vs
Side-by-side financial comparison of Chevron Corporation (CVX) and Elevance Health (ELV). Click either name above to swap in a different company.
Elevance Health is the larger business by last-quarter revenue ($49.7B vs $45.8B, roughly 1.1× Chevron Corporation). Chevron Corporation runs the higher net margin — 6.0% vs 1.1%, a 5.0% gap on every dollar of revenue. On growth, Elevance Health posted the faster year-over-year revenue change (1.8% vs -5.3%). Over the past eight quarters, Elevance Health's revenue compounded faster (6.5% CAGR vs -0.9%).
Chevron Corporation is an American multinational energy corporation predominantly specializing in oil and gas. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California, it is active in more than 180 countries.
Elevance Health, Inc. is an American health insurance company. Prior to June 2022, Elevance Health was named Anthem, Inc. The company is the world's seventh largest healthcare company based on revenue. Its services include medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans through affiliated companies such as Anthem Blue Cross and Blue Shield, Anthem Blue Cross in California, Wellpoint, and Carelon.
CVX vs ELV — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $45.8B | $49.7B |
| Net Profit | $2.8B | $547.0M |
| Gross Margin | 44.6% | 88.9% |
| Operating Margin | 10.0% | 0.6% |
| Net Margin | 6.0% | 1.1% |
| Revenue YoY | -5.3% | 1.8% |
| Net Profit YoY | -14.5% | -74.9% |
| EPS (diluted) | $1.36 | $2.56 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $49.7B | ||
| Q4 25 | $45.8B | $49.7B | ||
| Q3 25 | $48.2B | $50.7B | ||
| Q2 25 | $44.4B | $49.8B | ||
| Q1 25 | $46.1B | $48.9B | ||
| Q4 24 | $48.3B | $45.4B | ||
| Q3 24 | $48.9B | $45.1B | ||
| Q2 24 | $49.6B | $43.9B |
| Q1 26 | — | $547.0M | ||
| Q4 25 | $2.8B | $547.0M | ||
| Q3 25 | $3.5B | $1.2B | ||
| Q2 25 | $2.5B | $1.7B | ||
| Q1 25 | $3.5B | $2.2B | ||
| Q4 24 | $3.2B | $418.0M | ||
| Q3 24 | $4.5B | $1.0B | ||
| Q2 24 | $4.4B | $2.3B |
| Q1 26 | — | 88.9% | ||
| Q4 25 | 44.6% | 88.9% | ||
| Q3 25 | 43.1% | 89.4% | ||
| Q2 25 | 39.5% | 89.4% | ||
| Q1 25 | 37.9% | 89.8% | ||
| Q4 24 | 37.6% | 86.8% | ||
| Q3 24 | 37.8% | 88.7% | ||
| Q2 24 | 37.7% | 89.0% |
| Q1 26 | — | 0.6% | ||
| Q4 25 | 10.0% | 0.6% | ||
| Q3 25 | 11.2% | 2.6% | ||
| Q2 25 | 9.3% | 4.9% | ||
| Q1 25 | 12.1% | 6.5% | ||
| Q4 24 | 12.5% | 1.5% | ||
| Q3 24 | 13.3% | 3.1% | ||
| Q2 24 | 14.2% | 6.3% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 6.0% | 1.1% | ||
| Q3 25 | 7.3% | 2.3% | ||
| Q2 25 | 5.6% | 3.5% | ||
| Q1 25 | 7.6% | 4.5% | ||
| Q4 24 | 6.7% | 0.9% | ||
| Q3 24 | 9.2% | 2.3% | ||
| Q2 24 | 8.9% | 5.2% |
| Q1 26 | — | $2.56 | ||
| Q4 25 | $1.36 | $2.56 | ||
| Q3 25 | $1.82 | $5.32 | ||
| Q2 25 | $1.45 | $7.72 | ||
| Q1 25 | $2.00 | $9.61 | ||
| Q4 24 | $1.84 | $1.88 | ||
| Q3 24 | $2.48 | $4.36 | ||
