Analysis points to margin compression following Chevron's fiscal year 2025 results. Trailing net profit margin fell to 6.7% from 9.0% in the prior year. Trailing 12-month revenue reached approximately $184.7 billion. Net income totaled about $12.3 billion.
These results challenge the narrative that cost efficiencies will support higher future margins. Chevron plans significant structural cost reductions by the end of 2026. The company continues investing in low-cost assets.