The earnings call highlighted Chevron's strong shareholder returns, advancements in major projects, and a reduction in CapEx. However, challenges such as Venezuelan operations, currency effects, and potential tariff impacts were noted. Overall, the sentiment leans towards positive due to the strong performance and financial resilience.

Company Guidance -

Q3 2025

During Chevron's First Quarter 2025 Earnings Conference Call, detailed guidance was provided on various metrics and strategic initiatives. Chevron returned $6.9 billion to shareholders through dividends and buybacks. The company reported earnings of $3.5 billion, or $2 per share, with adjusted earnings of $3.8 billion, or $2.18 per share. Organic capital expenditures (CapEx) were $3.5 billion, marking the lowest quarterly total in two years, while inorganic CapEx was around $400 million. The company generated $7.6 billion in cash flow from operations, excluding working capital. Chevron achieved a net debt ratio of 14%, below its target range of 20% to 25%. The company is on track to deliver an incremental $9 billion in free cash flow by 2026 at $60 Brent, with a focus on short-cycle assets and deepwater projects. Chevron's strategy includes a potential $2 billion to $3 billion in structural cost savings by the end of next year, and a $2 billion reduction in its 2025 CapEx and affiliate CapEx budgets compared to last year. The guidance also outlined plans for share repurchases of $2.5 billion to $3 billion in the second quarter, maintaining a guidance range for annual buybacks of $10 billion to $20 billion depending on market conditions.

Strong Shareholder Returns

Chevron returned $6.9 billion to shareholders through dividends and buybacks in Q1 2025, marking the 12th consecutive quarter of cash returns exceeding $5 billion.

Advancements in Major Projects

Chevron achieved first oil at the Ballymore project in the Gulf of America and reached nameplate capacity at TCO significantly ahead of schedule.

Reduction in CapEx and Structural Cost Savings

The 2025 CapEx budget represents a $2 billion reduction from the previous year, with targeted structural cost savings of $2 billion to $3 billion by the end of 2026.

Record Low Organic CapEx

Q1 2025 organic CapEx was $3.5 billion, marking the lowest quarterly total in two years.

Resilient Financial Position

Chevron maintains a strong balance sheet with a net debt ratio of 14%, well below the target range of 20% to 25%.

Chevron (CVX) Earnings, Revenues Date & History

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CVX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 24, 2025	2025 (Q3)	1.88 / -	2.51	―	―	―
Aug 01, 2025	2025 (Q2)	1.73 / 1.77	2.55	-30.59% (-0.78)
May 02, 2025	2025 (Q1)	2.16 / 2.18	2.93	-25.60% (-0.75)
Jan 31, 2025	2024 (Q4)	2.11 / 2.06	3.45	-40.29% (-1.39)
Nov 01, 2024	2024 (Q3)	2.42 / 2.51	3.05	-17.70% (-0.54)
Aug 02, 2024	2024 (Q2)	2.93 / 2.55	3.08	-17.21% (-0.53)
Apr 26, 2024	2024 (Q1)	2.92 / 2.93	3.55	-17.46% (-0.62)
Feb 02, 2024	2023 (Q4)	3.19 / 3.45	4.09	-15.65% (-0.64)
Oct 27, 2023	2023 (Q3)	3.70 / 3.05	5.56	-45.14% (-2.51)
Jul 28, 2023	2023 (Q2)	2.92 / 3.08	5.82	-47.08% (-2.74)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CVX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 01, 2025	$151.64	$151.40	-0.16%
May 02, 2025	$134.62	$136.83	+1.64%
Jan 31, 2025	$152.74	$145.78	-4.56%
Nov 01, 2024	$143.95	$148.06	+2.86%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.