How does Chevron (CVX) make money?

Chevron (CVX) generates revenue primarily from Downstream, which accounted for 68.3% of total revenue in TTM through Q1 2026. The company reported $186B in revenue and converted 5.9% of it into net profit, equivalent to roughly $11B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Chevron (CVX)?

Chevron (CVX) reported a gross profit margin of 25.4% in TTM through Q1 2026, equivalent to $47.3B in gross profit on $186B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Chevron (CVX)?

Chevron (CVX) reported an operating profit margin of 8.4% in TTM through Q1 2026, equivalent to $15.6B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Chevron (CVX)?

Chevron (CVX) reported a net profit margin of 5.9% in TTM through Q1 2026, equivalent to $11B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Chevron (CVX) profitable?

Yes. Chevron (CVX) reported $11B in net income for TTM through Q1 2026, with a net profit margin of 5.9%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Chevron (CVX) spend on capital expenditures?

Chevron (CVX) spent $17.7B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 9.5% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Chevron (CVX) generate?

Chevron (CVX) generated $13.4B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 7.2%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Chevron (CVX)?

Chevron (CVX) had an effective tax rate of 37.8% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Chevron (CVX)?

Chevron (CVX) reports revenue across 3 reportable product segments, led by Downstream at 68.3% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

Where does Chevron (CVX) generate most of its revenue?

Downstream Segment is the largest geographic market for Chevron (CVX), accounting for 61% of revenue in the most recent annual filing. The complete regional split — including international markets and any Rest-of-World rollup — is shown in the revenue-by-geography table on this page.

How Chevron Makes Money: 2026 Visual Revenue Map

Chevron (CVX) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 7, 2026).

Chevron (CVX) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Chevron (CVX), TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Downstream	$127B	68.3%
Upstream	$57.7B	31%
All Other Segments	$1.26B	0.7%
Total	$186B	100%

Downstream$127B
Upstream$57.7B
All Other Segments$1.26B
Total$186B

Chevron (CVX) Revenue by Geography — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported regions changed mid-year.

Revenue contribution by geographic region for Chevron (CVX), TTM through Q1 2026
Region	Revenue (USD)	% of total
Downstream Segment	$91.3B	61%
Upstream Segment	$58.4B	39%
Total	$150B	100%

Downstream Segment
Upstream Segment
Total

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Chevron (CVX) reports revenue across 3 reportable product segments; the largest segment was Downstream at 68.3%, followed by Upstream (31%) and All Other Segments (0.7%). Geographically, Downstream Segment accounted for 61% of revenue, followed by Upstream Segment (39%).

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