Chevron (CVX) Q2 2026 Earnings
Adjusted EPS excludes a $230 million asset sale gain, $86 million of pension settlement costs, and foreign currency effects that decreased earnings by $49 million. Reported earnings also include $1.4 billion in favorable timing effects, which are not excluded from adjusted earnings.
How Did CVX Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +1.97%.
Did CVX Beat Earnings? Q2 2026 Results
Yes. Chevron reported Q2 2026 earnings of $6.06 a share on Jul 31, 2026, beating the $5.57 consensus estimate by 8.8%. Revenue was $70.1B against a $60.4B estimate.
Chevron delivered a blowout second quarter for fiscal 2026, beating Wall Street expectations on both the top and bottom lines and extending its streak of consensus EPS beats to seven consecutive quarters. Adjusted EPS of $6.06 cleared the $5.57 consensus estimate by 8.84%, while revenue of $70.06 billion surged 57.9% year over year, topping the $60.38 billion consensus by 16.02%. The driving force behind the outperformance was a powerful combination of surging commodity prices and record operating volumes: average Brent crude averaged roughly $104 per barrel versus $68 a year earlier, while worldwide net oil-equivalent production climbed 20% to 4,070 MBOED, lifted by legacy Hess assets and strong Permian Basin growth. Free cash flow reached $18.09 billion, enabling Chevron to slash total debt by a record $8.40 billion in a single quarter and return $6.62 billion to shareholders through dividends and buybacks. Looking ahead, the company reached its $3 billion structural cost savings target six months early, with management targeting up to $4 billion in reductions by year-end 2026, signaling continued discipline even as Middle East supply disruptions and commodity price volatility remain key risks to watch.
- Higher commodity prices: average Brent of $104/bbl vs. $68 a year ago
- Record U.S. production of 2,077 MBOED; worldwide production of 4,070 MBOED, up 20% year over year
- Contribution from legacy Hess assets and growth in the Permian Basin and Gulf of America
- Record U.S. refinery crude throughput of 1.07 million bpd at more than 97% utilization
- Higher refined product margins and higher earnings from Chevron Phillips Chemical
- $1.4 billion in favorable timing effects
- Increased cash distributions from Tengizchevroil and favorable working capital effects
- $230 million international downstream asset sale gain
“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.”
Chevron CEO, on the earnings call
What Was Chevron's Outlook in Q2 2026?
Chevron's structural cost reduction program aims to cut structural costs by $3-4 billion by the end of 2026 versus 2024 levels; $3 billion has been achieved so far. The sale of its Singapore Refining Company interest and other Asia-Pacific downstream assets is expected to close in 2027. The company publishes a quarterly 'Sensitivities and Forward Guidance' document on its website and cites the Middle East conflict, commodity price volatility and Hess integration as key factors.
CVX YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $70.1B | $44.4B | +57.9% |
| Net Income | $12.1B | $2.5B | +384.8% |
Figures from SEC filings and company reports. Not investment advice.