.6% | −8.1% |
| Jul 31, 2026 | ended Jun 2026 | $67.2B (+51% vs a year earlier) | $6.06 vs $5.57 (beat) | +0.5% | −3.0% |
| May 1, 2026 | ended Mar 2026 | $47.6B (+3% vs a year earlier) | $1.41 vs $0.97 (beat) | −0.5% | −6.0% |
| Jan 30, 2026 | ended Dec 2025 | $45.8B (−5% vs a year earlier) | $1.52 vs $1.44 (beat) | +1.7% | +5.6% |
| Oct 31, 2025 | ended Sep 2025 | $48.2B (−2% vs a year earlier) | — | +0.3% | +1.0% |
| Aug 1, 2025 | ended Jun 2025 | $44.4B (−10% vs a year earlier) | — | −0.4% | +2.2% |
| May 2, 2025 | ended Mar 2025 | $46.1B (−1% vs a year earlier) | — | −0.6% | +1.6% |
| Jan 31, 2025 | ended Dec 2024 | $48.3B (−1% vs a year earlier) | — | −4.5% | −2.4% |
| Nov 1, 2024 | ended Sep 2024 | $48.9B (−6% vs a year earlier) | — | +3.5% | +5.4% |
| Aug 2, 2024 | ended Jun 2024 | $49.6B (+5% vs a year earlier) | — | −5.2% | −5.0% |
| Apr 26, 2024 | ended Mar 2024 | $46.6B (−5% vs a year earlier) | — | +0.6% | −3.0% |
| Feb 2, 2024 | ended Dec 2023 | $48.9B (−10% vs a year earlier) | — | +3.0% | +2.1% |
| Oct 27, 2023 | ended Sep 2023 | $51.9B (−18% vs a year earlier) | — | −5.6% | −4.6% |
| Jul 28, 2023 | ended Jun 2023 | $47.2B (−28% vs a year earlier) | — | +2.5% | −0.2% |
| Apr 28, 2023 | ended Mar 2023 | $48.8B (−7% vs a year earlier) | — | +0.2% | −4.0% |
| Jan 27, 2023 | ended Dec 2022 | $54.5B (+19% vs a year earlier) | — | −7.2% | −9.8% |
| Oct 28, 2022 | ended Sep 2022 | $63.5B (+49% vs a year earlier) | — | +1.7% | +3.1% |
| Jul 29, 2022 | ended Jun 2022 | $65.4B (+81% vs a year earlier) | — | +6.7% | +2.2% |
| Apr 29, 2022 | ended Mar 2022 | $52.3B (+68% vs a year earlier) | — | −1.3% | +5.5% |
| Jan 28, 2022 | ended Dec 2021 | $45.9B (+85% vs a year earlier) | — | −3.0% | +0.4% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $65.2B in the quarter ended Sep 2026, up 35% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $54.5B | +19% |
| Mar 2023 | $48.8B | −7% |
| Jun 2023 | $47.2B | −28% |
| Sep 2023 | $51.9B | −18% |
| Dec 2023 | $48.9B | −10% |
| Mar 2024 | $46.6B | −5% |
| Jun 2024 | $49.6B | +5% |
| Sep 2024 | $48.9B | −6% |
| Dec 2024 | $48.3B | −1% |
| Mar 2025 | $46.1B | −1% |
| Jun 2025 | $44.4B | −10% |
| Sep 2025 | $48.2B | −2% |
| Dec 2025 | $45.8B | −5% |
| Mar 2026 | $47.6B | +3% |
| Jun 2026 | $67.2B | +51% |
| Sep 2026 | $65.2B | +35% |
Revenue went from $235.7B in FY22 to $184.4B in FY25; net income from $35.5B to $12.3B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $235.7B | $35.5B |
| FY23 | $196.9B | $21.4B |
| FY24 | $193.4B | $17.7B |
| FY25 | $184.4B | $12.3B |
A year earlier $1.82
Diluted, from SEC filings
The P/E of 15.8× over the 93% EPS growth of the last four quarters; near 1 or below is cheap for the growth
Quarters: Chevron Corporation's SEC filings, named by the month they end. Fiscal years: Chevron Corporation's annual reports to the SEC.
