Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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Profitability Ratios (Summary)
Chevron Corp., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 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
- The operating profit margin exhibited a pronounced fluctuation starting from negative values in 2020, with -6.22% in Q1 and deepening to -7.9% in Q2. A significant turnaround was observed beginning Q3 2020, shifting to a positive 6.49%, and progressively strengthening through 2021 and into 2022. Peaks occurred in late 2022, reaching above 21%, followed by a gradual declining trend into 2023 and 2024. Despite the decline, margins remained firmly positive, maintaining levels above 12% through mid-2025.
- Net Profit Margin
- Net profit margin mirrored the operating profit margin's initial negativity in early 2020, with a low of -8.1% in Q2. Recovery initiated in Q3 2020, moving into positive territory and steadily increasing throughout 2021 and 2022 to a peak exceeding 15%. Starting in 2023, a steady decrease is evident, with margins tapering but sustaining a positive range above 7% by mid-2025. This trend suggests stabilization after earlier volatility, albeit at lower profitability percentages compared to the peak period.
- Return on Equity (ROE)
- ROE began at negative values in early 2020, declining to a nadir of -5.89% in Q2 2020. Subsequently, the ratio improved markedly, showing sustained growth through 2021 and reaching a high above 22% by the end of 2022. A downtrend evolved from 2023 onwards, with ROE descending steadily to below 10% by mid-2025. This pattern indicates enhanced shareholder returns following recovery but with diminishing momentum towards the later periods.
- Return on Assets (ROA)
- ROA initially recorded negative figures in early 2020, bottoming at -3.21% in Q2. Following this, a consistent improvement occurred, peaking around 14% in late 2022. Since then, a moderate decline is observed, gradually lowering to approximately 5.5% by mid-2025. Despite this decline, ROA remains positive, evidencing continued but reduced efficiency in asset utilization over time.
Return on Sales
Return on Investment
Operating Profit Margin
Chevron Corp., operating profit margin calculation (quarterly data)
| Jun 30, 2025 | 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: 2025-06-30), 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 Q2 2025 Calculation
Operating profit margin = 100
× (Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024)
÷ (Sales and other operating revenuesQ2 2025
+ Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024
+ Sales and other operating revenuesQ3 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The operating income exhibited significant volatility starting from the first quarter of 2020 through the end of that year, with a notable large loss in the second quarter of 2020 followed by a recovery towards the fourth quarter. From 2021 onwards, operating income showed a generally positive trend with peaks in the mid-to-late 2021 period and early 2022, reaching its highest value in the second quarter of 2022. However, a gradual decline is observable from late 2022 through 2025 quarters, indicating a decrease in profitability over these periods.
Sales and other operating revenues followed a similar pattern of recovery after the sizable decline observed in early 2020. There was a consistent growth up to mid-2022, peaking during this period. Subsequently, revenues faced a downward trend, decreasing steadily from the latter part of 2022 through 2025. This suggests a weakening revenue stream over time despite previous strong performance.
The operating profit margin data, available from the third quarter of 2020, shows an initial negative margin reflecting operating losses during that difficult period. Beginning in the first quarter of 2021, the margin turned positive and improved sharply through 2022, reaching a high point above 21%. Following this peak, the margin experienced a gradual decline from 2023 onwards, though it remained positive and relatively stable, fluctuating around the range of 12-15% by the end of the period analyzed. This marginal compression aligns with the diminishing operating income and revenues observed in recent quarters.
- Overall trends:
- Initial volatility and losses in early 2020 were followed by a recovery period through 2021 and early 2022, marked by increased operating income, revenue, and profit margins.
- After mid-2022, there is a discernible downward trajectory in both revenues and operating income, as well as a moderate decline in operating profit margins.
- The decline in operating profit margin post-2022 indicates margin pressures despite positive profitability, suggesting either rising costs, lower sales prices, or a combination of both.
- The overall picture reflects a recovery phase post-2020 challenges, succeeded by a period of contraction in financial performance beginning in the second half of 2022 and extending through the forecasted years.
