Chevron (CVX) Q3 2025 Financial Results Summary

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Chevron Corporation (CVX) Q3 2025 Financial Results Summary

On October 31, 2025, Chevron Corporation (NYSE: CVX) released its financial results for the third quarter of 2025. Here is a summary of the key metrics and highlights:

Earnings Overview

  • Reported Earnings: $3.5 billion ($1.82 per share diluted), down from $4.5 billion ($2.48 per share diluted) in Q3 2024, indicating a 22% decrease.
  • Adjusted Earnings: $3.6 billion ($1.85 per share diluted), decreased from $4.5 billion ($2.51 per share diluted) in Q3 2024, reflecting an adjusted earnings decrease of 20%.
  • Net Loss: Included a net loss of $235 million due to severance and transaction costs related to the acquisition of Hess Corporation.
  • Foreign Currency Impact: Earnings positively affected by $147 million due to foreign currency effects.
  • Cash Flow from Operations: $9.4 billion compared to $9.7 billion in Q3 2024, a 3% decrease. Adjusted free cash flow (FCF) was reported at $7.0 billion, up from $4.6 billion in Q3 2024, marking a 52% increase.

Production and Capacity

  • Production Volume: Record production of 4.1 million barrels of oil equivalent (BOE) per day, which is 21% higher than the same quarter last year.
  • Upstream Production: U.S. production rose 27%, while worldwide production increased 21% primarily due to the Hess acquisition and legacy Chevron growth.
  • Capex: Capital expenditures were $4.4 billion, slightly higher than the $4.1 billion spent in Q3 2024.

Shareholder Return

  • Cash Returned to Shareholders: Chevron returned $6 billion in cash to shareholders in Q3 2025.
  • Dividends: $3.4 billion paid in dividends.
  • Share Repurchases: $2.6 billion used for share repurchases.
  • Quarterly Dividend: The Board of Directors declared a quarterly dividend of $1.71 per share, payable on December 10, 2025, with a record date of November 18, 2025.

Financial Ratios

  • Return on Capital Employed (ROCE): 7.6%, down from 10.1% in Q3 2024, showing a decline of 24% year-over-year.
  • Debt Ratio: Increased to 18.0%, compared to 14.2% in Q3 2024.
  • Net Debt Ratio: 15.1%, up from 11.9% in Q3 2024.

Segment Performance

Upstream

  • U.S. Earnings: $1.3 billion, a decrease from $1.9 billion in Q3 2024, down approximately 34%.
  • International Earnings: $2.0 billion, a decrease from $2.6 billion in Q3 2024, reflecting a drop of 24%.

Downstream

  • U.S. Downstream Earnings: Increased to $638 million, up from $146 million in Q3 2024, a significant improvement of 337%.
  • International Downstream Earnings: $499 million compared to $449 million in Q3 2024, a rise of 11%.

Business Highlights

  • Acquisition Integration: The integration of Hess Corporation is ongoing, expected to yield synergies and strengthen Chevron’s global energy position.
  • New Oil Developments: The company achieved first oil at the Yellowtail project in Guyana and sanctioned the Hammerhead project.
  • Natural Gas Agreements: Announced a second long-term LNG sale agreement with ENN Global Trading in China and extended natural gas export agreements from Leviathan field in Israel to Egypt.

Summary Metrics

  • Cash and cash equivalents: $7.7 billion, compared to $6.8 billion at the end of December 2024.
  • Total assets: Rose to $326.5 billion from $256.9 billion.
  • Total debt: Increased to $41.5 billion from $24.5 billion.

Overall, Chevron’s Q3 2025 results indicate a decline in earnings primarily influenced by market conditions and transaction costs from acquisitions, despite notable production achievements and shareholder returns through dividends and share buybacks.

Three Months Ended Nine Months Ended
September 30, 2025 2024 September 30, 2025 2024
Sales and other operating revenues $ 48,169 $ 48,926 $ 138,645 $ 145,080
Income (loss) from equity affiliates 981 1,261 2,337 3,908
Other income (loss) 576 482 1,176 1,578
Total Revenues and Other Income 49,726 50,669 142,158 150,566
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products 27,398 30,450 82,866 89,058
Operating expenses(1) 9,128 7,935 24,414 23,236
Exploration expenses 288 154 727 546
Depreciation, depletion and amortization 5,781 4,214 14,248 12,309
Taxes other than on income 1,347 1,263 3,903 3,575
Interest and debt expense 370 164 856 395
Total Costs and Other Deductions 44,312 44,180 127,014 129,119
Income (Loss) Before Income Tax Expense 5,414 6,489 15,144 21,447
Income tax expense (benefit) 1,801 1,993 5,504 6,957
Net Income (Loss) 3,613 4,496 9,640 14,490
Less: Net income (loss) attributable to noncontrolling interests 74 9 111 68
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION $ 3,539 $ 4,487 $ 9,529 $ 14,422
September 30, 2025 December 31, 2024
Cash and cash equivalents $ 7,725 $ 6,781
Time deposits $ 2 $ 4
Total assets $ 326,501 $ 256,938
Total debt $ 41,544 $ 24,541
Total Chevron Corporation stockholders’ equity $ 189,843 $ 152,318
Noncontrolling interests $ 5,757 $ 839
SELECTED FINANCIAL RATIOS
Total debt plus total stockholders’ equity $ 231,387 $ 176,859
Debt ratio (Total debt / Total debt plus stockholders’ equity) 18.0 % 13.9 %
Net debt (Total debt less cash and cash equivalents) $ 33,817 $ 17,756
Net debt plus total stockholders’ equity $ 223,660 $ 170,074
Net debt ratio (Net debt / Net debt plus total stockholders’ equity) 15.1 % 10.4 %

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