How it makes money
Of every $100 in revenue, $6.7 ends up as net income. Net margin fell from 15.0% to 6.7% over the past 3 years.
−1.0 pts over 3 years
−7.9 pts over 3 years
−8.4 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Chevron Corporation's annual reports to the SEC.
Customers and suppliers
Partners
CPCChevron invested in it · Provides export route for Tengiz field production
TCOChevron invested in it · Operates Tengiz and Korolev crude oil fields50% equity interest
GS EnergyCo-owns GS Caltex joint ventureChanges since the previous annual report (10-K filed Feb 21, 2025)
ConocoPhillips COPShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Bayou Bend CCS | partner · Chevron invested in it | “Other Chevron has a 50 percent interest in Bayou Bend CCS LLC, a carbon dioxide transportation and sequestration affiliate that holds approximately 140,000 acres for carbon dioxide storage in Texas.” |
| Angola LNG | partner · Chevron invested in it | “Angola LNG Limited Chevron has a 36.4 percent interest in Angola LNG Limited, which processes and liquefies natural gas produced in Angola for delivery to international markets.” |
| West African Gas Pipeline Company | partner · Chevron invested in it | “In addition, the company holds a 36.9 percent interest in the West African Gas Pipeline Company Limited affiliate, which supplies Nigerian natural gas to customers in Benin, Togo and Ghana.” |
| SRC | partner · joint venture with it | “Singapore Refining Company (SRC), a 50 percent-owned joint venture, has a total capacity of 290,000 barrels of crude per day and manufactures a wide range of petroleum products.” |
| GS Caltex | partner · joint venture with it | “GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy in South Korea. The joint venture imports, produces and markets petroleum products, petrochemicals and lubricants.” |
| GS Energy | partner · joint venture with it | “GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy in South Korea.” |
| Bunge Chevron Ag Renewables | partner · Chevron invested in it | “Chevron holds a 50 percent working interest in Bunge Chevron Ag Renewables LLC, which produces soybean oil from processing facilities in Destrehan, Louisiana, and Cairo, Illinois.” |
| CalBioGas | partner · Chevron invested in it | “Chevron continues to advance its dairy biomethane activities through Chevron RNG and investments in CalBioGas LLC and CalBioGas Hilmar LLC (collectively, CalBioGas investments).” |
| CalBioGas Hilmar | partner · Chevron invested in it | “Chevron continues to advance its dairy biomethane activities through Chevron RNG and investments in CalBioGas LLC and CalBioGas Hilmar LLC (collectively, CalBioGas investments).” |
| CPChem | partner · joint venture with it | “Chevron owns a 50 percent interest in Chevron Phillips Chemical Company LLC (CPChem)....CUSA also holds the company’s investment in the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method.” |
| CPC | partner · Chevron invested in it | “Chevron maintains an equity interest in the Caspian Pipeline Consortium (CPC) which provides a primary export route for Tengiz field production in Kazakhstan.” |
| TCO | partner · Chevron invested in it | “Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO)....Tengizchevroil Chevron has a 50 percent equity ownership interest in TCO, which operates the Tengiz and Korolev crude oil fields in Kazakhstan.” |
| Oil Spill Response | partner | “To complement the company’s capabilities, Chevron maintains active membership in international oil spill response cooperatives, including the Marine Spill Response Corporation, which operates in U.S. territorial waters, and Oil Spill Response, Ltd., which operates globally.” |
| Berkshire Hathaway (10-K filed Mar 2, 2026) | invested in Chevron | “The five largest holdings at each date were American Express Company, Apple Inc., Bank of America Corporation, The Coca-Cola Company and Chevron Corporation.” |
| ConocoPhillips (10-K filed Feb 17, 2026) | joint venture with it | “We own a 52.2 percent interest in the Alba Plant LLC, our joint venture with Chevron Corporation (27.8 percent) and Sociedad Nacional de Gas de Guinea Ecuatorial (SONAGAS) (20 percent), which operates an onshore liquified petroleum gas (LPG) processing plant....We own a 45 percent interest in Atlantic Methanol Production Company LLC (AMPCO), our joint venture with Chevron Corporation (45 percent) and SONAGAS (10 percent), which operates a methanol plant.” |
Only the companies Chevron names in its 10-K filed Feb 24, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Chevron. Hover a name for the filing's own words.
