Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 31.96% is 146% above its 5-year average of 13.00%, near the high end of its 5-year range (5.00%–31.96%).
As of the fiscal period ended Tuesday, June 30, 2026. 143.50% above its 12-month average of 13.12%.
Reported quarterly operating margin; no daily interpolation.
OPERATING MARGIN
31.96%
OPERATING MARGIN AVG TTM
13.12%
OPERATING MARGIN AVG 3Y
10.34%
OPERATING MARGIN AVG 5Y
12.06%
OPERATING MARGIN AVG 10Y
8.76%
OPERATING MARGIN AVG 15Y
8.98%
OPERATING MARGIN AVG 20Y
10.83%
CURRENT VS TTM AVG
+143.50%
CURRENT VS 3Y AVG
+209.15%
CURRENT VS 5Y AVG
+165.07%
CURRENT VS 10Y AVG
+264.67%
CURRENT VS 15Y AVG
+255.98%
CURRENT VS 20Y AVG
+195.02%
SECTOR MEDIAN · ENERGY
16.21%
median of 42 covered companies
CURRENT VS SECTOR MEDIAN
+97.15%
vs the sector median at left
Chevron Corporation
Market Cap
$392.09B
Operating Margin
31.96%
TTM Avg
13.12%
3Y Avg
10.34%
5Y Avg
12.06%
Market Cap
$146.78B
Operating Margin
18.28%
TTM Avg
21.49%
3Y Avg
25.61%
5Y Avg
19.93%
Market Cap
$644.38B
Operating Margin
9.01%
TTM Avg
11.09%
3Y Avg
12.88%
5Y Avg
7.28%
Market Cap
$99.45B
Operating Margin
18.62%
TTM Avg
32.87%
3Y Avg
30.29%
5Y Avg
25.02%
Market Cap
$92.91B
Operating Margin
7.11%
TTM Avg
3.20%
3Y Avg
5.87%
5Y Avg
3.82%
Market Cap
$92.39B
Operating Margin
5.02%
TTM Avg
4.06%
3Y Avg
6.83%
5Y Avg
2.22%
Market Cap
$87.49B
Operating Margin
38.79%
TTM Avg
34.31%
3Y Avg
33.92%
5Y Avg
31.49%
Market Cap
$82.32B
Operating Margin
13.86%
TTM Avg
13.09%
3Y Avg
13.00%
5Y Avg
14.24%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Chevron Corporation (CVX) | $392.09B | 31.96% | 13.12% | 10.34% | 12.06% |
| ConocoPhillips (COP)vs › | $146.78B | 18.28% | 21.49% | 25.61% | 19.93% |
| Exxon Mobil Corporation (XOM)vs › | $644.38B | 9.01% | 11.09% | 12.88% | 7.28% |
| Canadian Natural Resources Limited (CNQ)vs › | $99.45B | 18.62% | 32.87% | 30.29% | 25.02% |
| Valero Energy Corporation (VLO)vs › | $92.91B | 7.11% | 3.20% | 5.87% | 3.82% |
| Marathon Petroleum Corporation (MPC)vs › | $92.39B | 5.02% | 4.06% | 6.83% | 2.22% |
| The Williams Companies, Inc. (WMB)vs › | $87.49B | 38.79% | 34.31% | 33.92% | 31.49% |
| Phillips 66 (PSX)vs › | $84.87B | 4.67% | 2.14% | 3.95% | 2.34% |
| Enterprise Products Partners L.P. (EPD)vs › | $82.32B | 13.86% | 13.09% | 13.00% | 14.24% |
| Eni S.p.A. (E)vs › | $80.49B | 5.36% | 8.46% | 10.75% | 10.27% |
