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Chevron (CVX) Q4 FY2021 earnings: revenue $48.1 billion, up 90.6% on the year

Chevron Corp. (CVX) reported revenue of $48.1 billion for Q4 FY2021, the quarter ended 31 December 2021, up 90.6% on the same quarter a year earlier. Net income was $5.1 billion, and diluted earnings per share $2.63. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.

Revenue
$48.1 billion
+90.6% on the year · +7.6% on the quarter
Q1 FY2020Q4 FY2021
Operating margin
14.5%
-3.8% a year earlier
Q1 FY2020Q4 FY2021
Net income
$5.1 billion
-17.3% on the quarter
Q1 FY2020Q4 FY2021
Diluted EPS
$2.63
-17.6% on the quarter
Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Revenue48,12944,71025,246+7.6%+90.6%
Cost of revenue27,341n/an/a
Gross profit20,788n/an/a
Gross margin43.2%n/an/a
Selling, general and administrative1,271n/an/a
Operating income6,9858,055-957-13.3%
Operating margin14.5%18.0%-3.8%
Interest expense155n/an/a
Pre-tax income6,985n/an/a
Income tax1,903n/an/a
Effective tax rate27.2%n/an/a
Net income5,0556,111-665-17.3%
Net margin10.5%n/an/a
Diluted EPS$2.63$3.19-$0.33-17.6%
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Operating cash flow9,458n/an/a
Capital expenditure2,606n/an/a
Free cash flow6,852n/an/a
Free cash flow margin14.2%n/an/a
Cash from investing-1,389n/an/a
Cash from financing-8,290n/an/a
Depreciation and amortisation4,8134,3044,486+11.8%+7.3%
Buybacks750n/an/a
Dividends paid2,567n/an/a
Diluted shares, weighted1,920m1,921m1,870m-0.1%+2.7%
Shares outstanding at period end1,948m1,928m1,926m+1.0%+1.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Shareholders' equity139,067135,862131,688+2.4%+5.6%
Non-controlling interest873n/an/a
Redeemable equity135n/an/a
Debt31,36937,34744,315-16.0%-29.2%
Operating lease liabilities2,508n/an/a
Finance lease liabilities449n/an/a
Other liabilities65,134n/an/a
Total liabilities and equity239,535n/an/a
Fixed assets146,961n/an/a
Goodwill4,385n/an/a
Investments35.0n/an/a
Cash and equivalents5,6405,9985,596-6.0%+0.8%
Receivables16,400n/an/a
Inventory6,305n/an/a
Other assets59,809n/an/a
Total assets239,535n/an/a

Questions

What was Chevron's revenue in Q4 FY2021?

Chevron (CVX) reported revenue of $48.1 billion for Q4 FY2021, the quarter ended 31 December 2021, up 90.6% on the same quarter a year earlier.

How much did Chevron earn in Q4 FY2021?

Net income for Q4 FY2021 was $5.1 billion, and diluted earnings per share $2.63.

When did Chevron report Q4 FY2021 results?

Chevron filed its 10-K for the year that ended with the quarter on 24 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022 †Q2 FY2022 †Q3 FY2022 †Q4 FY2022 * †Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue48,12954,37368,76266,64456,47350,79348,89654,08047,18048,71651,18150,66952,22647,61044,82249,72646,87348,60770,05567,798
Cost of revenue27,34133,41140,68438,75132,57029,40728,98432,32828,47727,74130,86730,45030,14828,61026,85827,39825,34828,26536,60736,534
Gross profit20,78820,96228,07827,89323,90321,38619,91221,75218,70320,97520,31420,21922,07819,00017,96422,32821,52520,34233,44831,264
Gross margin43%39%41%42%42%42%41%40%40%43%40%40%42%40%40%45%46%42%48%46%
SG&A1,2719678631,0281,4548811,1281,1639691,0101,0481,1911,5851,2218891,5241,4921,0661,3141,227
Operating income6,9859,05416,00314,8099,8089,5197,8378,7383,4907,9227,0366,4896,0595,5834,1475,4144,5993,94616,68413,625
Operating margin15%17%23%22%17%19%16%16%7%16%14%13%12%12%9%11%10%8%24%20%
Interest expense155136129128123115120114120118113164199212274370361345352304
Pre-tax income6,9859,05416,00314,8099,8089,5197,8378,7383,4907,9227,0366,4896,0595,5834,1475,4144,5993,94616,68413,625
Tax rate27%31%27%24%35%31%23%25%36%30%37%31%46%37%39%33%38%42%27%26%
Net income5,0556,25911,62211,2316,3536,5746,0106,5262,2595,5014,4344,4873,2393,5002,4903,5392,7702,21012,0729,924
Net margin11%12%17%17%11%13%12%12%5%11%9%9%6%7%6%7%6%5%17%15%
Diluted EPS$2.63$3.22$5.95$5.78$3.33$3.46$3.20$3.48$1.22$2.97$2.43$2.48$1.84$2.00$1.45$1.82$1.39$1.11$6.11$5.06
Operating cash flow9,4588,05513,78215,26712,4987,2056,2979,67312,4346,8286,2959,6748,6955,1898,5769,38510,7892,51422,63316,014
Capital expenditure2,6061,9603,1842,9953,8353,0383,7574,6734,3614,0893,9664,0554,3383,9273,7124,4445,2644,0634,5384,011
Free cash flow6,8526,09510,59812,2728,6634,1672,5405,0008,0732,7392,3295,6194,3571,2624,8644,9415,525-1,54918,09512,003
Buybacks7501,2552,5003,7503,7503,7534,3753,3903,4212,9783,0014,7504,5003,9172,5982,5662,9982,5723,0032,502
Dividends paid2,5672,7462,7662,7432,7132,8572,8182,8522,8093,0032,9782,9332,8872,9842,9343,4293,4043,5263,5043,482
Shares outstanding1,948m1,965m1,957m1,934m1,907m1,894m1,867m1,888m1,857m1,847m1,829m1,797m1,761m1,746m1,728m2,014m1,995m1,992m1,976m1,965m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 24 February 2022: the filing.