Chevron Corporation stock research
FY2025 Q1
Chevron (CVX) Gross Margin — Quarter Ended Mar 31, 2025
Revenue decreased compared to both the prior quarter and the same quarter last year, while gross profit also declined. Gross margin improved slightly from the prior quarter but weakened relative to the year-ago period, as the cost of revenue changed at a different rate than revenue.
Gross margin takeaway
Quarter ended Mar 31, 2025 · FY2025 Q1
Revenue decreased compared to both the prior quarter and the same quarter last year, while gross profit also declined. Gross margin improved slightly from the prior quarter but weakened relative to the year-ago period, as the cost of revenue changed at a different rate than revenue.
- The strongest observable margin driver is the change in cost of revenue relative to revenue. Sequentially, cost of revenue fell more than revenue, supporting margin improvement; year over year, cost of revenue rose while revenue fell, compressing margins.
- Compared to the immediately preceding quarter, gross margin improved slightly. Compared to the same quarter one year earlier, gross margin weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
37.9%
Gross profit
$17.5B
Revenue
$46.1B
Cost of revenue
$28.6B
Quarter-over-quarter change
+0.3 pts
Year-over-year change
-2.5 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, 2024 | $49.6B | $18.7B | $30.9B | 37.7% |
| Sep 30, 2024 | $48.9B | $18.5B | $30.4B | 37.8% |
| Dec 31, 2024 | $48.3B | $18.2B | $30.1B | 37.6% |
| Mar 31, 2025 | $46.1B | $17.5B | $28.6B | 37.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2024
+0.3 pts
Year-over-year change
Mar 31, 2024
-2.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the change in cost of revenue relative to revenue. Sequentially, cost of revenue fell more than revenue, supporting margin improvement; year over year, cost of revenue rose while revenue fell, compressing margins.
Compared to the immediately preceding quarter, gross margin improved slightly. Compared to the same quarter one year earlier, gross margin weakened.
Monitor the trend in cash provided by operating activities, which declined in the first three months of 2025 compared to the year-ago period, as noted in the filing.