Chevron
Chevron returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
Operating income is unavailable in the extracted statements for this period.
ROCE
% · Annual / TTM
Operating income is unavailable in the extracted statements for this period.
ROIIC
% · Annual / TTM
Operating income is unavailable in the extracted statements for this period.
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Operating income is unavailable in the extracted statements for this period.
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | — | — | 12.25% | 7.09% | — |
| FY 2026 Q1 | Mar 31, 2026 | — | — | — | 6.61% | 3.76% | — |
| FY 2025 Q4 | Dec 31, 2025 | — | — | — | 7.26% | 4.23% | — |
| FY 2025 Q3 | Sep 30, 2025 | — | — | — | 7.38% | 4.36% | — |
| FY 2025 Q2 | Jun 30, 2025 | — | — | — | 8.97% | 5.36% | — |
| FY 2025 Q1 | Mar 31, 2025 | — | — | — | 10.11% | 6.05% | — |
| FY 2024 Q4 | Dec 31, 2024 | — | — | — | 11.28% | 6.81% | — |
| FY 2024 Q3 | Sep 30, 2024 | — | — | — | 10.38% | 6.38% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | — | — | 11.79% | 7.31% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | — | — | 12.68% | 7.84% | — |
| FY 2023 Q4 | Dec 31, 2023 | — | — | — | 13.35% | 8.23% | — |
| FY 2023 Q3 | Sep 30, 2023 | — | — | — | 15.72% | 9.72% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | — | — | 19.35% | 11.84% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | — | — | 23.41% | 14.17% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | — | — | 23.77% | 14.26% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | — | — | 23.2% | 13.68% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | — | — | 20.26% | 11.6% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | — | — | 14.75% | 8.36% | — |
| FY 2021 Q4 | Dec 31, 2021 | — | — | — | 11.54% | 6.52% | — |
| FY 2021 Q3 | Sep 30, 2021 | — | — | — | 7.4% | 4.28% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | — | — | 2.68% | 1.54% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | — | — | -5.63% | -3.25% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | — | — | -4.02% | -2.32% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | — | — | -7.99% | -4.79% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | — | — | -5.99% | -3.63% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | — | — | 2.59% | 1.57% | — |
| FY 2019 Q4 | Dec 31, 2019 | — | — | — | 1.96% | 1.19% | — |
| FY 2019 Q3 | Sep 30, 2019 | — | — | — | 8.57% | 5.17% | — |
| FY 2019 Q2 | Jun 30, 2019 | — | — | — | 9.55% | 5.73% | — |
| FY 2019 Q1 | Mar 31, 2019 | — | — | — | 9.06% | 5.39% | — |
| FY 2018 Q4 | Dec 31, 2018 | — | — | — | 9.8% | 5.84% | — |
| FY 2018 Q3 | Sep 30, 2018 | — | — | — | 9.46% | 5.55% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | — | — | 8.12% | 4.73% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | — | — | 6.84% | 3.94% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | — | — | 6.26% | 3.58% | — |
| FY 2017 Q3 | Sep 30, 2017 | — | — | — | 4.43% | 2.52% | — |
| FY 2017 Q2 | Jun 30, 2017 | — | — | — | 3.97% | 2.26% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | — | — | 1.96% | 1.11% | — |
| FY 2016 Q4 | Dec 31, 2016 | — | — | — | -0.33% | -0.19% | — |
| FY 2016 Q3 | Sep 30, 2016 | — | — | — | -0.99% | -0.57% | — |
| FY 2016 Q2 | Jun 30, 2016 | — | — | — | -0.49% | -0.28% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | — | — | 0.85% | 0.49% | — |
| FY 2015 Q4 | Dec 31, 2015 | — | — | — | 2.98% | 1.72% | — |
| FY 2015 Q3 | Sep 30, 2015 | — | — | — | 5.56% | 3.24% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | — | — | 7.92% | 4.62% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | — | — | 11.29% | 6.55% | — |
| FY 2014 Q4 | Dec 31, 2014 | — | — | — | 12.65% | 7.4% | — |
| FY 2014 Q3 | Sep 30, 2014 | — | — | — | 13.76% | 8.07% | — |
| FY 2014 Q2 | Jun 30, 2014 | — | — | — | 13.53% | 7.93% | — |
| FY 2014 Q1 | Mar 31, 2014 | — | — | — | 13.59% | 7.97% | — |
| FY 2013 Q4 | Dec 31, 2013 | — | — | — | 15% | 8.8% | — |
| FY 2013 Q3 | Sep 30, 2013 | — | — | — | 17.09% | 10% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | — | — | 17.62% | 10.38% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | — | — | 19.49% | 11.45% | — |
| FY 2012 Q4 | Dec 31, 2012 | — | — | — | 20.3% | 11.83% | — |
| FY 2012 Q3 | Sep 30, 2012 | — | — | — | 18.96% | 11.16% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | — | — | 21.68% | 12.65% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | — | — | 23.05% | 13.26% | — |
| FY 2011 Q4 | Dec 31, 2011 | — | — | — | 23.75% | 13.64% | — |
| FY 2011 Q3 | Sep 30, 2011 | — | — | — | 24.26% | 14.2% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | — | — | 21.38% | 12.32% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | — | — | 20.13% | 11.37% | — |
| FY 2010 Q4 | Dec 31, 2010 | — | — | — | 19.31% | 10.89% | — |
| FY 2010 Q3 | Sep 30, 2010 | — | — | — | 17.42% | 9.89% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | — | — | 17.98% | 10.13% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | 14.41% | 8.04% | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q1 | Mar 31, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · CVX, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.