Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Paying user area
Try for free
Chevron Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Analysis of Revenues
- Aggregate Accruals
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Chevron Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Profitability Ratios (Summary)
Chevron Corp., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Operating Profit Margin
- Beginning with negative values in 2020, operating profit margin showed significant improvement over the observed periods. It transitioned from -6.22% in September 2020 and -7.9% in December 2020 to positive values starting in March 2021 at 6.49%. The margin peaked in December 2022 at 21.92%, reflecting strengthening operational efficiency. Subsequently, a gradual decline is observed through 2023 and into 2025, with the margin decreasing to 13.48% by March 2025. This suggests that while operating profitability improved markedly following the 2020 downturn, recent quarters have experienced some compression in margins.
- Net Profit Margin
- The net profit margin followed a trend similar to operating margin, with negative margins in late 2020 (-5.87% in September and -8.1% in December 2020). Positive net margins emerged in early 2021 with 3.09% in March and 7.36% in June. This margin increased substantially, reaching a high of 15.41% in March 2023. Thereafter, a downward trend ensued, with net profit margin declining to 8.12% by March 2025. The pattern reflects initial recovery and strong profitability gains, followed by moderate contraction in net margins over the last measured periods.
- Return on Equity (ROE)
- Return on equity started at negative levels in 2020 (-4.21% in September, -5.89% in December) and improved steadily afterwards. ROE increased significantly in 2021, reaching 7.29% in December and climbing further to peak at 22.44% in March 2023. The metric then experienced a steady decrease, moving down to 10.49% by March 2025. This trend indicates recovery and robust profitability from shareholders’ perspective initially, with reduced but still positive returns in recent quarters.
- Return on Assets (ROA)
- Return on assets was similarly negative in 2020 (-2.31% in September, -3.21% in December) but began to improve in early 2021. ROA rose consistently, reaching its highest point of 13.98% in March 2023. Following this peak, the ratio declined progressively through subsequent quarters, ending at 6.11% in March 2025. This suggests improved asset utilization and earnings generation during recovery, with some deceleration in efficiency or profitability thereafter.
- Summary
- Overall, all four analyzed profitability and efficiency ratios exhibited a clear recovery trajectory from negative or weak performance in 2020 to strong positive results around early 2023. These improvements reflect enhanced operational performance, profitability, and capital utilization following the downturn period. Nevertheless, all metrics show a consistent downward trend starting in 2023 and continuing through 2025, indicating some easing of financial performance after the peak levels were attained. The decline suggests the need to monitor factors influencing margin compression and diminishing returns going forward.
Return on Sales
Return on Investment
Operating Profit Margin
Chevron Corp., operating profit margin calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Operating income (loss) | ||||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Operating profit margin = 100
× (Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024
+ Operating income (loss)Q2 2024)
÷ (Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024
+ Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Operating Income (Loss)
- The operating income displayed significant volatility between 2020 and 2025. The first quarter of 2020 showed a positive figure of 4,405 million USD, followed by a sharp loss of 10,326 million USD in the second quarter of the same year. Subsequent quarters in 2020 showed fluctuating results, including a slight positive income of 342 million USD in Q3 and a loss of 297 million USD in Q4. Starting from 2021, the operating income gradually improved, reaching peaks around the third and fourth quarters with values of 8,329 million USD and 7,226 million USD respectively. The year 2022 demonstrated strong operating income with peaks over 15,000 million USD in mid-year quarters, though a decline was noted towards the end of 2022 and into 2023. From 2023 onward, the operating income consistently trended downward with fluctuations, ending at 5,806 million USD in Q1 2025.
- Sales and Other Operating Revenues
- Sales and operating revenues exhibited an overall upward trend from 2020 through 2022, starting at 29,705 million USD in Q1 2020 and reaching a peak at 65,372 million USD in Q2 2022. A slight decrease occurred from late 2022 into 2023, fluctuating between approximately 48,000 and 51,900 million USD per quarter. From Q1 2023 onwards, revenues showed a gradual decline, decreasing steadily down to 46,101 million USD by Q1 2025.
