# Chevron Corporation (CVX)

> Source: Nexqual · https://nexqual.com/CVX · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, Chevron Corporation (CVX), nexqual.com/CVX" · informational, not investment advice.

**Price:** USD 226.68 (-0.04% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 226.78 · day 222.86–228.84 · 52w 146.49–229.04 · market cap $445B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $215B, net income $20.6B (9.6% margin), free cash flow $27.0B (SEC filings).
- Valuation: P/E 21.6x (avg 17.0x at the last 3 fiscal year-ends).
- 11 of 80 tracked superinvestors hold CVX (13F, Q2 2026): 0 new, 3 added, 3 reduced, 5 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $348M; 8 not under a Rule 10b5-1 plan ($338M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (25 analysts), mean target USD 230.67 (range 175–253).
- Total return with dividends: 1Y +50.5% vs S&P 500 +14.9%; 5Y +145.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-30, EPS estimate USD 4.83, revenue estimate $61.6B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $162B | $246B | $201B | $203B | $189B | $215B |
| Gross profit | $70.2B | $101B | $81.8B | $83.6B | $80.8B | — |
| Net income | $15.6B | $35.5B | $21.4B | $17.7B | $12.3B | $20.6B |
| EPS (diluted) | $8.14 | $18.28 | $11.36 | $9.72 | $6.63 | — |
| Free cash flow | $21.1B | $37.6B | $19.8B | $15.0B | $16.6B | $27.0B |
| Gross margin | 43.2% | 40.9% | 40.7% | 41.2% | 42.8% | — |
| Net margin | 9.6% | 14.4% | 10.6% | 8.7% | 6.5% | 9.6% |
| Revenue growth | +71.6% | +51.6% | -18.4% | +0.9% | -6.8% | — |
| Cash + short-term investments | $5.67B | $17.9B | $8.22B | $8.26B | $7.29B | — |
| Total debt | $30.6B | $24.1B | $22.0B | $24.1B | $42.1B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.6x · P/S 2.1x · P/FCF 16.5x · P/B 2.3x · FCF yield 6.07% · Earnings yield 4.63% · Dividend yield (paid, TTM) 3.12% · Buyback yield (TTM) 2.51%
P/E at fiscal year-ends: Dec 2025 23.0x, Dec 2024 14.9x, Dec 2023 13.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
11 of 80 tracked investors hold CVX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Warren Buffett | Berkshire Hathaway | 4.67% | $14.0B | Unchanged |
| Torray Funds |  | 3.03% | $22.4M | Added +0.2% |
| Van Den Berg Management I |  | 0.16% | $761K | Reduced -10.2% |
| Christopher Bloomstran | Semper Augustus | 0.11% | $1.0M | Unchanged |
| Harry Burn | Sound Shore | 0.07% | $2.2M | Added +36.7% |
| Kahn Brothers | Kahn Brothers Group | 0.07% | $404K | Unchanged |
| John Rogers | Ariel Investments | 0.06% | $5.7M | Reduced -16.6% |
| Mairs & Power | Mairs & Power Funds | 0.06% | $6.8M | Added +5.5% |
| Dodge & Cox Funds | Dodge & Cox | 0.02% | $33.6M | Reduced -1.3% |
| Thomas Russo | Gardner Russo & Quinn | <0.01% | $409K | Unchanged |
| Bill Nygren | Oakmark Funds | <0.01% | $224K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-19…2026-10-20 | Pate R. Hewitt | Chief Legal Officer | 43,100 | $9.8M | 59.5% | Yes (adopted November 26, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-18 | Pate R. Hewitt | Chief Legal Officer | 2,470 | $507K | 7.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17 | Walz Andrew Benjamin | President, DM&C | 16,800 | $3.4M | 65.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Wirth Michael K | Chairman and CEO | 317,100 | $63.6M | 83.4% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-11 | Gustavson Jeff B | President, New Energies | 14,044 | $2.7M | 78.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-05 | Wirth Michael K | Chairman and CEO | 5,547 | $1.0M | 8.1% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-03 | Hess John B | Director | 810,665 | $157M | 11.3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-20 | Hess John B | Director | 380,000 | $73.4M | 4.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-06 | Hess John B | Director | 195,000 | $36.0M | 2.2% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 25 analysts; mean target USD 230.67 (low 175, high 253).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Morgan Stanley | Target raised | Overweight | $218 → $226 |
| 2026-10-12 | TD Cowen | Target raised | Hold | $215 → $225 |
| 2026-10-08 | UBS | Target raised | Buy | $220 → $235 |
| 2026-09-28 | TD Cowen | Target raised | Hold | $205 → $215 |
| 2026-09-25 | HSBC | Target raised | Buy | $218 → $250 |
| 2026-09-03 | BMO Capital | Target raised | Outperform | $210 → $235 |
| 2026-09-03 | Piper Sandler | Target raised | Overweight | $207 → $243 |
| 2026-09-03 | Wells Fargo | Target raised | Overweight | $226 → $230 |
| 2026-08-19 | Morgan Stanley | Target raised | Overweight | $210 → $218 |
| 2026-08-17 | Barclays | Target lowered | Equal-Weight | $216 → $208 |
| 2026-08-05 | TD Cowen | Target raised | Hold | $200 → $205 |
| 2026-08-03 | Bernstein | Target raised | Market Perform | $204 → $209 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +50.5% | +145.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +50.7% | +19.6% |
| Volatility (annualized) | 24.1% | 26.7% |
| Max drawdown | -20.8% (Mar 2026→Jul 2026) | -22.8% (May 2022→Jul 2022) |

