Analysis of Reportable Segments
Chevron Corp. operates in 2 segments: Upstream and Downstream.
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Segment Profit Margin
Chevron Corp., profit margin by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | |||||
| Downstream |
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).
Segment profit margins exhibited distinct trends over the five-year period. The Upstream segment demonstrated considerable volatility, while the Downstream segment experienced more moderate fluctuations, though with a generally declining trend towards the end of the period.
- Upstream Segment
- The Upstream segment profit margin increased from 22.55% in 2021 to a peak of 28.31% in 2022. This was followed by a decline to 20.78% in 2023, a slight increase to 21.19% in 2024, and a substantial decrease to 14.51% in 2025. This pattern suggests sensitivity to commodity price fluctuations or changes in production costs. The significant drop in 2025 warrants further investigation.
- Downstream Segment
- The Downstream segment profit margin showed an initial increase from 2.53% in 2021 to 4.54% in 2022. It then decreased to 3.80% in 2023, followed by a more pronounced decline to 1.09% in 2024, and a modest recovery to 2.12% in 2025. While less volatile than the Upstream segment, the Downstream segment’s margin experienced a net decrease over the period, potentially indicating increased competitive pressures or refining cost increases.
- Comparative Analysis
- Throughout the period, the Upstream segment consistently maintained significantly higher profit margins than the Downstream segment. The difference in margins highlights the differing profitability characteristics of these two business lines. The more substantial fluctuations in the Upstream segment suggest a greater degree of risk and reward associated with that portion of the business.
The observed trends indicate that profitability within both segments is subject to external factors. Continued monitoring of these margins, alongside underlying drivers such as commodity prices, production volumes, and refining costs, is recommended.
Segment Profit Margin: Upstream
Chevron Corp.; Upstream; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | |||||
| Segment sales and other operating revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2025 Calculation
Segment profit margin = 100 × Segment net income (loss) ÷ Segment sales and other operating revenues
= 100 × ÷ =
The Upstream segment demonstrated significant volatility in financial performance between 2021 and 2025. Segment net income and segment sales both experienced substantial increases initially, followed by declines and stabilization. The segment profit margin reflects this volatility, exhibiting a peak in 2022 before decreasing through 2025.
- Segment Net Income
- Segment net income increased considerably from US$15,818 million in 2021 to US$30,284 million in 2022, representing a growth of approximately 91.5%. A subsequent decrease was observed in 2023, with net income falling to US$17,438 million. Further modest growth occurred in 2024, reaching US$18,602 million, before declining to US$12,822 million in 2025. This represents an overall decrease of approximately 19.2% from the 2022 peak to the 2025 level.
- Segment Sales and Other Operating Revenues
- Segment sales and other operating revenues mirrored the trend in net income, increasing from US$70,140 million in 2021 to US$106,978 million in 2022, a rise of approximately 52.5%. Revenues then decreased to US$83,920 million in 2023. Subsequent years saw more moderate increases, reaching US$87,768 million in 2024 and US$88,379 million in 2025. The 2025 revenue level is approximately 26.1% higher than in 2021, but 17.4% lower than the 2022 peak.
- Segment Profit Margin
- The segment profit margin peaked at 28.31% in 2022, driven by the substantial increase in net income relative to sales. Prior to this, the margin stood at 22.55% in 2021. The margin decreased to 20.78% in 2023 and 21.19% in 2024. A more pronounced decline was observed in 2025, with the profit margin falling to 14.51%. This indicates that while revenues remained relatively stable between 2024 and 2025, profitability decreased significantly. The 2025 margin represents the lowest level observed during the analyzed period.
The observed trends suggest a strong correlation between sales revenues and net income within the Upstream segment. However, the declining profit margin in recent years indicates potential pressures on cost control or pricing, despite relatively stable revenue levels. Further investigation into the underlying drivers of these margin changes would be warranted.
Segment Profit Margin: Downstream
Chevron Corp.; Downstream; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | |||||
| Segment sales and other operating revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2025 Calculation
Segment profit margin = 100 × Segment net income (loss) ÷ Segment sales and other operating revenues
= 100 × ÷ =
The Downstream segment experienced significant fluctuations in financial performance between 2021 and 2025. Segment net income and segment sales demonstrated considerable volatility over the five-year period, directly impacting the segment profit margin.
- Segment Net Income
- Segment net income increased substantially from $2,914 million in 2021 to $8,155 million in 2022, representing a significant improvement. However, this was followed by a decrease to $6,137 million in 2023, and a more pronounced decline to $1,727 million in 2024. A partial recovery was observed in 2025, with net income rising to $3,022 million, though remaining below the 2021 level.