Is it expensive?
P/E of 15.8x, in line with the peer median of 14.2x, with earnings still growing.
In line with the peer median of 14.2x.
Show the data
| Company | P/E (trailing) |
|---|---|
| XOM · ExxonMobil Holdings Corporation | 17.4× |
| CVX · Chevron Corporation | 15.8× |
| NFG · National Fuel Gas Company | 10.9× |
At 15.8× trailing earnings CVX is inside the middle of its five-year range; the five-year median is 15.5×.
Show the data
| Date | Trailing P/E |
|---|---|
| Nov 8, 2021 | 22.3× |
| Feb 8, 2022 | 16.8× |
| May 10, 2022 | 15.1× |
| Aug 10, 2022 | 10.4× |
| Nov 8, 2022 | 10.5× |
| Feb 9, 2023 | 9.2× |
| May 11, 2023 | 8.4× |
| Aug 11, 2023 | 10.4× |
| Nov 9, 2023 | 10.6× |
| Feb 12, 2024 | 13.4× |
| May 13, 2024 | 15.2× |
| Aug 13, 2024 | 14.3× |
| Nov 11, 2024 | 17.2× |
| Feb 13, 2025 | 16.1× |
| May 15, 2025 | 16.3× |
| Aug 15, 2025 | 20.2× |
| Nov 13, 2025 | 21.9× |
| Feb 17, 2026 | 27.1× |
| May 18, 2026 | 34.0× |
| Aug 18, 2026 | 19.7× |
| Nov 12, 2026 | 15.8× |
Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.
What analysts expect
The average analyst price target is $243, 13% above the current price; 81% of 26 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.
Buy or Strong Buy: 21 analysts (81%). Sell or Strong Sell: 0.
Over the past year the average of the analysts' latest price targets went from $176.20 to $236.00 (+34%), while CVX went from $155.58 to $216.35 (+39%). In the past three months targets were raised 14 times and cut once. 4 upgrades and 2 downgrades over the year; the latest: Freedom Broker moved it to Hold from Sell on Nov 6, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 6, 2026 | Freedom Broker | Upgrade | Hold, was Sell | $218.00 |
| Nov 2, 2026 | UBS | Target raised | Buy | $265.00, was $235.00 |
| Nov 2, 2026 | Barclays | Target raised | Equal-Weight | $244.00, was $208.00 |
| Nov 2, 2026 | Morgan Stanley | Target raised | Overweight | $230.00, was $226.00 |
| Nov 2, 2026 | Evercore ISI Group | Target raised | Outperform | $250.00, was $225.00 |
| Nov 2, 2026 | Wells Fargo | Target raised | Overweight | $268.00, was $230.00 |
| Oct 15, 2026 | Morgan Stanley | Target raised | Overweight | $226.00, was $218.00 |
| Oct 12, 2026 | TD Cowen | Target raised | Hold | $225.00, was $215.00 |
| Oct 8, 2026 | UBS | Target raised | Buy | $235.00, was $220.00 |
| Sep 28, 2026 | TD Cowen | Target raised | Hold | $215.00, was $205.00 |
| Sep 25, 2026 | HSBC | Target raised | Buy | $250.00, was $218.00 |
| Sep 3, 2026 | BMO Capital | Target raised | Outperform | $235.00, was $210.00 |
| Sep 3, 2026 | Piper Sandler | Target raised | Overweight | $243.00, was $207.00 |
| Sep 3, 2026 | Wells Fargo | Target raised | Overweight | $230.00, was $226.00 |
| Aug 19, 2026 | Morgan Stanley | Target raised | Overweight | $218.00, was $210.00 |
