Key highlights
- Earnings for Q4 2025 were $2.8 billion, with adjusted earnings at $3.0 billion.
- Cash flow from operations reached $10.8 billion, with adjusted free cash flow at $4.2 billion.
- Production increased by 12% globally and 16% in the U.S. in 2025.
- Reserve replacement ratio was 158% for 2025.
Financial Performance
Chevron reported fourth quarter 2025 earnings of $2.8 billion, or $1.39 per diluted share, compared to $3.2 billion, or $1.84 per diluted share, in the same quarter of 2024. Adjusted earnings were $3.0 billion, or $1.52 per diluted share, down from $3.6 billion, or $2.06 per diluted share, in the previous year.
Cash Flow and Production
The company generated $10.8 billion in cash flow from operations, with an adjusted free cash flow of $4.2 billion. Chevron increased its worldwide production by 12% and U.S. production by 16% in 2025, reaching record levels.
Reserve Replacement and Dividend
Chevron achieved a reserve replacement ratio of 158% in 2025. The company announced a 4% increase in its quarterly dividend, raising it to $1.78 per share.
