Chevron Corporation stock research
FY2026 Q1
Chevron (CVX) Gross Margin & Quarterly History
Explore Chevron Corporation (CVX) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue increased from the previous quarter while gross profit and gross margin declined, as cost of revenue rose more sharply. Compared with the same quarter last year, revenue was slightly higher and gross profit improved, leading to a higher gross margin.
- Gross margin weakened from the prior quarter, driven by a greater increase in cost of revenue relative to the change in revenue. The margin remained above the year-ago level, reflecting a favorable comparison with the period one year earlier.
- Quarter-over-quarter, revenue was higher but gross profit was lower, and gross margin weakened. Year-over-year, revenue was higher, gross profit was higher, and gross margin improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
40.6%
Gross profit
$19.3B
Revenue
$47.6B
Cost of revenue
$28.3B
Quarter-over-quarter change
-4.1 pts
Year-over-year change
+2.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $44.4B | $17.5B | $26.9B | 39.5% |
| Sep 30, 2025 | $48.2B | $20.8B | $27.4B | 43.1% |
| Dec 31, 2025 | $45.8B | $20.4B | $25.3B | 44.6% |
| Mar 31, 2026 | $47.6B | $19.3B | $28.3B | 40.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-4.1 pts
Year-over-year change
Mar 31, 2025
+2.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross margin weakened from the prior quarter, driven by a greater increase in cost of revenue relative to the change in revenue. The margin remained above the year-ago level, reflecting a favorable comparison with the period one year earlier.
Quarter-over-quarter, revenue was higher but gross profit was lower, and gross margin weakened. Year-over-year, revenue was higher, gross profit was higher, and gross margin improved.
Monitor the trajectory of cost of revenue relative to revenue, as its faster increase pressured gross margin in the current quarter.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Chevron Corporation (CVX) | 40.6% |