Chevron (CVX) Q3 2025 Earnings
Adjusted EPS excludes a net special-items loss of $235 million after-tax (Hess severance and transaction costs of $245 million in U.S. upstream, $70 million Hess transaction costs in international upstream, $40 million pension curtailment costs, $40 million other Hess transaction costs, partly offset by a $160 million fair value gain on Hess common stock) and $147 million of favorable foreign currency effects; GAAP diluted EPS was $1.82.
How Did CVX Stock React to Q3 2025 Earnings?
S&P 500 over the same 30 days: +0.27%.
Did CVX Beat Earnings? Q3 2025 Results
Yes. Chevron reported Q3 2025 earnings of $1.85 a share on Oct 31, 2025, beating the $1.71 consensus estimate by 8.4%. Revenue was $49.7B against a $47.4B estimate.
Chevron delivered a clear beat across the board in the third quarter of 2025, extending its run of consensus-beating quarters to four straight and signaling that its Hess acquisition is already reshaping the company's earnings profile. Adjusted EPS of $1.85 topped the $1.71 consensus by 8.43%, while revenue of $49.73 billion beat estimates by 4.87% and edged 1.6% higher year over year. The headline driver was production: worldwide net oil-equivalent output hit a quarterly record of 4,086 thousand barrels of oil equivalent per day, up 21% from a year ago, with Hess contributing 495 MBOED and legacy growth in the Permian and the TCO project adding further volume. Lower Brent crude prices, averaging $69 per barrel versus $80 a year earlier, weighed on upstream realizations and kept reported earnings below prior-year levels, but stronger refining margins nearly doubled downstream earnings to $1.14 billion, providing a meaningful offset. Looking ahead, Chevron has trimmed its capital expenditure guidance to $18 to $21 billion annually through 2030, targeting over 10% annual free cash flow growth at $70 Brent.
- Record worldwide production of 4,086 MBOED, up 21% YoY; U.S. production up 27%
- Hess acquisition contributed 495 MBOED; legacy Chevron growth added 227 MBOED
- Permian Basin and Gulf of America production growth
- TCO Future Growth Project maintained nameplate capacity
- Higher refined product margins boosted U.S. downstream earnings to $638 million from $146 million
- U.S. refinery crude unit inputs up 7% on Pasadena capacity expansion
- Adjusted free cash flow of $7.0 billion aided by $1.0 billion TCO loan repayment and higher asset sale proceeds
- Favorable foreign currency effects of $147 million
“Third quarter results reflect record production, strong cash generation and sustained superior cash returns to shareholders.”
Chevron CEO, on the earnings call
What Was Chevron's Outlook in Q3 2025?
Management said the Hess integration is progressing well and unlocking synergies across operations. The company sanctioned the Hammerhead project, the seventh Stabroek block development in Guyana, and continues to expand its LNG value chain and frontier exploration in Peru and Guinea-Bissau. Chevron publishes a quarterly 'Sensitivities and Forward Guidance' document on its website; no numeric guidance was included in the release.
CVX YoY Financials
| Metric | Q3 2025 | Q3 2024 | Year over year |
|---|---|---|---|
| Revenue | $49.7B | $48.9B | +1.6% |
| Net Income | $3.5B | $4.5B | −21.1% |
Figures from SEC filings and company reports. Not investment advice.