Chevron (CVX) Q4 2025 earnings summary

Executive summary

• Achieved record global and U.S. production in 2025, up 12% year-over-year, driven by major project startups and the Hess acquisition, creating a high-margin upstream portfolio.

• Completed the Hess acquisition, adding premier upstream assets and supporting future growth.

• Delivered the highest U.S. refinery throughput in two decades, reflecting expansion and efficiency gains.

• Achieved $1.5B in structural cost reductions in 2025, targeting $3–4B by end of 2026.

• Returned a record $27 billion to shareholders in 2025, including dividends, share repurchases, and Hess share purchases.

Financial highlights

• 2025 net earnings were $12.3B ($6.63/share); adjusted earnings were $13.5B ($7.29/share).

• Cash flow from operations for 2025 was $33.9B, including $1.7B from working capital drawdown.

• Adjusted free cash flow for 2025 was $20.2B, up over 35% year-over-year despite a 15% drop in oil prices.

• Total capex was $17.3B; organic capex $16.5B.

• Debt to CFFO ratio at 1.2x; net debt to CFFO at 1.0x as of year-end.

Outlook and guidance

• 2026 production guidance: 3,980–4,100 MBOED, up 7–10% year-over-year, with full-year contribution from Hess assets.

• Organic capex expected at $18–$19B; share repurchases targeted at $2.5–$3B.

• Dividend per share to increase 4% to $1.78.

• Structural cost reduction program targets $3–4B in annual savings by end of 2026, with over 60% from durable efficiency gains.

• Sensitivity: $600MM A/T earnings and cash flow per $1 change in Brent price.