EarningsQ2 2026 Earnings Report
MX:CVX Q2 2026 EPS Results
Actual EPS$107.46
Consensus EPS$98.44
Beat/MissBeat by +$9.03
One Year Ago EPS$31.39
MX:CVX Q2 2026 Revenue Results
Actual Revenue$1.19T
Expected Revenue$1.11T
Beat/MissBeat by +$74.66B
YoY Revenue Growth+51.12%
Earnings Announcement Details
QuarterQ2 2026
Date07/31/2026
TimeBefore Open
Conference CallFriday, July 31, 2026
MX:CVX Upcoming Earnings
Chevron's next earnings date is estimated for October 23, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CVX Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized very strong operational and financial performance in Q2: record production and refinery throughput, sizable cash generation (~$20B operating cash, $15.4B adjusted FCF), $3B of structural cost reductions achieved early, accelerated Hess synergies and clear capital-efficiency improvements (CapEx per boe down ~25%). Management announced a material commercial milestone in power (2.67 GW PPA with Microsoft) and significant upside from debottlenecking and exploration. Key risks highlighted include regional logistics (CPC pipeline and Black Sea), geopolitical constraints (Partitioned Zone, Strait of Hormuz), product-market tightness and some midstream/infrastructure uncertainties; China demand is also uncertain. On balance, the positives — strong earnings, cash flow, cost saves, debt reduction, and multiple forward-looking growth options — materially outweigh the listed challenges, though execution and geopolitical risks remain important to monitor.Company Guidance
Strong Quarterly Earnings and Cash Generation
Reported GAAP earnings of $12.1 billion ($6.11 per share) and adjusted earnings of $12.0 billion ($6.06 per share). Cash flow from operations (excluding working capital) was nearly $20 billion and adjusted free cash flow was $15.4 billion for the quarter.
Production Growth and Operational Records
Global upstream production grew more than 5% quarter-over-quarter, increasing production by over 200,000 barrels of oil equivalent per day. U.S. upstream production reached a new record at nearly 2.1 million boe/d and refinery throughput surpassed 1 million barrels per day (record).
Material Cost Reductions and Efficiency Gains
Achieved $3.0 billion of structural cost reductions (target met 6 months early); more than 70% of the savings came from efficiency gains (including a 35% impact from organizational rewiring).
Hess Acquisition Synergies Delivered Ahead of Plan
Hess-related synergies delivered 6 months early with $1.5 billion realized and 50% more synergies captured than initially targeted; Hess assets generating strong free cash flow that has been roughly double incremental dividends and accretive on a per-share basis.
Capital Efficiency Improvements
Expect to spend ~25% less CapEx per barrel of oil equivalent in 2026 versus 2025. Organic CapEx for the quarter was $4.4 billion and the company expects to finish the year at the lower end of guidance ($18–$19 billion). Permian capital expected below $3.5 billion for the year.
TCO Third-Generation Plant Debottlenecking
Debottlenecking increased 3GP nameplate oil capacity from 260,000 bpd to 320,000 bpd (≈+23%), taking total feed processing capacity to slightly above 1.0 million bpd; company confident it can sustain that level.
Balance Sheet Strengthening
Reduced debt by more than $8.0 billion in the quarter. Net debt to CFFO improved to 0.6x, reflecting stronger financial flexibility to support investments and shareholder returns.
Power Business Milestone — Project Kilby
Signed a 20-year take-or-pay behind-the-meter PPA with Microsoft for 2.67 GW (Project Kilby) in West Texas; project progressing toward final investment decision later this year, with expected mid-teens returns and long-duration contracted cash flows — positioned as a repeatable model for further power opportunities.
Shale & Tight Portfolio Performance
Shale and tight portfolio producing ~1.7 million boe/d. Efficiency improvements include 28% longer laterals in the Bakken, maintaining similar production with one fewer rig, and Permian operating >1 million bpd and delivering significant capital and reliability gains.
Exploration and Growth Option Set
Expanded acreage (+35% year-over-year in recent period) and active exploration across Guyana, West Africa, Eastern Mediterranean, Argentina (Vaca Muerta) and Iraq; multiple recent exploration/appraisal successes and strategic MOUs/agreements to build growth options for the next decade.
MX:CVX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed