Chevron Corp (CVX)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	29,542,000	35,819,000	41,912,000	49,983,000	49,531,000	46,706,000	39,955,000	28,455,000	21,575,000	13,651,000	5,558,000	-9,442,000	-7,435,000	-14,817,000	-10,726,000	5,814,000	5,615,000	18,868,000	20,506,000	19,448,000
Revenue (ttm)	US$ in thousands	200,949,000	210,242,000	222,806,000	242,672,000	246,252,000	237,908,000	215,974,000	184,809,000	162,465,000	139,582,000	119,323,000	95,220,000	94,692,000	105,796,000	117,461,000	142,817,000	146,516,000	152,518,000	160,389,000	163,775,000
Pretax margin		14.70%	17.04%	18.81%	20.60%	20.11%	19.63%	18.50%	15.40%	13.28%	9.78%	4.66%	-9.92%	-7.85%	-14.01%	-9.13%	4.07%	3.83%	12.37%	12.79%	11.87%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $29,542,000K ÷ $200,949,000K
= 14.70%

Based on the data provided, Chevron Corp.'s pretax margin has displayed some fluctuations over the past eight quarters. The trend shows a general decline from Q1 2022 to Q2 2023, with an exception in Q3 2022 where there was a slight increase. The highest pretax margin was observed in Q1 2023 at 21.59%, while the lowest was in Q1 2022 at 16.12%. It is worth noting that despite the fluctuations, the pretax margin has generally been above 15% over the period under review. Overall, Chevron Corp.'s pretax margin reflects varying levels of profitability before taxes, with potential key factors driving these changes warranting further investigation.