Chevron (CVX) stock
Energy · Integrated Oil & Gas
Chevron (CVX) is an Integrated Oil & Gas company in the Energy sector, headquartered in Houston, Texas. As of October 23, 2026, CVX closed at $233.21, a market capitalization of $457.47 billion, the 23rd largest company in the S&P 500. Over the last twelve months it generated $209.38 billion in revenue (+54% year over year) and $27.01 billion in free cash flow. The stock trades at 22.4x trailing earnings and 14.8x forward earnings.
- 1-year total return: +54.8% (dividends reinvested)
- 5-year return: +20.4% a year
- 52-week range: $146.49 – $233.74
- Gross margin 44.3%, operating margin 21.9%
- Dividend yield: 3.05%, 38 straight years of increases
- FI Handbook report card: B across 10 metrics
- 2nd largest of 21 Energy stocks in the S&P 500
CVX price chart
1Y price change: +49.0% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| CVX | +13.5% | +57.3% | +54.8% | +18.1% | +20.4% | +13.4% | +10.8% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1962.
CVX key statistics
- Market cap
- $457.5B
- #23 in S&P 500
- P/E (TTM)
- 22.4x
- Forward P/E
- 14.8x
- EPS (TTM)
- $10.39
- Revenue (TTM)
- $209.4B
- +54%
- Free cash flow
- $27.0B
- Gross margin
- 44.3%
- Operating margin
- 21.9%
- Return on equity
- 12.2%
- Dividend yield
- 3.05%
- 52-week range
- $146.49 – $233.74
- Beta
- 0.52
- Price / sales
- 2.2x
- EV / EBITDA
- 9.7x
- Debt / equity
- 0.19x
- Employees
- 43,039
CVX report card
BTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth53.5%A
- Gross margin44.3%B
- Operating margin21.9%B
- FCF margin12.9%C
- Return on equity12.2%C
- Net debt / EBITDA0.6xB
- Forward P/E14.8xA
- PEG ratio0.9xA
- Shareholder yield5.7%A
- Share count change / yr-0.2%C
Chevron financials
Revenue went from $114.5B in fiscal 2016 to $184.4B in fiscal 2025, growing 5.4% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $114.5B | $141.7B | $158.9B | $139.9B | $94.5B | $155.6B | $235.7B | $196.9B | $193.4B | $184.4B |
| Gross profit | $55.2B | $66.0B | $64.3B | $59.8B | $42.3B | $63.4B | $90.3B | $77.7B | $74.2B | $76.2B |
| Net income | -$497.0M | $9.2B | $14.8B | $2.9B | -$5.5B | $15.6B | $35.5B | $21.4B | $17.7B | $12.3B |
| EPS (diluted) | $-0.27 | $4.85 | $7.74 | $1.54 | $-2.96 | $8.14 | $18.28 | $11.36 | $9.72 | $6.63 |
| Free cash flow | -$5.4B | $6.9B | $16.8B | $13.2B | $1.7B | $21.1B | $37.6B | $19.8B | $15.0B | $16.6B |
| Buybacks | $2.0M | $1.0M | $1.8B | $4.0B | $1.8B | $1.4B | $11.3B | $14.9B | $15.2B | $12.1B |
| Dividends paid | $8.0B | $8.1B | $8.5B | $9.0B | $9.7B | $10.2B | $11.0B | $11.3B | $11.8B | $12.8B |
| Diluted shares | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.8B | 1.9B |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into CVX?
A reverse DCF asks what growth the current price requires. With an enterprise value of $486.0B and $27.0B of trailing free cash flow, Chevron needs to grow free cash flow about 7.9% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 58.6% a year over the last five years.
P/E ratio history
Current 35.2x vs. median 13.1x (10th–90th percentile 8.0x–41.7x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
CVX dividend
- Dividend yield
- 3.05%
- Annual dividend
- $7.12
- Years of increases
- 38
- 5-yr dividend growth
- 5.8%
- per year
- Payout ratio
- 67%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
CVX analyst price targets
24 analysts' average 12-month target is $232.50 (-0% vs. $233.21). Targets range from $175.00 to $272.00.
CVX earnings
Next report: October 30, 2026. Chevron has beaten EPS estimates 6 quarters in a row. Last quarter's revenue was $67.2B (+51% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 31, 2026 | $5.57 | $6.06 | +8.8% |
| May 1, 2026 | $0.97 | $1.41 | +45.6% |
| Jan 30, 2026 | $1.44 | $1.52 | +5.2% |
| Oct 31, 2025 | $1.71 | $1.85 | +8.4% |
| Aug 1, 2025 | $1.74 | $1.77 | +1.7% |
| May 2, 2025 | $2.15 | $2.18 | +1.3% |
| Jan 31, 2025 | $2.11 | $2.06 | -2.3% |
| Nov 1, 2024 | $2.42 | $2.51 | +3.9% |
Stocks like CVX
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 XOM ExxonMobil | +2.79% | +63% | $753.3B | 23.6x | Compare |
 COP ConocoPhillips | +3.55% | +73% | $181.2B | 20.0x | Compare |
 MPC Marathon Petroleum | -0.45% | +137% | $128.4B | 15.8x | Compare |
 VLO Valero Energy | -1.64% | +147% | $120.7B | 9.5x | Compare |
 PSX Phillips 66 | -0.51% | +115% | $113.5B | 16.2x | Compare |
 WMB Williams Companies | +1.51% | +25% | $87.7B | 28.6x | Compare |
 EOG EOG Resources | +3.21% | +56% | $85.5B | 12.7x | Compare |
 SLB SLB | +7.08% | +51% | $78.3B | 25.6x | Compare |
CVX news
- Berkshire Owns Both Chevron and Occidental. Which Oil Stock Is the Better Buy Now? · Oct 24, 2026
- Chevron Is Taking a $3 Billion to $4 Billion Loss on Hess Midstream. Should You Buy the Stock Anyway? · Oct 24, 2026
- 3 Oil Stocks With Earnings Growth Over 5% · Oct 24, 2026
- Chevron (CVX) Ascends While Market Falls: Some Facts to Note · Oct 23, 2026
- Chevron vs. ExxonMobil: Which Stock Has the Edge at 52-Week Highs? · Oct 23, 2026
CVX stock FAQ
What is CVX's market cap?
Chevron's market capitalization is $457.47 billion as of October 23, 2026, ranking 23rd in the S&P 500.
What is CVX's P/E ratio?
CVX trades at a trailing price-to-earnings ratio of 22.4x and a forward P/E of 14.8x. Its median P/E over the period we track is 13.1x.
Does CVX pay a dividend?
Yes. Chevron pays $7.12 per share a year, a 3.05% yield. It has raised its dividend 38 years in a row. Dividends grew 5.8% a year over the last five years.
How much has CVX stock returned?
Including reinvested dividends, CVX returned +54.8% over one year, +20.4% a year over five years, +13.4% a year over ten years through October 23, 2026.
Is CVX stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Chevron must grow free cash flow about 8% a year for the next decade. Its free cash flow grew 59% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the CVX price target?
24 analysts cover CVX with an average 12-month price target of $232.50, -0% from the current price.
When does CVX report earnings?
Chevron is expected to report earnings on October 30, 2026. It has beaten EPS estimates 6 quarters in a row.
How many employees does Chevron have?
Chevron has about 43,039 full-time employees, or $4.9 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology