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CVX Operating Expenses

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In Q4'25, Chevron's (CVX) total operating expenses reached $1.816B USD, comprising $324M USD in R&D expenses and $1.492B USD in SG&A expenses, marking a notable increase from the prior quarter's $1.812B USD total. From Q1'23 to Q4'25, R&D expenses exhibited volatility, fluctuating between a low of $129M USD in Q1'24 and a high of $449M USD in Q4'24, with an overall upward trend averaging around $240M USD quarterly in the latter half of the period. SG&A expenses, the dominant component, showed relative stability with a gradual increase from $881M USD in Q1'23 to peaks near $1.5B USD in Q3'25 and Q4'25, driven by spikes in Q3'24 and Q3'25, while total operating expenses trended higher overall, rising from $1.071B USD to $1.816B USD amid periodic declines in early 2024 and Q2'25.