Return on Equity (ROE)
since 2005
Calculation
Chevron Corp., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss) attributable to Chevron Corporation1 | ÷ | Total Chevron Corporation stockholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 6.60% | = | 100 | × | 12,299) | ÷ | 186,450) |
| Dec 31, 2024 | 11.59% | = | 100 | × | 17,661) | ÷ | 152,318) |
| Dec 31, 2023 | 13.28% | = | 100 | × | 21,369) | ÷ | 160,957) |
| Dec 31, 2022 | 22.27% | = | 100 | × | 35,465) | ÷ | 159,282) |
| Dec 31, 2021 | 11.24% | = | 100 | × | 15,625) | ÷ | 139,067) |
| Dec 31, 2020 | -4.21% | = | 100 | × | (5,543) | ÷ | 131,688) |
| Dec 31, 2019 | 2.03% | = | 100 | × | 2,924) | ÷ | 144,213) |
| Dec 31, 2018 | 9.59% | = | 100 | × | 14,824) | ÷ | 154,554) |
| Dec 31, 2017 | 6.21% | = | 100 | × | 9,195) | ÷ | 148,124) |
| Dec 31, 2016 | -0.34% | = | 100 | × | (497) | ÷ | 145,556) |
| Dec 31, 2015 | 3.00% | = | 100 | × | 4,587) | ÷ | 152,716) |
| Dec 31, 2014 | 12.41% | = | 100 | × | 19,241) | ÷ | 155,028) |
| Dec 31, 2013 | 14.37% | = | 100 | × | 21,423) | ÷ | 149,113) |
| Dec 31, 2012 | 19.18% | = | 100 | × | 26,179) | ÷ | 136,524) |
| Dec 31, 2011 | 22.16% | = | 100 | × | 26,895) | ÷ | 121,382) |
| Dec 31, 2010 | 18.10% | = | 100 | × | 19,024) | ÷ | 105,081) |
| Dec 31, 2009 | 11.41% | = | 100 | × | 10,483) | ÷ | 91,914) |
| Dec 31, 2008 | 27.62% | = | 100 | × | 23,931) | ÷ | 86,648) |
| Dec 31, 2007 | 24.24% | = | 100 | × | 18,688) | ÷ | 77,088) |
| Dec 31, 2006 | 24.86% | = | 100 | × | 17,138) | ÷ | 68,935) |
| Dec 31, 2005 | 22.50% | = | 100 | × | 14,099) | ÷ | 62,676) |
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
Return on Equity (ROE) for the analyzed period demonstrates considerable fluctuation. Initially, the metric exhibited a strong performance, followed by periods of decline and subsequent recovery. A general observation is that ROE is sensitive to changes in net income, as would be expected.
- Initial Growth & Peak (2005-2008)
- From 2005 to 2008, ROE consistently increased, starting at 22.50% and peaking at 27.62% in 2008. This period coincided with rising net income and stockholders’ equity. The increase suggests improving profitability relative to shareholder investment.
- Significant Decline (2009-2015)
- A substantial decrease in ROE occurred in 2009, falling to 11.41%, mirroring a significant drop in net income. While equity continued to grow, the diminished profitability heavily impacted the return generated for shareholders. This downward trend continued, reaching a low of -0.34% in 2015, indicating a net loss relative to equity. The period between 2009 and 2015 shows a volatile net income, directly impacting ROE.
- Recovery & Volatility (2016-2020)
- ROE experienced a recovery in 2016, reaching 6.21%, followed by further improvement to 9.59% in 2017. However, this was followed by a decline to 2.03% in 2019 and a significant loss in 2020, resulting in a negative ROE of -4.21%. This period demonstrates the continued sensitivity of ROE to net income fluctuations.
- Recent Performance (2021-2025)
- A strong rebound in ROE was observed in 2021, reaching 22.27%, driven by a substantial increase in net income. While ROE decreased to 13.28% in 2022 and 11.59% in 2023, it remained positive. The most recent year, 2025, shows a further decrease to 6.60%, although still positive, suggesting a potential moderating trend in profitability relative to equity. Stockholders’ equity increased significantly in 2024 and 2025, which contributed to the lower ROE in 2025 despite a positive net income.
Overall, the analyzed period reveals a cyclical pattern in ROE, heavily influenced by net income. While periods of strong performance were observed, significant volatility and even negative returns occurred, highlighting the inherent risks and fluctuations within the business.
