From pre-tax result to the bottom line — tax and exceptional effects
CVX
From pre-tax result to the bottom line — tax and exceptional effects
Financing & tax — from operating result to the bottom line
$bnFrom operating result to the bottom line — 2024 → 2025
What happens between EBIT and net income: non-operating result and tax. Tax is separated into two causes — a different rate and a larger base are two different things.
Shown: FY24 17.66 → FY25 12.30, change -5.36.
- Pre-tax (ΔEBT) -7.86
- Tax rate -0.30
- Tax on higher base 2.80
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Effective tax rate 35.6 % → 37.1 %. Rate effect = −EBT₁·Δr, higher-base effect = −ΔEBT·r₀; together they equal the tax change exactly. Effective rate = (EBT − net) / EBT. Source: SEC EDGAR companyfacts · filings 2009–2026
From operating result to the bottom line — 2023 → 2025
What happens between EBIT and net income: non-operating result and tax. Tax is separated into two causes — a different rate and a larger base are two different things.
Shown: FY23 21.37 → FY25 12.30, change -9.07.
- Pre-tax (ΔEBT) -9.99
- Tax rate -1.85
- Tax on higher base 2.76
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Effective tax rate 27.7 % → 37.1 %. Rate effect = −EBT₁·Δr, higher-base effect = −ΔEBT·r₀; together they equal the tax change exactly. Effective rate = (EBT − net) / EBT. Source: SEC EDGAR companyfacts · filings 2009–2026
From operating result to the bottom line — 2022 → 2025
What happens between EBIT and net income: non-operating result and tax. Tax is separated into two causes — a different rate and a larger base are two different things.
Shown: FY22 35.47 → FY25 12.30, change -23.17.
- Pre-tax (ΔEBT) -29.97
- Tax rate -1.70
- Tax on higher base 8.51
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Effective tax rate 28.4 % → 37.1 %. Rate effect = −EBT₁·Δr, higher-base effect = −ΔEBT·r₀; together they equal the tax change exactly. Effective rate = (EBT − net) / EBT. Source: SEC EDGAR companyfacts · filings 2009–2026
Exceptionals — reported versus adjusted
$bnReported versus adjusted — 2025
What remains of operating profit once one-off items are taken out? Each bar is a special item being reversed.
Shown: Pre-tax 19.56 → adjusted 19.29, change -0.27.
- Asset impairment 0.13
- Gain/(loss) on disposal -0.40
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains.
Expense items (restructuring, impairments, acquisition costs) are added back, gains (disposal gains) subtracted. Only items the firm actually tags for that year appear — the selection is not curated, it follows the filing. Source: SEC EDGAR companyfacts · filings 2009–2026
Reported versus adjusted — 2025
What remains of operating profit once one-off items are taken out? Each bar is a special item being reversed.
Shown: Pre-tax 19.56 → adjusted 19.29, change -0.27.
- Asset impairment 0.13
- Gain/(loss) on disposal -0.40
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains.
Expense items (restructuring, impairments, acquisition costs) are added back, gains (disposal gains) subtracted. Only items the firm actually tags for that year appear — the selection is not curated, it follows the filing. Source: SEC EDGAR companyfacts · filings 2009–2026
Reported versus adjusted — 2025
What remains of operating profit once one-off items are taken out? Each bar is a special item being reversed.
Shown: Pre-tax 19.56 → adjusted 19.29, change -0.27.
- Asset impairment 0.13
- Gain/(loss) on disposal -0.40
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains.
Expense items (restructuring, impairments, acquisition costs) are added back, gains (disposal gains) subtracted. Only items the firm actually tags for that year appear — the selection is not curated, it follows the filing. Source: SEC EDGAR companyfacts · filings 2009–2026
Report an error or missing source
Use the result — then reproduce it
The report is the distribution artifact. These four actions are part of its manifest, not a marketing block added afterwards.