## Peers (Oil & Gas Integrated)
SHEL (Shell PLC) USD 105.8 +0.42% · XOM (ExxonMobil Holdings Corporation) USD 178.23 +0.08% · TTE (TotalEnergies SE) USD 90.96 +0.69% · PBR (Petroleo Brasileiro S.A. Petrob) USD 25.62 -0.16% · BP (BP p.l.c.) USD 50.05 +0.40% · EQNR (Equinor ASA) USD 46.42 +0.65%

## More
Full page: https://nexqual.com/CVX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name CVX in their own reports (relationship from CVX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | DORIAN LPG LTD. (LPG) | 10-K 2026-05-27 | "Our customers, either directly or through the Helios Pool, include or have included global energy companies such as Exxon Mobil Corp., Chevron Corp., China International United Petroleum & Chemicals C…" |
| partner | ECOPETROL S.A. (EC) | 20-F 2026-04-30 | "In 2018, we made progress in the internationalization of offshore exploration by entering the Brazilian pre-salt oil region, one of the areas with the greatest potential for oil reserves in the world,…" |
| customer | Heidmar Maritime Holdings Corp. (HMR) | 20-F 2026-04-30 | "Heidmar also maintains relationships with reliable suppliers including: Chevron Corporation, Vitol, Trafigura, Peninsula Pacific, Glencore, PetroChina Company Limited and NorthStar." |
| customer | Grupo Aeromexico, S.A.B. de C.V. (AERO) | 20-F 2026-04-30 | "To cover our fuel needs at airports outside of Mexico, we purchase fuel from local suppliers in those locations, such as Chevron, Valero and British Petroleum, at prices generally based on the Platt's…" |
| partner | ULTRAPAR HOLDINGS INC (UGP) | 20-F 2026-04-29 | "In addition to its retail operations, Ipiranga serves the B2B market through Ipiranga Empresas, leads the Brazilian lubricants sector through ICONIC, its joint venture with Chevron, and operates in th…" |
| competitor | Vista Energy, S.A.B. de C.V. (VIST) | 20-F 2026-04-28 | "In Argentina, we compete for resources with YPF, Pan American, Pluspetrol, Tecpetrol, Chevron, Pampa, Compañía General de Combustibles, among others." |
| supplier | Summit Midstream Corp (SMC) | 10-K 2026-03-16 | "As of December 31, 2025, Bison Oil and Gas IV, Chevron Corporation, SM Energy Company, Fundare and Verdad Resources are the key customers of the Niobrara G&P system and have underpinned our volume thr…" |
| supplier | WaterBridge Infrastructure LLC (WBI) | 10-K 2026-03-16 | "Our customers include many of the top-tier operators in the regions in which we operate, including bpx energy, Chevron Corporation, Devon, EOG Resources, Inc. and Permian Resources Corporation." |
| supplier | Alto Ingredients, Inc. (ALTO) | 10-K 2026-03-13 | "For 2025, 2024 and 2023, sales to our largest customer, Chevron Products USA represented an aggregate of" |
| partner | Shell plc (SHEL) | 20-F 2026-03-12 | "We have a 25% interest in the Chevron-operated Gorgon LNG joint venture that includes offshore production." |
| supplier | Drilling Tools International Corp (DTI) | 10-K 2026-03-06 | "Our customer base is comprised of: (i) diversified OSCs, which account for approximately 48% of 2025 revenue, including but not limited to Baker Hughes Company, Halliburton Company, Phoenix Energy, an…" |
| customer | MILLER INDUSTRIES INC /TN/ (MLR) | 10-K 2026-03-04 | "We design and manufacture bodies of car carriers and wreckers, which are installed on chassis manufactured by third parties, and sold to our customers under our Century®, Vulcan®, Chevron™, Holmes®, C…" |
| competitor | BERKSHIRE HATHAWAY INC (BRK-B) | 10-K 2026-03-02 | "Lubrizol Additives' principal competitors are Infineum International Ltd., Chevron Oronite Company and Afton Chemical Corporation." |
| competitor | Venture Global, Inc. (VG) | 10-K 2026-03-02 | "With respect to our projects, our current and potential competitors include, but are not limited to, (1) national energy companies, such as QatarEnergy, (2) major multinational energy companies, inclu…" |
| competitor | Calumet, Inc. /DE (CLMT) | 10-K 2026-02-27 | "Our primary competitors in producing renewable fuel products in the U.S. West Coast markets are Marathon Petroleum Company, Phillips 66 and Chevron Corporation." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Segment Total | $88.62B | 131.9% | +56.7% |
| All Other | $161.0M | 0.2% | +8.1% |
| Total revenue | $67.20B | 100% | — |
The lines above cover 132.1% of total revenue.

## Company outlook (8-K filed 2026-07-31)

- "Structural cost reductions describe decreases in operating expenses from operational efficiencies, divestments, and other cost saving measures that are expected to be sustainable compared with 2024 levels."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.83 | $4.25 | +13.6% | $61.65B | 21 |
| Next quarter (ends 2026-12-31) | $5.47 | $3.72 | +47.0% | $63.02B | 19 |
| Current fiscal year (ends 2026-12-31) | $17.51 | $14.62 | +19.7% | $242.08B | 24 |
| Next fiscal year (ends 2027-12-31) | $15.72 | $12.67 | +24.1% | $228.74B | 25 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-30): ±4.3%; last 8 reports averaged ±1.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 35.9% | ±4.3% |
| 2026-11-06 | 14 | 33.8% | ±5.5% |
| 2026-11-13 | 21 | 31.1% | ±6.1% |
| 2026-11-20 | 28 | 30.6% | ±7.2% |
| 2026-11-27 | 35 | 29.1% | ±7.4% |
| 2026-12-04 | 42 | 28.1% | ±7.7% |
| 2026-12-18 | 56 | 28.2% | ±9.0% |
| 2027-01-15 | 84 | 27.7% | ±10.8% |