third quarter 2026
Filed Oct 30, 2026Chevron Reports Third Quarter 2026 Results
Reported earnings were $ 9,924 million versus $ 3,539 million in third quarter 2025, while downstream earnings rose to $ 4,931 million and cash flow from operations increased to $ 16,014 million. Results were supported by higher crude realizations, higher refined-product margins and record U.S. refinery throughput, although total production was below the year-ago period.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Sales and other operating revenues, three months ended September 30, 2026GAAP | $65.24B | – | – |
| Total Revenues and Other Income, three months ended September 30, 2026GAAP | $67.80B | – | – |
| Total Earnings / (Loss), 3Q 2026GAAP | $9.92B | – | – |
| Net Income (Loss) Attributable to Chevron Corporation, three months ended September 30, 2026GAAP | $9.92B | – | – |
| Net Income (Loss) Attributable to Chevron Corporation, nine months ended September 30, 2026GAAP | $24.21B | – | – |
| Earnings Per Share - Diluted, 3Q 2026GAAP | $ 5.06 per share | – | – |
| Adjusted Earnings, 3Q 2026non-GAAP | $10.36B | – | – |
| Adjusted Earnings Per Share - Diluted, 3Q 2026non-GAAP | $ 5.28 per share | – | – |
| Total Adjusted Earnings/(Loss), nine months ended September 30, 2026non-GAAP | $25.13B | – | – |
| Total Costs and Other Deductions, three months ended September 30, 2026GAAP | $54.17B | – | – |
| Operating expenses, three months ended September 30, 2026GAAP | $9.49B | – | – |
| Income (Loss) Before Income Tax Expense, three months ended September 30, 2026GAAP | $13.63B | – | – |
| Income tax expense, three months ended September 30, 2026GAAP | $3.58B | – | – |
| Upstream earnings, 3Q 2026GAAP | $5.70B | – | – |
| U.S. Upstream earnings, 3Q 2026GAAP | $3.29B | – | – |
| International Upstream earnings, 3Q 2026GAAP | $2.40B | – | – |
| Downstream earnings, 3Q 2026GAAP | $4.93B | – | – |
| U.S. Downstream earnings, 3Q 2026GAAP | $3.58B | – | – |
| International Downstream earnings, 3Q 2026GAAP | $1.35B | – | – |
| All Other earnings / (loss), 3Q 2026GAAP | −$705M | – | – |
| Cash Flow From Operations (CFFO), 3Q 2026GAAP | $16B | – | – |
| Cash Flow from Operations Excluding Working Capital, 3Q 2026non-GAAP | $16.6B | – | – |
| Free Cash Flow (FCF), 3Q 2026non-GAAP | $12B | – | – |
| Adjusted Free Cash Flow, 3Q 2026non-GAAP | $14.2B | – | – |
| Capital Expenditures (Capex), 3Q 2026GAAP | $4B | – | – |
| Affiliate Capex, 3Q 2026other | $400M | – | – |
| Return on Capital Employed (ROCE), 3Q 2026other | 17.7 % | – | – |
| Net Oil-Equivalent Production, 3Q 2026other | 3,980 MBOED | – | – |
| U.S. Upstream Net Oil-Equivalent Production, 3Q 2026other | 2,043 MBOED | – | – |
| International Upstream Net Oil-Equivalent Production, 3Q 2026other | 1,937 MBOED | – | – |
| U.S. Downstream Refinery Crude Unit Inputs, 3Q 2026other | 1,093 MBD | – | increased 3 percent |
| U.S. Downstream Refined Product Sales, 3Q 2026other | 1,304 MBD | – | relatively flat |
| International Downstream Refinery Crude Unit Inputs, 3Q 2026other | 665 MBD | – | relatively flat |
| International Downstream Refined Product Sales, 3Q 2026other | 1,388 MBD | – | decreased 9 percent |
| Avg. Brent Spot Price, 3Q 2026other | $ 97/BBL | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | $12.80B | – | – |
| Total debt, September 30, 2026GAAP | $33.53B | – | – |
| Net debt, September 30, 2026non-GAAP | $20.73B | – | – |
| Debt-to-CFFO Ratio, 3Q 2026other | 0.6x | – | – |
| Net debt-to-CFFO Ratio, 3Q 2026non-GAAP | 0.4x | – | – |
Capital returns
- The company’s Board of Directors declared a quarterly dividend of one dollar and seventy-eight cents ($1.78) per share, payable December 10, 2026, to all holders of common stock as shown on the transfer records of the corporation at the close of business on November 18, 2026.
- Cash dividends — common stock: $ (3,482) million for the three months ended September 30, 2026.
- Shares repurchased: $ (2,502) million for the three months ended September 30, 2026.
- Net change in debt: $ (3,530) million for the three months ended September 30, 2026.
What drove it
- Reported earnings increased compared to third quarter 2025 primarily due to reliable operations with higher margins on refined product sales and higher crude oil realizations.
- U.S. upstream earnings were higher than a year ago primarily due to higher liquids realizations and lower operating expenses, including the absence of prior year severance and transaction costs related to the Hess Corporation acquisition.
- International upstream earnings were higher than a year ago primarily due to higher realizations and higher liftings in Venezuela.
- U.S. refinery crude unit throughput set a new record of 1.09 million barrels per day, reflecting reliable crude unit capacity utilization of nearly 98 percent.
- Cash flow from operations was higher than a year ago, driven by higher earnings and increased cash distributions from Tengizchevroil LLP.
