The earnings beat was broad-based with record U.S. refining throughput and strong downstream margins. Watch the earnings call for commentary on Q4 guidance, the pace of debt reduction, and the Venezuela investment plan's impact on production growth.
Price Chart
Executive Summary
Chevron reported Q3 2026 GAAP earnings of $9.9 billion ($5.06 diluted EPS) and adjusted earnings of $10.4 billion ($5.28 diluted EPS), compared to $3.5 billion ($1.82) a year ago. Revenue of $65.2 billion exceeded the $62.2B consensus, and adjusted EPS of $5.28 beat the $4.83 consensus by 9.3%. The beat was driven by strong downstream margins and higher crude realizations, partially offset by unfavorable timing effects of -$1.58 billion and a $160M legal reserve.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP net income $9.9 billion vs $3.5 billion a year ago
- Adjusted EPS $5.28 vs consensus $4.83 (beat by 9.3%)
- Revenue $65.2 billion vs consensus $62.2 billion
- U.S. downstream earnings $3.6 billion vs $638 million a year ago
- U.S. refinery crude throughput record 1.09 million bpd at 98% utilization
- Total debt reduced by $3.5 billion in the quarter; net debt down $7.8 billion
- CFFO $16.0 billion vs $9.4 billion a year ago
- Free cash flow $12.0 billion vs $4.9 billion a year ago
- Quarterly dividend maintained at $1.78 per share
- Venezuela JVs plan $7 billion investment over five years
Financial Impact
Adjusted EPS of $5.28 exceeded consensus by $0.45 (9.3%); revenue of $65.2B exceeded consensus by $3.0B (4.8%)
Segment Breakdown
| Segment |
|---|
| U.S. Upstream |
| International Upstream |
| U.S. Downstream |
| International Downstream |
Risk Factors
- Unfavorable timing effects of -$1.58 billion in the quarter
- International upstream production down 109,000 boe/d YoY due to Middle East conflict impacts
- Legal reserve of $160 million in international upstream
- Impairment charge of $110 million in international upstream
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000093410-26-000196 |
| Document: cvx-20261030.htm | 0000093410-26-000196 |
| Document: 0000093410-26-000196-index-headers.html | 0000093410-26-000196 |
| Document: 0000093410-26-000196-index.html | 0000093410-26-000196 |
| Document: 0000093410-26-000196.txt | 0000093410-26-000196 |
| 8-K Data (Synthetic) | 0000093410-26-000196 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 8-K | $235.50 | awaiting T+60 | awaiting T+60 | $235.52 (+0.01%) |
Oct 19, 2026 13d ago | 144 | $225.71 | awaiting T+60 | awaiting T+60 | $235.52 (+4.35%) |
Oct 16, 2026 16d ago | Institutional Cluster | $224.37 | awaiting T+60 | awaiting T+60 | $235.52 (+4.97%) |
Oct 6, 2026 26d ago | 8-K | $205.15 | awaiting T+60 | awaiting T+60 | $235.52 (+14.80%) |
Oct 5, 2026 27d ago | 8-K | $206.47 | awaiting T+60 | awaiting T+60 | $235.52 (+14.07%) |
Aug 20, 2026 10w ago | Insider Cluster | $205.27 | awaiting T+60 | awaiting T+60 | $235.52 (+14.74%) |
Aug 18, 2026 10w ago | Insider Cluster | $205.76 | awaiting T+60 | awaiting T+60 | $235.52 (+14.46%) |
Aug 18, 2026 10w ago | Insider Cluster | $205.76 | awaiting T+60 | awaiting T+60 | $235.52 (+14.46%) |
Aug 13, 2026 11w ago | Insider Cluster | $200.00 | awaiting T+60 | awaiting T+60 | $235.52 (+17.76%) |
Aug 7, 2026 12w ago | Insider Cluster | $194.91 | awaiting T+60 | awaiting T+60 | $235.52 (+20.84%) |
US Market Status
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