Chevron Corporation Earnings Recaps
Q2 2026
Aug 2, 2026
Chevron’s shares ticked up modestly by 2.4%, reflecting a generally steady execution quarter with no significant surprises in guidance or margins, but also no clear catalysts to push the stock higher.
Key takeaways
- Reported earnings of $12.1 billion ($6.11 per share), with adjusted earnings at $12 billion ($6.06 per share).
- Cash flow from operations (excluding working capital) was nearly $20 billion, with adjusted free cash flow of $15.4 billion.
- Production grew by over 200,000 barrels of oil equivalent per day, reaching the second highest quarterly output ever, with record U.S. upstream and refinery throughput.
- Structural cost reduction targets of $3 billion annually were achieved six months ahead of schedule, mostly through efficiency gains offsetting inflation.
- Year-end CapEx guidance lowered to the low end of the $18-19 billion range; net debt further reduced by more than $8 billion, strengthening the balance sheet.
Q1 2026
May 2, 2026
Chevron shares closed down 1.4% following Q1 2026 results, as investors weighed modest sequential declines in adjusted earnings and continued exposure to timing effects in downstream earnings. The company maintained its full-year guidance and highlighted operational execution amid volatile commodity prices.
Key takeaways
- Adjusted Q1 earnings were $2.8 billion ($1.41/share), down $440 million from the previous quarter; reported earnings included a $360 million legal charge and $223 million FX impact.
- Downstream earnings declined primarily due to $3 billion in unfavorable timing effects (inventory valuation and derivatives) from March’s commodity price spike; about $1 billion of these are expected to unwind in Q2.
- Upstream segment saw improvement on higher realizations, lower DD&A, and ongoing integration of Hess assets, with production up 500,000 barrels per day year over year.
- Cash flow from operations (ex-WC) was $7.1 billion, including negative special items and timing effects; adjusted free cash flow stood at $4.1 billion.
- Guidance for 2026 capital spending, production, and cost reductions remains unchanged; management reiterated targets for over 10% adjusted free cash flow and EPS growth by 2030 at $70 Brent.