Thirty-Nine Years of Dividend IncreasesNarrow moat

Chevron (CVX) — moat facet

Chevron has raised its dividend for 39 years and says in its 10-K that capital spending and buybacks will be cut first to keep it.

Chevron has raised its annual dividend per share every year for a long time. The 10-K records that the 2025 dividend of $6.84 made 2025 "the 38th consecutive year that the company increased its annual per share dividend payout"1, and in January 2026 the quarterly dividend rose about four percent to $1.782, putting it on course for a 39th year3.

Dividends per share ($)4.2820154.3220174.7620195.3120216.0420236.842025Chevron Forms 10-K FY2016, FY2019, FY2022 and FY2025
Up about 60% in a decade.

The dividend has grown faster than the business. Per share, it rose from $4.28 in 2015 to $6.84 in 202545, about 60 percent6, while sales and other operating revenues went from $129,925 million to $184,432 million over the same decade78. Dividends paid rose from $7,992 million to $12,751 million9.

The company is explicit about where it ranks. In the 10-K Chevron says it can change its capital plans and cut its buybacks, and "This provides the flexibility to continue paying the common stock dividend"10. Capital spending and buybacks are the shock absorbers; the dividend is fixed.

That is a real advantage with shareholders, and the market pays for it: the shares yield 3.46 percent11. But a dividend is a use of cash, not a source of it, and the record says little about whether the underlying business earns its cost of capital.

The quarterly figure has risen steadily: $1.42 in 2022, $1.51 in 2023, $1.63 in 2024, $1.71 in 2025 and $1.78 in 202612. Chevron also returned more than $5 billion to shareholders in a sixteenth consecutive quarter in the first quarter of 2026, as the release put it, "16th consecutive quarter over $5 billion"13.

The dividend is secure while operating cash flow covers it comfortably. It did in 2025, $33,939 million against $12,751 million paid1415; a year in which dividends take more than half of operating cash flow would be the first sign the promise is outrunning the business.

Moat trajectory: Holding steady

Raised to $1.78 a quarter in 2026; 39th consecutive annual increase in prospect.

The number that tests this moat
Reported
Quarterly dividend per share
$1.78 (2026), from $1.71 in 2025

The fixed commitment; dividends above half of operating cash flow would mean the promise is outrunning the business.

