What is Chevron's upstream — goodwill impairment?

Chevron (CVX) reported upstream — goodwill impairment of $0 in Q4 2025.

What does upstream — goodwill impairment mean?

Reflects a non-cash charge recognized when the carrying value of goodwill associated with upstream assets exceeds its implied fair value. This typically occurs due to downward revisions in long-term commodity price forecasts or asset performance expectations.

Chevron CVX Upstream — Goodwill Impairment

Similar metrics at other companies

MPCMidstream — Goodwill, Impaired, Accumulated Impairment Loss

$3.14B0.0%

HLITGoodwill Impairment

$14.38M—

DRVNGoodwill impairment

$7.08M—

BHCGoodwill impairments

$1.43B—

LAKEGoodwill Impairments

$651K-75.3%

PBH

PBHGoodwill And Intangible Asset Impairment

$0-100%

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:GoodwillImpairmentLoss.

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 — goodwill impairment?: Chevron (CVX) reported upstream — goodwill impairment of $0 in Q4 2025.
What does upstream — goodwill impairment mean?: Reflects a non-cash charge recognized when the carrying value of goodwill associated with upstream assets exceeds its implied fair value. This typically occurs due to downward revisions in long-term commodity price forecasts or asset performance expectations.