- Operating Profit Margin
- The operating profit margin was negative in the second half of 2020, reporting -6.22% in Q3 and -7.90% in Q4, which aligns with the operating losses recorded in those quarters. Starting in Q1 2021, the margin turned positive and exhibited a steady upward trajectory through 2021 and into 2022, peaking at 21.92% in Q1 2023. Following this peak, a declining trend emerged, with margins reducing gradually each quarter and standing at 13.48% by Q1 2025. This reflects a period of improved profitability during 2021-early 2023, followed by a moderate erosion in margins up to 2025.
- Summary and Insights
- The financial data indicates that the company experienced considerable instability in operating income and margins during 2020, likely due to external pressures. Recovery and growth phases persisted through 2021 and 2022, reflected in rising revenues, improved operating income, and expanding profit margins. However, starting from 2023, a combination of declining revenues, decreasing operating income, and shrinking margins suggest challenges affecting profitability. The downward trends in these key indicators towards early 2025 imply a need for strategic reassessment to address potential operational or market issues impacting financial performance.
Net Profit Margin
Chevron Corp., net profit margin calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income (loss) attributable to Chevron Corporation | ||||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Net profit margin = 100
× (Net income (loss) attributable to Chevron CorporationQ1 2025
+ Net income (loss) attributable to Chevron CorporationQ4 2024
+ Net income (loss) attributable to Chevron CorporationQ3 2024
+ Net income (loss) attributable to Chevron CorporationQ2 2024)
÷ (Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024
+ Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends over the analyzed quarterly periods. Net income attributable to the company exhibited significant volatility in 2020, with a major loss recorded in the second quarter. Subsequently, net income showed a strong recovery, reaching peaks in late 2021 and mid-2022, before experiencing some fluctuations and a gradual decline toward the end of the forecast period through early 2025.
Sales and other operating revenues demonstrated a generally increasing trend from early 2020 through mid-2022, nearly doubling in value from the lows of the second quarter of 2020 to the mid-2022 peaks. Following this growth phase, revenues experienced some variability but mostly stabilized at elevated levels through early 2025, with minor declines observed in some quarters of 2023 and 2024.
The net profit margin lagged noticeably in the initial quarters of 2020, reflecting the large losses during that period. However, from 2021 onward, profitability improved significantly, reaching double-digit percentages throughout most of 2021 and 2022. Starting in 2023, margins showed a gradual reduction trend, declining from around 15% to approximately 8% by early 2025, indicating a decrease in profitability relative to sales despite relatively high revenue figures.
- Net Income (Loss) Attributable to Chevron Corporation
- The figure experienced a severe downturn in early 2020, with the largest loss recorded in the second quarter. From 2021 onwards, there was a marked recovery with substantial profitability, peaking in mid to late 2021 and sustaining significant gains through 2022. Despite this, net income gradually decreased starting in 2023, with notable volatility but remained profitable through to early 2025.
- Sales and Other Operating Revenues
- Revenues showed a sharp decline in early 2020, followed by consistent and substantial growth, peaking in mid-2022. After reaching these highs, sales stabilized with some fluctuations and a modest downward trend moving into 2023 and beyond, maintaining relatively high levels of revenue compared to the low point in 2020.
- Net Profit Margin
- The margin was negative during much of 2020, correlating with net losses. A strong profitability turnaround commenced in 2021, with margins improving to over 10% and even exceeding 15% in some quarters of 2022 and early 2023. This was followed by a steady decline in profit margin throughout 2023 and into 2025, indicating rising costs, pricing pressures, or other factors diminishing profit efficiency despite sustained high revenue levels.
Return on Equity (ROE)
Chevron Corp., ROE calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income (loss) attributable to Chevron Corporation | ||||||||||||||||||||||||||||
| Total Chevron Corporation stockholders’ equity | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
ROE = 100
× (Net income (loss) attributable to Chevron CorporationQ1 2025
+ Net income (loss) attributable to Chevron CorporationQ4 2024
+ Net income (loss) attributable to Chevron CorporationQ3 2024
+ Net income (loss) attributable to Chevron CorporationQ2 2024)
÷ Total Chevron Corporation stockholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals significant fluctuations in net income attributable to the corporation over the observed quarters. In early 2020, notably in the second quarter, the company experienced substantial losses, with net income dropping to a negative value of -8,270 million US dollars. This negative trend persisted into the third and fourth quarters, although losses decreased in magnitude. From the first quarter of 2021 onward, net income recovered markedly, showing consistent positive performance through 2022 and early 2023, peaking in the mid-year quarters. However, in the first quarter of 2024, net income decreased substantially compared to previous quarters but remained positive, with some volatility observed throughout 2024 and into early 2025.