- Segment Sales and Other Operating Revenues
- Segment sales increased markedly from $115,307 million in 2021 to $179,565 million in 2022. Sales then decreased to $161,625 million in 2023 and continued to decline to $157,847 million in 2024. A further reduction in sales was noted in 2025, falling to $142,410 million. This indicates a consistent downward trend in revenue generation over the latter part of the analyzed period.
- Segment Profit Margin
- The segment profit margin mirrored the trends in net income and sales. It rose from 2.53% in 2021 to 4.54% in 2022, coinciding with the peak in net income and sales. The margin subsequently decreased to 3.80% in 2023 and experienced a substantial drop to 1.09% in 2024, reflecting the decline in profitability. A modest increase to 2.12% was observed in 2025, but the margin remained significantly lower than the 2022 peak.
The correlation between segment sales and segment net income is evident, suggesting that profitability is heavily influenced by revenue volume. The substantial decrease in profit margin in 2024 warrants further investigation to determine the underlying causes, such as increased operating costs or pricing pressures. While a slight improvement occurred in 2025, the segment’s performance did not return to the levels observed in 2021 or 2022.
Segment Return on Assets (Segment ROA)
Chevron Corp., ROA by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | |||||
| Downstream |
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).
Segment return on assets for the Upstream and Downstream segments exhibited considerable fluctuation over the five-year period. Both segments experienced significant increases in profitability between 2021 and 2022, followed by varying performance in subsequent years.
- Upstream Segment
- The Upstream segment demonstrated a substantial increase in return on assets from 8.58% in 2021 to 16.54% in 2022. This was followed by a decline to 8.95% in 2023 and a slight recovery to 9.87% in 2024. A more pronounced decrease was observed in 2025, with the return on assets falling to 4.99%. This suggests a potential weakening in the profitability of assets within the Upstream segment towards the end of the analyzed period.
- Downstream Segment
- Similar to the Upstream segment, the Downstream segment experienced a marked improvement in return on assets, rising from 6.44% in 2021 to 15.32% in 2022. The Downstream segment’s return on assets decreased to 11.26% in 2023, and then experienced a more substantial decline to 3.04% in 2024. A partial recovery was noted in 2025, with the return on assets increasing to 5.47%. The Downstream segment’s performance appears more volatile than the Upstream segment over the period.
- Comparative Analysis
- In 2022, both segments achieved their highest returns on assets within the observed timeframe. However, the subsequent years reveal diverging trends. While the Upstream segment maintained returns generally above its 2021 level until 2025, the Downstream segment experienced a more significant drop in profitability, falling below its 2021 value. The difference in returns between the two segments narrowed considerably in 2025, with the Upstream segment’s return on assets exceeding the Downstream segment’s by a smaller margin than in previous years.
Overall, the period was characterized by initial gains in segment profitability followed by a period of decline and stabilization. The differing trajectories of the Upstream and Downstream segments suggest that factors impacting their respective asset utilization and profitability are not necessarily aligned.
Segment ROA: Upstream
Chevron Corp.; Upstream; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | |||||
| Segment assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2025 Calculation
Segment ROA = 100 × Segment net income (loss) ÷ Segment assets
= 100 × ÷ =
The Upstream segment demonstrated significant fluctuations in financial performance between 2021 and 2025. Segment net income exhibited a substantial increase in 2022, followed by a decline in subsequent years, ultimately ending below the 2021 level. Segment assets generally increased over the period, with a notable surge in 2025. Consequently, the segment’s Return on Assets (ROA) mirrored these trends, peaking in 2022 before decreasing.
- Segment Net Income
- Segment net income increased considerably from US$15,818 million in 2021 to US$30,284 million in 2022, representing a growth of approximately 91%. This was followed by a decrease to US$17,438 million in 2023 and a further decline to US$12,822 million in 2025. The 2024 value of US$18,602 million represents a modest increase from 2023, but remains below the 2022 peak.
- Segment Assets
- Segment assets remained relatively stable between 2021 and 2023, fluctuating around US$184-195 billion. A significant increase was observed in 2025, reaching US$256,975 million. This represents a substantial expansion of assets within the Upstream segment during that year. The decrease in 2024 to US$188,483 million suggests potential asset reallocation or write-downs.
- Segment ROA
- Segment ROA increased from 8.58% in 2021 to a high of 16.54% in 2022, driven by the substantial increase in segment net income. The ROA then decreased to 8.95% in 2023 and 9.87% in 2024. A notable decline to 4.99% was observed in 2025, coinciding with the increase in segment assets and the decrease in segment net income. This suggests that while the segment continued to generate profit, the expansion of assets outpaced income growth, resulting in a lower return.
The observed trends indicate a period of high profitability in 2022 for the Upstream segment, followed by a return to more moderate performance. The significant asset increase in 2025 warrants further investigation to understand the nature of these investments and their expected impact on future profitability. The declining ROA in the latter years suggests a potential need to improve asset utilization or increase net income to maintain returns.
Segment ROA: Downstream
Chevron Corp.; Downstream; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | |||||
| Segment assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2025 Calculation
Segment ROA = 100 × Segment net income (loss) ÷ Segment assets
= 100 × ÷ =
The Downstream segment demonstrated significant volatility in financial performance between 2021 and 2025. Segment net income exhibited a substantial increase in 2022, followed by declines in both 2023 and 2024, before partially recovering in 2025. Segment assets generally increased over the period, though a slight decrease was observed in the most recent year.
- Segment Net Income
- Segment net income increased markedly from US$2,914 million in 2021 to US$8,155 million in 2022, representing a substantial improvement in profitability. This was followed by a decrease to US$6,137 million in 2023 and a more pronounced decline to US$1,727 million in 2024. Net income showed some recovery in 2025, reaching US$3,022 million, but remained below the 2022 peak.
- Segment Assets
- Segment assets increased from US$45,224 million in 2021 to US$53,221 million in 2022 and continued to rise to US$54,488 million in 2023. Further growth was observed in 2024, with assets reaching US$56,770 million. However, assets decreased slightly in 2025, settling at US$55,243 million. The overall trend indicates asset expansion, though the most recent year shows a minor contraction.
- Segment ROA
- Segment Return on Assets (ROA) mirrored the net income trend. ROA increased significantly from 6.44% in 2021 to 15.32% in 2022, reflecting the substantial increase in segment net income. ROA then decreased to 11.26% in 2023 and experienced a sharp decline to 3.04% in 2024. A partial recovery was noted in 2025, with ROA rising to 5.47%, but it remained considerably lower than the 2022 level. The fluctuations in ROA suggest a sensitivity to changes in segment profitability relative to the asset base.
The observed patterns suggest that the Downstream segment’s profitability is subject to considerable cyclicality. While asset levels generally increased, the significant variations in net income and ROA indicate that external factors or internal operational changes have a substantial impact on the segment’s financial performance.
Segment Asset Turnover
Chevron Corp., asset turnover by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | |||||
| Downstream |
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).
Segment asset turnover ratios for the observed period reveal distinct trends within the Upstream and Downstream segments. The Upstream segment demonstrates considerable fluctuation, while the Downstream segment exhibits a more stable, albeit declining, pattern.
- Upstream Segment
- The Upstream segment’s asset turnover ratio increased notably from 0.38 in 2021 to 0.58 in 2022. This suggests improved efficiency in utilizing assets to generate revenue within the Upstream operations during that period. However, this improvement was not sustained, as the ratio decreased to 0.43 in 2023 and further to 0.34 in 2025. The 2024 value of 0.47 represents a slight increase before the final decline. This volatility indicates potential inconsistencies in revenue generation relative to asset investment within the Upstream segment.
- Downstream Segment
- The Downstream segment consistently maintains a significantly higher asset turnover ratio compared to the Upstream segment. The ratio rose from 2.55 in 2021 to a peak of 3.37 in 2022, indicating strong asset utilization. Following 2022, a gradual downward trend is observed, with the ratio decreasing to 2.97 in 2023, 2.78 in 2024, and 2.58 in 2025. While remaining robust, this decline suggests a potential slowing in the Downstream segment’s ability to generate revenue from its asset base.
The contrasting trends between the two segments suggest differing operational dynamics and investment strategies. The Upstream segment’s fluctuating ratio may be influenced by factors such as commodity price volatility and capital expenditure cycles. The Downstream segment’s consistent, though declining, ratio suggests a more stable business environment but warrants monitoring to understand the drivers of the decreasing trend.
Segment Asset Turnover: Upstream
Chevron Corp.; Upstream; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment sales and other operating revenues | |||||
| Segment assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2025 Calculation
Segment asset turnover = Segment sales and other operating revenues ÷ Segment assets
= ÷ =
Segment asset turnover for the Upstream segment exhibited fluctuations over the five-year period. Initial increases were followed by declines, indicating shifts in the efficiency with which assets were utilized to generate sales within this segment.
