Chevron reported net income of $2.84bn in the fourth quarter of 2025 (Q4 2025), ending on 31 December 2025, a decrease of approximately 12.5% compared to the $3.25bn recorded in Q4 2024.
Diluted earnings per share were $1.39 in Q4 2025, a fall of around 24.5% from the $1.84 reported in Q4 2024.
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Adjusted earnings were $3.02bn for Q4 2025, down by approximately 16.8% from $3.63bn in last year’s corresponding quarter.
Similarly, adjusted diluted earnings per share stood at $1.52 in Q4 2025, compared to $2.06 in Q4 2024, a decrease of around 26.2%.
The company’s revenue for the quarter was $46.87bn, down 10.2% from $52.2bn in the same period of the previous year.
Cash flow from operations rose to $10.8bn in the reported quarter, from $8.7bn in the same quarter of the previous year, an increase of roughly 24.1%.
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By GlobalDataChevron earned $3.03bn in Q4 2025 through its upstream segment, which is around 29.5% lower than the $4.3bn achieved in Q4 2024.
For the downstream segment, there was a significant turnaround in Q4 2025 with earnings of $823m, compared to a loss of $248m in Q4 2024.
The ‘All Other’ category reported a loss of $1.08bn in Q4 2025, compared to a loss of $817m in Q4 2024.
Excluding working capital adjustments, cash flow from operations increased to $9.1bn in Q4 2025 from $5.3bn in Q4 2024, an increase of approximately 71.7%.
Chevron’s 2025 earnings decreased from the previous year due to lower crude oil prices, reduced affiliate earnings and unfavourable foreign exchange rates, although increased refined product margins and higher sales volumes partially mitigated these impacts.
The company’s net income for the full year 2025 was $12.48bn, down by approximately 29.7% from $17.75bn in 2024.
Chevron’s total revenue for the full year 2025 was $189.03bn, a decrease of around 6.8% from $202.79bn in 2024.
The company achieved record oil-equivalent production levels globally and in the US, aided by the Hess acquisition, which added 261,000 barrels of oil equivalent per day (boepd), alongside 124,000boepd from Chevron’s legacy operations.
Year-end proved reserves stood at around 10.6 billion barrels of net oil equivalent, with significant additions from Hess and new projects in the Permian Basin, Australia and Guyana, resulting in a reserve replacement ratio of 158%.
Capital expenditure rose due to investments in legacy Hess assets and US data centre power solutions, despite reduced downstream spending.
Through the completion of the Hess acquisition, Chevron achieved a $1bn synergy target. The company also commenced production at key projects in Kazakhstan and the Gulf of Mexico during Q4.
Chevron expanded exploration acreage by more than 50%, made several asset sales and made a final investment decision on the Leviathan Gas Expansion in Israel.
The company also achieved its highest US refinery throughput in 20 years and launched new ventures in renewable diesel and lithium extraction in Texas and Arkansas.
Chevron chairman and CEO Mike Wirth said: “2025 was a year of significant achievement. We successfully integrated Hess, started-up major projects, delivered record production and reorganised our business. This resulted in industry-leading free cash flow growth and superior shareholder returns, despite declining oil prices.”
In December 2025, the company produced initial oil at its South N’dola offshore platform in Angola.
