Chevron Corp (CVX) Q4 2025 Results – Earnings Decline, Cash Flow Increases

By Chris Stiles • Sunday, February 01 04:22 • Permanent Link

Chevron Corporation (NYSE: CVX) has reported its fourth-quarter 2025 results, revealing a mix of successes and challenges. The company's reported earnings for the quarter amounted to $2.8 billion, a decrease from the $3.2 billion reported in the same period in 2024. However, adjusted earnings for the fourth quarter of 2025 were $3.0 billion, compared to $3.6 billion in the fourth quarter of 2024, indicating a decline.

Cash flow from operations for the quarter reached $10.8 billion, showing an increase from the $8.7 billion reported in the fourth quarter of 2024. Adjusted free cash flow was $4.2 billion, down from $8.0 billion in the same period in 2024.

The company's total earnings for 2025 were reported at $12.3 billion, a decrease from the $17.7 billion in 2024. However, adjusted earnings for 2025 were $13.5 billion, down from $18.3 billion in 2024.

Chevron's return on capital employed (ROCE) for the fourth quarter of 2025 was 5.4%, a decrease from 7.6% in the same period in 2024. Capital expenditures (capex) for the quarter were $5.3 billion, up from $4.3 billion in the fourth quarter of 2024. The company's debt-to-cash flow from operations (CFFO) ratio was 1.2x, unchanged from the same period in 2024.

In terms of production, Chevron reported that its worldwide and U.S. production for 2025 increased by 12% and 16% respectively, reaching record levels. The company's net oil-equivalent production for the quarter was 4,045 thousand barrels of oil equivalent per day (mboed), up from 3,350 mboed in the same period in 2024.

Chevron's achievements in 2025 included the successful integration of Hess, the start-up of major projects, record production, and reorganization of its business. The company also announced a 4% increase in its quarterly dividend to $1.78 per share.

Despite facing challenges such as lower crude oil prices and unfavorable foreign currency effects, Chevron remains committed to its growth and sustainability goals. The company's ability to navigate through these challenges while achieving certain milestones demonstrates its resilience in a volatile market environment. Following these announcements, the company's shares moved 0.06%, and are now trading at a price of $166.26. For the full picture, make sure to review CHEVRON CORP's 8-K report.

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