Chevron Corporation (CVX): return on invested capital, 10 filed years
ROIC at Chevron Corporation was 5.6% in FY2025, the newest filed year. Across the 7 computed years from FY2019 it ranged from -2.7% (FY2020) to 20.7% (FY2022), with a median of 9.2%.
Tonight's figure on the company page: 5.6%, recomputed 2026-10-15. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.
Year by year
| Fiscal year | ROIC | Read from |
|---|---|---|
| FY2016 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2017-02-23 |
| FY2017 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2018-02-22 |
| FY2018 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2019-02-22 |
| FY2019 | 1.8% | 10-K, filed 2020-02-21 |
| FY2020 | -2.7% | 10-K, filed 2021-02-25 |
| FY2021 | 9.2% | 10-K, filed 2022-02-24 |
| FY2022 | 20.7% | 10-K, filed 2023-02-23 |
| FY2023 | 11.8% | 10-K, filed 2024-02-26 |
| FY2024 | 9.9% | 10-K, filed 2025-02-21 |
| FY2025 | 5.6% | 10-K, filed 2026-02-24 |
How each year is computed
Operating income x (1 - effective tax rate) / (equity + total debt - cash) x 100
Each year is a ratio of lines in that year's filed annual report, with the nightly recompute's own rules for what counts as a filed line. Nothing is estimated, smoothed or filled in: a year that cannot be computed says why.
Read further
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.