Profitability ratios measure the company’s ability to generate profitable sales from its resources (assets).

Ratios (Summary)
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Equity (ROE)
Return on Assets (ROA)

Chevron Corp., profitability ratios (quarterly data)

		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Return on Sales
	Gross profit margin
	Operating profit margin
	Net profit margin
	Return on Investment
	Return on equity (ROE)
	Return on assets (ROA)

Ratio	Description	The company
Gross profit margin	Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures.	Chevron Corp.’s gross profit margin improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.
Operating profit margin	A profitability ratio calculated as operating income divided by revenue.	Chevron Corp.’s operating profit margin improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.
Net profit margin	An indicator of profitability, calculated as net income divided by revenue.	Chevron Corp.’s net profit margin improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Ratio	Description	The company
ROE	A profitability ratio calculated as net income divided by shareholders’ equity.	Chevron Corp.’s ROE improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.
ROA	A profitability ratio calculated as net income divided by total assets.	Chevron Corp.’s ROA improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Chevron Corp., gross profit margin calculation (quarterly data)

		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Selected Financial Data (USD $ in millions)
	Gross profit
	Sales and other operating revenues
	Ratio
	Gross profit margin¹

Q4 2018 Calculations

¹ Gross profit margin = 100 × (Gross profit_{Q4 2018} + Gross profit_{Q3 2018} + Gross profit_{Q2 2018} + Gross profit_{Q1 2018}) ÷ (Sales and other operating revenues_{Q4 2018} + Sales and other operating revenues_{Q3 2018} + Sales and other operating revenues_{Q2 2018} + Sales and other operating revenues_{Q1 2018})
= 100 × ( hidden + hidden + hidden + hidden ) ÷ ( hidden + hidden + hidden + hidden ) = hidden

Ratio	Description	The company
Gross profit margin	Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures.	Chevron Corp.’s gross profit margin improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Chevron Corp., operating profit margin calculation (quarterly data)

		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Selected Financial Data (USD $ in millions)
	Operating income (loss)
	Sales and other operating revenues
	Ratio
	Operating profit margin¹

Q4 2018 Calculations

¹ Operating profit margin = 100 × (Operating income (loss)_{Q4 2018} + Operating income (loss)_{Q3 2018} + Operating income (loss)_{Q2 2018} + Operating income (loss)_{Q1 2018}) ÷ (Sales and other operating revenues_{Q4 2018} + Sales and other operating revenues_{Q3 2018} + Sales and other operating revenues_{Q2 2018} + Sales and other operating revenues_{Q1 2018})
= 100 × ( hidden + hidden + hidden + hidden ) ÷ ( hidden + hidden + hidden + hidden ) = hidden

Ratio	Description	The company
Operating profit margin	A profitability ratio calculated as operating income divided by revenue.	Chevron Corp.’s operating profit margin improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Chevron Corp., net profit margin calculation (quarterly data)

		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Selected Financial Data (USD $ in millions)
	Net income (loss) attributable to Chevron Corporation
	Sales and other operating revenues
	Ratio
	Net profit margin¹

Q4 2018 Calculations

¹ Net profit margin = 100 × (Net income (loss) attributable to Chevron Corporation_{Q4 2018} + Net income (loss) attributable to Chevron Corporation_{Q3 2018} + Net income (loss) attributable to Chevron Corporation_{Q2 2018} + Net income (loss) attributable to Chevron Corporation_{Q1 2018}) ÷ (Sales and other operating revenues_{Q4 2018} + Sales and other operating revenues_{Q3 2018} + Sales and other operating revenues_{Q2 2018} + Sales and other operating revenues_{Q1 2018})
= 100 × ( hidden + hidden + hidden + hidden ) ÷ ( hidden + hidden + hidden + hidden ) = hidden

Ratio	Description	The company
Net profit margin	An indicator of profitability, calculated as net income divided by revenue.	Chevron Corp.’s net profit margin improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Chevron Corp., ROE calculation (quarterly data)

		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Selected Financial Data (USD $ in millions)
	Net income (loss) attributable to Chevron Corporation
	Total Chevron Corporation stockholders’ equity
	Ratio
	ROE¹

Q4 2018 Calculations

¹ ROE = 100 × (Net income (loss) attributable to Chevron Corporation_{Q4 2018} + Net income (loss) attributable to Chevron Corporation_{Q3 2018} + Net income (loss) attributable to Chevron Corporation_{Q2 2018} + Net income (loss) attributable to Chevron Corporation_{Q1 2018}) ÷ Total Chevron Corporation stockholders’ equity
= 100 × ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

Ratio	Description	The company
ROE	A profitability ratio calculated as net income divided by shareholders’ equity.	Chevron Corp.’s ROE improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Chevron Corp., ROA calculation (quarterly data)

		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Selected Financial Data (USD $ in millions)
	Net income (loss) attributable to Chevron Corporation
	Total assets
	Ratio
	ROA¹

Q4 2018 Calculations

¹ ROA = 100 × (Net income (loss) attributable to Chevron Corporation_{Q4 2018} + Net income (loss) attributable to Chevron Corporation_{Q3 2018} + Net income (loss) attributable to Chevron Corporation_{Q2 2018} + Net income (loss) attributable to Chevron Corporation_{Q1 2018}) ÷ Total assets
= 100 × ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

Ratio	Description	The company
ROA	A profitability ratio calculated as net income divided by total assets.	Chevron Corp.’s ROA improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

	Chevron Corp.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
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Chevron Corp. (CVX)

Profitability Analysis
Quarterly Data

Ratios (Summary)

Gross Profit Margin

Operating Profit Margin

Net Profit Margin

Return on Equity (ROE)

Return on Assets (ROA)

Chevron Corp. (CVX)

Profitability AnalysisQuarterly Data

Ratios (Summary)

Gross Profit Margin

Operating Profit Margin

Net Profit Margin

Return on Equity (ROE)

Return on Assets (ROA)

Profitability Analysis
Quarterly Data