Downstream was Chevron’s largest segment in fiscal 2025, bringing in $131.84B of $189.03B (70%).
| Segment | FY 2020 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Downstream | $174.79B | $152.78B | $147.91B | $131.84B | |
| Upstream | $71.29B | $47.87B | $54.23B | $56.55B | |
| All Other | $166.00M | $306.00M | $650.00M | $644.00M | |
| Total | $246.25B | $200.95B | $202.79B | $189.03B |
Chevron brought in $189.03B from its three segments in fiscal 2025, the year ended December 31, 2025. That was down 6.8% from $202.79B in fiscal 2024. Downstream was the largest at $131.84B (69.7%), ahead of Upstream at $56.55B (29.9%) and All Other at $644.00M (0.3%).
Compared with fiscal 2024, Upstream grew 4.3% to $56.55B, while Downstream fell 10.9% to $131.84B. From fiscal 2022 to 2025, combined revenue from these segments fell from $246.25B to $189.03B, a compound annual decline of 8.4%. Downstream's share of the total fell from 71.0% to 69.7%.
International was Chevron’s largest region in fiscal 2025, bringing in $102.47B of $188.39B (54%).
| Geography | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| International | $137.23B | $113.80B | $115.18B | $102.47B |
| United States | $108.86B | $86.84B | $86.96B | $85.92B |
| Total | $246.09B | $200.64B | $202.14B | $188.39B |
Chevron brought in $188.39B from its two regions in fiscal 2025, the year ended December 31, 2025. That was down 6.8% from $202.14B in fiscal 2024. International was the largest at $102.47B (54.4%), ahead of United States at $85.92B (45.6%).
Compared with fiscal 2024, United States fell 1.2% to $85.92B and International fell 11.0% to $102.47B. From fiscal 2022 to 2025, combined revenue from these regions fell from $246.09B to $188.39B, a compound annual decline of 8.5%. International's share of the total fell from 55.8% to 54.4%.
Chevron (CVX) reports its revenue by segment and by geography. In fiscal 2025, Downstream was its largest segment, bringing in $131.84B (69.7% of the total), followed by Upstream at $56.55B (29.9%).
Downstream was Chevron's largest segment in fiscal 2025, bringing in $131.84B, or 69.7% of the $189.03B total across its three segments.
International was Chevron's largest region in fiscal 2025, bringing in $102.47B, or 54.4% of the $188.39B total across its two regions.
Upstream grew faster than Downstream in fiscal 2025, up 4.3% from $54.23B to $56.55B. Downstream fell 10.9% to $131.84B.
Every figure comes from Chevron's annual financial filings, as reported. Each line keeps the name Chevron gives it, and years follow its fiscal calendar.
Chevron's revenue by segment goes back to fiscal 2020, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.