Exxon Mobil vs. Chevron: Tracking Revenue Scale and Stability Over Two Years
Key Points
When examining the past eight quarters of detailed financial performance, it is clear that Exxon Mobil consistently maintains a substantially higher overall revenue baseline than Chevron.
The two companies have experienced mostly stable but slightly declining quarter-over-quarter revenue trajectories throughout the observed two-year reporting period.
Investors evaluating the two companies should carefully watch whether the overall revenue gap between them persists or begins to narrow in upcoming financial quarters.
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Exxon Mobil: Sustaining High Revenue Tiers
Exxon Mobil (NYSE:XOM) explores for and produces crude oil and natural gas in the United States and internationally.
While awaiting a formal shareholder vote on a corporate proposal to relocate its legal headquarters from New Jersey to Texas, it reported an approximately 8% net income margin for the quarter ended Dec. 31, 2025.
Chevron: Navigating Fluctuating Revenue Cycles
Chevron (NYSE:CVX) engages in integrated energy and chemicals operations worldwide through its upstream and downstream business segments.
It finalized a strategic asset swap with state-owned entities in Venezuela and secured a procedural victory in the United States Supreme Court, while posting an approximately 6% net income margin for the quarter ended Dec. 31, 2025.
Why Understanding Revenue Trajectories Matters for Retail Investors
Revenue here refers to the data provider's standardized income statement revenue line item and serves as a vital, straightforward measure of the total cash a business brings in before deducting its operating expenses.
Comparing Quarterly Revenue Performance for Exxon Mobil and Chevron
| Quarter (Period End) | Exxon Mobil Revenue | Chevron Revenue |
|---|---|---|
| Q1 2024 (March 2024) | $80.4 billion | $46.6 billion |
| Q2 2024 (June 2024) | $90.0 billion | $49.6 billion |
| Q3 2024 (Sept. 2024) | $87.8 billion | $48.9 billion |
| Q4 2024 (Dec. 2024) | $81.1 billion | $48.3 billion |
| Q1 2025 (March 2025) | $81.1 billion | $46.1 billion |
| Q2 2025 (June 2025) | $79.5 billion | $44.4 billion |
| Q3 2025 (Sept. 2025) | $83.3 billion | $48.2 billion |
| Q4 2025 (Dec. 2025) | $80.0 billion | $45.8 billion |
Data source: Company filings.
Foolish Take
Exxon Mobil and Chevron are two of the largest and most prominent energy stocks. Therefore, it should come as no surprise that both of these stocks have reported staggering amounts of revenue over the last two years. Here are some key takeaways from those figures.
First, Exxon has consistently generated more revenue than Chevron. Indeed, Exxon’s average quarterly revenue over the last two years is approximately $82.9 billion, while Chevron’s is $47.3 billion, or about 57% of Exxon’s average.
However, despite fluctuations in both companies’ revenue, the ratio between the two has remained relatively stable. For example, Exxon’s most recent quarterly revenue (for the three months ending on Dec. 31, 2025) was down about 0.5% from its Q1 2024 figure (for the three months ending on March 31, 2024). Chevron, meanwhile, reported quarterly revenue about 1.7% below its total.
In short, the revenue figures between Exxon and Chevron move largely in tandem with one another and are significantly related to the price of key energy commodities such as crude oil and natural gas.
Indeed, value-oriented investors deciding between Exxon and Chevron will want to consider factors beyond revenue. Operating margin, free cash flow, and the overall health of the balance sheet are key components to examine.
Finally, investors who are interested in Exxon and Chevron should stay tuned — both companies report first-quarter results tomorrow, May 1, 2026.
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Jake Lerch has positions in ExxonMobil. The Motley Fool has positions in and recommends Chevron. The Motley Fool has a disclosure policy.
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