Chevron (CVX) Gross Margin — Quarter Ended Sep 30, 2024

Revenue and gross profit were lower than both the preceding quarter and the year-ago quarter, while cost of revenue also decreased. Gross margin improved modestly, reflecting a proportionally larger decline in cost of revenue relative to revenue.

Gross margin takeaway

Quarter ended Sep 30, 2024 · FY2024 Q3

The strongest observable driver of the margin improvement is the relative change in cost of revenue, which declined at a faster pace than revenue.
Compared to the prior quarter, gross margin edged higher; versus the same quarter last year, it was also slightly higher.

Gross margin snapshot

The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.

Gross margin

37.8%

Gross profit

$18.5B

Revenue

$48.9B

Cost of revenue

$30.4B

Quarter-over-quarter change

+0.0 pts

Year-over-year change

+0.0 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
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%
Sep 30, 2024	$48.9B	$18.5B	$30.4B	37.8%

Quarterly comparisons

Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.

Previous-quarter change

Jun 30, 2024

+0.0 pts

Year-over-year change

Sep 30, 2023

+0.0 pts

What the margin says

Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.

The strongest observable driver of the margin improvement is the relative change in cost of revenue, which declined at a faster pace than revenue.

Compared to the prior quarter, gross margin edged higher; versus the same quarter last year, it was also slightly higher.

The filing notes increased upstream capital expenditures; monitor their potential impact on future cost of revenue.