Chevron vs Equinor
Chevron reported revenue of $189.0 billion in fiscal 2025, 1.8 times Equinor's $106.5 billion in fiscal 2025. Chevron's revenue fell 6.8% in its latest year, and Equinor's grew 2.6%. Free cash flow was $16.6 billion at Chevron and $6.0 billion at Equinor.
Side by side
| Chevron | Equinor | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $189.0B | $106.5B |
| Revenue growth | −6.8% | 2.6% |
| Revenue growth a year, last 5 years | 14.8% | 18.4% |
| Gross margin | 42.8% | 48.2% |
| Operating margin | — | 23.8% |
| Net margin | 6.5% | 4.7% |
| Free cash flow | $16.6B | $6.0B |
| Free cash flow margin | 8.8% | 5.6% |
| Return on capital | 6.7% | 25.1% |
| Net debt to EBITDA | 0.8x | 0.3x |
| Dividends and buybacks | $24.8B | $6.2B |
| Change in diluted share count | 2.1% | −8.0% |
| Last close | $232.01 | $48.10 |
| P/E at the last close | 22.3× | — |
| Insider trades, last 12 months | sold $646.6 million | — |
| Piotroski F-score | 5 of 9 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
ChevronEquinor
Operating margin
Percent of revenue
ChevronEquinor
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
ChevronEquinor