What is Chevron's downstream — equity method investments?

Chevron (CVX) reported downstream — equity method investments of $15.28B in Q4 2025.

How has Chevron's downstream — equity method investments changed year-over-year?

Chevron's downstream — equity method investments increased by 0.9% year-over-year, from $15.15B to $15.28B.

What does downstream — equity method investments mean?

The carrying value of investments in entities where the downstream segment exercises significant influence but does not have full control. These typically include joint ventures in refineries, pipelines, or chemical processing facilities.

Chevron CVX Downstream — Equity Method Investments

Other segment segments

Upstream

$27.74B-11.8%

Similar metrics at other companies

EQTUpstream — Investments in unconsolidated entities

$0—

OKEEquity Method Investments

$2.99B+24.1%

PAAEquity Method Investments

$2.84B+3.4%

FEEquity Method Investments

$638M-2.9%

DVAEquity Method Investments

$167.44M-49.2%

WESEquity Method Investments

$495.75M-6.0%

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:EquityMethodInvestments.

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 method investments?: Chevron (CVX) reported downstream — equity method investments of $15.28B in Q4 2025.
How has Chevron's downstream — equity method investments changed year-over-year?: Chevron's downstream — equity method investments increased by 0.9% year-over-year, from $15.15B to $15.28B.
What does downstream — equity method investments mean?: The carrying value of investments in entities where the downstream segment exercises significant influence but does not have full control. These typically include joint ventures in refineries, pipelines, or chemical processing facilities.