Chevron (CVX) Operating Expenses (2009 - 2026)
Chevron's Operating Expenses was $53.37 billion in Q2 2026, up 31.2% from $40.68 billion a year earlier and up 19.5% from the prior quarter.
Powered by 
Analysis
Chevron (CVX) Operating Expenses (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Chevron's Operating Expenses was $184.62 billion through Jun 30, 2026, up 6.7% year-over-year; for FY2025, it came in at $169.29 billion, down 3.4% from FY2024.
- Operating Expenses shows a five-year compound annual growth rate of 10.6% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $175.29 billion in FY2024 (+2.3%), $171.37 billion in FY2023 (-12.8%), $196.58 billion in FY2022 (+39.6%) and $140.83 billion in FY2021 (+37.9%).
- The Q2 2026 figure marks the highest quarterly Operating Expenses since Q2 2011.
- Compared with a year earlier, Operating Expenses was higher in five of the last eight quarters, with growth averaging 3.5%.
- The best year-over-year quarter for Operating Expenses over five years was Q2 2022 (growth of 59.0%); the worst was Q2 2023 (a decline of 22.2%).
- Per Business Quant data, CVX's Operating Expenses in the three quarters before Q2 2026 was $44.66 billion (Q1 2026), $42.27 billion (Q4 2025) and $44.31 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 694.97 Bn | 658.18 Bn | - | 96.59 Bn |
| 2 | Shell | 570.13 Bn | 500.87 Bn | 92.16 Bn | 8.70 Bn |
| 3 | Chevron | 418.82 Bn | 396.62 Bn | 33.45 Bn | 53.37 Bn |
| 4 | TotalEnergies SE | 189.94 Bn | 73.07 Bn | 61.77 Bn | 46.44 Bn |
| 5 | Eni Spa | 176.22 Bn | 126.56 Bn | - | - |
| 6 | Conocophillips | 161.10 Bn | 133.81 Bn | 12.81 Bn | 2.43 Bn |
| 7 | Phillips 66 | 110.98 Bn | 99.96 Bn | 8.38 Bn | 47.07 Bn |
| 8 | Equinor Asa | 107.54 Bn | 22.06 Bn | - | -22.18 Bn |
| 9 | Canadian Natural Resources | 103.35 Bn | 100.30 Bn | 15.40 Bn | 114.95 Mn |
| 10 | Suncor Energy | 86.21 Bn | 72.00 Bn | - | 17.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 53.37 Bn |
| Mar 31, 2026 | 44.66 Bn |
| Dec 31, 2025 | 42.27 Bn |
| Sep 30, 2025 | 44.31 Bn |
| Jun 30, 2025 | 40.68 Bn |
| Mar 31, 2025 | 42.03 Bn |
| Dec 31, 2024 | 46.17 Bn |
| Sep 30, 2024 | 44.18 Bn |
| Jun 30, 2024 | 44.15 Bn |
| Mar 31, 2024 | 40.79 Bn |
| Dec 31, 2023 | 43.69 Bn |
| Sep 30, 2023 | 45.34 Bn |
| Jun 30, 2023 | 41.06 Bn |
| Mar 31, 2023 | 41.27 Bn |
| Dec 31, 2022 | 46.67 Bn |
| Sep 30, 2022 | 51.84 Bn |
| Jun 30, 2022 | 52.76 Bn |
| Mar 31, 2022 | 45.32 Bn |
| Dec 31, 2021 | 41.14 Bn |
| Sep 30, 2021 | 36.66 Bn |
API Access
Chevron Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=CVX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "CVX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=CVX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();