NYSE$CVX
Chevron · Q2 2026 earnings
Q2 2026 earnings · · Before market open · Investor relations
Briefing
Chevron reported record Q2 2026 earnings of $12.1 billion driven by higher production and commodity prices.
Chevron posted strong second quarter results with net income of $12.1 billion ($6.11 EPS) and adjusted earnings of $12.0 billion ($6.06 adjusted EPS). Record U.S. production and refinery throughput, along with higher realizations, drove performance. The company returned significant cash to shareholders and achieved cost reduction targets early.
- Reported earnings $12.1B vs $2.5B in Q2 2025; adjusted earnings $12.0B
- Worldwide net oil-equivalent production 4,070 MBOED, up 20% YoY
- Cash flow from operations $22.6B; free cash flow $18.1B
- ROCE reached 21.4%; debt reduced by record $8.4B
Headline financials
Revenue & EPS history
Chevron · Revenue · Quarterly
$48.6B
Revenue by segment
Chevron · $7.44B total across 2 segments · Q3 2023
- Upstream$5.76B-38.2%77.4%
- Downstream$1.68B-33.5%22.6%
Forward guidance
Company remains focused on cost discipline, synergies from Hess acquisition, and long-term value creation including AI power agreements.
Tailwinds
- Achieved $3B structural cost reductions six months early
- $1.5B Hess synergies delivered ahead of schedule
- Signed 20-year Microsoft power agreement for data center
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports
+0.0%
Avg return
Earnings day
-0.1%
Avg return
5 days after
+0.7%
Avg return
30 days after
51%
38 / 74 earnings
Positive
+7.0%
Q3 2018
Best reaction
-10.3%
Q4 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | -1.4% | -4.2% | -5.6% | |
| Q4 2025 | +3.4% | +5.9% | +9.1% | |
| Q3 2025 | +0.7% | -0.6% | -1.6% | |
| Q2 2025 | +0.2% | +1.1% | +0.6% | |
| Q1 2025 | +1.5% | -0.3% | +0.3% | |
| Q4 2024 | -4.6% | -2.1% | +1.5% | |
| Q3 2024 | +3.5% | +6.0% | +8.8% | |
| Q2 2024 | -5.2% | -6.7% | -3.1% | |
| Q1 2024 | +0.6% | -3.4% | -4.6% | |
| Q4 2023 | +3.0% | +2.9% | +3.3% | |
| Q3 2023 | -5.6% | -7.0% | -6.4% | |
| Q2 2023 | +2.5% | +0.0% | -0.3% | |
| Q1 2023 | +0.2% | -6.1% | -7.7% | |
| Q4 2022 | -7.2% | -8.7% | -13.5% | |
| Q3 2022 | +1.7% | +0.3% | +3.3% | |
| Q2 2022 | +6.7% | +3.3% | +8.7% | |
| Q1 2022 | -1.3% | +3.6% | +10.2% | |
| Q4 2021 | -3.0% | +0.0% | +3.7% | |
| Q3 2021 | +1.2% | -0.1% | +1.2% | |
| Q2 2021 | -0.9% | -2.2% | -3.8% | |
| Q1 2021 | -1.3% | +1.9% | -2.9% | |
| Q4 2020 | -2.9% | -0.1% | +12.3% | |
| Q3 2020 | +4.9% | +4.3% | +32.7% | |
| Q2 2020 | -1.7% | +1.1% | -0.7% | |
| Q1 2020 | -0.6% | -2.1% | -0.3% | |
| Q4 2019 | -4.6% | -1.0% | -16.2% | |
| Q3 2019 | +4.7% | +3.2% | +0.9% | |
| Q2 2019 | -1.7% | -1.4% | -2.5% | |
| Q1 2019 | -0.2% | -0.1% | +0.7% | |
| Q4 2018 | +4.4% | +3.7% | +6.4% | |
| Q3 2018 | +7.0% | +8.7% | +7.0% | |
| Q2 2018 | +3.1% | +1.2% | -4.0% | |
| Q1 2018 | +0.7% | +1.0% | -1.6% | |
| Q4 2017 | -10.3% | -8.2% | -11.1% | |
| Q3 2017 | -3.4% | -2.1% | -1.6% | |
| Q2 2017 | +2.9% | +4.1% | +2.0% | |
| Q1 2017 | +0.4% | +1.2% | -0.7% | |
| Q4 2016 | -4.1% | -4.8% | -5.5% | |
| Q3 2016 | +4.8% | +5.5% | +11.1% | |
| Q2 2016 | -2.6% | -1.2% | -0.5% | |
| Q1 2016 | +0.9% | — | — | |
| Q4 2015 | -0.7% | — | — | |
| Q3 2015 | +5.6% | — | — | |
| Q2 2015 | -8.0% | — | — | |
| Q1 2015 | -2.5% | — | — | |
| Q4 2014 | +3.0% | — | — | |
| Q3 2014 | -0.4% | — | — | |
| Q2 2014 | -0.8% | — | — | |
| Q1 2014 | +0.3% | — | — | |
| Q4 2013 | -4.6% | — | — | |
| Q3 2013 | -1.6% | — | — | |
| Q2 2013 | -1.9% | — | — | |
| Q1 2013 | +2.4% | — | — | |
| Q4 2012 | +0.0% | — | — | |
| Q3 2012 | -2.0% | — | — | |
| Q2 2012 | +1.4% | — | — | |
| Q1 2012 | +3.1% | — | — | |
| Q4 2011 | +1.5% | — | — | |
| Q3 2011 | +1.8% | — | — | |
| Q2 2011 | -5.0% | — | — | |
| Q1 2011 | +0.3% | — | — | |
| Q4 2010 | -0.2% | — | — | |
| Q3 2010 | -0.4% | — | — | |
| Q2 2010 | -0.4% | — | — | |
| Q1 2010 | +1.8% | — | — | |
| Q4 2009 | -0.1% | — | — | |
| Q4 2007 | -0.1% | — | — | |
| Q3 2009 | +1.6% | — | — | |
| Q3 2008 | +1.6% | — | — | |
| Q2 2008 | -0.4% | — | — | |
| Q2 2009 | -0.4% | — | — | |
| Q1 2008 | +3.3% | — | — | |
| Q1 2009 | +3.3% | — | — | |
| Q4 2008 | +3.3% | — | — |
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