Chevron Corporation stock research
FY2024 Q2
Chevron (CVX) Gross Margin — Quarter Ended Jun 30, 2024
Revenue increased compared to both the prior quarter and the same quarter last year. However, gross profit decreased relative to the prior quarter, and the gross margin declined, as cost of revenue rose more than revenue.
Gross margin takeaway
Quarter ended Jun 30, 2024 · FY2024 Q2
Revenue increased compared to both the prior quarter and the same quarter last year. However, gross profit decreased relative to the prior quarter, and the gross margin declined, as cost of revenue rose more than revenue.
- The primary margin driver was the proportionally larger increase in cost of revenue compared to revenue, which compressed the gross margin.
- Sequentially, gross margin weakened from the prior quarter as cost of revenue increased faster than revenue. Compared to the same quarter a year ago, gross margin also weakened, despite higher revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
37.7%
Gross profit
$18.7B
Revenue
$49.6B
Cost of revenue
$30.9B
Quarter-over-quarter change
-2.7 pts
Year-over-year change
-0.9 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 |
|---|---|---|---|---|
| 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% |
| Jun 30, 2024 | $49.6B | $18.7B | $30.9B | 37.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2024
-2.7 pts
Year-over-year change
Jun 30, 2023
-0.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary margin driver was the proportionally larger increase in cost of revenue compared to revenue, which compressed the gross margin.
Sequentially, gross margin weakened from the prior quarter as cost of revenue increased faster than revenue. Compared to the same quarter a year ago, gross margin also weakened, despite higher revenue.
Monitor the trend in cost of revenue relative to revenue, as it is currently outpacing revenue growth.