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Stocks / United States / CVX / Q4 FY2023

Chevron Corp. Q4 FY2023 results: revenue $47.2 billion, down 16.5% on the year

Chevron Corp. (CVX) reported revenue of $47.2 billion for Q4 FY2023, the quarter ended 31 December 2023, down 16.5% on the same quarter a year earlier. Net income was $2.3 billion, down 64.4% on the year, and diluted earnings per share $1.22. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue$47.2 billiondown 16.5%
Net income$2.3 billiondown 64.4%
Diluted EPS$1.22
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue47,18054,080n/an/a
Cost of revenue28,47732,328n/an/a
Gross profit18,70321,752n/an/a
Gross margin39.6%40.2%n/a
Selling, general and administrative9691,163n/an/a
Operating income3,4908,738n/an/a
Operating margin7.4%16.2%n/a
Interest expense120114n/an/a
Pre-tax income3,4908,738n/an/a
Income tax1,2472,183n/an/a
Effective tax rate35.7%25.0%n/a
Net income2,2596,526n/an/a
Net margin4.8%12.1%n/a
Diluted EPS$1.22$3.48n/an/a

$ million except per share. Fourth 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 and capital returned

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow12,4349,673n/an/a
Capital expenditure4,3614,673n/an/a
Free cash flow8,0735,000n/an/a
Free cash flow margin17.1%9.2%n/a
Depreciation and amortisation6,2544,025n/an/a
Buybacks3,4213,390n/an/a
Dividends paid2,8092,852n/an/a
Dividend per sharen/a$1.51n/an/a
Diluted shares, weighted1,880m1,877mn/an/a
Shares outstanding at period end1,857m1,888mn/an/a

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

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Total assets261,632263,927n/an/a
Cash and equivalents8,1785,797n/an/a
Receivables17,64019,500n/an/a
Inventory8,6129,428n/an/a
Goodwill4,7224,722n/an/a
Long-term debt including finance leases20,307n/an/an/a
Borrowings, as the company tags them16,281n/an/an/a
Operating lease liabilities3,696n/an/an/a
Finance lease liabilities574n/an/an/a
Shareholders' equity160,957165,265n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue54,08047,18048,71651,18150,66952,22647,61044,82249,72646,87348,60770,055
Cost of revenue32,32828,47727,74130,86730,45030,14828,61026,85827,39825,34828,26536,607
Gross profit21,75218,70320,97520,31420,21922,07819,00017,96422,32821,52520,34233,448
Gross margin40%40%43%40%40%42%40%40%45%46%42%48%
SG&A1,1639691,0101,0481,1911,5851,2218891,5241,4921,0661,314
Operating income8,7383,4907,9227,0366,4896,0595,5834,1475,4144,5993,94616,684
Operating margin16%7%16%14%13%12%12%9%11%10%8%24%
Interest expense114120118113164199212274370361345352
Pre-tax income8,7383,4907,9227,0366,4896,0595,5834,1475,4144,5993,94616,684
Tax rate25%36%30%37%31%46%37%39%33%38%42%27%
Net income6,5262,2595,5014,4344,4873,2393,5002,4903,5392,7702,21012,072
Net margin12%5%11%9%9%6%7%6%7%6%5%17%
Diluted EPS$3.48$1.22$2.97$2.43$2.48$1.84$2.00$1.45$1.82$1.36$1.11$6.11
Operating cash flow9,67312,4346,8286,2959,6748,6955,1898,5769,38510,7892,51422,633
Capital expenditure4,6734,3614,0893,9664,0554,3383,9273,7124,4445,2644,0634,538
Free cash flow5,0008,0732,7392,3295,6194,3571,2624,8644,9415,525-1,54918,095
Buybacks3,3903,4212,9783,0014,7504,5003,9172,5982,5662,9982,5723,003
Dividends paid2,8522,8093,0032,9782,9332,8872,9842,9343,4293,4043,5263,504
Shares outstanding1,888m1,857m1,847m1,829m1,797m1,761m1,746m1,728m2,014m1,995m1,992m1,976m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* 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. 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.

Source

10-K for the period ended 31 December 2023, filed 26 February 2024, accession 0000093410-24-000013: the filing on EDGAR. All of Chevron Corp.'s filings: EDGAR company page.

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