Chevron beats second-quarter estimates with $6.06 adjusted EPS, $70.06 billion revenue, and 56.3% year-over-year growth.
Stock Earnings Results
July 31, 2026
Table of Contents
July 31, 2026
Chevron Corporation (NYSE: CVX) reported second-quarter 2026 results above expectations, supported by higher revenue, stronger adjusted earnings, record U.S. production, higher worldwide production, record U.S. refinery throughput, stronger cash flow, and a new power agreement with Microsoft.
Chevron is one of the world’s largest integrated energy companies, with operations across crude oil and natural gas production, refining, transportation fuels, lubricants, petrochemicals, additives, and lower-carbon energy technologies.
The company reported adjusted EPS of $6.06, above estimates of $5.80, representing a 4.5% earnings surprise. Revenue came in at $70.06 billion, above estimates of $57.53 billion, with revenue growth of 56.3%.
Chevron reported earnings of $12.1 billion, or $6.11 per diluted share.
Adjusted earnings were $12.0 billion, or $6.06 per diluted share.
Total revenues and other income were $70.06 billion,.0 billion, or $6.06 per diluted share.
Total revenues and other income were $70.06 billion, compared with $44.82 billion in the prior-year quarter.
Cash flow from operations was $22.6 billion.
Cash flow from operations excluding working capital was $19.7 billion.
Free cash flow was $18.1 billion.
Adjusted free cash flow was $15.4 billion.
Return on capital employed was 21.4%.
Worldwide net oil-equivalent production increased 20% year-over-year to 4.07 million barrels per day.
The increase was mainly driven by legacy Hess assets, growth in the Permian Basin, and growth in the Gulf of America.
U.S. net oil-equivalent production reached 2.08 million barrels per day, a quarterly record.
U.S. production increased by 382,000 barrels per day from the prior-year quarter.
International net oil-equivalent production increased by 292,000 barrels per day from the prior-year quarter.
International growth was helped by the Hess acquisition, partly offset by curtailments in the Partitioned Zone between Saudi Arabia and Kuwait due to the Middle East conflict.
Upstream earnings were $8.18 billion.
U.S. Upstream earnings were $3.54 billion, compared with $1.42 billion in the prior-year quarter.
International Upstream earnings were $4.64 billion, compared with $1.31 billion a year earlier.
Chevron said U.S. Upstream earnings improved mainly because of higher liquids realizations and higher sales volumes.
International Upstream earnings improved because of higher sales volumes, higher liquids realizations, and favorable timing effects.
Those gains were partly offset by higher depreciation, depletion, and amortization.
Downstream earnings were $4.87 billion, compared with $737 million in the prior-year quarter.
U.S. Downstream earnings increased to $2.41 billion.
International Downstream earnings increased to $2.46 billion.
Chevron reported record crude unit throughput at U.S. refineries.
U.S. refinery crude unit inputs reached 1.07 million barrels per day, with crude unit utilization above 97%.
U.S. Downstream benefited from higher margins on refined product sales and higher earnings from Chevron Phillips Chemical.
International Downstream benefited from higher margins, favorable timing effects, an asset sale gain, and a favorable foreign currency swing.
Cash flow from operations increased sharply from the prior-year quarter.
Chevron said the increase was driven by record U.S. production, higher commodity prices, increased cash distributions from Tengizchevroil, and favorable working capital effects.
The company reduced total debt by a record $8.4 billion during the quarter.
Debt-to-CFFO was 0.8 times.
Net debt-to-CFFO was 0.6 times.
Chevron also declared a quarterly dividend of $1.78 per share, payable September 10, 2026, to shareholders of record as of August 19.
Chevron said it achieved its $3 billion annual run-rate structural cost reduction target six months early.
That program aims to reduce structural costs by $3 billion to $4 billion by the end of 2026.
The company also delivered $1.5 billion of annual run-rate synergies related to the Hess acquisition within one year of closing.
That exceeded the initial target by 50%.
Management said cost discipline and long-term value creation remain key priorities.
Chevron signed a 20-year power purchase agreement with Microsoft during the quarter.
The agreement is designed to provide about 2.67 gigawatts of behind-the-meter dedicated electricity capacity to a Microsoft data center in West Texas.
The deal gives Chevron exposure to rising power demand from AI infrastructure and data center growth.
Management said the company is positioned to help support American AI demand while generating resilient cash flows.
Chevron completed the sale of its Hong Kong downstream fuels and lubricants businesses.
The company also signed an agreement to sell its 50% interest in Singapore Refining Company and other downstream assets in Singapore, Vietnam, Australia, Indonesia, the Philippines, and Malaysia.
That transaction is expected to close in 2027.
Chevron also signed heads of agreements with the Government of Iraq to advance potential participation in the West Qurna 2 and Nasiriyah oilfield developments and an export pipeline.
Chevron delivered a strong quarter across production, refining, cash flow, and balance sheet execution.
Revenue beat expectations, adjusted EPS topped estimates, worldwide production increased 20%, and U.S. refinery crude throughput reached a record. The company also reduced debt, declared its quarterly dividend, hit its structural cost savings target early, and exceeded its initial Hess synergy target.
The key question is whether Chevron can keep converting higher production, refining strength, Hess synergies, and cost savings into durable cash flow while managing commodity volatility and geopolitical disruptions.
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