Concerns
- Production in the third quarter of 2026 was lower than a year ago primarily due to lower entitlements from higher prices and impacts from the Middle East conflict.
- International upstream earnings were partly offset by unfavorable timing effects, unfavorable taxes, unfavorable foreign currency effects, a legal reserve and an impairment charge.
- International refined product sales decreased 9 percent from the year-ago period due to supply disruptions from the Middle East conflict.
- Foreign currency effects decreased earnings by $143 million.
- Included in the quarter were a legal reserve of $160 million, an impairment of $110 million, and pension settlement costs of $24 million.
What to watch
- Chevron’s joint ventures in Venezuela plan to invest $7 billion over the next five years, with the goal of unlocking low-cost, high-return, long-duration production growth.
- The potential to more than double production over the next five years in Venezuela following improved commercial terms and expanded acreage.
- The company signed agreements to reduce Bakken midstream costs by approximately 50 percent.
- The persistence of higher margins on refined product sales and the impact of timing effects in a rising price environment.
- Production impacts from lower entitlements at higher prices and the conflict in the Middle East.
Balance sheet and cash flow
- Cash and cash equivalents were $ 12,804 million at September 30, 2026.
- Total debt was $ 33,534 million at September 30, 2026.
- Net debt was $ 20,730 million at September 30, 2026.
- Total Chevron Corporation stockholders’ equity was $ 194,327 million at September 30, 2026.
- Net Cash Provided by Operating Activities was $ 16,014 million for the three months ended September 30, 2026.
- Net Cash Provided by (Used for) Investing Activities was $ (2,307) million for the three months ended September 30, 2026.
- Net Cash Provided by (Used for) Financing Activities was $ (9,388) million for the three months ended September 30, 2026.
- Net change in cash, cash equivalents and restricted cash was $ 4,337 million for the three months ended September 30, 2026.
Analysis
Chevron reported $ 9,924 million of net income attributable to Chevron Corporation in third quarter 2026, compared with $ 3,539 million in third quarter 2025. Adjusted earnings were $ 10,361 million, compared with $ 3,627 million. Sales and other operating revenues were $ 65,237 million, and total revenues and other income were $ 67,798 million. The release attributes the year-over-year earnings increase primarily to reliable operations, higher refined-product margins and higher crude oil realizations, while identifying unfavorable timing effects from the rising price environment as a partial offset.
The operating mix was led by downstream improvement. Total downstream earnings were $ 4,931 million, compared with $ 1,137 million a year earlier. U.S. downstream earnings were $ 3,585 million and international downstream earnings were $ 1,346 million, with both businesses benefiting primarily from higher margins on refined product sales. U.S. refinery crude unit inputs were 1,093 MBD, increased 3 percent from the year-ago period, and the company reported record U.S. refinery crude throughput of 1.09 million barrels per day with utilization of nearly 98 percent. International refined product sales were 1,388 MBD and decreased 9 percent from the year-ago period due to Middle East supply disruptions.
Upstream earnings were $ 5,698 million, compared with $ 3,302 million in third quarter 2025, but total net oil-equivalent production was 3,980 MBOED, below 4,086 MBOED a year earlier. U.S. production was 2,043 MBOED versus 2,040 MBOED, with Gulf of America ramp-ups at Ballymore, Whale and Anchor partly offset by lower Bakken production. International production was 1,937 MBOED versus 2,046 MBOED. The company cited lower entitlements from higher prices and Middle East conflict impacts, partly offset by record operated production in Australia and one month of Venezuela production after a switch to equity accounting.
Cash generation remained substantial, with cash flow from operations of $ 16.0 billion, free cash flow of $ 12.0 billion and adjusted free cash flow of $ 14.2 billion. Adjusted free cash flow benefited from a $1 billion loan repayment from TCO and asset-sale proceeds. Capital expenditures were $ 4.0 billion, below $ 4.4 billion in the prior-year quarter, largely due to lower Permian Basin spending. The company reduced total debt by an additional $3.5 billion during the quarter, while total debt was $ 33,534 million and net debt was $ 20,730 million at September 30, 2026.
Capital allocation included $ (2,502) million of shares repurchased and $ (3,482) million of common-stock cash dividends during the quarter. The Board declared a quarterly dividend of $1.78 per share. Chevron also emphasized future supply investments, including planned $7 billion of Venezuela joint-venture investment over the next five years and agreements expected to reduce Bakken midstream costs by approximately 50 percent. No quantitative forward guidance was included in this earnings release.
Management, verbatim
We delivered strong operational performance and disciplined execution, while continuing to invest to grow energy supply,
Mike Wirth, Chevron’s chairman and chief executive officer
We’re reinvesting to bring more energy to a supply-constrained market,
Mike Wirth, Chevron’s chairman and chief executive officer
Building on our performance this quarter, we're focused on delivering the reliable energy the world needs today, while positioning Chevron for the future,
Mike Wirth, Chevron’s chairman and chief executive officer
Not in the filing
stated, not guessed- Forward revenue, gross margin, operating expense, tax rate, earnings, production, capital expenditure and cash-flow guidance were not provided in the filing text.
- Previous-period outlook was not provided.
- Segment revenue was not reported for U.S. Upstream, International Upstream, U.S. Downstream or International Downstream.
- Gross margin was not reported.
- Operating income was not reported.
- GAAP effective tax rate was not reported.
- Cash balance as of a prior-year comparable date was not reported.
- Free cash flow margin was not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.