Net Profit Margin
since 2005
Calculation
Chevron Corp., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income (loss) attributable to Chevron Corporation1 | ÷ | Sales and other operating revenues1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 6.67% | = | 100 | × | 12,299) | ÷ | 184,432) |
| Dec 31, 2024 | 9.13% | = | 100 | × | 17,661) | ÷ | 193,414) |
| Dec 31, 2023 | 10.85% | = | 100 | × | 21,369) | ÷ | 196,913) |
| Dec 31, 2022 | 15.05% | = | 100 | × | 35,465) | ÷ | 235,717) |
| Dec 31, 2021 | 10.04% | = | 100 | × | 15,625) | ÷ | 155,606) |
| Dec 31, 2020 | -5.87% | = | 100 | × | (5,543) | ÷ | 94,471) |
| Dec 31, 2019 | 2.09% | = | 100 | × | 2,924) | ÷ | 139,865) |
| Dec 31, 2018 | 9.33% | = | 100 | × | 14,824) | ÷ | 158,902) |
| Dec 31, 2017 | 6.83% | = | 100 | × | 9,195) | ÷ | 134,674) |
| Dec 31, 2016 | -0.45% | = | 100 | × | (497) | ÷ | 110,215) |
| Dec 31, 2015 | 3.53% | = | 100 | × | 4,587) | ÷ | 129,925) |
| Dec 31, 2014 | 9.60% | = | 100 | × | 19,241) | ÷ | 200,494) |
| Dec 31, 2013 | 9.73% | = | 100 | × | 21,423) | ÷ | 220,156) |
| Dec 31, 2012 | 11.35% | = | 100 | × | 26,179) | ÷ | 230,590) |
| Dec 31, 2011 | 11.01% | = | 100 | × | 26,895) | ÷ | 244,371) |
| Dec 31, 2010 | 9.60% | = | 100 | × | 19,024) | ÷ | 198,198) |
| Dec 31, 2009 | 6.26% | = | 100 | × | 10,483) | ÷ | 167,402) |
| Dec 31, 2008 | 9.03% | = | 100 | × | 23,931) | ÷ | 264,958) |
| Dec 31, 2007 | 8.73% | = | 100 | × | 18,688) | ÷ | 214,091) |
| Dec 31, 2006 | 8.36% | = | 100 | × | 17,138) | ÷ | 204,892) |
| Dec 31, 2005 | 7.28% | = | 100 | × | 14,099) | ÷ | 193,641) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The net profit margin exhibited considerable fluctuation between 2005 and 2025. Initial years demonstrated a generally increasing trend, followed by a period of volatility, and then a resurgence in profitability before stabilizing. A detailed examination reveals distinct phases in the company’s performance.
- Initial Growth (2005-2008)
- From 2005 to 2008, the net profit margin consistently increased, moving from 7.28% to a peak of 9.03%. This period suggests improving operational efficiency or favorable market conditions contributing to higher profitability relative to revenue.
- Volatility and Decline (2009-2016)
- The years 2009 through 2016 were characterized by significant volatility. The net profit margin decreased substantially in 2009 to 6.26%, followed by a recovery and peak in 2011 at 11.01%. However, this was followed by a decline, culminating in a net loss in 2015, resulting in a negative net profit margin of -0.45%. The period reflects sensitivity to external factors, potentially including commodity price fluctuations or economic downturns.
- Recovery and Peak (2017-2022)
- A recovery began in 2017, with the net profit margin rising to 6.83%. This upward trend continued, reaching a high of 15.05% in 2022. This period indicates successful strategic adjustments, cost management, or a particularly favorable market environment. The substantial increase in 2022 is particularly noteworthy.
- Stabilization and Recent Performance (2023-2025)
- Following the peak in 2022, the net profit margin experienced a decrease to 10.85% in 2023, and further to 9.13% in 2024, before settling at 6.67% in 2025. While still positive, this suggests a potential normalization of profitability after the exceptional performance of 2022, or the impact of changing market dynamics. The decline from 2022 to 2025 indicates a potential shift in the company’s profitability drivers.
Overall, the net profit margin demonstrates a cyclical pattern, influenced by both internal factors and external economic conditions. The company has demonstrated the ability to recover from periods of low profitability, but recent trends suggest a potential stabilization at a lower level than the peak observed in 2022.