Net Profit Margin
Chevron Corp., net profit margin calculation (quarterly data)
| Jun 30, 2025 | 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: 2025-06-30), 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 Q2 2025 Calculation
Net profit margin = 100
× (Net income (loss) attributable to Chevron CorporationQ2 2025
+ Net income (loss) attributable to Chevron CorporationQ1 2025
+ Net income (loss) attributable to Chevron CorporationQ4 2024
+ Net income (loss) attributable to Chevron CorporationQ3 2024)
÷ (Sales and other operating revenuesQ2 2025
+ Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024
+ Sales and other operating revenuesQ3 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Net Income (Loss) Attributable to Chevron Corporation
- The net income demonstrated significant volatility starting from the first quarter of 2020 with a positive figure of 3,599 million USD. A sharp decline is seen in the mid-2020 quarters, reaching a substantial loss of -8,270 million USD in Q2 2020, followed by minor losses in the following quarter. From Q1 2021 onwards, there is a considerable recovery, with net income consistently positive and peaking at 11,622 million USD in Q2 2022. Subsequently, income fluctuates but remains positive, trending downward toward the early quarters of 2024 and showing a lowering trend into mid-2025 with values oscillating around 2,500 to 3,500 million USD. This pattern suggests a recovery phase after a substantial drop during early pandemic conditions, followed by a period of stabilization at a moderate profitability level.
- Sales and Other Operating Revenues
- Revenues followed a similar trend of initial decline in early 2020, dropping from 29,705 million USD in Q1 2020 to a low of 15,926 million USD in Q2 2020. A steady upward trajectory is observed after this period, reaching a peak at 65,372 million USD in Q2 2022. From Q3 2022 onward, revenues display a gradual decline, with the figures decreasing each quarter, down to approximately 44,375 million USD by Q2 2025. The initial drop aligns with broader economic challenges, while the recovery phase indicates improved operational performance or market conditions. The gradual decline post-peak might reflect market volatility, pricing pressures, or changes in sales volume.
- Net Profit Margin
- Profit margin data, available from Q3 2020, reveals negative percentages initially (-5.87% in Q3 and -8.1% in Q4 2020), coinciding with the negative net income periods. Starting in Q1 2021, margins turned positive, showing a significant increase, peaking at 15.41% in Q3 2022. After this high point, margins decline gradually, reaching approximately 7.31% by Q2 2025. This pattern reflects the overall recovery in profitability and operational efficiency seen earlier, followed by a moderate reduction in profitability, possibly linked to the revenue decrease and other expense factors.
- Summary of Observed Trends
- The company experienced a pronounced financial impact during early 2020, illustrated by declining revenues, large net losses, and negative profit margins. Recovery commenced in early 2021, marked by steady increases in net income, revenues, and profitability margins. The peak performance period clustered around mid-2022, after which a trend toward decreasing revenues and margins emerges, indicating perhaps market challenges or operational pressures affecting profitability. Overall, the company demonstrated resilience with a rebounding operational and financial performance following a significant downturn, though recent quarters suggest caution due to the moderating financial indicators.
Return on Equity (ROE)
Chevron Corp., ROE calculation (quarterly data)
| Jun 30, 2025 | 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: 2025-06-30), 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 Q2 2025 Calculation
ROE = 100
× (Net income (loss) attributable to Chevron CorporationQ2 2025
+ Net income (loss) attributable to Chevron CorporationQ1 2025
+ Net income (loss) attributable to Chevron CorporationQ4 2024
+ Net income (loss) attributable to Chevron CorporationQ3 2024)
÷ Total Chevron Corporation stockholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial performance exhibits significant volatility in net income attributable to the corporation over the observed quarters. In early 2020, the company experienced a notable loss, with net income sharply declining to a negative value of -8,270 million USD in the second quarter. This loss gradually lessened in the following quarters, returning to positive territory by the first quarter of 2021. From then onward, net income demonstrated a general upward trend, reaching peaks above 11,000 million USD in the mid-2022 periods, before tapering off somewhat towards late 2023 and early 2024. The latter part of the dataset shows fluctuating but generally positive net income figures ranging between 2,000 and 6,000 million USD, with a slight decreasing trend entering 2025.
