CHEVRON CORP Earnings Per Share Disclosure
| Year ended December 31 | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Basic EPS Calculation | ||||||||||||||||||||
Earnings available to common stockholders - Basic* | $ | 12,299 | $ | 17,661 | $ | 21,369 | ||||||||||||||
| Weighted-average number of common shares outstanding | 1,849 | 1,810 | 1,873 | |||||||||||||||||
Add: Deferred awards held as stock units | — | — | — | |||||||||||||||||
| Total weighted-average number of common shares outstanding | 1,849 | 1,810 | 1,873 | |||||||||||||||||
| Earnings per share of common stock - Basic | $ | 6.65 | $ | 9.76 | $ | 11.41 | ||||||||||||||
| Diluted EPS Calculation | ||||||||||||||||||||
Earnings available to common stockholders - Diluted* | $ | 12,299 | $ | 17,661 | $ | 21,369 | ||||||||||||||
| Weighted-average number of common shares outstanding | 1,849 | 1,810 | 1,873 | |||||||||||||||||
Add: Deferred awards held as stock units | — | — | — | |||||||||||||||||
Add: Dilutive effect of employee stock-based awards | 7 | 7 | 7 | |||||||||||||||||
| Total weighted-average number of common shares outstanding | 1,856 | 1,817 | 1,880 | |||||||||||||||||
| Earnings per share of common stock - Diluted | $ | 6.63 | $ | 9.72 | $ | 11.36 | ||||||||||||||
* There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings. | ||||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.