Stockholders’ equity exhibited a generally upward trend from March 2020 through the end of 2022, increasing from approximately 143.9 billion US dollars to nearly 159.3 billion US dollars. This growth plateaued and saw a mild decline starting in early 2023, trending downward through the subsequent quarters into early 2025, where the equity decreased to approximately 149.2 billion US dollars. Despite short-term fluctuations, the overall period shows resilience and recovery following the initial 2020 dip.
The return on equity (ROE) data underscores the volatility experienced during 2020. The ROE was negative in the third and fourth quarters of 2020, reflecting the net income losses. Starting in 2021, the ROE improved notably, reaching a peak of over 22% in late 2022 and early 2023, signaling efficient profit generation relative to equity. Subsequently, the ROE exhibited a gradual decline throughout 2023 and 2024, stabilizing at levels above 10% but well below the peak values observed earlier. The decreasing ROE trend towards the end of the time series indicates a reduction in profitability efficiency despite positive net income.
- Net Income Trends
- Marked negative earnings in mid-2020 followed by a strong recovery throughout 2021 and 2022.
- Volatility in earnings returns observed in 2024 and early 2025, showing reduced profitability compared to peak periods.
- Stockholders’ Equity Trends
- Growth in equity from early 2020 to late 2022, suggesting capital stability and retained earnings accumulation.
- Subsequent moderate decline in 2023 and 2024, indicating possible distributions, losses, or other capital adjustments.
- Return on Equity (ROE) Trends
- Negative ROE during mid to late 2020 correlates with net income losses.
- Strong positive ROE through 2021 and 2022, peaking over 22%, reflecting efficient capital use.
- Declining ROE after mid-2022, stabilizing above 10% but indicating reduced profit relative to equity in recent periods.
Return on Assets (ROA)
Chevron Corp., ROA calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income (loss) attributable to Chevron Corporation | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
ROA = 100
× (Net income (loss) attributable to Chevron CorporationQ1 2025
+ Net income (loss) attributable to Chevron CorporationQ4 2024
+ Net income (loss) attributable to Chevron CorporationQ3 2024
+ Net income (loss) attributable to Chevron CorporationQ2 2024)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income (Loss) Attributable to Chevron Corporation
- The net income exhibited significant volatility in early 2020, with a notable loss recorded in the second quarter (-$8,270 million), followed by smaller losses in the subsequent quarters of that year. From the first quarter of 2021 onward, net income demonstrated a strong recovery and upward trend, reaching a peak in mid-2022 with values exceeding $11 billion. After this peak, net income experienced fluctuations but remained positive throughout the periods analyzed. The first quarter of 2024 showed a considerable decrease compared to prior quarters but still maintained profitability above $3 billion.
- Total Assets
- Total assets presented a mixed pattern over the periods. From the first quarter of 2020 through the end of 2021, total assets slightly increased with some minor fluctuations, starting at approximately $236.7 billion and reaching about $239.5 billion by the end of 2021. In 2022 and 2023, total assets grew more substantially, peaking near $263.9 billion in the third quarter of 2023. However, from late 2023 to the first quarter of 2025, total assets saw a general decline, settling around $256.4 billion by the end of the observed period.
- Return on Assets (ROA)
- ROA was negative in the first three quarters of 2020, reflecting the losses incurred during the height of market difficulties. Beginning in the fourth quarter of 2020, ROA turned positive and showed a consistent upward trajectory through 2022, peaking around 13.98% in the second quarter of 2022. Subsequently, ROA gradually declined through 2023 and into 2024 and early 2025, stabilizing between approximately 6% and 8%. Despite this decrease, the ROA values remained significantly above the lows observed in 2020, indicating improved asset efficiency compared to the early pandemic period.
- Overall Observations
- The data indicates a strong recovery phase commencing in 2021 following substantial losses in early 2020, likely influenced by external market disruptions. Profitability as measured by net income and ROA improved markedly but displayed a peak in 2022, followed by moderate declines. Total assets generally increased into mid-2023 before trending downward towards 2025. This pattern suggests strategic asset management and steady operational performance with some normalization following a period of exceptional growth and recovery.