Chevron reported adjusted fourth-quarter earnings of $1.52 per share, beating consensus estimates of $1.47 but down from $2.06 a year earlier. Revenue for the period came in at $46.9 billion, narrowly missing analyst expectations of $47.2 billion. Reported net income was $2.8 billion, or $1.39 per share, versus $3.2 billion, or $1.84 per share, in the prior year’s quarter. Foreign currency headwinds trimmed earnings by $130 million, while a $128 million pension settlement cost further weighed on results. Operating cash flow rose to $10.8 billion from $8.7 billion in Q4 2024, driven by higher downstream margins and efficient capital management.

In 2025 Chevron increased worldwide net oil-equivalent production by 12% to a record 4,045 MBOED, including a 16% gain in U.S. output to 2,055 MBOED and a 17% rise internationally to 1,990 MBOED. Growth reflected the Hess acquisition, start-up of deepwater Gulf of Mexico projects and the Tengizchevroil Future Growth Project in Kazakhstan. Full-year operating cash flow climbed to $33.9 billion, up from $31.5 billion, while free cash flow reached $16.6 billion. During 2025 the company returned $27.1 billion to shareholders—$12.1 billion in share repurchases, $12.8 billion in dividends and $2.2 billion for Hess share purchases—and delivered $1 billion in run-rate synergies from its Hess integration.

Chevron’s board approved a 4% increase in the quarterly dividend to $1.78 per share, marking the 39th consecutive year of dividend growth. The company realized $1.5 billion in structural cost reductions in 2025 and is targeting $3–4 billion by the end of 2026. It advanced new-energy projects in power, lithium extraction and hydrogen, and agreed to expand its Venezuela license to support exports of up to 300,000 barrels per day by March. CEO Mike Wirth highlighted record production, industry-leading cash flow growth and continued focus on portfolio optimization as drivers of future value creation.