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Chevron CVX Downstream — Equity in Earnings

Other segment segments

Upstream
$3.58B-7.9%

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$176M-23.5%
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MPLXEquity in earnings (losses) of equity method investees
$182M-2.2%

Other financials

Income statement

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Revenue$48.6B+2.1%
Gross profit$20.3B+7.1%
Net income$2.2B-36.9%
EPS (diluted)$1.11-44.5%

Balance sheet

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Cash & equivalents$6.3B+2.4%
Total debt$45.4B+53.1%
Total equity$183.72B+23.1%
Total assets$329.55B+28.5%

Cash flow

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Operating cash flow$2.5B-51.6%
CapEx$4.1B+3.5%
Free cash flow-$1.5B-223%

Valuation

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Market cap$346.64B+35.8%
Enterprise value$385.75B+38.1%
P/E31.5×+12.9×
P/S1.8×+0.5×

Profitability

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Gross margin43.2%+2.8pp
Net margin5.8%-2.0pp
FCF margin7.3%+0.5pp

Returns & leverage

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Return on equity6.6%-3.5pp
Debt / equity0.2×0.0×
Current ratio1.1×0.0×

Where this comes from

Reported directly by Chevron in its filing.

Tagged under the XBRL concept us-gaap:IncomeLossFromEquityMethodInvestments.

The official record: Chevron’s 10-K, filed February 24, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Chevron's downstream — equity in earnings?
Chevron (CVX) reported downstream — equity in earnings of $202.5M in Q4 2025.
How has Chevron's downstream — equity in earnings changed year-over-year?
Chevron's downstream — equity in earnings decreased by 20.7% year-over-year, from $255.25M to $202.5M.
What is the long-term trend for Chevron's downstream — equity in earnings?
Over 4 years (2021 to 2025), Chevron's downstream — equity in earnings has grown at a -21.6% compound annual growth rate (CAGR), from $2.15B to $810M.
What does downstream — equity in earnings mean?
The segment's proportional share of the net income or loss generated by its equity method investees. This reflects the profitability of joint ventures and partnerships that are not fully consolidated into the financial statements.