We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
CVX delivered adjusted Q4 EPS of $1.52, beating estimates on record upstream production of 4,045 MBOE/d.
CVX generated $10.8B in operating cash flow and $4.2B in free cash flow during the fourth quarter.
Chevron ended 2025 with $6.3B in cash and a debt-to-capital ratio of about 17.9.
Chevron Corporation (CVX - Free Report) reported adjusted fourth-quarter earnings per share of $1.52, beating the Zacks Consensus Estimate of $1.44. The outperformance stemmed from higher-than-expected production in the company’s key upstream segment and an 8% year-over-year reduction in costs during this quarter. The company’s upstream output of 4,045 thousand oil-equivalent barrels per day (MBOE/d) came in above the consensus mark of 4,009 MBOE/d.
However, the bottom line came well below the year-ago adjusted profit of $2.06, primarily due to a decline in crude oil prices, reduced affiliate earnings and unfavorable foreign currency effects.
The company generated revenues of $46.9 billion. The sales figure missed the Zacks Consensus Estimate of $51.4 billion and decreased 10.2% year over year.
Chevron Corporation Price, Consensus and EPS Surprise
Importantly, Houston, TX-based integrated oil and gas company hiked its quarterly cash dividend by 4% to $1.78 per share. The dividend will be paid out on March 10, 2026, to its shareholders of record as of Feb. 17.
Segment Performance of CVX
Upstream: Chevron’s production of crude oil and natural gas — at 4,045 MBOE/d — rose 21% year over year. Recent volume figures mainly highlight higher output from the Permian Basin, the Gulf of America and Kazakhstan.
The U.S. output increased 25% year over year to an all-time high of 2,055 MBOE/d and the company’s international operations (accounting for 49% of the total) also increased 17% to 1,990 MBOE/d.
Despite overall volumes improving from last year, Chevron’s fourth-quarter 2025 upstream segment profit fell 29% to $3 billion. This was primarily due to lower liquid realizations.
At $42.99 per barrel, Chevron’s average realized liquids prices in the United States were more than 19%, which was below the year-earlier levels. Prices overseas decreased 15% to $57.53 per barrel. Natural gas prices surged 36% in the United States, while falling 9% across international markets.
Downstream: Chevron’s downstream segment recorded a profit of $823 million in contrast to a loss of $248 million in the previous year. The gain primarily underlined higher product sales margins.
CVX’s Cash Flows, Capital Expenditure
The company recorded $10.8 billion in cash flow from operations compared with $8.7 billion in the year-ago period. Chevron’s free cash flow for the quarter was $4.2 billion.
The company distributed a total of $27.1 billion in cash to its shareholders over this year. This amount included $12.1 billion for share repurchases, $12.8 billion in dividends and $2.2 billion spent on acquiring Hess shares in early 2025.
This Zacks Rank #4 (Sell) company spent around $5.3 billion in capital and exploratory expenditures during the quarter compared with the year-ago period’s $4.3 billion. The increase was due to spending on legacy Hess assets following the acquisition, as well as higher investments in U.S. data center power solutions.
Total costs in the fourth-quarter decreased about 8% year over year to $44.3 billion. As of Dec. 31, 2025, the only energy component of the Dow Jones Industrial Average had $6.3 billion in cash and cash equivalents and total debt of $40.8 billion with a debt-to-total capitalization of about 17.9%.
Important Earnings at a Glance
While we have discussed CVX’s fourth-quarter results in detail, let us take a look at three other key reports in this space.
San Antonio-based Valero Energy Corporation (VLO - Free Report) , a leading independent refiner and marketer of transportation fuels and petrochemical products, posted fourth-quarter 2025 adjusted earnings of $3.82 per share, which beat the Zacks Consensus Estimate of $3.22. The bottom line improved from the year-ago quarter’s level of 64 cents. The better-than-expected quarterly results can be mainly attributed to a surge in refining margins, higher ethanol production volumes and lower total cost of sales.
Valero Energy had cash and cash equivalents of $4.7 billion at the end of the fourth quarter. As of Dec. 31, 2025, it had a total debt of $8.3 billion and finance-lease obligations of $2.4 billion.
Houston, TX-based Baker Hughes Company (BKR - Free Report) , an oil and gas equipment and services provider, posted fourth-quarter 2025 adjusted earnings of 78 cents per share, which beat the Zacks Consensus Estimate of 67 cents. The bottom line also increased from the year-ago level of 70 cents. The strong quarterly results were primarily driven by solid performance from BKR’s Industrial & Energy Technology business segment.
Baker Hughes Company’s net capital expenditure in the fourth quarter was $321 million. As of Dec. 31, 2025, it had cash and cash equivalents of $3.7 billion. BKR had a long-term debt of $5.4 billion at the end of the reported quarter, with a debt-to-capitalization of 24.3%.
Another Houston, TX-based oil and gas equipment and services provider, Halliburton Company (HAL - Free Report) , posted fourth-quarter 2025 adjusted net income per share of 69 cents, beating the Zacks Consensus Estimate of 54 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line marginally fell from the year-ago adjusted profit of 70 cents due to softer activity in the North American region.
