$CVX · CHEVRON CORP
Chevron reported Q3 2026 GAAP earnings of $9.9 billion ($5.06 per diluted share) and adjusted earnings of $10.4 billion ($5.28 per diluted share), up from $3.5 billion ($1.82) in Q3 2025. Revenue was $65.237 billion. Cash flow from operations hit $16.0 billion, and the company declared a $1.78/share quarterly dividend.
- Q3 2026 GAAP earnings of $9.9 billion ($5.06/share) vs $3.5 billion ($1.82/share) in Q3 2025
- Adjusted EPS of $5.28 beat the prior-year quarter's $1.85 by 185%
- U.S. refinery crude throughput hit a record 1.09 million barrels per day at 98% utilization
- Cash flow from operations reached $16.0 billion, up from $9.4 billion a year ago
- Total debt reduced by $3.5 billion in the quarter; net debt down $7.8 billion
Extended-hours trading shows CVX at $234.24, up 1.20% from the regular close of $231.46, reflecting a positive initial reaction to the strong earnings beat and record downstream performance.
Chevron's earnings nearly tripled year-over-year on surging crude prices and record downstream operations, while the balance sheet strengthened with $7.8 billion in net debt reduction.
Chevron's results benefit from Brent averaging $97/bbl in Q3 2026 vs $69 a year ago, a 41% increase that lifts the entire integrated oil sector. Record U.S. downstream margins and Permian capital discipline differentiate Chevron from peers facing steeper cost inflation.
Unfavorable timing effects of $1.58 billion from rising prices reduced reported earnings. Middle East conflict disrupted international downstream product sales (-9% YoY) and upstream production. Foreign currency effects decreased earnings by $143 million.