Chevron Corporation stock research
FY2024 Q1
Chevron (CVX) Gross Margin — Quarter Ended Mar 31, 2024
Revenue and cost of revenue both declined, resulting in lower gross profit. Gross margin weakened compared to the prior quarter but improved relative to the same quarter last year.
Gross margin takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue and cost of revenue both declined, resulting in lower gross profit. Gross margin weakened compared to the prior quarter but improved relative to the same quarter last year.
- The year-over-year reduction in cost of revenue outpaced the decline in revenue, supporting a higher gross margin despite lower sales.
- Sequentially, revenue and gross profit were lower, and gross margin decreased. Compared with the same quarter one year earlier, revenue and gross profit were lower, but gross margin increased.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
40.4%
Gross profit
$18.8B
Revenue
$46.6B
Cost of revenue
$27.7B
Quarter-over-quarter change
-1.4 pts
Year-over-year change
+0.7 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 |
|---|---|---|---|---|
| Jun 30, 2023 | $47.2B | $18.2B | $29.0B | 38.6% |
| Sep 30, 2023 | $51.9B | $19.6B | $32.3B | 37.7% |
| Dec 31, 2023 | $48.9B | $20.5B | $28.5B | 41.8% |
| Mar 31, 2024 | $46.6B | $18.8B | $27.7B | 40.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2023
-1.4 pts
Year-over-year change
Mar 31, 2023
+0.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The year-over-year reduction in cost of revenue outpaced the decline in revenue, supporting a higher gross margin despite lower sales.
Sequentially, revenue and gross profit were lower, and gross margin decreased. Compared with the same quarter one year earlier, revenue and gross profit were lower, but gross margin increased.
Monitor capital expenditure trends, as the filing notes higher spending including post-acquisition investments in legacy assets.