Jun 2026 (Q2 FY26) — Jul 31, 2026
Chevron Q2 FY26 — Record Production and Accelerated Cost Savings
Read the full callChevron (CVX) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Chevron earnings: last reported Fri, 31 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 70,055 | +56.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 12,072 | +384.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
16 of 21 judged targets kept · 35 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Hess annual run-rate synergies | $1 billion | Jun 2025 | We pulled value forward, capturing 50% more synergies than initially targeted, with $1.5 billion realized 6 months ahead of schedule. | Achieved |
| Power solutions venture final investment decision | FID before the end of 2025 | Mar 2025 | We're now focused on execution, with permitting and EPC activities progressing towards a final investment decision later this year. | Delayed |
| Adjusted free cash flow growth | over 10% per year | Mar 2026 | We remain confident in the 2030 objectives we outlined last November, including annual production growth of 2% to 3%, adjusted free cash flow growth averaging greater than 10% per year | On Track |
5 of CHEVRON CORP's 56 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 53 more targets are in the full ledger.
Claimed
- Global Upstream production grew over 5% quarter-over-quarter, with U.S. production reaching a record of nearly 2.1 million boe/d.
- Achieved $3 billion in annual run rate structural cost reductions 6 months ahead of schedule, with over 70% from efficiency gains.
- Hess acquisition synergies of $1.5 billion realized 6 months early, exceeding initial targets by 50%.
- Project Kilby, a 2.67 GW take-or-pay power purchase agreement with Microsoft, is progressing towards FID with expected mid-teens returns.
- Net debt coverage ratio improved to 0.6x, driven by nearly $20 billion in cash flow from operations (excluding working capital).
Qualified
- Impact from Middle East conflict remained isolated to the Partitioned Zone, representing about 1% of Q2 total production.
- CPC pipeline operations face intermittent disruptions due to geopolitical events, though commitment to keeping it open is high.
- Turbine availability is tight for new power projects, requiring strong relationships with manufacturers.
Price
$224.45 −0.24% · −$0.54
Performance +46.6% 1Y
1Y: $153.08 on 17 Oct 2025 → $224.45. High $224.99 (16 Oct 2026), low $146.75 (16 Dec 2025).
- Previous close
- $224.99
- 52-week range
- $146.75 – $224.99
- One year
- +45.29%
Overview
- Symbol
- CVX
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 21 judged targets kept · 35 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Hess annual run-rate synergies | $1 billion | Jun 2025 | We pulled value forward, capturing 50% more synergies than initially targeted, with $1.5 billion realized 6 months ahead of schedule. | Achieved |
| Power solutions venture final investment decision | FID before the end of 2025 | Mar 2025 | We're now focused on execution, with permitting and EPC activities progressing towards a final investment decision later this year. | Delayed |
| Adjusted free cash flow growth | over 10% per year | Mar 2026 | We remain confident in the 2030 objectives we outlined last November, including annual production growth of 2% to 3%, adjusted free cash flow growth averaging greater than 10% per year | On Track |
Claimed
- Global Upstream production grew over 5% quarter-over-quarter, with U.S. production reaching a record of nearly 2.1 million boe/d.
- Achieved $3 billion in annual run rate structural cost reductions 6 months ahead of schedule, with over 70% from efficiency gains.
- Hess acquisition synergies of $1.5 billion realized 6 months early, exceeding initial targets by 50%.
- Project Kilby, a 2.67 GW take-or-pay power purchase agreement with Microsoft, is progressing towards FID with expected mid-teens returns.
- Net debt coverage ratio improved to 0.6x, driven by nearly $20 billion in cash flow from operations (excluding working capital).
Qualified
- Impact from Middle East conflict remained isolated to the Partitioned Zone, representing about 1% of Q2 total production.
- CPC pipeline operations face intermittent disruptions due to geopolitical events, though commitment to keeping it open is high.
- Turbine availability is tight for new power projects, requiring strong relationships with manufacturers.
