Chevron (CVX) Return on Invested Capital [ROIC] (2009 - 2026)
Chevron's Return on Invested Capital [ROIC] was 9.36% in Q2 2026, up 1.32 percentage points from 8.04% a year earlier and up 4.20 percentage points from the prior quarter.
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Analysis
Chevron (CVX) Return on Invested Capital [ROIC] (2009 - 2026) Analysis & Trends
For FY2025, Return on Invested Capital [ROIC] at Chevron came in at 6.46%, down 3.60 percentage points from FY2024.
- Return on Invested Capital [ROIC] has now declined for three consecutive years, though with a five-year change of +9.34 percentage points (FY2020 to FY2025).
- In earlier years, Return on Invested Capital [ROIC] was 10.06% in FY2024 (-1.81 pp), 11.87% in FY2023 (-8.40 pp), 20.28% in FY2022 (+10.97 pp) and 9.30% in FY2021 (+12.19 pp).
- The Q2 2026 figure marks the highest quarterly Return on Invested Capital [ROIC] since Q4 2024.
- Compared with a year earlier, Return on Invested Capital [ROIC] was higher in 1 of the last eight quarters, with an average year-over-year change of -2.60 percentage points.
- The best year-over-year quarter for Return on Invested Capital [ROIC] over five years was Q1 2022 (a gain of 25.97 percentage points); the worst was Q1 2024 (a drop of 8.46 percentage points).
- Per Business Quant data, CVX's Return on Invested Capital [ROIC] in the three quarters before Q2 2026 was 5.15% (Q1 2026), 5.63% (Q4 2025) and 6.55% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 686.62 Bn | 644.76 Bn | - | 13.86% |
| 2 | Chevron | 416.14 Bn | 383.18 Bn | 31.26 Bn | 12.13% |
| 3 | Shell | 291.71 Bn | 151.98 Bn | - | - |
| 4 | TotalEnergies SE | 192.78 Bn | 63.86 Bn | 31,614.00 | 21.61% |
| 5 | Eni Spa | 167.56 Bn | 107.19 Bn | - | 9.03% |
| 6 | Conocophillips | 165.53 Bn | 138.24 Bn | 12.81 Bn | 22.50% |
| 7 | Equinor Asa | 108.87 Bn | 21.72 Bn | 4.49 Bn | 57.33% |
| 8 | Canadian Natural Resources | 101.39 Bn | 95.29 Bn | 9.35 Bn | - |
| 9 | Phillips 66 | 97.45 Bn | 81.24 Bn | 10.69 Bn | 25.31% |
| 10 | Suncor Energy | 83.77 Bn | 64.46 Bn | - | 9.84% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 12.13% |
| Jun 30, 2026 | 9.36% |
| Mar 31, 2026 | 5.15% |
| Dec 31, 2025 | 5.63% |
| Sep 30, 2025 | 6.55% |
| Jun 30, 2025 | 8.04% |
| Mar 31, 2025 | 9.04% |
| Dec 31, 2024 | 10.06% |
| Sep 30, 2024 | 9.30% |
| Jun 30, 2024 | 10.39% |
| Mar 31, 2024 | 11.28% |
| Dec 31, 2023 | 11.76% |
| Sep 30, 2023 | 14.07% |
| Jun 30, 2023 | 16.76% |
| Mar 31, 2023 | 19.74% |
| Dec 31, 2022 | 19.58% |
| Sep 30, 2022 | 19.03% |
| Jun 30, 2022 | 16.57% |
| Mar 31, 2022 | 12.09% |
| Dec 31, 2021 | 9.38% |
API Access
Chevron Return on Invested Capital [ROIC] 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=return-on-invested-capital-%5Broic%5D&ticker=CVX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "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=return-on-invested-capital-%5Broic%5D&ticker=CVX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();