| Q2 24 | $2.43 | $9.85 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $9.5B |
| Total DebtLower is stronger | $39.8B | $31.9B |
| Stockholders' EquityBook value | $186.4B | $43.9B |
| Total Assets | $324.0B | $121.5B |
| Debt / EquityLower = less leverage | 0.21× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $9.5B | ||
| Q4 25 | — | $9.5B | ||
| Q3 25 | — | $8.7B | ||
| Q2 25 | — | $8.6B | ||
| Q1 25 | — | $7.5B | ||
| Q4 24 | — | $8.3B | ||
| Q3 24 | — | $7.9B | ||
| Q2 24 | $4.0B | $6.5B |
| Q1 26 | — | $31.9B | ||
| Q4 25 | $39.8B | $31.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $20.1B | $30.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $43.9B | ||
| Q4 25 | $186.4B | $43.9B | ||
| Q3 25 | $189.8B | $44.0B | ||
| Q2 25 | $146.4B | $43.7B | ||
| Q1 25 | $149.2B | $42.5B | ||
| Q4 24 | $152.3B | $41.3B | ||
| Q3 24 | $156.2B | $43.8B | ||
| Q2 24 | $159.2B | $42.2B |
| Q1 26 | — | $121.5B | ||
| Q4 25 | $324.0B | $121.5B | ||
| Q3 25 | $326.5B | $122.7B | ||
| Q2 25 | $250.8B | $121.9B | ||
| Q1 25 | $256.4B | $119.7B | ||
| Q4 24 | $256.9B | $116.9B | ||
| Q3 24 | $259.2B | $116.5B | ||
| Q2 24 | $260.6B | $113.0B |
| Q1 26 | — | 0.73× | ||
| Q4 25 | 0.21× | 0.73× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.13× | 0.75× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $10.8B | — |
| Free Cash FlowOCF − Capex | $5.5B | — |
| FCF MarginFCF / Revenue | 12.1% | — |
| Capex IntensityCapex / Revenue | 11.5% | — |
| Cash ConversionOCF / Net Profit | 3.89× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.6B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $10.8B | $84.0M | ||
| Q3 25 | $9.4B | $1.1B | ||
| Q2 25 | $8.6B | $2.1B | ||
| Q1 25 | $5.2B | $1.0B | ||
| Q4 24 | $8.7B | $706.0M | ||
| Q3 24 | $9.7B | $2.7B | ||
| Q2 24 | $6.3B | $447.0M |
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $-209.0M | ||
| Q3 25 | $4.9B | $775.0M | ||
| Q2 25 | $4.9B | $1.8B | ||
| Q1 25 | $1.3B | $821.0M | ||
| Q4 24 | $4.4B | $384.0M | ||
| Q3 24 | $5.6B | $2.3B | ||
| Q2 24 | $2.3B | $124.0M |
| Q1 26 | — | — | ||
| Q4 25 | 12.1% | -0.4% | ||
| Q3 25 | 10.3% | 1.5% | ||
| Q2 25 | 11.0% | 3.6% | ||
| Q1 25 | 2.7% | 1.7% | ||
| Q4 24 | 9.0% | 0.8% | ||
| Q3 24 | 11.5% | 5.2% | ||
| Q2 24 | 4.7% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 11.5% | 0.6% | ||
| Q3 25 | 9.2% | 0.7% | ||
| Q2 25 | 8.4% | 0.5% | ||
| Q1 25 | 8.5% | 0.4% | ||
| Q4 24 | 9.0% | 0.7% | ||
| Q3 24 | 8.3% | 0.7% | ||
| Q2 24 | 8.0% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | 3.89× | 0.15× | ||
| Q3 25 | 2.65× | 0.95× | ||
| Q2 25 | 3.44× | 1.18× | ||
| Q1 25 | 1.48× | 0.47× | ||
| Q4 24 | 2.68× | 1.69× | ||
| Q3 24 | 2.16× | 2.63× | ||
| Q2 24 | 1.42× | 0.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CVX
| Other | $17.5B | 38% |
| Downstream Segment | $16.8B | 37% |
| Upstream Segment | $11.5B | 25% |
ELV
Segment breakdown not available.
