Chevron beats Q4 earnings expectations despite revenue miss

Investing.com -- Chevron Corporation (NYSE: CVX) reported fourth-quarter adjusted earnings that exceeded analyst expectations, despite revenue falling short of estimates. The energy giant's stock slipped 1% following the announcement.

The oil major posted adjusted earnings of $3.0 billion, or $1.52 per share, for the fourth quarter of 2025, surpassing the analyst estimate of $1.45 per share. However, revenue came in at $46.87 billion, below the consensus estimate of $47.15 billion. Fourth quarter earnings declined compared to the $3.6 billion, or $2.06 per share, reported in the same period of 2024, primarily due to lower crude oil prices.

Worldwide net oil-equivalent production reached 4,045 thousand barrels of oil equivalent per day (MBOED) during the quarter, up 20.7% from 3,350 MBOED in the fourth quarter of 2024. The increase was largely driven by the Hess acquisition and growth in the Permian Basin and Gulf of America.

"2025 was a year of significant achievement. We successfully integrated Hess, started-up major projects, delivered record production and reorganized our business. This resulted in industry-leading free cash flow growth and superior shareholder returns, despite declining oil prices," said Mike Wirth, Chevron's chairman and chief executive officer.

The company generated $10.8 billion in cash flow from operations during the quarter and $4.2 billion in adjusted free cash flow. For the full year 2025, Chevron reported cash flow from operations of $33.9 billion, the highest in the company's history at similar commodity prices.

Chevron announced a 4% increase in its quarterly dividend to $1.78 per share, marking the 39th consecutive year of dividend growth.

The company achieved its initial $1 billion synergy target following the Hess integration and delivered $1.5 billion in structural cost reductions in 2025, part of a program aiming to reduce costs by $3-4 billion by the end of 2026.

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