The full ledger
Open CHEVRON CORP’s full ledger
A free account opens 5 company ledgers a month. All 56 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 1, 2026
Chevron Q1 FY26 — Disciplined execution amid Middle East disruption; all 2026 and 2030 guidance reaffirmed
Read the full callDec 2025 (Q4 FY25) — Jan 30, 2026
Chevron Q4 FY25 — Record Production and Shareholder Returns Drive Strong Cash Flow Growth
Read the full callEvery analysed call
Chevron earnings calls (CVX)
Financials
What the filings say
Net profit, year on year: +385% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 50,669 | 52,226 | 47,610 | 44,822 | 49,726 | 46,873 | 48,607 | 70,055 |
| Expenses | 44,180 | 46,167 | 42,027 | 40,675 | 44,312 | 42,274 | 44,661 | 53,371 |
| Profit before tax | 6,489 | 6,059 | 5,583 | 4,147 | 5,414 | 4,599 | 3,946 | 16,684 |
| Tax rate | 30.7% | 46.2% | 37.1% | 39.4% | 33.3% | 38.1% | 41.9% | 26.8% |
| Net profit | 4,487 | 3,239 | 3,500 | 2,490 | 3,539 | 2,770 | 2,210 | 12,072 |
| EPS ($ per share) | 2.49 | — | 2.01 | 1.45 | 1.83 | — | 1.12 | 6.13 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1,832 | 1,832 | 1,832 | 1,832 | 1,832 | 1,832 | 1,832 | 1,832 |
| Reserves | 180,987 | 174,945 | 160,377 | 165,546 | 190,024 | 200,025 | 205,852 | 205,365 |
| Total liabilities | 98,221 | 92,220 | 107,064 | 99,595 | 97,467 | 99,703 | 103,781 | 131,836 |
| Fixed assets | 169,207 | 150,494 | 156,618 | 146,961 | 143,591 | 153,619 | 147,799 | 219,729 |
| Investments | 53 | 63 | 31 | 35 | 223 | 45 | 0 | 0 |
| Total assets | 253,863 | 237,428 | 239,790 | 239,535 | 257,709 | 261,632 | 256,938 | 324,012 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 30,618 | 27,314 | 10,577 | 29,187 | 49,602 | 35,609 | 31,492 | 33,939 |
| Cash from investing | -12,290 | -11,458 | -6,965 | -5,865 | -12,108 | -15,232 | -8,936 | -15,911 |
| Cash from financing | -13,699 | -19,758 | -3,736 | -23,113 | -24,978 | -30,109 | -23,472 | -19,063 |
| Net cash flow | 4,538 | -3,570 | -174 | 58 | 12,326 | -9,846 | -1,013 | -977 |
| Capital expenditure | -14,315 | -14,714 | -9,422 | -8,487 | -11,974 | -15,829 | -16,448 | -17,347 |
| Free cash flow | 16,303 | 12,600 | 1,155 | 20,700 | 37,628 | 19,780 | 15,044 | 16,592 |
CVX revenue by segment
Downstream grew from 71% to 72% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Downstream | — | -177% | 71% | 75% | 67% | 67% | 71% | 72% | +52.0% |
| Upstream | — | -147% | 28% | 26% | 32% | 33% | 29% | 27% | +64.9% |
| All Other Segments | — | — | 1% | 0% | 1% | <1% | <1% | <1% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CVX operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Production Permian | 1M boe/d+In the Permian, production averaged more than 1 million barrels of oil equivalent per day, a target we introduced over 5 years ago and achieved right on schedule.Source: earnings call transcript | 1M boe/dAnd as you know, we've got multiple large assets in there, 1 million barrels a day in the Permian, 400 in the DJ, 200 in the Bakken.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- Non Us 56% ↓ 66 pt
- US 44% ↓ 78 pt
As CVX cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
239 filings between Nov 20, 2025 and Aug 18, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$636.81M
78 sales by 9 insiders
40% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 12
- Award — granted as compensation
- 92
- Option exercise — converted options into shares
- 38
- Tax withheld — shares kept back by the company to cover tax
Also filed: 11 dispositions to the issuer, 4 other filings, 3 gifts, 1 code i.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| HESS JOHN B | — | $349.56M | Aug 3, 2026 |
| Wirth Michael K | — | $168.50M | Aug 14, 2026 |
| Pate R. Hewitt | — | $42.95M | Aug 18, 2026 |
| NELSON MARK A | — | $34.21M | Mar 2, 2026 |
| BONNER EIMEAR P | — | $20.18M | Mar 2, 2026 |
