Chevron Corporation stock research
FY2025 Q3
Chevron (CVX) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit both increased from the prior quarter and from the same quarter last year, while cost of revenue declined relative to a year ago. Gross margin improved sequentially and also strengthened compared with the year-earlier period, driven by a higher gross profit relative to revenue.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit both increased from the prior quarter and from the same quarter last year, while cost of revenue declined relative to a year ago. Gross margin improved sequentially and also strengthened compared with the year-earlier period, driven by a higher gross profit relative to revenue.
- Gross profit grew more than revenue on both a sequential and year-over-year basis, and cost of revenue was lower than a year earlier. This combination directly drove gross margin higher in both comparisons.
- Compared with the immediately preceding quarter, revenue, gross profit, and gross margin were all higher, while cost of revenue was also higher. Compared with the same quarter one year earlier, revenue was slightly lower, gross profit was higher, cost of revenue was lower, and gross margin was higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
43.1%
Gross profit
$20.8B
Revenue
$48.2B
Cost of revenue
$27.4B
Quarter-over-quarter change
+3.6 pts
Year-over-year change
+5.4 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, 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% |
| Sep 30, 2025 | $48.2B | $20.8B | $27.4B | 43.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+3.6 pts
Year-over-year change
Sep 30, 2024
+5.4 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross profit grew more than revenue on both a sequential and year-over-year basis, and cost of revenue was lower than a year earlier. This combination directly drove gross margin higher in both comparisons.
Compared with the immediately preceding quarter, revenue, gross profit, and gross margin were all higher, while cost of revenue was also higher. Compared with the same quarter one year earlier, revenue was slightly lower, gross profit was higher, cost of revenue was lower, and gross margin was higher.
Monitor the trajectory of cost of revenue, which declined year-over-year but rose sequentially, as its trend directly affects gross margin direction.