Chevron Q2 2026 earnings: profit and revenue beat estimates as production hits a record
Chevron posted its highest quarterly profit in six years, with earnings and revenue topping expectations on record production and wider refining margins.
| Q2 2026 | Reported | Expected | Surprise |
|---|---|---|---|
| EPS | $6.06 | $5.62 | +7.9% |
| Revenue | $70.06B | $62.59B | +11.9% |
Key takeaways
- Both profit and revenue came in well above what Wall Street analysts had expected, and the company said this was its biggest quarterly profit in at least six years.
- The upstream business (finding and pumping oil and gas) roughly tripled its earnings from a year ago, helped by crude prices that were about 53% higher than last year due to Middle East supply disruptions.
- The downstream business (refining crude into fuels) saw earnings jump more than sixfold as tight global fuel supplies widened refining profit margins.
- Total production rose 20% to a company record, boosted by assets gained in last year’s Hess acquisition plus growth in the Permian Basin and Gulf of America.
- Chevron said it has already achieved $1.5 billion in annual cost savings from combining with Hess, hitting that target six months ahead of schedule and 50% above its original goal.
- The company separately reached a previously announced structural cost-cutting target of $3 billion in annual savings six months early.
- Strong results came with strong cash generation: Chevron produced $19.7 billion in cash from operations and $15.4 billion in free cash flow (cash left after covering capital spending) in the quarter.
- Chevron returned cash to shareholders through $3 billion in share buybacks and $3.5 billion in dividends during the quarter.
- Over the trailing twelve months, Chevron’s net profit margin stood at about 9.9% and per-share earnings grew roughly 35% year-over-year, reflecting the lift from higher oil prices, wider refining margins, and Hess-related cost savings feeding through the full income statement.
Q2 2026 in context
| Metric | Jun 2026 | Jun 2025 | Change |
|---|---|---|---|
| Revenue | $67.2B | $44.4B | +51.4% |
| Net income | $12.1B | $2.5B | +384.8% |
| Free cash flow | $18.1B | $4.9B | +272.0% |
| Diluted EPS | $6.11 | $1.45 | +321.4% |
| Gross margin | 45.5% | 39.5% | +6.0 pts |
| Net margin | 18.0% | 5.6% | +12.4 pts |
Figures for the quarter ended Jun 2026 and the quarter ended Jun 2025, as reported to the SEC.
How the stock took it
Chevron Corp closed at $192.31 on Jul 30, 2026, the last session before the report, and at $193.18 on Aug 3, 2026, the first session after it — +0.5% across the report.
| Earlier report | Close before | Close after | Change |
|---|---|---|---|
| May 7, 2026 | $185.16 | $181.62 | -1.9% |
| Nov 6, 2025 | $152.66 | $155.02 | +1.6% |
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Fundamentals
| Metric | Value | Period |
|---|---|---|
| Gross margin | 43.6% | Trailing 12 months |
| Operating margin | 13.2% | Trailing 12 months |
| Net profit margin | 9.9% | Trailing 12 months |
| Pretax margin | 14.7% | Trailing 12 months |
| EPS | $10.43 | Trailing 12 months |
| Revenue growth (YoY) | 11.2% | Trailing 12 months |
| EPS growth (YoY) | 34.6% | Trailing 12 months |
| Return on equity | 6.2% | Trailing 12 months |
Sources: company report · Investing.com