| Aug 17, 2026 | Barclays | Target cut | Equal-Weight | $208.00, was $216.00 |
| Aug 5, 2026 | TD Cowen | Target raised | Hold | $205.00, was $200.00 |
| Aug 3, 2026 | Bernstein | Target raised | Market Perform | $209.00, was $204.00 |
| Aug 3, 2026 | Barclays | Target raised | Equal-Weight | $216.00, was $213.00 |
| Jul 28, 2026 | B of A Securities | Target raised | Buy | $227.00, was $210.00 |
| Jul 22, 2026 | TD Cowen | Target raised | Hold | $200.00, was $197.00 |
| Jul 2, 2026 | Wolfe Research | Upgrade | Outperform, was Peer Perform | $210.00 |
| Jun 29, 2026 | Morgan Stanley | Target cut | Overweight | $210.00, was $214.00 |
| May 27, 2026 | Mizuho | Target raised | Outperform | $230.00, was $225.00 |
| May 26, 2026 | Barclays | Target raised | Equal-Weight | $213.00, was $192.00 |
| May 22, 2026 | Morgan Stanley | Target raised | Overweight | $214.00, was $212.00 |
| May 11, 2026 | Bernstein | Target cut | Market Perform | $204.00, was $216.00 |
| May 5, 2026 | RBC Capital | Target kept | Outperform | $220.00 |
| May 4, 2026 | UBS | Target raised | Buy | $220.00, was $218.00 |
| May 4, 2026 | Barclays | Target raised | Equal-Weight | $192.00, was $180.00 |
| Apr 22, 2026 | Scotiabank | Target raised | Sector Perform | $187.00, was $168.00 |
| Apr 17, 2026 | BNP Paribas | Upgrade | Outperform, was Neutral | $174.00 |
| Apr 13, 2026 | RBC Capital | Target raised | Outperform | $220.00, was $200.00 |
| Apr 9, 2026 | Wells Fargo | Target raised | Overweight | $222.00, was $204.00 |
| Apr 2, 2026 | Citigroup | Target raised | Buy | $235.00, was $210.00 |
| Mar 27, 2026 | Morgan Stanley | Target raised | Overweight | $212.00, was $174.00 |
| Mar 17, 2026 | Mizuho | Target raised | Outperform | $217.00, was $206.00 |
| Mar 16, 2026 | Barclays | Target raised | Equal-Weight | $180.00, was $172.00 |
| Mar 12, 2026 | Piper Sandler | Target raised | Overweight | $242.00, was $179.00 |
| Mar 2, 2026 | Citigroup | Target raised | Buy | $210.00, was $179.00 |
| Mar 2, 2026 | B of A Securities | Target raised | Buy | $206.00, was $188.00 |
| Feb 2, 2026 | Wells Fargo | Target raised | Overweight | $204.00, was $196.00 |
| Jan 23, 2026 | Morgan Stanley | Target cut | Overweight | $174.00, was $180.00 |
| Jan 21, 2026 | Barclays | Target raised | Equal-Weight | $166.00, was $158.00 |
| Jan 14, 2026 | Jefferies | Target raised | Buy | $189.00, was $174.00 |
| Jan 8, 2026 | Piper Sandler | Target cut | Overweight | $174.00, was $178.00 |
| Jan 6, 2026 | Freedom Capital Markets | Downgrade | Sell, was Hold | $165.00 |
| Jan 6, 2026 | Freedom Broker | Downgrade | Sell, was Hold | $165.00 |
| Jan 5, 2026 | Citigroup | Target cut | Buy | $179.00, was $185.00 |
| Jan 5, 2026 | Bernstein | Target raised | Market Perform | $172.00, was $170.00 |
