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Chevron

Chevron (CVX) Q2 2026 Earnings

Reported Jul 31, 2026 at 6:16 AM ET · SEC Source

Q2 26 EPS

$6.06

Q2 26 Revenue

$67.20B

vs S&P Since Q2 26

-7.2%

TRAILING MARKET

CVX -3.7% vs S&P +3.5%

Market Reaction

Did CVX Beat Earnings? Q2 2026 Results

Chevron delivered a blowout second quarter for fiscal 2026, posting adjusted EPS of $6.06 and revenue of $67.20 billion, a 51.4% surge from a year ago, extending the oil major's run of consensus EPS beats to seven consecutive quarters. The single big… Read more Chevron delivered a blowout second quarter for fiscal 2026, posting adjusted EPS of $6.06 and revenue of $67.20 billion, a 51.4% surge from a year ago, extending the oil major's run of consensus EPS beats to seven consecutive quarters. The single biggest engine behind the results was the Hess Corporation acquisition, which, combined with record U.S. Upstream production of 2,077 thousand barrels of oil equivalent per day, lifted worldwide net oil-equivalent production 20% year-over-year to 4,070 MBOED. Downstream operations added further punch, with total downstream earnings of $4.87 billion compared to just $737 million a year ago, as refining margins widened sharply and U.S. Refinery utilization reached 97%. Cash flow from operations reached $22.63 billion, enabling Chevron to cut total debt by $8.41 billion in the quarter alone. Looking ahead, management noted it has already achieved $3 billion in annual run-rate cost reductions six months ahead of schedule, and a landmark 20-year power deal with Microsoft for AI data center infrastructure signals a deliberate push beyond traditional energy markets.

Key Takeaways

  • • Record U.S. upstream production with 20% worldwide production increase year-over-year
  • • Record U.S. refinery crude unit throughput at 1.07 million barrels per day with 97% capacity utilization
  • • Higher commodity prices with Brent spot price at $104/BBL vs $68/BBL a year ago
  • • Higher margins on refined product sales
  • • Contribution from legacy Hess assets
  • • Growth in Permian Basin and Gulf of America production
  • • $1.4 billion in favorable timing effects
  • • Increased cash distributions from Tengizchevroil LLP

CVX Forward Guidance & Outlook

Chevron aims to reduce structural costs by $3-4 billion by the end of 2026, having already achieved $3 billion in annual run-rate savings six months ahead of schedule. The company continues to focus on cost discipline, long-term value creation, and leveraging its unique capabilities to power AI infrastructure. Chevron signed an agreement to sell its 50% interest in Singapore Refining Company and other downstream assets in Southeast Asia and Australia, with the transaction expected to close in 2027. The company is advancing potential participation in Iraq's West Qurna 2 and Nasiriyah oilfield developments.

24/7 Wall St

CVX YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

CVX Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 24 Q2 26

“Faced with geopolitical uncertainty and market volatility, Chevron's people remain focused on safely delivering the reliable energy the world needs. Our strong second quarter performance is a result of disciplined investment and strong execution that drove record U.S. upstream production, record crude throughput in our U.S. refineries, and exceptional reliability across key assets.”

— Mike Wirth, Q2 2026 Earnings Press Release

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