- Segment Sales and Other Operating Revenues
- Segment sales demonstrated a substantial increase from 2021 to 2022, rising from US$70,140 million to US$106,978 million. However, sales decreased in 2023 to US$83,920 million before experiencing modest growth in both 2024 and 2025, reaching US$87,768 million and US$88,379 million respectively. This suggests a period of strong revenue growth followed by stabilization and a slight upward trend in the latter years.
- Segment Assets
- Segment assets remained relatively stable between 2021 and 2023, fluctuating around the US$180-195 billion range. A significant increase was observed in 2025, with segment assets reaching US$256,975 million. This substantial rise in assets may indicate increased investment in the Upstream segment or acquisitions.
- Segment Asset Turnover
- The segment asset turnover ratio increased from 0.38 in 2021 to 0.58 in 2022, reflecting improved efficiency in generating sales from assets. This was followed by a decrease to 0.43 in 2023 and a slight increase to 0.47 in 2024. A notable decline to 0.34 was observed in 2025. The decrease in 2025, despite modest sales growth, suggests that the significant increase in segment assets did not translate into a proportional increase in sales, indicating reduced asset efficiency.
The interplay between sales and asset levels suggests that while the Upstream segment experienced a period of strong sales growth and efficient asset utilization, the substantial asset build-up in 2025 appears to have negatively impacted the segment’s asset turnover ratio. Further investigation would be required to understand the nature of the asset increases and their impact on operational performance.
Segment Asset Turnover: Downstream
Chevron Corp.; Downstream; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment sales and other operating revenues | |||||
| Segment assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2025 Calculation
Segment asset turnover = Segment sales and other operating revenues ÷ Segment assets
= ÷ =
Segment performance within Downstream demonstrates fluctuating, yet generally declining, efficiency in asset utilization between 2021 and 2025. Segment sales and other operating revenues initially increased significantly before decreasing over the period, while segment assets exhibited a more moderate increase followed by a slight decrease. This interplay directly impacts the segment asset turnover ratio.
- Segment Sales and Other Operating Revenues
- Segment sales and other operating revenues increased substantially from US$115.307 billion in 2021 to US$179.565 billion in 2022, representing a significant rise. However, revenues then decreased to US$161.625 billion in 2023, US$157.847 billion in 2024, and further to US$142.410 billion in 2025. This indicates a weakening revenue generation capacity in the latter years of the observed period.
- Segment Assets
- Segment assets increased from US$45.224 billion in 2021 to US$53.221 billion in 2022, and continued to rise to US$54.488 billion in 2023. A further increase was observed in 2024, reaching US$56.770 billion. In 2025, segment assets experienced a slight decrease to US$55.243 billion. The asset base generally expanded, but the rate of growth slowed and ultimately reversed in the final year.
- Segment Asset Turnover
- The segment asset turnover ratio, a measure of how efficiently assets are used to generate sales, began at 2.55 in 2021. It increased to 3.37 in 2022, coinciding with the peak in segment revenues. Subsequently, the ratio decreased to 2.97 in 2023, 2.78 in 2024, and 2.58 in 2025. This downward trend suggests a diminishing ability to generate revenue from the segment’s asset base, despite the initial asset growth. The 2025 ratio is comparable to the level observed in 2021, indicating a return to prior levels of asset utilization efficiency, albeit after a period of improvement and subsequent decline.
The combined effect of decreasing revenues and relatively stable assets suggests that the Downstream segment is becoming less efficient in converting its investments into sales. Further investigation into the drivers of revenue decline and asset composition would be beneficial.
Segment sales and other operating revenues
Chevron Corp., segment sales and other operating revenues by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | |||||
| Downstream | |||||
| Total |
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).
Segment sales and other operating revenues exhibited significant fluctuations between 2021 and 2025. Total segment revenues increased substantially in 2022 before declining in subsequent years. A detailed examination of individual segment performance reveals differing trends.
- Upstream Segment
- The Upstream segment experienced a considerable increase in sales revenue from US$70.14 billion in 2021 to US$106.98 billion in 2022. However, revenues decreased to US$83.92 billion in 2023 and showed modest growth in the following two years, reaching US$88.38 billion in 2025. This suggests a potential sensitivity to commodity price cycles or production volumes, with a peak in 2022 followed by a stabilization at a lower level.
- Downstream Segment
- The Downstream segment demonstrated a similar pattern of growth in 2022, increasing from US$115.31 billion in 2021 to US$179.57 billion. A subsequent decline was observed in 2023, falling to US$161.63 billion, and continued through 2025, reaching US$142.41 billion. The Downstream segment’s revenue decrease from 2022 to 2025 is more pronounced than that of the Upstream segment.
