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Side-by-side financial comparison of Chevron Corporation (CVX) and AT&T (T). Click either name above to swap in a different company.
Chevron Corporation is the larger business by last-quarter revenue ($45.8B vs $31.5B, roughly 1.5× AT&T). AT&T runs the higher net margin — 13.3% vs 6.0%, a 7.2% gap on every dollar of revenue. On growth, AT&T posted the faster year-over-year revenue change (2.9% vs -5.3%). Chevron Corporation produced more free cash flow last quarter ($5.5B vs $2.5B). Over the past eight quarters, AT&T's revenue compounded faster (2.8% 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.
AT&T Inc., an abbreviation of its predecessor's original name, the American Telephone and Telegraph Company, is an American multinational telecommunications conglomerate headquartered at the Whitacre Tower in Downtown Dallas, Texas. AT&T is the world’s third-largest telecommunications company by revenue, the third largest wireless carrier in the United States behind T-Mobile and Verizon, and the nation's biggest fiber internet provider.
CVX vs T — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $45.8B | $31.5B |
| Net Profit | $2.8B | $4.2B |
| Gross Margin | 44.6% | — |
| Operating Margin | 10.0% | 21.1% |
| Net Margin | 6.0% | 13.3% |
| Revenue YoY | -5.3% | 2.9% |
| Net Profit YoY | -14.5% | -10.9% |
| EPS (diluted) | $1.36 | $0.54 |
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 | — | $31.5B | ||
| Q4 25 | $45.8B | $33.5B | ||
| Q3 25 | $48.2B | $30.7B | ||
| Q2 25 | $44.4B | $30.8B | ||
| Q1 25 | $46.1B | $30.6B | ||
| Q4 24 | $48.3B | $32.3B | ||
| Q3 24 | $48.9B | $30.2B | ||
| Q2 24 | $49.6B | $29.8B |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.8B | $3.8B | ||
| Q3 25 | $3.5B | $9.3B | ||
| Q2 25 | $2.5B | $4.5B | ||
| Q1 25 | $3.5B | $4.4B | ||
| Q4 24 | $3.2B | $4.1B | ||
| Q3 24 | $4.5B | $-174.0M | ||
| Q2 24 | $4.4B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 44.6% | — | ||
| Q3 25 | 43.1% | — | ||
| Q2 25 | 39.5% | — | ||
| Q1 25 | 37.9% | — | ||
| Q4 24 | 37.6% | — | ||
| Q3 24 | 37.8% | — | ||
| Q2 24 | 37.7% | — |
| Q1 26 | — | 21.1% | ||
| Q4 25 | 10.0% | 17.3% | ||
| Q3 25 | 11.2% | 19.9% | ||
| Q2 25 | 9.3% | 21.1% | ||
| Q1 25 | 12.1% | 18.8% | ||
| Q4 24 | 12.5% | 16.5% | ||
| Q3 24 | 13.3% | 7.0% | ||
| Q2 24 | 14.2% | 19.3% |
| Q1 26 | — | 13.3% | ||
| Q4 25 | 6.0% | 11.3% | ||
| Q3 25 | 7.3% | 30.3% | ||
| Q2 25 | 5.6% | 14.6% | ||
| Q1 25 | 7.6% | 14.2% | ||
| Q4 24 | 6.7% | 12.6% | ||
| Q3 24 | 9.2% | -0.6% | ||
| Q2 24 | 8.9% | 12.1% |
| Q1 26 | — | $0.54 | ||
| Q4 25 | $1.36 | $0.52 | ||
| Q3 25 | $1.82 | $1.29 | ||
| Q2 25 | $1.45 | $0.62 | ||
| Q1 25 | $2.00 | $0.61 | ||
| Q4 24 | $1.84 | $0.56 | ||
| Q3 24 | $2.48 | $-0.03 | ||
| Q2 24 | $2.43 | $0.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $12.0B |
| Total DebtLower is stronger | $39.8B | $131.6B |
| Stockholders' EquityBook value | $186.4B | $125.6B |
| Total Assets | $324.0B | $421.2B |
| Debt / EquityLower = less leverage | 0.21× | 1.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.0B | ||
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $20.3B | ||
| Q2 25 | — | $10.5B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | $4.0B | $3.1B |
| Q1 26 | — | $131.6B | ||
| Q4 25 | $39.8B | $127.1B | ||
| Q3 25 | — | $128.1B | ||
| Q2 25 | — | $123.1B | ||
| Q1 25 | — | $117.3B | ||
| Q4 24 | $20.1B | $118.4B | ||
| Q3 24 | — | $126.4B | ||
| Q2 24 | — | $125.4B |
| Q1 26 | — | $125.6B | ||
| Q4 25 | $186.4B | $126.5B | ||
| Q3 25 | $189.8B | $126.8B | ||
| Q2 25 | $146.4B | $121.4B | ||
| Q1 25 | $149.2B | $119.9B | ||
| Q4 24 | $152.3B | $118.2B | ||
| Q3 24 | $156.2B | $116.3B | ||
| Q2 24 | $159.2B | $119.3B |
| Q1 26 | — | $421.2B | ||
| Q4 25 | $324.0B | $420.2B | ||
| Q3 25 | $326.5B | $423.2B | ||
| Q2 25 | $250.8B | $405.5B | ||
| Q1 25 | $256.4B | $397.5B | ||
| Q4 24 | $256.9B | $394.8B | ||
| Q3 24 | $259.2B | $393.7B | ||
| Q2 24 | $260.6B | $398.0B |
| Q1 26 | — | 1.05× | ||
| Q4 25 | 0.21× | 1.00× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.01× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | 0.13× | 1.00× | ||
| Q3 24 | — | 1.09× | ||
| Q2 24 | — | 1.05× |
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 | $7.6B |
| Free Cash FlowOCF − Capex | $5.5B | $2.5B |
| FCF MarginFCF / Revenue | 12.1% | 8.0% |
| Capex IntensityCapex / Revenue | 11.5% | 15.5% |
| Cash ConversionOCF / Net Profit | 3.89× | 1.82× |
| TTM Free Cash FlowTrailing 4 quarters | $16.6B | $17.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $7.6B | ||
| Q4 25 | $10.8B | $11.3B | ||
| Q3 25 | $9.4B | $10.2B | ||
| Q2 25 | $8.6B | $9.8B | ||
| Q1 25 | $5.2B | $9.0B | ||
| Q4 24 | $8.7B | $11.9B | ||
| Q3 24 | $9.7B | $10.2B | ||
| Q2 24 | $6.3B | $9.1B |
| Q1 26 | — | $2.5B | ||
| Q4 25 | $5.5B | $4.5B | ||
| Q3 25 | $4.9B | $5.3B | ||
| Q2 25 | $4.9B | $4.9B | ||
| Q1 25 | $1.3B | $4.8B | ||
| Q4 24 | $4.4B | $5.1B | ||
| Q3 24 | $5.6B | $4.9B | ||
| Q2 24 | $2.3B | $4.7B |
| Q1 26 | — | 8.0% | ||
| Q4 25 | 12.1% | 13.6% | ||
| Q3 25 | 10.3% | 17.1% | ||
| Q2 25 | 11.0% | 15.8% | ||
| Q1 25 | 2.7% | 15.6% | ||
| Q4 24 | 9.0% | 15.6% | ||
| Q3 24 | 11.5% | 16.3% | ||
| Q2 24 | 4.7% | 15.9% |
| Q1 26 | — | 15.5% | ||
| Q4 25 | 11.5% | 20.3% | ||
| Q3 25 | 9.2% | 15.9% | ||
| Q2 25 | 8.4% | 15.9% | ||
| Q1 25 | 8.5% | 14.0% | ||
| Q4 24 | 9.0% | 21.2% | ||
| Q3 24 | 8.3% | 17.5% | ||
| Q2 24 | 8.0% | 14.6% |
| Q1 26 | — | 1.82× | ||
| Q4 25 | 3.89× | 2.99× | ||
| Q3 25 | 2.65× | 1.09× | ||
| Q2 25 | 3.44× | 2.17× | ||
| Q1 25 | 1.48× | 2.08× | ||
| Q4 24 | 2.68× | 2.92× | ||
| Q3 24 | 2.16× | — | ||
| Q2 24 | 1.42× | 2.53× |
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% |
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