Gross Margin
31.0%
Operating Margin
32.0%
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-06-30 | 31.96% |
| 2026-03-31 | 6.81% |
| 2025-12-31 | 8.79% |
| 2025-09-30 | 8.92% |
| 2025-06-30 | 9.14% |
| 2025-03-31 | 9.32% |
| 2024-12-31 | 5.00% |
| 2024-09-30 | 10.14% |
| 2024-06-30 | 11.28% |
| 2024-03-31 | 12.78% |
| 2023-12-31 | 11.05% |
| 2023-09-30 | 17.45% |
| 2023-06-30 | 13.38% |
| 2023-03-31 | 15.81% |
| 2022-12-31 | 14.70% |
| 2022-09-30 | 18.91% |
| 2022-06-30 | 19.47% |
| 2022-03-31 | 13.75% |
| 2021-12-31 | 10.81% |
| 2021-09-30 | 14.50% |
| 2021-06-30 | 9.11% |
| 2021-03-31 | 5.66% |
| 2020-12-31 | -2.82% |
| 2020-09-30 | -0.47% |
| 2020-06-30 | -49.57% |
| 2020-03-31 | 8.78% |
| 2019-12-31 | -28.65% |
| 2019-09-30 | 8.71% |
| 2019-06-30 | 10.19% |
| 2019-03-31 | 9.57% |
| 2018-12-31 | 8.16% |
| 2018-09-30 | 9.87% |
| 2018-06-30 | 8.59% |
| 2018-03-31 | 9.79% |
| 2017-12-31 | 1.15% |
| 2017-09-30 | 1.77% |
| 2017-06-30 | 1.62% |
| 2017-03-31 | 4.48% |
| 2016-12-31 | -2.60% |
| 2016-09-30 | 0.66% |
| 2016-06-30 | -12.32% |
| 2016-03-31 | -9.51% |
| 2015-12-31 | -12.29% |
| 2015-09-30 | 3.77% |
| 2015-06-30 | -5.88% |
| 2015-03-31 | 2.05% |
| 2014-12-31 | 3.34% |
| 2014-09-30 | 11.59% |
| 2014-06-30 | 12.00% |
| 2014-03-31 | 11.07% |
| 2013-12-31 | 11.10% |
| 2013-09-30 | 12.25% |
| 2013-06-30 | 11.80% |
| 2013-03-31 | 14.29% |
| 2012-12-31 | 10.55% |
| 2012-09-30 | 13.56% |
| 2012-06-30 | 15.94% |
| 2012-03-31 | 17.42% |
| 2011-12-31 | 0.54% |
| 2011-09-30 | 17.87% |
| 2011-06-30 | 24.73% |
| 2011-03-31 | 16.09% |
| 2010-12-31 | 13.82% |
| 2010-09-30 | 11.63% |
| 2010-06-30 | 22.83% |
| 2010-03-31 | 13.71% |
| 2009-12-31 | 10.30% |
| 2009-09-30 | 11.26% |
| 2009-06-30 | 6.63% |
| 2009-03-31 | 7.24% |
| 2008-12-31 | 16.03% |
| 2008-09-30 | 16.41% |
| 2008-06-30 | 12.53% |
| 2008-03-31 | 13.08% |
| 2007-12-31 | 18.19% |
| 2007-09-30 | 12.71% |
| 2007-06-30 | 16.30% |
| 2007-03-31 | 15.89% |
| 2006-12-31 | 34.09% |
| 2006-09-30 | 22.08% |
| 2006-06-30 | 15.92% |
| 2006-03-31 | 14.28% |
| 2005-12-31 | 26.59% |
| 2005-09-30 | 12.55% |
| 2005-06-30 | 13.61% |
| 2005-03-31 | 12.10% |
| 2004-12-31 | 27.67% |
| 2004-09-30 | 12.78% |
| 2004-06-30 | 14.82% |
| 2004-03-31 | 18.57% |
| 2003-12-31 | 14.89% |
| 2003-09-30 | 13.41% |
| 2003-06-03 | 16.60% |
| 2003-03-31 | 18.34% |
| 2002-12-31 | 13.70% |
| 2002-09-30 | 13.21% |