Halliburton reported fourth-quarter capital expenditure of $337 million, well below our projection of $390.4 million. As of Dec. 31, 2025, the company had approximately $2.2 billion in cash and cash equivalents, and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 40.5.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
Chevron Tops Q4 Earnings Estimates, Lags Revenues, Hikes Dividend
Key Takeaways
Chevron Corporation (CVX - Free Report) reported adjusted fourth-quarter earnings per share of $1.52, beating the Zacks Consensus Estimate of $1.44. The outperformance stemmed from higher-than-expected production in the company’s key upstream segment and an 8% year-over-year reduction in costs during this quarter. The company’s upstream output of 4,045 thousand oil-equivalent barrels per day (MBOE/d) came in above the consensus mark of 4,009 MBOE/d.
However, the bottom line came well below the year-ago adjusted profit of $2.06, primarily due to a decline in crude oil prices, reduced affiliate earnings and unfavorable foreign currency effects.
The company generated revenues of $46.9 billion. The sales figure missed the Zacks Consensus Estimate of $51.4 billion and decreased 10.2% year over year.
Chevron Corporation Price, Consensus and EPS Surprise
Chevron Corporation price-consensus-eps-surprise-chart | Chevron Corporation Quote
Importantly, Houston, TX-based integrated oil and gas company hiked its quarterly cash dividend by 4% to $1.78 per share. The dividend will be paid out on March 10, 2026, to its shareholders of record as of Feb. 17.
Segment Performance of CVX
Upstream: Chevron’s production of crude oil and natural gas — at 4,045 MBOE/d — rose 21% year over year. Recent volume figures mainly highlight higher output from the Permian Basin, the Gulf of America and Kazakhstan.
The U.S. output increased 25% year over year to an all-time high of 2,055 MBOE/d and the company’s international operations (accounting for 49% of the total) also increased 17% to 1,990 MBOE/d.
Despite overall volumes improving from last year, Chevron’s fourth-quarter 2025 upstream segment profit fell 29% to $3 billion. This was primarily due to lower liquid realizations.
At $42.99 per barrel, Chevron’s average realized liquids prices in the United States were more than 19%, which was below the year-earlier levels. Prices overseas decreased 15% to $57.53 per barrel. Natural gas prices surged 36% in the United States, while falling 9% across international markets.
Downstream: Chevron’s downstream segment recorded a profit of $823 million in contrast to a loss of $248 million in the previous year. The gain primarily underlined higher product sales margins.
CVX’s Cash Flows, Capital Expenditure
The company recorded $10.8 billion in cash flow from operations compared with $8.7 billion in the year-ago period. Chevron’s free cash flow for the quarter was $4.2 billion.
The company distributed a total of $27.1 billion in cash to its shareholders over this year. This amount included $12.1 billion for share repurchases, $12.8 billion in dividends and $2.2 billion spent on acquiring Hess shares in early 2025.
This Zacks Rank #4 (Sell) company spent around $5.3 billion in capital and exploratory expenditures during the quarter compared with the year-ago period’s $4.3 billion. The increase was due to spending on legacy Hess assets following the acquisition, as well as higher investments in U.S. data center power solutions.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CVX’s Financials
Total costs in the fourth-quarter decreased about 8% year over year to $44.3 billion. As of Dec. 31, 2025, the only energy component of the Dow Jones Industrial Average had $6.3 billion in cash and cash equivalents and total debt of $40.8 billion with a debt-to-total capitalization of about 17.9%.
Important Earnings at a Glance
While we have discussed CVX’s fourth-quarter results in detail, let us take a look at three other key reports in this space.
San Antonio-based Valero Energy Corporation (VLO - Free Report) , a leading independent refiner and marketer of transportation fuels and petrochemical products, posted fourth-quarter 2025 adjusted earnings of $3.82 per share, which beat the Zacks Consensus Estimate of $3.22. The bottom line improved from the year-ago quarter’s level of 64 cents. The better-than-expected quarterly results can be mainly attributed to a surge in refining margins, higher ethanol production volumes and lower total cost of sales.
Valero Energy had cash and cash equivalents of $4.7 billion at the end of the fourth quarter. As of Dec. 31, 2025, it had a total debt of $8.3 billion and finance-lease obligations of $2.4 billion.
Houston, TX-based Baker Hughes Company (BKR - Free Report) , an oil and gas equipment and services provider, posted fourth-quarter 2025 adjusted earnings of 78 cents per share, which beat the Zacks Consensus Estimate of 67 cents. The bottom line also increased from the year-ago level of 70 cents. The strong quarterly results were primarily driven by solid performance from BKR’s Industrial & Energy Technology business segment.
Baker Hughes Company’s net capital expenditure in the fourth quarter was $321 million. As of Dec. 31, 2025, it had cash and cash equivalents of $3.7 billion. BKR had a long-term debt of $5.4 billion at the end of the reported quarter, with a debt-to-capitalization of 24.3%.
Another Houston, TX-based oil and gas equipment and services provider, Halliburton Company (HAL - Free Report) , posted fourth-quarter 2025 adjusted net income per share of 69 cents, beating the Zacks Consensus Estimate of 54 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line marginally fell from the year-ago adjusted profit of 70 cents due to softer activity in the North American region.
Halliburton reported fourth-quarter capital expenditure of $337 million, well below our projection of $390.4 million. As of Dec. 31, 2025, the company had approximately $2.2 billion in cash and cash equivalents, and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 40.5.