CVX · Forward model · All Other · Bull case
What has to happen in All Other
Model as of
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All Other
Basis quarter$146M
Final quarter$168M
Implied CAGR+3%
Final revenue mix0%
Worldwide cash management, debt financing, corporate administration, insurance, real estate and technology. It carried $146M of revenue in the basis quarter, about 0.2% of the consolidated line, and exists in this model so that the five verticals add to reported Total Revenues and Other Income exactly rather than approximately.
Last four quarters
2025 Q3
$286M
Reported
2025 Q4
$136M
Estimated
2026 Q1
$129M
Reported
2026 Q2
$146M
Reported
Corporate and other incomeInsurance operationsReal estate and technology
Sequential growth
0.0%/qtr
decaying toward 0.0%
Flat: $146M of corporate revenue with no operating driver, about 0.2% of the consolidated line.
All Other
Latest: $168M (2031Q2E)
| Period | Value |
|---|---|
| 2024Q1 | $206M |
| 2024Q2 | $139M |
| 2024Q3 | $148M |
| 2024Q4 | $157M |
| 2025Q1 | $398M |
| 2025Q2 | −$176M |
| 2025Q3 | $286M |
| 2025Q4 | $136M |
| 2026Q1 | $129M |
| 2026Q2 | $146M |
| 2026Q3E | $147M |
| 2026Q4E | $148M |
| 2027Q1E | $149M |
| 2027Q2E | $150M |
| 2027Q3E | $151M |
| 2027Q4E | $152M |
| 2028Q1E | $153M |
| 2028Q2E | $154M |
| 2028Q3E | $155M |
| 2028Q4E | $157M |
| 2029Q1E | $158M |
| 2029Q2E | $159M |
| 2029Q3E | $160M |
| 2029Q4E | $161M |
| 2030Q1E | $162M |
| 2030Q2E | $163M |
| 2030Q3E | $164M |
| 2030Q4E | $166M |
| 2031Q1E | $167M |
| 2031Q2E | $168M |
Assumptions & reasoning
- This line went negative in 2025 Q2 at -$176M. A multiplicative driver would break on a negative basis quarter; the 2026 Q2 base of +$146M is positive, so the engine is safe on this basis but the line must be watched at each refresh.
- Its $1,108M quarterly cost block does not sit here. It is carried in corporate overhead at 1.58% of consolidated revenue so it is not double-counted against a $146M revenue stub, which is why this vertical's EBITDA margin is zero rather than -759%.
- Carrying overhead as a percentage of revenue means it falls when the commodity price falls, which corporate costs do not really do. It is the only mechanism the engine offers, and in the bear case it charges $695M in the last projected quarter against a $1,108M cost block, about $400M a quarter too generous.