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Comparison to Competitors
Chevron Corp., net profit margin, long-term trends, comparison to competitors
| Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|
| Dec 31, 2025 | 6.67% | 13.55% | 8.91% |
| Dec 31, 2024 | 9.13% | 16.89% | 9.93% |
| Dec 31, 2023 | 10.85% | 19.52% | 10.76% |
| Dec 31, 2022 | 15.05% | 23.80% | 13.98% |
| Dec 31, 2021 | 10.04% | 17.63% | 8.33% |
| Dec 31, 2020 | -5.87% | -14.38% | -12.57% |
| Dec 31, 2019 | 2.09% | 22.07% | 5.61% |
| Dec 31, 2018 | 9.33% | 17.18% | 7.46% |
| Dec 31, 2017 | 6.83% | -2.94% | 8.31% |
| Dec 31, 2016 | -0.45% | -15.26% | 3.59% |
| Dec 31, 2015 | 3.53% | -14.98% | 6.22% |
| Dec 31, 2014 | 9.60% | 13.08% | 8.25% |
| Dec 31, 2013 | 9.73% | 16.83% | 7.74% |
| Dec 31, 2012 | 11.35% | 14.54% | 9.90% |
| Dec 31, 2011 | 11.01% | 5.08% | 8.79% |
| Dec 31, 2010 | 9.60% | 6.00% | 8.23% |
| Dec 31, 2009 | 6.26% | 3.25% | 6.39% |
| Dec 31, 2008 | 9.03% | -7.06% | 9.84% |
| Dec 31, 2007 | 8.73% | 6.34% | 10.40% |
| Dec 31, 2006 | 8.36% | 8.47% | 10.81% |
| Dec 31, 2005 | 7.28% | 7.54% | 10.07% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Chevron Corp., net profit margin, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Chevron Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2025 | 6.67% | 8.66% |
| Dec 31, 2024 | 9.13% | 10.31% |
| Dec 31, 2023 | 10.85% | 11.63% |
| Dec 31, 2022 | 15.05% | 15.41% |
| Dec 31, 2021 | 10.04% | 9.78% |
| Dec 31, 2020 | -5.87% | -10.51% |
| Dec 31, 2019 | 2.09% | 5.71% |
| Dec 31, 2018 | 9.33% | 8.83% |
| Dec 31, 2017 | 6.83% | 7.00% |
| Dec 31, 2016 | -0.45% | 1.06% |
| Dec 31, 2015 | 3.53% | 3.89% |
| Dec 31, 2014 | 9.60% | 9.06% |
| Dec 31, 2013 | 9.73% | 9.08% |
| Dec 31, 2012 | 11.35% | 10.72% |
| Dec 31, 2011 | 11.01% | 8.41% |
| Dec 31, 2010 | 9.60% | 8.03% |
| Dec 31, 2009 | 6.26% | 5.60% |
| Dec 31, 2008 | 9.03% | 5.40% |
| Dec 31, 2007 | 8.73% | 8.99% |
| Dec 31, 2006 | 8.36% | 9.57% |
| Dec 31, 2005 | 7.28% | 8.71% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Chevron Corp., net profit margin, long-term trends, comparison to industry (energy)
| Chevron Corp. | Energy | |
|---|---|---|
| Dec 31, 2025 | 6.67% | 8.71% |
| Dec 31, 2024 | 9.13% | 10.43% |
| Dec 31, 2023 | 10.85% | 11.68% |
| Dec 31, 2022 | 15.05% | 15.29% |
| Dec 31, 2021 | 10.04% | 9.70% |
| Dec 31, 2020 | -5.87% | -13.06% |
| Dec 31, 2019 | 2.09% | 3.11% |
| Dec 31, 2018 | 9.33% | 8.68% |
| Dec 31, 2017 | 6.83% | 6.15% |
| Dec 31, 2016 | -0.45% | 0.54% |
| Dec 31, 2015 | 3.53% | 4.04% |
| Dec 31, 2014 | 9.60% | 9.21% |
| Dec 31, 2013 | 9.73% | 9.44% |
| Dec 31, 2012 | 11.35% | 10.84% |
| Dec 31, 2011 | 11.01% | 8.58% |
| Dec 31, 2010 | 9.60% | 8.29% |
| Dec 31, 2009 | 6.26% | 5.89% |
| Dec 31, 2008 | 9.03% | 5.80% |
| Dec 31, 2007 | 8.73% | 9.37% |
| Dec 31, 2006 | 8.36% | 9.82% |
| Dec 31, 2005 | 7.28% | 8.84% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).