Chevron Corporation (CVX)
Chevron is a global integrated energy company spanning upstream production, refining, and chemicals. It is a major player in US shale and returns significant cash to shareholders through dividends and buybacks.
Energy stock comparison
CVX vs TRGP: how the two businesses compare
- Bigger business: CVX, with $189.0B of yearly revenue, about 11× TRGP's $17.0B.
- More profitable: TRGP keeps 11 cents of each sales dollar as profit, against 7 cents at CVX.
- More cash from each sale: TRGP turns 23 cents of each sales dollar into operating cash flow, against 18 cents at CVX.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Chevron (CVX) is the larger business by reported revenue: $189.0B in its fiscal year ended Dec 2025, about 11× TRGP's $17.0B (fiscal year ended Dec 2025). CVX's net margin was 6.5% and TRGP's 11.3%. The SEC classifies them differently (Petroleum Refining; Natural Gas Transmission); what connects them is shared exposure to the Economic trends research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Sector
- Energy
- SEC industry
- Different
- Separate classifications
- Fiscal year ends
- December 31
- Same calendar
- Reviewed
- Feb 24, 2026
CVX vs TRGP: quick comparison
| Company fact | CVX | TRGP |
|---|---|---|
| Company | Chevron Corporation | Targa Resources Corp. |
| Exchange | NYSE | NYSE |
| Headquarters | Houston, Texas | — |
| Founded | 1879 | — |
| SEC industry | Petroleum Refining | Natural Gas Transmission |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-24 | 10-K · 2026-02-19 |
CVX vs TRGP: audited financials
- Scale: CVX's $189.0B of revenue is about 11× TRGP's $17.0B.
- Net margin: TRGP kept 11.3% of revenue as net income versus 6.5% at CVX.
- Cash conversion: operating cash flow equalled CVX 18.0% of revenue, or 2.76× net income; TRGP 23.0% of revenue, or 2.04× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | CVX | TRGP |
|---|---|---|
| Revenue | $189.0B2025-01-01 to 2025-12-31 · SEC filing | $17.0B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $12.3B2025-01-01 to 2025-12-31 · SEC filing | $1.9B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $33.9B2025-01-01 to 2025-12-31 · SEC filing | $3.9B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $6.632025-01-01 to 2025-12-31 · SEC filing | $8.492025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 6.5%2025-01-01 to 2025-12-31 · SEC filing | 11.3%2025-01-01 to 2025-12-31 · SEC filing |
CVX: FY ending 2025-12-31 · TRGP: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where CVX and TRGP overlap, and where they don't
Overlap
- Shared research theme: Economic trends.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different SEC industries: CVX files as Petroleum Refining; TRGP as Natural Gas Transmission.
- Only CVX maps to Wars & geopolitics.
- Scale: CVX reported about 11× the annual revenue of TRGP.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Targa Resources Corp. (TRGP)
Targa Resources gathers, processes, and transports natural gas and natural-gas liquids.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves CVX
We have not yet published a company-specific driver list for CVX. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-24.
What moves TRGP
We have not yet published a company-specific driver list for TRGP. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-19.
The investment question
You now know CVX reports about 11× TRGP's revenue, and TRGP keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 39 matched transaction rows for CVX and 6 matched transaction rows for TRGP. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
CVX primary filings
TRGP primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving CVX or TRGP
CVX vs TRGP FAQs
Are CVX and TRGP direct competitors?
Not necessarily. Chevron files as Petroleum Refining and Targa Resources as Natural Gas Transmission. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is CVX or TRGP the bigger company by revenue?
Chevron (CVX) is the larger business by reported revenue: $189.0B in its fiscal year ended Dec 2025, about 11× TRGP's $17.0B (fiscal year ended Dec 2025). CVX's net margin was 6.5% and TRGP's 11.3%. The SEC classifies them differently (Petroleum Refining; Natural Gas Transmission); what connects them is shared exposure to the Economic trends research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, CVX or TRGP?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this CVX vs TRGP comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Chevron Corporation and Targa Resources Corp. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-03. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-03. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
CVX vs TRGP compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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