# Chevron (CVX) Q2 2026 earnings

Results filed 2026-07-31 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/cvx/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/93410/000009341026000162/0000093410-26-000162-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Net income attributable to Chevron | $12,072 | up from $2,490 million in second quarter 2025 | GAAP |
| Diluted EPS | $6.11 | up from $1.45 a year ago | GAAP |
| Adjusted diluted EPS | $6.06 | up from $1.77 a year ago | non-GAAP |
| Sales and other operating revenues | $67,199 | up from $44,375 million a year ago | GAAP |
| Cash flow from operations | $22.6 | up from $8.6 billion a year ago | GAAP |
| Free cash flow | $18.1 | up from $4.9 billion a year ago | non-GAAP |
| Return on capital employed | 21.4% | up from 6.2% a year ago |  |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Net oil-equivalent production (MBOED) | 4,070 | up from 3,396 a year ago |
| U.S. upstream earnings | $3,541 | up from $1,418 million a year ago |
| International upstream earnings | $4,641 | up from $1,309 million a year ago |
| U.S. refinery crude unit inputs (MBD) | 1,070 | up from 1,051 a year ago |

## Key takeaways

1. **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.
2. **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.
3. **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.
4. **Cost targets reached ahead of schedule** Chevron captured $3 billion of annual run-rate structural cost reductions and $1.5 billion of Hess synergies.
5. **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.

## 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.