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Chevron CVX Upstream — Equity in Earnings

Other segment segments

Downstream
$1.02B-18.6%

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$254M+15.5%

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 upstream — equity in earnings?
Chevron (CVX) reported upstream — equity in earnings of $549.75M in Q4 2025.
How has Chevron's upstream — equity in earnings changed year-over-year?
Chevron's upstream — equity in earnings decreased by 38.6% year-over-year, from $895M to $549.75M.
What is the long-term trend for Chevron's upstream — equity in earnings?
Over 4 years (2021 to 2025), Chevron's upstream — equity in earnings has grown at a -11.0% compound annual growth rate (CAGR), from $3.51B to $2.2B.
What does upstream — equity in earnings mean?
The company's proportionate share of the net income or loss generated by equity-method investees in the upstream segment. It reflects the profitability of joint ventures and partnerships without consolidating their full financial results.