Chevron (CVX) 10-K Summaries & Annual Filing History
Review Chevron Corporation (CVX) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Chevron Corporation manages investments in subsidiaries and affiliates while providing support to U.S. and international entities engaged in integrated energy and chemicals operations. The company reported a decline in annual revenue and net income, with operating cash flow also decreasing.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$184.4B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$12.3B
Net income reported for the year.
Operating cash flow
$33.9B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $235.7B | +51.5% |
| Dec 31, 2023 | $196.9B | -16.5% |
| Dec 31, 2024 | $193.4B | -1.8% |
| Dec 31, 2025 | $184.4B | -4.6% |
Business overview
Chevron's upstream operations include exploring for, developing, producing, and transporting crude oil and natural gas, as well as liquefied natural gas processing and carbon capture. Downstream operations involve refining crude oil, marketing refined products and renewable fuels, and manufacturing commodity petrochemicals and lubricants.
Financial performance
Revenue decreased compared to the prior year, and net income also declined. Operating cash flow was lower than the previous period.
Material risks
The petroleum industry's operations and profitability are influenced by supply and demand factors for crude oil, natural gas, and petrochemicals. Production levels from OPEC members can affect market conditions. Forward-looking statements in the filing are subject to risks and uncertainties in the energy sector.
Liquidity and capital
The filing references an authorized stock repurchase program as part of liquidity and capital resources, but no further details on capital allocation themes are provided.
What to watch
Readers should monitor changes in revenue and net income trends in the next filing to assess the company's financial trajectory.