Financials Chevron Corporation

Equities

CVX

US1667641005

Integrated Oil & Gas

Market Closed - Nyse Other stock markets 16:00:40 2025-07-14 EDT			5-day change	1st Jan Change
151.65 ^USD	-2.36%		+2.88%	+4.70%

07-14	Venture Global begins producing LNG from Phase 2 of Plaquemines plant, sources say	RE
07-14	Jefferies Adjusts Chevron's Price Target to $178 From $176	MT

Projected Income Statement: Chevron Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	94,692	162,465	246,252	200,949	202,792	183,851	188,881	190,730
Change	-	71.57%	51.57%	-18.4%	0.92%	-9.34%	2.74%	0.98%
EBITDA ¹	14,289	40,825	67,483	48,293	45,382	49,824	44,395	48,264
Change	-	185.71%	65.3%	-28.44%	-6.03%	9.79%	-10.9%	8.71%
EBIT ¹	-6,756	22,351	50,190	30,053	28,100	22,675	26,413	28,833
Change	-	430.83%	124.55%	-40.12%	-6.5%	-19.3%	16.48%	9.16%
Interest Paid ¹	-697	-712	-516	-469	-594	-572.5	-694.9	-719.4
Earnings before Tax (EBT) ¹	-7,453	21,639	49,674	29,584	27,506	21,390	25,399	25,835
Change	-	390.34%	129.56%	-40.44%	-7.02%	-22.23%	18.74%	1.72%
Net income ¹	-5,543	15,625	35,465	21,369	17,661	13,222	16,296	19,248
Change	-	381.89%	126.98%	-39.75%	-17.35%	-25.13%	23.24%	18.12%
Announcement Date	1/29/21	1/28/22	1/27/23	2/2/24	1/31/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	13,494	24,451	25,246	32,029	37,597	44,710	48,129	54,373	68,762	66,644	56,473	50,793	48,896	54,080	47,180	48,716	51,181	50,669	52,226	47,610	44,644	45,091	47,802	49,191	50,667	51,891	52,800	52,976
Change	-	81.2%	3.25%	26.87%	17.38%	18.92%	7.65%	12.97%	26.46%	-3.08%	-15.26%	-10.06%	-3.73%	10.6%	-12.76%	3.26%	5.06%	-1%	3.07%	-8.84%	-6.23%	1%	6.01%	2.91%	3%	2.41%	1.75%	0.33%
EBITDA ¹	-2,813	4,254	4,095	6,747	9,242	12,691	12,145	13,053	20,028	19,254	15,148	13,350	11,647	13,178	10,118	12,260	11,416	10,867	11,231	10,105	9,182	9,751	10,610	11,619	12,277	13,298	13,318	-
Change	-	251.23%	-3.74%	64.76%	36.98%	37.32%	-4.3%	7.48%	53.44%	-3.86%	-21.33%	-11.87%	-12.76%	13.15%	-23.22%	21.17%	-6.88%	-4.81%	3.35%	-10.03%	-9.13%	6.2%	8.81%	9.51%	5.66%	8.32%	0.15%	-
EBIT ¹	-10,425	120	-758	2,375	4,607	8,229	7,140	9,190	16,132	14,937	9,931	9,634	7,957	8,852	3,610	8,040	7,149	6,653	6,258	5,795	4,275	4,501	5,719	6,962	-	-	-	-
Change	-	101.15%	-731.67%	413.32%	93.98%	78.62%	-13.23%	28.71%	75.54%	-7.41%	-33.51%	-2.99%	-17.41%	11.25%	-59.22%	122.71%	-11.08%	-6.94%	-5.94%	-7.4%	-26.23%	5.29%	27.05%	21.74%	-	-	-	-
Charge d'intérêts ¹	-172	-164	-199	-198	-185	-174	-155	-136	-129	-128	-123	-115	-120	-114	-120	-118	-113	-164	-199	-212	-180.5	-180.5	-175	-135	-135	-135	-135	-
Earnings before Tax (EBT) ¹	-10,597	-44	-957	2,177	4,422	8,055	6,985	9,054	16,003	14,809	9,808	9,519	7,837	8,738	3,490	7,922	7,036	6,489	6,059	5,583	4,523	5,040	5,370	5,127	5,868	6,610	6,773	-
Change	-	99.58%	-2,075%	327.48%	103.12%	82.16%	-13.28%	29.62%	76.75%	-7.46%	-33.77%	-2.95%	-17.67%	11.5%	-60.06%	126.99%	-11.18%	-7.77%	-6.63%	-7.86%	-18.99%	11.43%	6.55%	-4.53%	14.45%	12.64%	2.47%	-