| Walz Andrew Benjamin | — | $9.88M | Aug 17, 2026 |
| GUSTAVSON JEFF B | — | $5.38M | Aug 11, 2026 |
| Booth Thomas Ryder | — | $3.32M | Feb 13, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 18, 2026 | Pate R. Hewitt Chief Legal Officer | Sale | 2,470 | $506.6K |
| Aug 17, 2026 | Moyo Dambisa F Director | Gift | 350 | $0 |
| Aug 17, 2026 | Walz Andrew Benjamin President, DM&C | Option exercise | 12,700 | $1.69M |
| Aug 17, 2026 | Walz Andrew Benjamin President, DM&C | Option exercise | 4,100 | $361.6K |
| Aug 17, 2026 | Walz Andrew Benjamin President, DM&C | Sale | 16,800 | $3.38M |
| Aug 14, 2026 | Wirth Michael K Chairman and CEO | Sale | 306,789 | $61.49M |
| Aug 14, 2026 | Wirth Michael K Chairman and CEO | Sale | 10,311 | $2.07M |
| Aug 14, 2026 | Wirth Michael K Chairman and CEO | Option exercise | 317,100 | $27.97M |
| Aug 11, 2026 | GUSTAVSON JEFF B President, New Energies | Option exercise | 4,633 | $580.7K |
| Aug 11, 2026 | GUSTAVSON JEFF B President, New Energies | Option exercise | 4,850 | $568.6K |
| Aug 11, 2026 | GUSTAVSON JEFF B President, New Energies | Sale | 14,044 | $2.74M |
| Aug 11, 2026 | GUSTAVSON JEFF B President, New Energies | Option exercise | 4,561 | $515.4K |
| Aug 5, 2026 | Wirth Michael K Chairman and CEO | Sale | 5,547 | $1.04M |
| Aug 3, 2026 | HESS JOHN B Director | Sale | 118,657 | $22.94M |
| Aug 3, 2026 | HESS JOHN B Director | Sale | 271,946 | $52.89M |
| Aug 3, 2026 | HESS JOHN B Director | Sale | 44,490 | $8.65M |
| Aug 3, 2026 | HESS JOHN B Director | Sale | 25,179 | $4.92M |
| Aug 3, 2026 | HESS JOHN B Director | Sale | 55,510 | $10.77M |
| Aug 3, 2026 | HESS JOHN B Director | Sale | 174,821 | $33.99M |
| Aug 3, 2026 | HESS JOHN B Director | Option exercise | 74,310 | $10.26M |
| Aug 3, 2026 | HESS JOHN B Director | Option exercise | 103,771 | $10.24M |
| Aug 3, 2026 | HESS JOHN B Director | Option exercise | 117,498 | $8.60M |
| Aug 3, 2026 | HESS JOHN B Director | Option exercise | 170,077 | $9.42M |
| Aug 3, 2026 | HESS JOHN B Director | Other | 8,102 | $0 |
| Aug 3, 2026 | HESS JOHN B Director | Other | 439,786 | $0 |
| Aug 3, 2026 | HESS JOHN B Director | Sale | 90,031 | $17.35M |
| Aug 3, 2026 | HESS JOHN B Director | Option exercise | 243,706 | $11.82M |
| Aug 3, 2026 | HESS JOHN B Director | Other | 2,244,497 | $0 |
| Aug 3, 2026 | HESS JOHN B Director | Other | 9,118 | $0 |
| Aug 3, 2026 | HESS JOHN B Director | Sale | 30,031 | $5.86M |
| May 27, 2026 | Austin Wanda M Director | Award | 1,272 | $0 |
| May 27, 2026 | Huntsman Jon M Jr Director | Award | 1,272 | $0 |
| May 27, 2026 | REED DEBRA L Director | Award | 1,272 | $0 |
| May 27, 2026 | Frank John Director | Award | 1,272 | $0 |
| May 27, 2026 | WARNER CYNTHIA J Director | Award | 1,272 | $0 |
| May 27, 2026 | Umpleby III Donald J Director | Award | 1,272 | $0 |
| May 27, 2026 | Moyo Dambisa F Director | Award | 1,272 | $0 |
| May 27, 2026 | HORTON THOMAS W Director | Award | 1,272 | $0 |
| May 27, 2026 | HEWSON MARILLYN A Director | Award | 1,272 | $0 |
| May 27, 2026 | HESS JOHN B Director | Award | 1,272 | $0 |
| May 27, 2026 | HERNANDEZ ENRIQUE JR Director | Award | 1,272 | $0 |
| May 20, 2026 | HESS JOHN B Director | Sale | 3,035 | $599.3K |
| May 20, 2026 | HESS JOHN B Director | Sale | 117,836 | $22.57M |
| May 20, 2026 | HESS JOHN B Director | Sale | 30,581 | $6.02M |
| May 20, 2026 | HESS JOHN B Director | Sale | 7,038 | $1.38M |
| May 20, 2026 | HESS JOHN B Director | Sale | 42,678 | $8.31M |
| May 20, 2026 | HESS JOHN B Director | Sale | 59,045 | $11.44M |
| May 20, 2026 | HESS JOHN B Director | Sale | 119,787 | $23.10M |
| May 6, 2026 | HESS JOHN B Director | Sale | 88,921 | $16.42M |
| May 6, 2026 | HESS JOHN B Director | Sale | 28,031 | $5.15M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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