Chevron (CVX) Operating Margin (2017 - 2026)
Chevron's Operating Margin came in at -28.44% for Q2 2026, up 22.23 percentage points from -50.67% a year earlier and up 21.59 percentage points from the prior quarter.
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Analysis
Chevron (CVX) Operating Margin (2017 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Chevron reported Operating Margin of -40.40%, up 7.61 percentage points year-over-year; for FY2025, it came in at -46.80%, down 1.58 percentage points from FY2024.
- Operating Margin has declined in each of the last three years, though with a five-year change of +16.14 percentage points (FY2020 to FY2025).
- Going back by year, Operating Margin was -45.22% in FY2024 (-0.62 pp), -44.59% in FY2023 (-5.71 pp), -38.88% in FY2022 (+4.58 pp) and -43.46% in FY2021 (+19.48 pp).
- The Q2 2026 figure represents the highest quarterly Operating Margin in data going back to Q2 2017.
- Year-over-year, Operating Margin increased in four of the last eight quarters, with an average year-over-year change of +2.11 percentage points.
- The fastest year-over-year change in Operating Margin over five years came in Q2 2026 (a gain of 22.23 percentage points), and the weakest in Q4 2023 (a drop of 12.66 percentage points).
- Business Quant data shows CVX's Operating Margin at -50.03% (Q1 2026), -44.27% (Q4 2025) and -44.21% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 694.97 Bn | 658.18 Bn | - | - |
| 2 | Shell | 570.13 Bn | 500.87 Bn | 92.16 Bn | 88.17% |
| 3 | Chevron | 418.82 Bn | 396.62 Bn | 33.45 Bn | -28.44% |
| 4 | TotalEnergies SE | 189.94 Bn | 73.07 Bn | 61.77 Bn | 24.82% |
| 5 | Eni Spa | 176.22 Bn | 126.56 Bn | - | 5.19% |
| 6 | Conocophillips | 161.10 Bn | 133.81 Bn | 12.81 Bn | 53.17% |
| 7 | Phillips 66 | 110.98 Bn | 99.96 Bn | 8.38 Bn | -74.35% |
| 8 | Equinor Asa | 107.54 Bn | 22.06 Bn | - | 36.94% |
| 9 | Canadian Natural Resources | 103.35 Bn | 100.30 Bn | 15.40 Bn | 88.80% |
| 10 | Suncor Energy | 86.21 Bn | 72.00 Bn | - | 3.43% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -28.44% |
| Mar 31, 2026 | -50.03% |
| Dec 31, 2025 | -44.27% |
| Sep 30, 2025 | -44.21% |
| Jun 30, 2025 | -50.67% |
| Mar 31, 2025 | -48.37% |
| Dec 31, 2024 | -46.12% |
| Sep 30, 2024 | -47.29% |
| Jun 30, 2024 | -46.56% |
| Mar 31, 2024 | -40.68% |
| Dec 31, 2023 | -52.96% |
| Sep 30, 2023 | -43.62% |
| Jun 30, 2023 | -43.25% |
| Mar 31, 2023 | -39.16% |
| Dec 31, 2022 | -40.31% |
| Sep 30, 2022 | -35.93% |
| Jun 30, 2022 | -35.89% |
| Mar 31, 2022 | -44.80% |
| Dec 31, 2021 | -48.27% |
| Sep 30, 2021 | -35.29% |
API Access
Chevron Operating Margin 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-margin&ticker=CVX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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-margin&ticker=CVX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();