Chevron (CVX) Q3 2026 Earnings
GAAP diluted EPS of $5.06 includes a legal reserve of $160 million, an impairment of $110 million, pension settlement costs of $24 million, and foreign currency effects that decreased earnings by $143 million; adjusted EPS of $5.28 excludes these items.
How Did CVX Stock React to Q3 2026 Earnings?
Did CVX Beat Earnings? Q3 2026 Results
Yes. Chevron reported Q3 2026 earnings of $5.28 a share on Oct 30, 2026, beating the $4.83 consensus estimate by 9.4%. Revenue was $65.2B against a $61.6B estimate.
Chevron delivered a standout third quarter, posting adjusted EPS of $5.28 against a consensus estimate of $4.83, a beat of 9.41% that extended the company's streak of exceeding analyst expectations to seven consecutive quarters. Revenue climbed to $65.24 billion, ahead of the $61.65 billion estimate by 5.82% and up 35.4% from a year ago, as surging crude prices, with average Brent at $97.00 per barrel versus $69.00 a year ago, lifted margins across both upstream and downstream segments. The most consequential driver was a dramatic swing in U.S. Downstream, which contributed $3.58 billion in earnings compared with just $638.00 million in the year-ago period, fueled by record U.S. refinery throughput of 1.09 million barrels per day at nearly 98% utilization. Net income attributable to Chevron reached $9.92 billion, up from $3.54 billion a year earlier, with GAAP results absorbing a legal reserve, an impairment, pension costs, and adverse currency effects totaling over $430 million. Looking ahead, Chevron's joint ventures in Venezuela plan to invest $7.00 billion over five years, with potential to more than double production, as management signaled continued reinvestment into what it described as a supply-constrained market.
- Higher margins on refined product sales in U.S. and international downstream
- Higher crude oil and liquids realizations (Brent averaged $97/bbl vs. $69 a year ago)
- Record U.S. refinery crude throughput of 1.09 million barrels per day at nearly 98% utilization
- Gulf of America production growth from Ballymore, Whale and Anchor ramp-ups
- Record production at operated assets in Australia and the Eastern Mediterranean
- Higher liftings in Venezuela and one month of Venezuela production after the switch to equity accounting
- Lower operating expenses, including absence of prior-year Hess severance and transaction costs
- Higher cash distributions from Tengizchevroil, plus a $1 billion TCO loan repayment
- Lower capex driven by reduced Permian Basin spending
- Lower interest expense and favorable tax items in All Other
“We delivered strong operational performance and disciplined execution, while continuing to invest to grow energy supply.”
Chevron CEO, on the earnings call
What Is Chevron's Outlook?
Chevron did not provide numeric guidance in the release; it publishes a quarterly 'Sensitivities and Forward Guidance' document on its website. In Venezuela, Chevron's joint ventures plan to invest $7 billion over the next five years, with the potential to more than double production. In the Bakken, Chevron signed agreements to cut midstream costs by about 50% and increase operational flexibility. Management said it will keep reinvesting to grow energy supply into a supply-constrained market while positioning the company for the future.
CVX YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $65.2B | $48.2B | +35.4% |
| Net Income | $9.9B | $3.5B | +180.4% |
When Does Chevron Report Next?
Figures from SEC filings and company reports. Not investment advice.