Chevron Corporation stock research
FY2025 Q2
Chevron (CVX) Gross Margin — Quarter Ended Jun 30, 2025
Revenue declined from both the prior quarter and the same quarter one year earlier, but cost of revenue fell more sharply, allowing gross profit to remain stable and gross margin to improve. The gross margin was higher than both comparison periods.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue declined from both the prior quarter and the same quarter one year earlier, but cost of revenue fell more sharply, allowing gross profit to remain stable and gross margin to improve. The gross margin was higher than both comparison periods.
- The primary driver was the reduction in cost of revenue, which outpaced the decline in revenue, enabling gross profit to hold steady and margin to expand.
- Compared to the prior quarter, revenue was lower but gross profit was unchanged, resulting in a higher gross margin. Versus the same quarter one year earlier, both revenue and gross profit were lower, but the margin improved because cost of revenue decreased proportionally more.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
39.5%
Gross profit
$17.5B
Revenue
$44.4B
Cost of revenue
$26.9B
Quarter-over-quarter change
+1.5 pts
Year-over-year change
+1.7 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 |
|---|---|---|---|---|
| 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% |
| Jun 30, 2025 | $44.4B | $17.5B | $26.9B | 39.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
+1.5 pts
Year-over-year change
Jun 30, 2024
+1.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary driver was the reduction in cost of revenue, which outpaced the decline in revenue, enabling gross profit to hold steady and margin to expand.
Compared to the prior quarter, revenue was lower but gross profit was unchanged, resulting in a higher gross margin. Versus the same quarter one year earlier, both revenue and gross profit were lower, but the margin improved because cost of revenue decreased proportionally more.
Monitor capital expenditure trends as noted in the filing, given their potential influence on future cost structure.