Source: CVX dividend history (stockanalysis) ↗
⚠ Threats to the moat
⚠ THREAT 01
Paying $6.84 on $6.63
Chevron paid out more in dividends than it earned in 2025, and Hess added 301 million shares that now collect the same dividend.
References
  1. ReportedThe 10-K records that the 2025 dividend of $6.84 made 2025 "the 38th consecutive year that the company increased its annual per share dividend payout", and in January 2026 the quarterly dividend rose about four percent to $1.78, putting it on course for a 39th year.
    Chevron Form 10-K for fiscal 2025 - liquidity and capital resources: debt, ratings, capital spending, dividends and share repurchases. — FY2025 · publ. 24 February 2026 · source ↗
  2. ReportedThe 10-K records that the 2025 dividend of $6.84 made 2025 "the 38th consecutive year that the company increased its annual per share dividend payout", and in January 2026 the quarterly dividend rose about four percent to $1.78, putting it on course for a 39th year.
    Chevron Form 10-K for fiscal 2025 - liquidity and capital resources: debt, ratings, capital spending, dividends and share repurchases. — FY2025 · publ. 24 February 2026 · source ↗
  3. ReportedThe 10-K records that the 2025 dividend of $6.84 made 2025 "the 38th consecutive year that the company increased its annual per share dividend payout", and in January 2026 the quarterly dividend rose about four percent to $1.78, putting it on course for a 39th year.
    Chevron fourth-quarter and full-year 2025 earnings release, Form 8-K exhibit 99.1. — FY2025 · publ. 30 January 2026 · source ↗
  4. ReportedPer share, it rose from $4.28 in 2015 to $6.84 in 2025, about 60 percent, while sales and other operating revenues went from $129,925 million to $184,432 million over the same decade.
    Chevron Form 10-K for fiscal 2025 - liquidity and capital resources: debt, ratings, capital spending, dividends and share repurchases. — FY2025 · publ. 24 February 2026 · source ↗
  5. ReportedPer share, it rose from $4.28 in 2015 to $6.84 in 2025, about 60 percent, while sales and other operating revenues went from $129,925 million to $184,432 million over the same decade.
    Chevron Form 10-K for fiscal 2016 - segment earnings for 2014-2016 and return on capital employed. — FY2016 · publ. February 2017 · source ↗
  6. Moat Explorer calcPer share, it rose from $4.28 in 2015 to $6.84 in 2025, about 60 percent, while sales and other operating revenues went from $129,925 million to $184,432 million over the same decade.
    Moat Explorer calculation from Chevron's reported figures ($ millions unless stated). Segment mix 2025: external sales upstream US 19,608, upstream international 33,844, downstream US 65,331, downstream international 65,545, All Other 104, total 184,432; upstream 19,608 + 33,844 = 53,452, 53,452 / 184,432 = 29.0%; downstream 65,331 + 65,545 = 130,876, 130,876 / 184,432 = 71.0%; upstream US 19,608 / 184,432 = 10.6%; upstream international 33,844 / 184,432 = 18.4%; downstream US 65,331 / 184,432 = 35.4%; downstream international 65,545 / 184,432 = 35.5%. Upstream share of external sales 2015 (4,117 + 15,587) / 129,925 = 15.2%. Intersegment: upstream US 25,910 / 45,518 = 56.9%. Segment earnings 2025: upstream 12,822, downstream 3,022, sum 15,844; downstream 3,022 / 15,844 = 19.1%; upstream 12,822 / 15,844 = 80.9%. Downstream assets 55,243 / 324,012 = 17.0%. Change 2024 to 2025: upstream 12,822 - 18,602 = -5,780; downstream 3,022 - 1,727 = +1,295; 1,295 / 5,780 = 22.4%; Brent 81 - 69 = 12, 5,780 / 12 = about 480 per $1. 2022 upstream 12,621 + 17,663 = 30,284; downstream 5,394 + 2,761 = 8,155. Margins 2025 on sales before eliminations: upstream US 5,815 / 45,518 = 12.8%; upstream international 7,007 / 42,861 = 16.3%; downstream US 1,375 / 72,485 = 1.9%; downstream international 1,647 / 69,925 = 2.4%. Earnings over year-end segment assets: upstream 12,822 / 256,975 = 5.0%; upstream US 5,815 / 84,559 = 6.9%; upstream international 7,007 / 168,200 = 4.2%; downstream 3,022 / 55,243 = 5.5%; downstream US 1,375 / 33,745 = 4.1%; downstream international 1,647 / 21,146 = 7.8%. US downstream 531 / 3,904 - 1 = -86.4%. CPChem 352 / 8,985 = 3.9%; 352 / 903 - 1 = -61.0%. TCO revenue 21,986 / 18,872 - 1 = 16.5%; TCO net income 2,496 / 5,779 - 1 = -56.8%. Hess net income 193 / 48,000 = 0.4%. ROCE 2015-2025: 2.5, -0.1, 5.0, 8.2, 2.0, -2.8, 9.4, 20.3, 11.9, 10.1, 6.6; sum 73.1 / 11 = 6.6% average; years at or above 8%: 2018, 2021, 2022, 2023, 2024 = 5 of 11. Production: Permian 1,000 / US 1,858 = 54%; 1,000 / 3,723 = 27%; Australia 472 / 3,723 = 12.7%; Q2 2026 4,070 / 3,396 - 1 = 19.8%; 4,070 / 3,120 - 1 = 30.4%. Guyana 30% x 1.7 million gross = 510 thousand. Gas: 0.91 x 6 = 5.46 per barrel of oil equivalent; 5.46 / 70.80 = 7.7%; 1.8 billion cubic feet / 6,000 = 300 thousand boe a day. Reserves: 3,723 x 365 = 1,359 million boe a year; 10,591 / 1,359 = 7.8 years. California refining 290 + 257 = 547 