Chevron reported net income of $2.84 billion in the fourth quarter of 2025 (4Q 2025), which ended on December 31, 2025, a decrease of approximately 12.5% ​​compared to $3.25 billion in the fourth quarter of 2024.

Diluted earnings per share were $1.39 in Q4 2025, down about 24.5% from $1.84 in Q4 2024.

Adjusted earnings were $3.02 billion in the fourth quarter of 2025, down 16.8% from $3.63 billion in the corresponding quarter last year.

Likewise, adjusted diluted EPS was $1.52 in Q4 2025, compared to $2.06 in Q4 2024, a decrease of about 26.2%.

The company’s revenue for the quarter was $46.87 billion, down 10.2% from $52.2 billion in the same period last year.

Cash flow from operations increased to $10.8 billion in the reported quarter from $8.7 billion in the same quarter a year earlier, an increase of approximately 24.1%.

Chevron earned $3.03 billion in Q4 2025 through its upstream segment, which is about 29.5% lower than the $4.3 billion achieved in Q4 2024.

For the downstream segment, there was a significant change in 4Q 2025 with earnings of $823 million, compared to a loss of $248 million in 4Q 2024.

The “All Others” category reported a loss of $1.08 billion in the fourth quarter of 2025, compared with a loss of $817 million in the fourth quarter of 2024.

Excluding working capital adjustments, cash flow from operations increased to $9.1 billion in 4Q 2025 from $5.3 billion in 4Q 2024, an increase of approximately 71.7%.

Chevron’s 2025 earnings were down from a year earlier due to lower crude oil prices, lower affiliate revenues and unfavorable foreign exchange rates, although higher refined product margins and higher sales volumes partially mitigated those impacts.

The company’s full-year 2025 net income was $12.48 billion, down 29.7% from $17.75 billion in 2024.

Chevron’s total revenue for the full year 2025 was $189.03 billion, down about 6.8% from 2024’s $202.79 billion.

The company achieved record levels of global and US oil equivalent production, helped by the acquisition of Hess, which added 261,000 barrels of oil equivalent per day (boepd), along with 124,000 boepd from Chevron’s legacy operations.

Year-end proved reserves stood at around 10.6 billion barrels of net oil equivalent, with significant additions from Hess and new projects in the Permian Basin, Australia and Guyana resulting in a reserve replacement ratio of 158%.

Capital spending increased due to investments in legacy Hess assets and energy solutions for US data centers, despite the reduction in subsequent spending.

With the completion of the Hess acquisition, Chevron achieved a synergy target of $1 billion. The company also started production at key projects in Kazakhstan and the Gulf of Mexico during the fourth quarter.

Chevron expanded the exploration acreage by more than 50%, made several asset sales and made final investment decision on the Leviathan gas expansion in Israel.

The company also achieved its highest US refinery performance in 20 years and launched new renewable diesel and lithium mining ventures in Texas and Arkansas.

Chevron Chairman and CEO Mike Wirth said, “2025 was a year of significant accomplishments. We successfully integrated Hess, initiated major projects, delivered record production and reorganized our business. This resulted in industry-leading free cash flow growth and superior shareholder returns, despite falling oil prices.”

In December 2025, the company produced the initial oil at its South N’dola offshore platform in Angola.

“Chevron Q4 2025 Net Income Falls 12.5% ​​to $2.84 Billion” was originally created and published by Offshore technologya trademark owned by GlobalData.

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