- Total Segment Revenue
- Total segment revenues peaked in 2022 at US$286.54 billion, representing a substantial increase from the US$185.45 billion reported in 2021. Revenues then decreased in both 2023 and 2024, stabilizing at US$245.55 billion and US$245.62 billion respectively. A further decline was noted in 2025, with total revenues reaching US$230.79 billion. The overall trend indicates a period of strong growth followed by a consistent reduction in revenue over the subsequent three years.
The combined performance of the Upstream and Downstream segments suggests a potential correlation with broader economic conditions or industry-specific factors. The consistent decline in total segment revenues from the 2022 peak warrants further investigation to determine the underlying drivers and potential implications for future performance.
Segment net income (loss)
Chevron Corp., segment net income (loss) by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | |||||
| Downstream | |||||
| Total |
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).
Segment net income demonstrates significant fluctuations across the five-year period. Overall, a peak in performance occurred in 2022, followed by a decline in subsequent years. The Upstream segment consistently contributes the largest portion of total net income, while the Downstream segment represents a smaller, though still substantial, component.
- Upstream Segment Performance
- The Upstream segment experienced substantial growth in net income from 2021 to 2022, increasing from US$15,818 million to US$30,284 million. This represents a significant positive change. However, net income decreased considerably in 2023 to US$17,438 million, and continued to decline, albeit at a slower rate, to US$18,602 million in 2024. The most recent year, 2025, shows a further decrease to US$12,822 million, indicating a pronounced downward trend from the 2022 peak.
- Downstream Segment Performance
- The Downstream segment mirrored the Upstream segment’s growth in 2022, increasing from US$2,914 million to US$8,155 million. Similar to the Upstream segment, the Downstream segment experienced a decline in net income in 2023, falling to US$6,137 million. This decline accelerated in 2024, with net income dropping to US$1,727 million. A modest recovery is observed in 2025, with net income rising to US$3,022 million, though remaining below levels seen in 2021 and significantly lower than the 2022 peak.
- Total Segment Net Income
- Total segment net income followed the pattern established by its constituent segments. A high of US$38,439 million was achieved in 2022, followed by a consistent decline to US$23,575 million in 2023, US$20,329 million in 2024, and finally US$15,844 million in 2025. The overall trend indicates a substantial reduction in profitability from the peak in 2022.
- Relative Contribution
- Throughout the period, the Upstream segment consistently accounted for the majority of total segment net income. The Downstream segment’s contribution, while smaller in absolute terms, demonstrates a proportionally larger fluctuation, suggesting greater sensitivity to market conditions or internal operational changes. The ratio of Upstream to Downstream net income varied, but the Upstream segment consistently represented a significantly larger share of the total.
Segment assets
Chevron Corp., segment assets by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | |||||
| Downstream | |||||
| Total |
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).
Segment asset values demonstrate distinct trends over the five-year period. Total segment assets increased from 2021 to 2025, though not consistently. The Upstream segment experienced more volatility than the Downstream segment, while the Downstream segment showed relatively stable growth before a slight decrease in the final year.
- Upstream Segment Assets
- Upstream segment assets began at US$184.412 billion in 2021 and decreased slightly to US$183.105 billion in 2022. A subsequent increase was observed in 2023, reaching US$194.805 billion. These assets then decreased to US$188.483 billion in 2024 before a substantial rise to US$256.975 billion in 2025. This final year increase represents a significant shift and warrants further investigation to determine the underlying drivers, such as acquisitions, increased capital expenditure, or commodity price fluctuations.
- Downstream Segment Assets
- Downstream segment assets exhibited a more consistent upward trend from 2021 to 2024. Starting at US$45.224 billion in 2021, they increased to US$53.221 billion in 2022 and US$54.488 billion in 2023. Further growth continued into 2024, reaching US$56.770 billion. However, a slight decrease was noted in 2025, with assets totaling US$55.243 billion. This suggests a potential stabilization or minor adjustment within the Downstream segment.
- Total Segment Assets
- Total segment assets followed the combined trends of its constituent segments. An increase from US$229.636 billion in 2021 to US$236.326 billion in 2022 was followed by further growth to US$249.293 billion in 2023. A slight decrease to US$245.253 billion occurred in 2024, before a substantial increase to US$312.218 billion in 2025. The 2025 increase is largely attributable to the significant growth in Upstream segment assets.
The considerable increase in total segment assets in 2025, driven primarily by the Upstream segment, suggests a potential strategic shift or significant investment in that area. The relative stability of the Downstream segment assets provides a contrasting perspective, indicating a potentially different operational or investment strategy within that segment.