| Dec 12, 2025 | Mizuho | Target raised | Outperform | $206.00, was $204.00 |
| Dec 11, 2025 | B of A Securities | Target cut | Buy | $180.00, was $183.00 |
| Dec 1, 2025 | HSBC | Upgrade | Buy, was Hold | $169.00, was $166.00 |
| Nov 14, 2025 | Wells Fargo | Target raised | Overweight | $196.00, was $190.00 |
| Nov 13, 2025 | Piper Sandler | Target cut | Overweight | $168.00, was $169.00 |
| Nov 13, 2025 | Mizuho | Target raised | Outperform | $204.00, was $191.00 |
| Nov 13, 2025 | Morgan Stanley | Target raised | Overweight | $180.00, was $177.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $1.44 | $1.52 | +5.6% |
| Mar ’26 | $0.97 | $1.41 | +45.4% |
| Jun ’26 | $5.57 | $6.06 | +8.8% |
| Sep ’26 | $4.87 | $5.28 | +8.4% |
The day after each of these reports the stock moved +1.7% (Dec 2025, beat); −0.5% (Mar 2026, beat); +0.5% (Jun 2026, beat); −1.6% (Sep 2026, beat).
For the quarter ending Dec 2026 (Chevron reports on Jan 29, 2027), analysts expect adjusted earnings of $5.69 a share, 274% more than the $1.52 of a year earlier, and revenue of $65.2B. For the fiscal year ending Dec 2027, they expect adjusted earnings of $16.50 a share, 10% less than the year before's estimate of $18.24, and revenue of $237.0B, down 5% on the year before's estimate.
Adjusted. Dec 2025: $1.52; range $4.99 to $7.00; 18 analysts
Range $56.1B to $82.3B; 9 analysts
Adjusted. The year to Dec 2026: $18.24 expected; range $12.45 to $22.50; 26 analysts
The year to Dec 2026: $248.4B expected; range $205.3B to $279.5B; 12 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026, results Jan 29, 2027 | EPS (adjusted) | $5.69 | $4.99 to $7.00 | 18 | $1.52 (Dec 2025) | +274% |
| Quarter ending Dec 2026, results Jan 29, 2027 | Revenue | $65.2B | $56.1B to $82.3B | 9 | — | — |
| Quarter ending Mar 2027 | EPS (adjusted) | $4.69 | $3.68 to $6.43 | 18 | $1.41 (Mar 2026) | +232% |
| Quarter ending Mar 2027 | Revenue | $59.0B | $53.6B to $67.5B | 5 | — | — |
| Year ending Dec 2026 | EPS (adjusted) | $18.24 | $16.40 to $20.82 | 25 | — | — |
| Year ending Dec 2026 | Revenue | $248.4B | $239.2B to $268.8B | 12 | — | — |
| Year ending Dec 2027 | EPS (adjusted) | $16.50 | $12.45 to $22.50 | 26 | $18.24 (expected, year to Dec 2026) | −10% |
| Year ending Dec 2027 | Revenue | $237.0B | $205.3B to $279.5B | 12 | $248.4B (expected, year to Dec 2026) | −5% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $34.1B in free cash flow over the year, of which $25.0B went back to shareholders (dividends plus buybacks), leaving $9.1B in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $52.0B |
| Capex | −$17.9B |
| Free cash flow | $34.1B |
| Dividends | −$13.9B |
| Buybacks | −$11.1B |
| Cash retained | $9.1B |
For every $100 of market cap, the company generates about $8.1 in free cash flow a year.
