What is Chevron's operating margin?

Latest reported operating margin for Chevron (CVX) is 8.40% as of the trailing twelve months (TTM) ending March 31, 2026.

How has Chevron operating margin changed year-over-year?

Chevron (CVX) operating margin changed −6.0 percentage points year-over-year on the latest annual filing.

When did Chevron operating margin hit its highest annual value?

Chevron operating margin reached its highest annual value of 25.67% in 1993.

What was Chevron operating margin in 2024?

Chevron (CVX) operating margin in 2024 was 15.04%.

What was Chevron operating margin in 2025?

Chevron (CVX) operating margin in 2025 was 9.04%.

Chevron (CVX) Operating Margin — Annual & Quarterly

TTM

8.4%

YoY change

−6.00pp

Trough year (2020)

-7.3%

Peak year (1993)

25.7%

Operating Margin history chart for Chevron (CVX) from 1992 to 2025

Latest: 9.0%

Operating Margin change chart for Chevron (CVX) from 1992 to 2025

Latest: −6.00pp

Operating Margin history table for Chevron (CVX) from 1992 to 2025


2025	9.0%	-6.00pp	Dec 31, 2025	Feb 24, 2026
2024	15.0%	-2.11pp	Dec 31, 2024	Feb 21, 2025
2023	17.2%	+0.21pp	Dec 31, 2023	Feb 26, 2024
2022	16.9%	+6.60pp	Dec 31, 2022	Feb 23, 2023
2021	10.3%	+17.70pp	Dec 31, 2021	Feb 24, 2022
2020	-7.3%	-7.42pp	Dec 31, 2020	Feb 25, 2021
2019	0.1%	-9.02pp	Dec 31, 2019	Feb 21, 2020
2018	9.1%	+6.77pp	Dec 31, 2018	Feb 22, 2019
2017	2.3%	+7.29pp	Dec 31, 2017	Feb 22, 2018
2016	-5.0%	-2.11pp	Dec 31, 2016	Feb 23, 2017
2015	-2.9%	-12.69pp	Dec 31, 2015	Feb 25, 2016
2014	9.8%	-2.52pp	Dec 31, 2014	Feb 20, 2015
2013	12.4%	-2.82pp	Dec 31, 2013	Feb 21, 2014
2012	15.2%	-0.49pp	Dec 31, 2012	Feb 22, 2013
2011	15.7%	+2.87pp	Dec 31, 2011	Feb 23, 2012
2010	12.8%	+8.57pp	Dec 31, 2010	Feb 24, 2011
2009	4.2%	-9.85pp	Dec 31, 2009	Feb 25, 2010
2008	14.1%	-0.60pp	Dec 31, 2008	Feb 26, 2009
2007	14.7%	-0.78pp	Dec 31, 2007	Mar 27, 2008
2006	15.5%	-1.94pp	Dec 31, 2006	Feb 28, 2007
2005	17.4%	-1.28pp	Dec 31, 2005	Mar 1, 2006
2004	18.7%	+1.92pp	Dec 31, 2004	Mar 3, 2005
2003	16.8%	+2.45pp	Dec 31, 2003	Mar 9, 2004
2002	14.3%	-2.02pp	Dec 31, 2002	Mar 17, 2003
2001	16.3%	-2.02pp	Dec 31, 2001	Mar 27, 2002
2000	18.4%	+3.14pp	Dec 31, 2000	Mar 28, 2001
1999	15.2%	+7.89pp	Dec 31, 1999	Mar 30, 2000
1998	7.3%	-6.53pp	Dec 31, 1998	Mar 31, 1999
1997	13.9%	+2.23pp	Dec 31, 1997	Mar 25, 1998
1996	11.6%	+5.72pp	Dec 31, 1996	Mar 26, 1997
1995	5.9%	-2.88pp	Dec 31, 1995	Mar 27, 1996
1994	8.8%	-16.89pp	Dec 31, 1994	Mar 30, 1995
1993	25.7%	+1.13pp	Dec 31, 1993	Mar 30, 1994
1992	24.5%	—	Dec 31, 1992	Dec 31, 1992

20259.0%-6.00pp
202415.0%-2.11pp
202317.2%+0.21pp
202216.9%+6.60pp
202110.3%+17.70pp
2020-7.3%-7.42pp
20190.1%-9.02pp
20189.1%+6.77pp
20172.3%+7.29pp
2016-5.0%-2.11pp
2015-2.9%-12.69pp
20149.8%-2.52pp
201312.4%-2.82pp
201215.2%-0.49pp
201115.7%+2.87pp
201012.8%+8.57pp
20094.2%-9.85pp
200814.1%-0.60pp
200714.7%-0.78pp
200615.5%-1.94pp
200517.4%-1.28pp
200418.7%+1.92pp
200316.8%+2.45pp
200214.3%-2.02pp
200116.3%-2.02pp
200018.4%+3.14pp
199915.2%+7.89pp
19987.3%-6.53pp
199713.9%+2.23pp
199611.6%+5.72pp
19955.9%-2.88pp
19948.8%-16.89pp
199325.7%+1.13pp
199224.5%—

Operating Margin values are taken from Chevron's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.

About Operating Margin at Chevron (CVX)

According to Chevron's latest reported financial statements, the company's latest reported operating margin is 8.4%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.

Headline figure above is from the reporting period ending March 31, 2026 (reported May 7, 2026). Chart and table below cover the full reported history back to 1992.

The 2025 reading of Chevron (CVX) operating margin is 9.04% – contracted 6.0 percentage points year-over-year.

The record annual operating margin stands at 25.67%, reached in 1993; the historical low of -7.35% was recorded in 2020.

Chevron Operating Margin by Year

Chevron Operating Margin 2025: 9.0%

Chevron posted operating margin of 9.04% in 2025, contracted 6.0 percentage points from 2024.

Chevron Operating Margin 2024: 15.0%

In 2024, Chevron reported operating margin of 15.04%, contracted 2.1 percentage points from 2023.

Chevron Operating Margin 2023: 17.2%

Chevron operating margin in 2023 was 17.16%, expanded 0.2 percentage points from 2022.

Chevron Operating Margin 2022: 16.9%

2022's operating margin for Chevron came in at 16.95%, expanded 6.6 percentage points from 2021.

Chevron Operating Margin 2021: 10.3%

Chevron operating margin in 2021 was 10.35%.

See more financial history for Chevron (CVX).

Sector peers by Operating Margin

Energy peers of Chevron (CVX), ranked by their latest operating margin


Williams Companies (WMB)	38.8%
ConocoPhillips (COP)	18.3%
Enbridge (ENB)	15.8%
SLB (SLB)	14.4%
Exxon Mobil (XOM)	9.0%
Marathon Petroleum (MPC)	5.0%
Phillips 66 (PSX)	4.7%
Valero Energy (VLO)	4.6%

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