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, 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: 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
- Net Income (Loss) Attributable to Chevron Corporation
- The net income exhibits notable fluctuations over the reported periods. Starting at $14.1 billion in 2005, it generally trended upward until peaking at $26.9 billion in 2011. After this peak, a decline is observed with intermittent recoveries, including a significant drop in 2015 to approximately $4.6 billion and a loss recorded in 2016 of nearly $0.5 billion. Following this downturn, net income rebounded, peaking again at $35.5 billion in 2022, before slightly declining to about $21.4 billion and $17.7 billion in the subsequent years 2023 and 2024 respectively. These variations suggest periods of volatility influenced by market conditions or operational factors.
- Total Stockholders’ Equity
- Total equity has generally shown a consistent upward trend from around $62.7 billion in 2005 to a high of approximately $160.9 billion in 2023. Minor declines are evident in certain years, such as from 2014 to 2016 and again from 2023 to 2024. However, the overall growth in equity indicates a strengthening capital base and potential retained earnings accumulation over the long term despite episodic decreases.
- Return on Equity (ROE)
- ROE demonstrates considerable variability throughout the periods, starting at 22.5% in 2005 and reaching a peak near 27.6% in 2008. Subsequent years show a downward tendency with significant drops, notably reaching close to zero in 2015 and turning negative in 2016 (-0.34%) and 2020 (-4.21%). Recovery phases occurred thereafter with ROE climbing back to over 22% in 2021 before again moderating to around 11.6% in 2024. This pattern reflects changes in profitability relative to equity, likely impacted by the fluctuations in net income.
- Summary
- Overall, the financial data portray a company experiencing cyclical variations in profitability with corresponding impacts on equity returns. Net income fluctuated significantly, influenced by external and internal factors, which in turn affected the return on equity. Despite these revenue and profitability swings, the total stockholders’ equity largely increased over the long term, suggesting steady capital growth and resilience. The years with losses and very low ROE indicate periods of operational or market challenges, while the recovery periods exhibit the company's capacity to regain profitability and investor value.
Comparison to Competitors
Chevron Corp., ROE, long-term trends, comparison to competitors
| Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | |
|---|---|---|---|---|
| Dec 31, 2024 | 11.59% | 14.27% | 12.77% | 8.95% |
| Dec 31, 2023 | 13.28% | 22.23% | 17.58% | 15.52% |
| Dec 31, 2022 | 22.27% | 38.91% | 28.58% | 44.22% |
| Dec 31, 2021 | 11.24% | 17.79% | 13.67% | 11.42% |
| Dec 31, 2020 | -4.21% | -9.05% | -14.28% | -79.85% |
| Dec 31, 2019 | 2.03% | 20.55% | 7.48% | -1.95% |
| Dec 31, 2018 | 9.59% | 19.59% | 10.87% | 19.37% |
| Dec 31, 2017 | 6.21% | -2.79% | 10.50% | 6.37% |
| Dec 31, 2016 | -0.34% | -10.34% | 4.69% | -2.67% |
| Dec 31, 2015 | 3.00% | -11.14% | 9.45% | -32.15% |
| Dec 31, 2014 | 12.41% | 13.23% | 18.65% | 1.76% |
| Dec 31, 2013 | 14.37% | 17.58% | 18.72% | 13.69% |
| Dec 31, 2012 | 19.18% | 17.56% | 27.06% | 11.49% |
| Dec 31, 2011 | 22.16% | 19.07% | 26.59% | 18.00% |
| Dec 31, 2010 | 18.10% | 16.57% | 20.74% | 13.95% |
| Dec 31, 2009 | 11.41% | 7.78% | 17.44% | 10.02% |
| Dec 31, 2008 | 27.62% | -30.81% | 40.03% | 25.12% |
| Dec 31, 2007 | 24.24% | 13.36% | 33.35% | 23.66% |
| Dec 31, 2006 | 24.86% | 18.82% | 34.70% | 21.80% |
| Dec 31, 2005 | 22.50% | 25.66% | 32.50% | 35.13% |
Based on: 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, 2024 | 11.59% | 12.36% |
| Dec 31, 2023 | 13.28% | 16.40% |
| Dec 31, 2022 | 22.27% | 28.49% |
| Dec 31, 2021 | 11.24% | 13.14% |
| Dec 31, 2020 | -4.21% | -13.50% |
| Dec 31, 2019 | 2.03% | 5.87% |
| Dec 31, 2018 | 9.59% | 11.52% |
| Dec 31, 2017 | 6.21% | 7.59% |
| Dec 31, 2016 | -0.34% | 0.85% |
| Dec 31, 2015 | 3.00% | 2.19% |
| Dec 31, 2014 | 12.41% | 14.23% |
| Dec 31, 2013 | 14.37% | 16.51% |
| Dec 31, 2012 | 19.18% | 21.54% |
| Dec 31, 2011 | 22.16% | 23.02% |
| Dec 31, 2010 | 18.10% | 18.52% |
| Dec 31, 2009 | 11.41% | 12.77% |
| Dec 31, 2008 | 27.62% | 20.92% |
| Dec 31, 2007 | 24.24% | 24.65% |
| Dec 31, 2006 | 24.86% | 26.83% |
| Dec 31, 2005 | 22.50% | 28.57% |
Based on: 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, 2024 | 11.59% | 12.70% |
| Dec 31, 2023 | 13.28% | 16.59% |
| Dec 31, 2022 | 22.27% | 28.13% |
| Dec 31, 2021 | 11.24% | 13.12% |
| Dec 31, 2020 | -4.21% | -16.04% |
| Dec 31, 2019 | 2.03% | 3.18% |
| Dec 31, 2018 | 9.59% | 11.06% |
| Dec 31, 2017 | 6.21% | 6.57% |
| Dec 31, 2016 | -0.34% | 0.36% |
| Dec 31, 2015 | 3.00% | 2.49% |
| Dec 31, 2014 | 12.41% | 14.24% |
| Dec 31, 2013 | 14.37% | 16.56% |
| Dec 31, 2012 | 19.18% | 21.07% |
| Dec 31, 2011 | 22.16% | 22.48% |
| Dec 31, 2010 | 18.10% | 18.13% |
| Dec 31, 2009 | 11.41% | 12.99% |
| Dec 31, 2008 | 27.62% | 21.56% |
| Dec 31, 2007 | 24.24% | 25.12% |
| Dec 31, 2006 | 24.86% | 27.14% |
| Dec 31, 2005 | 22.50% | 28.59% |
Based on: 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).