Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Chevron's second quarter 2026 net income surged nearly fivefold to $12.1 billion, powered by a sharp rise in upstream earnings from higher crude oil realizations and record production following the Hess acquisition. The company's downstream segment also delivered outsized gains, with refining margins nearly doubling from a weak year-ago period. The surge was tempered by a $1.5 billion favorable timing effect from commodity price movements. Results highlight the company's sensitivity to oil price swings and geopolitical instability, particularly in the Middle East and Venezuela.
Revenue
$70.06B
+56.30% YoY
EPS (Diluted)
$6.11
+321.38% YoY
Source: SEC XBRL
Chevron (CVX) reported Q2 FY2026 revenue of $70.06B, up 56.3% year over year. CVX's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 6.06 | 5.62 | Beat +7.9% |
| Mar 2026 | 1.41 | 0.96 | Beat +46.5% |
| Dec 2025 | 1.52 | 1.46 | Beat +3.9% |
| Sep 2025 | 1.85 | 1.70 | Beat +8.9% |
Adjusted (non-GAAP) EPS of $6.06 versus the $5.62 analyst consensus — a +7.9% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $6.11.
2 reported segments · SEC XBRL
Segment revenue totals $67.17B, which is the $67.2B of consolidated revenue on the income statement.
Profit above is reported as net income, the measure CVX itself discloses in this filing. Each company chooses its own measure here, so these margins are not comparable with another company's.
Compiled by AI from 10-Q Item 2 of this filing
U.S. upstream earnings surged $2.1 billion, driven by higher liquids realizations ($2.1 billion) and increased sales volumes ($1.1 billion), partially offset by higher depreciation ($590 million). International upstream added $3.3 billion, with favorable timing effects of $570 million.
Source: 10-Q Item 2 MD&A
Worldwide net oil-equivalent production reached a new quarterly record of 3.97 million barrels per day, up 18% year-over-year, driven by the Hess acquisition and growth in the Permian Basin and Gulf of America.
Source: 10-Q Item 2 MD&A
U.S. downstream earnings increased by $2.0 billion, primarily due to higher margins on refined product sales ($1.7 billion) and a $290 million boost from the CPChem affiliate. International downstream added $2.1 billion, including $230 million from an asset sale gain.
Source: 10-Q Item 2 MD&A
Second quarter results included $1.5 billion in favorable timing effects from commodity price declines in June 2026, compared to a $2.9 billion adverse impact in the first quarter.
Source: 10-Q Item 2 MD&A
Chevron captured $3 billion in annual run-rate structural cost savings in the second quarter, reaching its target six months early, with plans to pursue additional cost reductions.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 2 of this filing · 2 high, 3 medium, 0 low
Chevron's upstream earnings are highly sensitive to crude oil prices; a $1 per barrel change in Brent crude impacts annual after-tax earnings by approximately $600 million. Recent price spikes driven by Middle East conflict and subsequent declines highlight this volatility.
Source: 10-Q Item 2 MD&A
The company has significant operations in geopolitically sensitive regions, including the Partitioned Zone between Saudi Arabia and Kuwait, and Kazakhstan, where conflicts and sanctions have caused production curtailments and could further impact operations. Venezuela operations are also subject to U.S. sanctions policy.
Source: 10-Q Item 2 MD&A
The acquisition of Hess in July 2025 brought assets and operations that require ongoing integration; failure to achieve expected synergies or manage larger scale could impact financial performance. Production gains have been realized, but operational and cultural integration risks persist.
Source: 10-Q Item 2 MD&A
Downstream earnings are heavily dependent on refining margins, which can be volatile due to supply-demand balances, geopolitical events, and disruptions like the Middle East conflict that reduced international refinery inputs by 10% and product sales by 13%. Additionally, cost pressures from services and equipment remain elevated in the U.S.
Source: 10-Q Item 2 MD&A
Evolving climate change regulations, emissions reduction targets, and energy transition policies may reduce demand for fossil fuels, increase compliance costs, and require significant investments in low-carbon technologies. The company's ability to achieve GHG intensity targets depends on factors outside its control.
Source: 10-Q Item 2 MD&A
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 70.06 $B | 44.82 $B | +56.30% |
Cost of Revenue $B | 36.61 $B | 26.86 $B | +36.30% |
Net Income $B | 12.07 $B | 2.49 $B | +384.82% |
EPS (Basic) $ | 6.13 $ | 1.45 $ | +322.76% |
EPS (Diluted) $ | 6.11 $ | 1.45 $ | +321.38% |
SG&A Expense $B | 1.31 $B | 0.89 $B | +47.81% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
CVX reported Q1 FY2026 revenue of $48.6B (+2.1% YoY), but net income fell sharply to $2.2B (-36.9% YoY) and operating cash flow dropped 51.6% to $2.5B, reflecting significant margin compression despite modest top-line growth.
CVX reported a significant earnings decline in FY2025, with net income falling 30.5% to $12.3B and revenue dropping 6.8% to $189.0B, though operating cash flow rose 7.8% to $33.9B, supported by a major balance sheet expansion likely reflecting the Hess acquisition.
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