of 1,099 = 49.8%. Largest holders 8.56 + 7.50 + 7.00 + 6.70 = 29.76%. Balance sheet and returns: net debt 34,461 / 17,756 = 1.94, up 94%; dividends per share 6.84 / 4.28 - 1 = 59.8%; 6.84 / 6.63 = 1.03; returns 27.1 / 12.3 = 2.2 times; free cash flow 16.6 - 12.751 = 3.8 bn; buyback authorisation 75 - 44 = 31 bn; Q2 2026 buyback 3.0 bn / 16.2 million = $185 a share; shares 1,980 / 1,755 - 1 = 12.8%, 1,980 - 1,755 = 225 million; employees 43,039 / 45,600 - 1 = -5.6%; operating and SG&A 33,444 / 29,240 - 1 = 14.4%, 33,444 - 29,240 = 4,204; DD&A 20,132 / 17,282 - 1 = 16.5%, +2,850; income tax 7,258 / 12,299 = 59.0%. Valuation: trailing sales 184,432 - 90,476 + 114,755 = 208,711; trailing net income 12,299 - 5,990 + 14,282 = 20,591; 403.40 / 20.591 = 19.6 times; 403.40 / 12.299 = 32.8 times; implied forward earnings 403.40 / 12.77 = 31.6 bn, 31.6 / 12.3 = 2.6 times; trailing EPS approximately 20,591 / 1,970 = 10.45. Swings: timing 2.9 + 1.4 = 4.3 bn; international downstream 1,013 + 2,457 = 3,470. Further: California inputs 261 + 253 = 514, 514 / 1,038 = 49.5%; GS Caltex 58 / 4,403 = 1.3%, 437 / 4,403 = 9.9%; equity affiliate income 3,000 / 5,131 - 1 = -41.5%; affiliate production 538 / 3,723 = 14.5%; Hess share of 2025 production increase 261 / 385 = 67.8%; enterprise value less market value 431.95 - 403.40 = 28.55 bn; capital employed 232,934 / 177,698 - 1 = 31.1%; total assets 324,012 - 256,938 = 67,074; Hess issuance 15% / 6% = 2.5 years, 15% / 3% = 5 years; external sales 2015 downstream US 48,420 + 4,426 = 52,846, downstream international 54,296 + 2,933 = 57,229; 2020 downstream US 32,589 - 2,150 = 30,439 - balance sheet, capital returns, costs and valuation. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Chevron's Forms 10-K, 10-Q, earnings releases, proxy statement and market data; operands shown in the source line.
  7. ReportedPer share, it rose from $4.28 in 2015 to $6.84 in 2025, about 60 percent, while sales and other operating revenues went from $129,925 million to $184,432 million over the same decade.
    Chevron Form 10-K for fiscal 2016 - segment earnings for 2014-2016 and return on capital employed. — FY2016 · publ. February 2017 · source ↗
  8. ReportedPer share, it rose from $4.28 in 2015 to $6.84 in 2025, about 60 percent, while sales and other operating revenues went from $129,925 million to $184,432 million over the same decade.
    Chevron Form 10-K for fiscal 2025 - liquidity and capital resources: debt, ratings, capital spending, dividends and share repurchases. — FY2025 · publ. 24 February 2026 · source ↗
  9. ReportedDividends paid rose from $7,992 million to $12,751 million.
    SEC EDGAR XBRL company facts for Chevron (CIK 93410) - operating cash flow, share repurchases and dividends paid, 2015-2025. — 2015-2025 · publ. September 2026 · source ↗
  10. ReportedIn the 10-K Chevron says it can change its capital plans and cut its buybacks, and "This provides the flexibility to continue paying the common stock dividend".
    Chevron Form 10-K for fiscal 2025 - liquidity and capital resources: debt, ratings, capital spending, dividends and share repurchases. — FY2025 · publ. 24 February 2026 · source ↗
  11. ReportedThat is a real advantage with shareholders, and the market pays for it: the shares yield 3.46 percent.
    Chevron (CVX) statistics - $205.65 at the close on 24 September 2026, market cap $403.40 billion, trailing P/E 19.75, forward P/E 12.77, dividend yield 3.46%, 39 years of dividend growth. — September 2026 · publ. 24 September 2026 · source ↗
  12. ReportedThe quarterly figure has risen steadily: $1.42 in 2022, $1.51 in 2023, $1.63 in 2024, $1.71 in 2025 and $1.78 in 2026.
    Chevron dividend history - quarterly dividend per share 2022-2026. — September 2026 · publ. September 2026 · source ↗
  13. ReportedChevron also returned more than $5 billion to shareholders in a sixteenth consecutive quarter in the first quarter of 2026, as the release put it, "16th consecutive quarter over $5 billion".
    Chevron first-quarter 2026 earnings release, Form 8-K exhibit 99.1. — Q1 2026 · publ. 1 May 2026 · source ↗
  14. ReportedIt did in 2025, $33,939 million against $12,751 million paid; a year in which dividends take more than half of operating cash flow would be the first sign the promise is outrunning the business.
    Chevron Form 10-K for fiscal 2025 - liquidity and capital resources: debt, ratings, capital spending, dividends and share repurchases. — FY2025 · publ. 24 February 2026 · source ↗
  15. ReportedIt did in 2025, $33,939 million against $12,751 million paid; a year in which dividends take more than half of operating cash flow would be the first sign the promise is outrunning the business.
    SEC EDGAR XBRL company facts for Chevron (CIK 93410) - operating cash flow, share repurchases and dividends paid, 2015-2025. — 2015-2025 · publ. September 2026 · source ↗
Sources
Generated September 25, 2026