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Chevron Tops Estimates at $65.2 Billion Revenue and $5.28 Adjusted EPS

Upstream earnings rose to $5.7 billion and U.S. refinery throughput hit a record, while the company declared a $1.78 quarterly dividend.

By Zintick Team · Editor: Kratik Mehta
Published

Aerial drone photo of industrial oil and gas refinery plant in Mediterranean destination
Photo: Greens and Blues/Shutterstock.com

Key points

  • Revenue of $65.2 billion versus $61.6 billion analyst consensus
  • Adjusted EPS of $5.28 versus $4.83 consensus; GAAP EPS of $5.06
  • Adjusted EPS up from $1.85 and revenue up from $48.2 billion a year earlier
  • Upstream earnings $5.7 billion; downstream $4.9 billion
  • Quarterly dividend of $1.78 declared, payable Dec. 10, 2026

Chevron Corp (NYSE: CVX) reported third-quarter revenue of $65.2 billion, above the $61.6 billion analysts expected, and adjusted earnings of $5.28 per diluted share against the $4.83 consensus estimate, in an 8-K filed Friday, Oct. 30. Revenue was up from $48.2 billion a year earlier.

Reported net income attributable to Chevron was $9.9 billion, or $5.06 per diluted share, compared with $3.5 billion, or $1.82 a share, in the third quarter of 2025. Adjusted earnings were $10.4 billion, or $5.28 a share, against $1.85 a share a year earlier. The company said the quarter included a $160 million legal reserve, a $110 million impairment and $24 million in pension settlement costs, and that foreign currency effects reduced earnings by $143 million.

Upstream and downstream earnings

Upstream earnings were $5.7 billion, up from $3.3 billion a year earlier. U.S. upstream earned $3.3 billion, which the company attributed to higher liquids realizations and lower operating expenses, including the absence of prior-year Hess severance and transaction costs. International upstream earned $2.4 billion, helped by higher realizations and liftings in Venezuela.

Downstream earnings were $4.9 billion, up from $1.1 billion. U.S. downstream earned $3.6 billion on higher margins on refined product sales, and U.S. refinery crude unit throughput set a record of 1.09 million barrels per day.

Net oil-equivalent production was 3,980 thousand barrels per day, down from 4,086 a year earlier. The company said lower entitlements from higher prices and impacts from the Middle East conflict were partly offset by record production at its Australian operated assets.

Cash flow and shareholder returns

Cash flow from operations was $16.0 billion, compared with $9.4 billion a year earlier. Free cash flow was $12.0 billion. Chevron repurchased $2.5 billion of shares and paid $3.5 billion in common dividends during the quarter.

Total debt fell by $3.5 billion in the quarter and net debt was down $7.8 billion. The board declared a quarterly dividend of $1.78 per share, payable Dec. 10, 2026, to holders of record at the close of business on Nov. 18, 2026.

Outlook

The release did not include quarterly or full-year earnings guidance. Chief Executive Mike Wirth said the company is reinvesting to bring more energy to a supply-constrained market. Chevron's joint ventures plan to invest $7 billion in Venezuela over the next five years.

Shares closed at $231.46 on Thursday, Oct. 29, the last close before the filing, giving the company a market value of about $457.3 billion.

Sources

Written with AI from the company's results filing with the SEC, analysts' estimates where we had them, and our market data, and checked against those sources before publishing. Our editorial standards.

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Filings, figures and price history are on the Chevron page.