Comparison to Competitors
Chevron Corp., ROE, long-term trends, comparison to competitors
| Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|
| Dec 31, 2025 | 6.60% | 12.39% | 11.12% |
| Dec 31, 2024 | 11.59% | 14.27% | 12.77% |
| Dec 31, 2023 | 13.28% | 22.23% | 17.58% |
| Dec 31, 2022 | 22.27% | 38.91% | 28.58% |
| Dec 31, 2021 | 11.24% | 17.79% | 13.67% |
| Dec 31, 2020 | -4.21% | -9.05% | -14.28% |
| Dec 31, 2019 | 2.03% | 20.55% | 7.48% |
| Dec 31, 2018 | 9.59% | 19.59% | 10.87% |
| Dec 31, 2017 | 6.21% | -2.79% | 10.50% |
| Dec 31, 2016 | -0.34% | -10.34% | 4.69% |
| Dec 31, 2015 | 3.00% | -11.14% | 9.45% |
| Dec 31, 2014 | 12.41% | 13.23% | 18.65% |
| Dec 31, 2013 | 14.37% | 17.58% | 18.72% |
| Dec 31, 2012 | 19.18% | 17.56% | 27.06% |
| Dec 31, 2011 | 22.16% | 19.07% | 26.59% |
| Dec 31, 2010 | 18.10% | 16.57% | 20.74% |
| Dec 31, 2009 | 11.41% | 7.78% | 17.44% |
| Dec 31, 2008 | 27.62% | -30.81% | 40.03% |
| Dec 31, 2007 | 24.24% | 13.36% | 33.35% |
| Dec 31, 2006 | 24.86% | 18.82% | 34.70% |
| Dec 31, 2005 | 22.50% | 25.66% | 32.50% |
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., ROE, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Chevron Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2025 | 6.60% | — |
| Dec 31, 2024 | 11.59% | 12.60% |
| Dec 31, 2023 | 13.28% | 16.46% |
| Dec 31, 2022 | 22.27% | 27.31% |
| Dec 31, 2021 | 11.24% | 13.24% |
| Dec 31, 2020 | -4.21% | -9.63% |
| Dec 31, 2019 | 2.03% | 6.59% |
| Dec 31, 2018 | 9.59% | 11.08% |
| Dec 31, 2017 | 6.21% | 7.66% |
| Dec 31, 2016 | -0.34% | 1.07% |
| Dec 31, 2015 | 3.00% | 4.49% |
| Dec 31, 2014 | 12.41% | 15.37% |
| Dec 31, 2013 | 14.37% | 16.83% |
| Dec 31, 2012 | 19.18% | 22.69% |
| Dec 31, 2011 | 22.16% | 23.57% |
| Dec 31, 2010 | 18.10% | 18.98% |
| Dec 31, 2009 | 11.41% | 13.07% |
| Dec 31, 2008 | 27.62% | 20.47% |
| Dec 31, 2007 | 24.24% | 24.73% |
| Dec 31, 2006 | 24.86% | 27.20% |
| Dec 31, 2005 | 22.50% | 28.14% |
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., ROE, long-term trends, comparison to industry (energy)
| Chevron Corp. | Energy | |
|---|---|---|
| Dec 31, 2025 | 6.60% | — |
| Dec 31, 2024 | 11.59% | 12.96% |
| Dec 31, 2023 | 13.28% | 16.67% |
| Dec 31, 2022 | 22.27% | 26.98% |
| Dec 31, 2021 | 11.24% | 13.21% |
| Dec 31, 2020 | -4.21% | -12.46% |
| Dec 31, 2019 | 2.03% | 3.63% |
| Dec 31, 2018 | 9.59% | 10.63% |
| Dec 31, 2017 | 6.21% | 6.58% |
| Dec 31, 2016 | -0.34% | 0.52% |
| Dec 31, 2015 | 3.00% | 4.61% |
| Dec 31, 2014 | 12.41% | 15.28% |
| Dec 31, 2013 | 14.37% | 16.85% |
| Dec 31, 2012 | 19.18% | 22.06% |
| Dec 31, 2011 | 22.16% | 22.94% |
| Dec 31, 2010 | 18.10% | 18.51% |
| Dec 31, 2009 | 11.41% | 13.29% |
| Dec 31, 2008 | 27.62% | 21.20% |
| Dec 31, 2007 | 24.24% | 25.23% |
| Dec 31, 2006 | 24.86% | 27.51% |
| Dec 31, 2005 | 22.50% | 28.17% |
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).