Total stockholders’ equity presented a consistent, gradual increase from approximately 143,930 million USD at the beginning of 2020 to a peak of around 165,265 million USD by the end of 2023. A slight downward adjustment is observed starting in early 2024, continuing through mid-2025, concluding at approximately 146,417 million USD. Despite this late decline, the overall trend indicates sustained growth in equity over the period.
Return on equity (ROE) data, available from the second quarter of 2020 onwards, mirrors the trends in net income with notable fluctuations. ROE was negative during much of 2020, reflecting the net losses during this period. Beginning in early 2021, ROE turned positive and increased significantly, peaking above 22% around late 2022 and early 2023. Following this peak, ROE gradually declined, reaching levels slightly below 10% by mid-2025. This trajectory suggests improving profitability and efficient equity utilization following the recovery from 2020, with some moderation in returns in the latest quarters.
- Net Income (Loss) Trend
- Sharp loss in mid-2020 followed by recovery and sustained positive earnings through 2021 and 2022; peak earnings in mid-2022; moderate decline and fluctuations during 2023 and early 2025.
- Total Stockholders’ Equity Trend
- Steady growth from early 2020 to late 2023; slight decline commencing in 2024 through mid-2025.
- Return on Equity (ROE) Trend
- Negative ROE during 2020 reflecting losses; strong positive growth from 2021 to early 2023 with peak ROE above 22%; gradual decline in returns thereafter reaching below 10% by mid-2025.
Overall, the data suggest that the company faced a significant profitability challenge in the early 2020 period but managed a robust recovery and growth phase through 2021 and 2022. While equity grew steadily, indicating capital strength, the diminishing ROE in the latest quarters points to reduced efficiency in generating profits from equity capital relative to previous peak performance periods.
Return on Assets (ROA)
Chevron Corp., ROA calculation (quarterly data)
| Jun 30, 2025 | 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: 2025-06-30), 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 Q2 2025 Calculation
ROA = 100
× (Net income (loss) attributable to Chevron CorporationQ2 2025
+ Net income (loss) attributable to Chevron CorporationQ1 2025
+ Net income (loss) attributable to Chevron CorporationQ4 2024
+ Net income (loss) attributable to Chevron CorporationQ3 2024)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial performance over the observed periods reflects considerable volatility followed by a marked recovery and stabilization in profitability. Net income attributable to the company experienced a significant loss in the second quarter of 2020, reaching its lowest point during the period. This negative trend persisted with losses also recorded in the third and fourth quarters of 2020. Starting from the first quarter of 2021, net income rebounded sharply, increasing consistently through most of the subsequent periods until the third quarter of 2022, when it peaked. Following this peak, net income showed fluctuations but generally remained positive, with some decline observed in recent quarters up to mid-2025.
Total assets displayed a more stable pattern, with moderate growth initially, peaking towards the latter quarters of 2022, around the same period when net income was at its highest. Subsequent periods reveal a slight contraction in total assets, with values gradually decreasing through the end of the dataset in mid-2025. Despite this decrease, total assets remained above the early 2020 levels, indicating an overall increase over the entire timeframe.
Return on assets (ROA) trends correlate with net income developments. Negative ROA values occurred during the latter half of 2020, aligning with negative net income figures. From early 2021 onward, ROA increased substantially, reflecting improved profitability and efficient asset utilization. ROA hit its highest levels in late 2021 through 2022, subsequently experiencing a gradual decline but remaining well above zero through 2025. This suggests the company maintained positive returns on its asset base despite fluctuations in net income and total assets.
- Key Observations:
- 1. A sharp downturn in profitability in mid-2020 resulted in consecutive quarterly losses.
- 2. Recovery began in early 2021, with net income and ROA increasing significantly to peak levels in 2022.
- 3. Total assets grew steadily until late 2022, then showed a slight downward trend.
- 4. Even with recent declines, profitability measures remain positive through 2025, indicating sustainable operational performance.
- 5. The periods of loss coincide with negative ROA, highlighting the close relationship between income performance and asset returns.