Net income ¹	-8,270	-207	-665	1,377	3,082	6,111	5,055	6,259	11,622	11,231	6,353	6,574	6,010	6,526	2,259	5,501	4,434	4,487	3,239	3,500	2,702	2,754	3,301	3,885	4,105	4,631	5,042	6,425
Change	-	97.5%	-221.26%	307.07%	123.82%	98.28%	-17.28%	23.82%	85.68%	-3.36%	-43.43%	3.48%	-8.58%	8.59%	-65.38%	143.51%	-19.4%	1.2%	-27.81%	8.06%	-22.81%	1.94%	19.87%	17.68%	5.68%	12.81%	8.88%	27.43%
Announcement Date	7/31/20	10/30/20	1/29/21	4/30/21	7/30/21	10/29/21	1/28/22	4/29/22	7/29/22	10/28/22	1/27/23	4/28/23	7/23/23	10/27/23	2/2/24	4/26/24	8/2/24	11/1/24	1/31/25	5/2/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Chevron Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	38,688	25,694	5,438	12,613	17,756	33,022	35,725	36,800
Change	-	-33.59%	-78.84%	131.94%	40.78%	85.98%	8.19%	3.01%
Announcement Date	1/29/21	1/28/22	1/27/23	2/2/24	1/31/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Chevron Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	8,900	8,100	12,000	15,800	16,400	15,412	16,956	16,501
Change	-	-8.99%	48.15%	31.67%	3.8%	-6.02%	10.02%	-2.68%
Free Cash Flow (FCF) ¹	1,700	22,500	35,500	19,800	15,000	15,622	22,278	22,702
Change	-	1,223.53%	57.78%	-44.23%	-24.24%	4.15%	42.61%	1.9%
Announcement Date	1/29/21	1/28/22	1/27/23	2/2/24	1/31/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Chevron Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	15.09%	25.13%	27.4%	24.03%	22.38%	27.1%	23.5%	25.3%
EBIT Margin (%)	-7.13%	13.76%	20.38%	14.96%	13.86%	12.33%	13.98%	15.12%
EBT Margin (%)	-7.87%	13.32%	20.17%	14.72%	13.56%	11.63%	13.45%	13.55%
Net margin (%)	-5.85%	9.62%	14.4%	10.63%	8.71%	7.19%	8.63%	10.09%
FCF margin (%)	1.8%	13.85%	14.42%	9.85%	7.4%	8.5%	11.79%	11.9%
FCF / Net Income (%)	-30.67%	144%	100.1%	92.66%	84.93%	118.15%	136.71%	117.94%
Profitability
ROA	-0.15%	6.52%	14.26%	9.51%	7.04%	6.34%	7.23%	7.2%
ROE	-0.27%	11.54%	23.77%	15.42%	11.65%	8.91%	10.49%	13.41%
Financial Health
Leverage (Debt/EBITDA)	2.71x	0.63x	0.08x	0.26x	0.39x	0.85x	0.8x	0.76x
Debt / Free cash flow	22.76x	1.14x	0.15x	0.64x	1.18x	2.11x	1.6x	1.62x
Capital Intensity
CAPEX / Current Assets (%)	9.4%	4.99%	4.87%	7.86%	8.09%	8.38%	8.98%	8.65%
CAPEX / EBITDA (%)	62.29%	19.84%	17.78%	32.72%	36.14%	30.93%	38.19%	34.19%
CAPEX / FCF (%)	523.53%	36%	33.8%	79.8%	109.33%	98.66%	76.11%	72.68%
Items per share
Cash flow per share ¹	6.524	15.94	24.48	20.63	16.68	21.88	20.49	23.56
Change	-	144.26%	53.63%	-15.71%	-19.17%	31.19%	-6.38%	15.02%
Dividend per Share ¹	5.16	5.31	5.68	6.04	6.52	6.844	7.128	7.522
Change	-	2.91%	6.97%	6.34%	7.95%	4.97%	4.15%	5.53%
Book Value Per Share ¹	70.42	72.43	82.47	85.95	83.85	84.14	80.62	84.18
Change	-	2.85%	13.85%	4.22%	-2.44%	0.34%	-4.17%	4.41%
EPS ¹	-2.96	8.14	18.28	11.36	9.72	7.727	9.25	11.33
Change	-	375%	124.57%	-37.86%	-14.44%	-20.51%	19.71%	22.47%
Nbr of stocks (in thousands)	1,925,323	1,927,686	1,933,639	1,882,048	1,797,091	1,746,394	1,746,394	1,746,394
Announcement Date	1/29/21	1/28/22	1/27/23	2/2/24	1/31/25	-	-	-