Chevron Corporation stock research
FY2023 Q1
Chevron (CVX) Gross Margin — Quarter Ended Mar 31, 2023
For the quarter, revenue and gross profit were lower than the previous quarter but higher than the same quarter last year. Cost of revenue decreased compared to both periods, resulting in a gross margin that was slightly lower than the prior quarter but improved from the year-ago period.
Gross margin takeaway
Quarter ended Mar 31, 2023 · FY2023 Q1
For the quarter, revenue and gross profit were lower than the previous quarter but higher than the same quarter last year. Cost of revenue decreased compared to both periods, resulting in a gross margin that was slightly lower than the prior quarter but improved from the year-ago period.
- The year-over-year improvement in gross margin was the most notable change, driven by revenue and gross profit increasing while cost of revenue declined.
- Versus the immediately preceding quarter, gross margin weakened slightly, as revenue and gross profit fell more than cost of revenue. Versus the same quarter one year earlier, gross margin strengthened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
39.8%
Gross profit
$19.4B
Revenue
$48.8B
Cost of revenue
$29.4B
Quarter-over-quarter change
n/a
Year-over-year change
+3.7 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 |
|---|---|---|---|---|
| Mar 31, 2023 | $48.8B | $19.4B | $29.4B | 39.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Previous quarter unavailable
n/a
Year-over-year change
Mar 31, 2022
+3.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The year-over-year improvement in gross margin was the most notable change, driven by revenue and gross profit increasing while cost of revenue declined.
Versus the immediately preceding quarter, gross margin weakened slightly, as revenue and gross profit fell more than cost of revenue. Versus the same quarter one year earlier, gross margin strengthened.
Monitor the trend in cash provided by operating activities, which declined compared to the prior year.