Chevron (CVX) · Energy
Chevron Q2 2026 earnings: summary, key numbers & outlook
Results filed 31 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Chevron reported earnings of $12.1 billion ($6.11 per share - diluted) for second quarter 2026, with adjusted earnings of $12.0 billion ($6.06 per share - diluted) and return on capital employed of 21 percent.
Chevron earned $12.1 billion in the second quarter, up from $2.5 billion a year ago, helped by Brent oil averaging $104 a barrel versus $68. Worldwide production rose 20 percent to 4,070 thousand barrels of oil-equivalent per day, mostly from the Hess acquisition, and U.S. production and refinery throughput hit records. Cash flow from operations was $22.6 billion and total debt fell by a record $8.4 billion.
The release gives no numerical financial guidance. Management points to continued cost discipline, with $3 billion of structural savings already captured against a $3-4 billion goal by end of 2026, and new growth from a Microsoft power deal and Iraq agreements. The main risk is the Middle East conflict, which curtailed Partitioned Zone output and disrupted international refining and sales. Results also include $1.4 billion of favorable timing effects.
Key numbers
- Net income attributable to Chevron · GAAP
- $12.1B
- Diluted EPS · GAAP
- $6.11
- Adjusted diluted EPS · non-GAAP
- $6.06
- Sales and other operating revenues · GAAP
- $67.2B
- Cash flow from operations · GAAP
- $22.6
- Free cash flow · non-GAAP
- $18.1
- Return on capital employed
- 21.4%
up from $2,490 million in second quarter 2025
up from $1.45 a year ago
up from $1.77 a year ago
up from $44,375 million a year ago
up from $8.6 billion a year ago
up from $4.9 billion a year ago
up from 6.2% a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Net oil-equivalent production (MBOED) | 4,070 | up from 3,396 a year ago |
| U.S. upstream earnings | $3.5B | up from $1,418 million a year ago |
| International upstream earnings | $4.6B | up from $1,309 million a year ago |
| U.S. refinery crude unit inputs (MBD) | 1,070 | up from 1,051 a year ago |
Where each number comes from
- Net income attributable to Chevron: “NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION | $12,072 | $2,490 | $14,282 | $5,990”
- Diluted EPS: “Chevron Corporation (NYSE: CVX) reported earnings of $12.1 billion ($6.11 per share - diluted) for second quarter 2026.”
- Adjusted diluted EPS: “Adjusted earnings were $12.0 billion ($6.06 per share - diluted) for second quarter 2026.”
- Sales and other operating revenues: “Sales and other operating revenues | $67,199 | $44,375 | $114,755 | $90,476”
- Cash flow from operations: “Cash Flow From Operations (CFFO) | $ B | $22.6 | $2.5 | $8.6 | $25.1 | $13.8”
- Free cash flow: “Free Cash Flow (FCF) (1) | $ B | $18.1 | $(1.5) | $4.9 | $16.5 | $6.1”
- Return on capital employed: “Return on Capital Employed (ROCE)% | 21.4% | 4.5% | 6.2% | 13.0% | 7.3%”
- Net oil-equivalent production (MBOED): “Net Oil-Equivalent Production | MBOED | 4,070 | 3,858 | 3,396 | 3,965 | 3,374”
- U.S. upstream earnings: “Earnings / (Loss) | $ MM | $3,541 | $2,112 | $1,418 | $5,653 | $3,276”
- International upstream earnings: “Earnings / (Loss) (1) | $ MM | $4,641 | $1,797 | $1,309 | $6,438 | $3,209”
- U.S. refinery crude unit inputs (MBD): “Refinery Crude Unit Inputs | MBD | 1,070 | 1,054 | 1,051 | 1,063 | 1,034”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $70.1B | +56.3% | +44.1% |
| Net income | $12.1B | +384.8% | +446.2% |
| Diluted EPS | $6.11 | +321.4% | +450.5% |
| Free cash flow | $18.1B | +272.0% | — |
Calculated by code from XBRL, not by the model.
Key takeaways
Higher oil prices drove a profit surge
Average Brent was $104 per barrel versus $68 a year ago, and reported earnings rose to $12,072 million from $2,490 million.
Hess acquisition lifted production to a record
Net oil-equivalent production was 4,070 MBOED versus 3,396 a year ago, up 20 percent, with record U.S. production.
Free cash flow funded record debt reduction
Free cash flow was $18.1 billion, and total debt was reduced by a record $8.4 billion in the quarter.
Cost targets reached ahead of schedule
Chevron captured $3 billion of annual run-rate structural cost reductions and $1.5 billion of Hess synergies.
Middle East conflict hurt international downstream volumes
International refinery crude unit inputs fell 10 percent and refined product sales fell 13 percent due to supply disruptions.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $52.2B * |
| Q1 2025 | $47.6B |
| Q2 2025 | $44.8B |
| Q3 2025 | $49.7B |
| Q4 2025 | $46.9B * |
| Q1 2026 | $48.6B |
| Q2 2026 | $70.1B |
| Q3 2026 | $67.8B |
Data
| Q1 2025 | $2.00 |
| Q2 2025 | $1.45 |
| Q3 2025 | $1.82 |
| Q1 2026 | $1.11 |
| Q2 2026 | $6.11 |
| Q3 2026 | $5.06 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | $4.4B |
| Q1 2025 | $1.3B |
| Q2 2025 | $4.9B |
| Q3 2025 | $4.9B |
| Q4 2025 | $5.5B |
| Q1 2026 | -$1.5B |
| Q2 2026 | $18.1B |
| Q3 2026 | $12.0B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Chevron's second quarter 2026 earnings?
Chevron reported earnings of $12.1 billion ($6.11 per share - diluted), up from $2,490 million ($1.45 per share) a year earlier. Adjusted earnings were $12.0 billion ($6.06 per share - diluted).
Why did Chevron's earnings rise so sharply?
The release cites reliable operations with higher commodity prices, higher refined product margins and higher sales volumes, including $1.4 billion in favorable timing effects. Average Brent was $104 per barrel versus $68 a year ago.
How much cash did Chevron generate and what did it do with it?
Cash flow from operations was $22.6 billion and free cash flow was $18.1 billion. Chevron cut total debt by a record $8.4 billion, paid $3,504 million in dividends and repurchased $3,117 million of shares.
What is Chevron's dividend?
The Board declared a quarterly dividend of $1.78 per share, payable September 10, 2026, to holders of record on August 19, 2026.
Did Chevron give financial guidance for the next quarter?
The release gives no numerical guidance for next quarter or the full year. It does note a target to reduce structural costs by $3-4 billion by the end of 2026, and that Chevron publishes a separate Sensitivities and Forward Guidance document.
Documents
SEC filing