For every $100 of market cap, you receive about $3.3 in dividends a year.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $5.9 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Dec 2023 | $8.1B | $2.8B | $3.4B |
| Mar 2024 | $2.7B | $3.0B | $3.0B |
| Jun 2024 | $2.3B | $3.0B | $3.0B |
| Sep 2024 | $5.6B | $2.9B | $4.8B |
| Dec 2024 | $4.4B | $2.9B | $4.5B |
| Mar 2025 | $1.3B | $3.0B | $3.9B |
| Jun 2025 | $4.9B | $2.9B | $2.6B |
| Sep 2025 | $4.9B | $3.4B | $2.6B |
| Dec 2025 | $5.5B | $3.4B | $3.0B |
| Mar 2026 | −$1.5B | $3.5B | $2.6B |
| Jun 2026 | $18.1B | $3.5B | $3.0B |
| Sep 2026 | $12.0B | $3.5B | $2.5B |
Chevron had 1.96B diluted shares in the quarter ended Sep 2026, 0.9% more than a year earlier, and 0.9% more each year on average since Jun 2020. It spent $11.1B on buybacks over the last four quarters.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Jun 2020 | 1.85B |
| Sep 2020 | 1.85B |
| Mar 2021 | 1.92B |
| Jun 2021 | 1.92B |
| Sep 2021 | 1.92B |
| Mar 2022 | 1.94B |
| Jun 2022 | 1.96B |
| Sep 2022 | 1.94B |
| Mar 2023 | 1.90B |
| Jun 2023 | 1.88B |
| Sep 2023 | 1.88B |
| Mar 2024 | 1.85B |
| Jun 2024 | 1.83B |
| Sep 2024 | 1.81B |
| Mar 2025 | 1.75B |
| Jun 2025 | 1.72B |
| Sep 2025 | 1.95B |
| Mar 2026 | 1.99B |
| Jun 2026 | 1.98B |
| Sep 2026 | 1.96B |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 1.2, short-term debt is manageable; debt-to-equity 0.2, debt is very low and the balance sheet is solid.
Assets that can be turned into cash soon are 1.2x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.2 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $6.3B against debt of $39.3B. Lease obligations of $1.4B are not counted: they are rent owed, not money borrowed. It also holds $43.9B of long-term investments, which can be stakes in other companies rather than cash.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 2 members of Congress and 6 funds whose copy leaves CVX out (not traded on the exchange): Berkshire Hathaway, Fisher Asset Management, Mirae Asset Global Investments, Rob Bresnahan, Canada Pension Plan Investment Board, Norges Bank and 2 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 14 held CVX at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 5 cut and 3 held the same. The largest of them is Berkshire Hathaway, 84.38M shares worth $14.0B at Jun 30, 2026.
Over their latest quarter
Over their latest quarter
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Berkshire Hathaway | Q2 2026 | 84.38M | $14.0B | 0 | 0.0% | Aug 14, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 22.96M | $3.8B | −1.49M | −6.1% | Aug 12, 2026 |
| Fisher Asset Management | Q3 2026 | 16.60M | $3.4B | −56,655 | −0.3% | Nov 6, 2026 |
| National Pension Service | Q3 2026 | 4.54M | $927M | +13,789 | +0.3% | Nov 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 4.35M | $721M | +712,440 | +20% | Aug 14, 2026 |
| Renaissance Technologies | Q3 2026 | 2.07M | $422M | −804,286 | −28% | Nov 12, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 1.35M | $276M | +186,316 | +16% | Nov 3, 2026 |
| Korea Investment | Q2 2026 | 1.13M | $188M | −205,259 | −15% | Aug 12, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 387,045 | $64.2M | +73,328 | +23% | Aug 14, 2026 |
| Nomura Holdings | Q2 2026 | 254,459 | $42.2M | +167,217 | +192% | Aug 14, 2026 |
| Dodge & Cox | Q2 2026 | 202,503 | $33.6M | −2,606 | −1.3% | Aug 13, 2026 |
| Bridgewater Associates | Q2 2026 | 154,753 | $25.7M | +151,926 | +5374% | Aug 14, 2026 |
| Gardner Russo & Quinn | Q3 2026 | 2,470 | $504K | 0 | 0.0% | Nov 12, 2026 |
| Harris Associates L P | Q2 2026 | 1,350 | $224K | 0 | 0.0% | Aug 14, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of CVX at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.