Chevron (CVX) Q1 2026 Earnings
Adjusted EPS excludes a $360 million after-tax legal reserve loss (U.S. Downstream) and $223 million of unfavorable foreign currency effects; reported diluted EPS was $1.11. Results (both reported and adjusted) also reflect approximately $2.9 billion of unfavorable timing effects from derivative mark-to-market and LIFO inventory accounting.
How Did CVX Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +4.66%.
Did CVX Beat Earnings? Q1 2026 Results
Yes. Chevron reported Q1 2026 earnings of $1.41 a share on May 1, 2026, beating the $0.97 consensus estimate by 45.6%. Revenue was $48.6B against a $52.7B estimate.
Chevron delivered a sharply better-than-expected profit in the first quarter of 2026, extending its streak of consensus beats to six consecutive quarters, even as revenue came in light of forecasts. Adjusted diluted EPS of $1.41 cleared the $0.97 consensus estimate by 45.56%, while revenue of $48.61 billion, up 2.1% year over year, trailed the $52.70 billion Wall Street expected by 7.76%. The headline figures, however, obscure a more complicated underlying story: roughly $2.90 billion in unfavorable timing effects from derivative mark-to-market losses and LIFO inventory accounting, both triggered by a sharp commodity price spike in March, weighed heavily on reported earnings, which fell to $2.21 billion from $3.50 billion a year earlier. Stripping those effects out, management argued the quarter showed genuine operational progress, with worldwide production climbing 15% to 3,858 MBOED, aided by Hess-acquisition volumes and Permian growth. CEO Mike Wirth noted that capital spending remains within guidance and structural cost reductions are on track, signaling confidence in sustaining dependable cash generation and shareholder returns, which totaled $6.00 billion in the quarter.
- Acquisition of Hess Corporation drove higher production; worldwide production up 15% and U.S. production up 24%
- Net oil-equivalent production of 3,858 MBOED vs 3,353 MBOED a year ago
- Gulf of America project start-ups and Permian Basin growth
- U.S. production exceeded 2 million BOE per day for the third consecutive quarter
- Higher refining margins; U.S. refinery crude throughput record in March 2026 and above 1 million bpd for the fifth consecutive quarter
- Light Tight Oil project ramp-up at the Pasadena, Texas refinery lifted U.S. crude inputs 4%
- International refined product sales up 7% on higher gasoline demand
- Unfavorable timing effects of approximately $2.9 billion from derivative mark-to-market and LIFO accounting
- $360 million legal reserve loss and $223 million unfavorable foreign currency effects
- Higher DD&A and interest expense
- Working capital outflow of $4,625 million due to sharp commodity price increase in March
- $1 billion loan repayment from TCO benefited adjusted free cash flow
“Despite heightened geopolitical volatility and related supply disruptions, Chevron delivered solid first quarter performance, underscoring the resilience of our portfolio and the value of disciplined execution. Strong operating results in the United States, particularly following the integration of Hess, and continued growth in the Gulf of America and Permian Basin, drove higher production while maintaining financial flexibility.”
Chevron CEO, on the earnings call
What Was Chevron's Outlook in Q1 2026?
Management said capital spending remains within guidance and structural cost reductions are on track. It expects disciplined performance to support dependable cash generation and continued significant shareholder returns, while investing in long-lived assets. The company is closely monitoring Middle East developments. Chevron publishes a quarterly 'Sensitivities and Forward Guidance' document on its website.
CVX YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $48.6B | $47.6B | +2.1% |
| Net Income | $2.3B | $3.5B | −34.7% |
Figures from SEC filings and company reports. Not investment advice.