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Arphra AIPlain-English read on Chevron Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $155.61B | $235.72B | $196.91B | $193.41B | $184.43B | $232.77B | $203.84B | $202.95B | $219.31B |
| Cost of revenue | $110.17B | $170.13B | $136.52B | $136.49B | $128.35B | $165.49B | $143.02B | $138.84B | $149.21B |
| Gross profit | $45.43B | $65.59B | $60.39B | $56.93B | $56.09B | $69.02B | $60.49B | $59.74B | $67.52B |
| Gross margin | +29.20% | +27.82% | +30.67% | +29.43% | +30.41% | +29.65% | +29.67% | +29.44% | +30.79% |
| Operating | |||||||||
| Research & development | $268M | $268M | $320M | $353M | $427M | $448.65M | $381.86M | $393.52M | $413.13M |
| Selling, general & administrative | $4.01B | $4.31B | $4.14B | $4.83B | $5.13B | $5.83B | $5.15B | $4.96B | $5.48B |
| Total operating expenses | $29.33B | $25.64B | $26.6B | $27.83B | $39.41B | $38.79B | $32.86B | $32.6B | $35.8B |
| Operating income | $16.1B | $39.95B | $33.79B | $29.1B | $16.67B | $32.43B | $28.53B | $27.21B | $30.38B |
| Operating margin | +10.35% | +16.95% | +17.16% | +15.04% | +9.04% | +13.93% | +13.99% | +13.41% | +13.85% |
| EBITDA | $39.36B | $67B | $47.82B | $45.81B | $41.42B | $56.06B | $47.2B | $47.68B | $51.76B |
| EBIT | $22.35B | $50.19B | $30.05B | $28.1B | $20.96B | $31.67B | $28.09B | $27.49B | $29.45B |
| Below the line | |||||||||
| Interest expense | $712M | $516M | $469M | $594M | $1.22B | $948.83M | $817.53M | $791.72M | $890.88M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $5.54B | $9.72B | -$4.21B | -$1.59B | $3.07B | — | — | — | — |
| Pre-tax income | $21.64B | $49.67B | $29.58B | $27.51B | $19.74B | $30.53B | $26.53B | $26.63B | $29.2B |
| Income tax expense | $5.95B | $14.07B | $8.17B | $9.76B | $7.26B | $10.2B | $9B | $8.95B | $9.67B |
| Earnings | |||||||||
| Net income | $15.63B | $35.47B | $21.37B | $17.66B | $12.3B | $20.44B | $17.71B | $18.41B | $19.77B |
| Net income · continuing ops | $15.69B | $35.61B | $21.41B | $17.75B | $12.49B | $21.13B | $18.13B | $17.73B | $20.14B |
| Net margin | +10.04% | +15.05% | +10.85% | +9.13% | +6.67% | +8.78% | +8.69% | +9.07% | +9.02% |
| EPS · basic | $8.15 | $18.36 | $11.41 | $9.76 | $6.65 | $14.21 | $12.33 | $12.26 | $13.78 |
| EPS · diluted | $8.14 | $18.28 | $11.36 | $9.72 | $6.63 | $14.31 | $12.32 | $12.37 | $13.75 |
| EPS · low estimate | — | — | — | — | — | $12.29 | $7.81 | $9.87 | $11.65 |
| EPS · high estimate | — | — | — | — | — | $16.43 | $15.72 | $16.07 | $15.69 |
| Shares · basic | 1.92B | 1.93B | 1.87B | 1.81B | 1.85B | 1.84B | 1.87B | 1.85B | 1.86B |
| Shares · diluted | 1.92B | 1.94B | 1.88B | 1.82B | 1.86B | 1.87B | 1.85B | 1.87B | 1.84B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 10 | 10 | 5 |
| Analysts (EPS) | — | — | — | — | — | 14 | 14 | 8 | 6 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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