CVX
Chevron Corporation
CVX's fundamentals are strong: revenue grew 20% and its operating margin rose 6 points to 17%. At 16x earnings, it's trading in line with its usual 17x. Analysts expect that strong growth to continue, though they disagree widely on how much.
CVX Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
CVX's revenue, profitability, cash flow and balance sheet are all currently strong.
CVX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $144 | -34% |
| Forward | 12x | $216 | — |
| Fair | 16x | $225 | +4% |
| Current | 16x | $216 | — |
| Expensive | 30x | $402 | +86% |
Historical ranges are pointers, not guarantees.
CVX's PE is in its fair range at 16x. If earnings grow as analysts expect, today's price would be 12x next year's earnings, in its cheap range.
CVX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for CVX, with profitability improving. However, they disagree widely on these estimates.
CVX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $18.74 | +37% |
| Q3 2026 | $13.64 | +92% |
| Q2 2026 | $10.40 | +34% |
| Q1 2026 | $5.74 | -34% |
| Q4 2025 | $6.63 | -32% |
| Q3 2025 | $7.11 | -22% |
| Q2 2025 | $7.77 | -23% |
| Q1 2025 | $8.75 | -20% |
| Q4 2024 | $9.72 | -14% |
CVX's earnings per share have fallen from their peak: $13.64 over the past year, against $18.52 in early 2023.
CVX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $67.8B | +36% |
| Q2 2026 | $70.1B | +56% |
| Q1 2026 | $48.6B | +2.1% |
| Q4 2025 | $46.9B | -10% |
| Q3 2025 | $49.7B | -1.9% |
| Q2 2025 | $44.8B | -12% |
| Q1 2025 | $47.6B | -2.3% |
| Q4 2024 | $52.2B | +11% |
CVX's revenue is growing: $67.8B last quarter, up 36% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +9.2 points |
| Q2 2026 | 24% | +15 points |
| Q1 2026 | 8.1% | -3.6 points |
| Q4 2025 | 9.8% | -1.8 points |
| Q3 2025 | 11% | -1.9 points |
| Q2 2025 | 9.3% | -4.5 points |
| Q1 2025 | 12% | -4.5 points |
| Q4 2024 | 12% | +4.2 points |
CVX's operating margin was 20% last quarter, up 9.2 points from the same quarter a year ago.
CVX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $12B | +143% |
| Q2 2026 | $18.1B | +272% |
| Q1 2026 | -$1.5B | -223% |
| Q4 2025 | $5.5B | +27% |
| Q3 2025 | $4.9B | -12% |
| Q2 2025 | $4.9B | +109% |
| Q1 2025 | $1.3B | -54% |
| Q4 2024 | $4.4B | -46% |
CVX generated $34.1B in free cash flow over the past year, up 121% from the year before.
CVX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -12.2M shares |
| 1 year | +0.9% | +16.9M shares |
| 3 years | +4.6% | +85.8M shares |
| 5 years | +2.2% | +41.8M shares |
| Available history | +3.6% | +67.9M shares |
CVX has 2B diluted shares, up 0.9% from a year ago, despite $11.1B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2.5B |
| Q2 2026 | $3B |
| Q1 2026 | $2.6B |
| Q4 2025 | $3B |
| Q3 2025 | $2.6B |
| Q2 2025 | $2.6B |
| Q1 2025 | $3.9B |
| Q4 2024 | $4.5B |
CVX spent $11.1B buying back its own shares over the past year, down 18% from the year before.
CVX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | -0.2x | Net Cash |
| Q1 2026 | -0.0x | Net Cash |
| Q4 2025 | 1.1x | Healthy |
| Q3 2025 | -0.1x | Net Cash |
| Q2 2025 | 0.0x | Very low |
| Q1 2025 | -0.1x | Net Cash |
| Q4 2024 | 0.6x | Very low |
CVX has more cash than debt.
CVX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.0 | Neutral |
| Stochastic | 69.5 | Neutral |
CVX's weekly RSI is 57 (neutral) and its Stochastic is 70 (neutral).
CVX PE vs Energy Sector
| Metric | CVX | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 13x | 21% above |
| PE % | 46 | 61 | 15 pts below |
CVX is trading at 16x earnings, a 21% premium to the Energy sector's median of 13x.
CVX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $218.2 | 0.9% below |
| 20 week MA | $204.8 | 5.6% above |
| 50 week MA | $189.4 | 14% above |
| 100 week MA | $170.2 | 27% above |
| 200 week MA | $163.4 | 32% above |
CVX's trend is up, with a small recent dip: it's below only its 8-week average, and 32% above its 200-week average.
CVX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $120.3 | $85.3 | -29% |
| 2021 | $85.3 | $116.4 | +36% |
| 2022 | $116.4 | $177.4 | +52% |
| 2023 | $177.4 | $149.2 | -16% |
| 2024 | $149.2 | $144.0 | -3.5% |
| 2025 | $144.0 | $150.0 | +4.2% |
| 2026 YTD | $150.0 | $216.4 | +44% |
CVX is up 44% so far in 2026, after finishing lower in three of the previous six years.