Chevron Corporation · 2026 Q2
ReportedJul 31, 2026
Period endedJun 30, 2026
Rule of 40+82
Consensus vs reported
EPS · ADJUSTED
BEAT +4%
$6.06
vs $5.80 expected
QoQ+330%
YoY—
Revenue
BEAT +6%
$70.06B
vs $66.28B expected
QoQ+44.1%
YoY+56.3%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
Reported this quarter
Revenue
$70.06B
QoQ +44.1%
YoY +56.3%
EPS
$6.11
QoQ +450.5%
YoY +321.4%
Free Cash Flow
$18.09B
QoQ —
YoY +272.0%
Gross Margin
32.3%
QoQ -8.2 pp
YoY -7.1 pp
FCF Margin
25.8%
QoQ +29.0 pp
YoY +15.0 pp
P/E Ratio
15.9
QoQ -55.7%
YoY -13.8%
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- The earnings came from price, and the price came from conflict. Adjusted earnings of $12.0B ($6.06 a share) beat a $5.56 estimate , with reported earnings of $12.1B nearly quadrupling — on a 53% jump in Brent driven by Middle East disruption and Venezuela, not by demand.
- The operating quarter would have stood without the price. Record worldwide production of 4.07M boe/d, +20% , record US output at 2.08M b/d , and record US crude-unit throughput at 97% utilisation .
- Chevron is now on both sides of the Venezuela trade. Its restored joint-venture operations produce about 280,000 barrels per day with roughly 15% further growth guided over 18–24 months , while Venezuela-linked disruption is part of what lifted the price it sells into.
- The AI story reached the oil majors, from the supply side. A 20-year power agreement with Microsoft for Project Kilby in West Texas — roughly 2.67 gigawatts , phased, first power targeted for 2028. Chevron sells into the buildout rather than spending on it.
- The return programme held through the volatility. The $1.78 quarterly dividend was maintained, backed by $18.1B of free cash flow and a 21% return on capital employed .
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | $2.48 | — |
| 2024 Q4 | — | $1.84 | — |
| 2025 Q1 | — | $2.00 | — |
| 2025 Q2 | — | $1.45 | — |
| 2025 Q3 | — | $1.82 | — |
| 2025 Q4 | — | $1.39 | — |
| 2026 Q1 | — | $1.11 | — |
| 2026 Q2 | $5.80 | $6.06 | +4% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 93410.
HTML
8-K results announcement
Filed Jul 31, 2026
HTM
Press release (EX-99.1)
Exhibit 99.1 to the 8-K
536 KB
HTML
Filing index
Every document in the 8-K submission
TXT
Complete submission
Raw archival text of the whole filing
JSON
Company facts (XBRL)
Every figure CVX has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for 2026 Q2, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings