Chevron Reports Q3 2026 Earnings of $9.9B ($5.06/share) with Adjusted EPS of $5.28

Chevron Corporation (NYSE: CVX) Q3 2026 Earnings Summary

Key Financial Metrics

• Net Earnings: $9.924 billion ($5.06 per diluted share), compared to $3.539 billion ($1.82 per share) in Q3 2025 and $12.072 billion ($6.11 per share) in Q2 2026.
• Adjusted Earnings: $10.361 billion ($5.28 per diluted share), adjusting for a $160 million legal reserve, $110 million impairment, $24 million in pension settlement costs, and $143 million in unfavorable foreign currency impacts.
• Operating Cash Flow (CFFO): $16.0 billion ($16.6 billion excluding working capital adjustments).
• Free Cash Flow: $12.0 billion.
• Return on Capital Employed (ROCE): 17.7% (compared to 7.6% in Q3 2025).
• Capital Expenditures: $4.0 billion (plus $0.4 billion affiliate capex).

Segment Breakdown

• Upstream Earnings: $5.698 billion, up from $3.302 billion in Q3 2025.
• Downstream Earnings: $4.931 billion, up substantially from $1.137 billion in Q3 2025.
• All Other: $(705) million net expense.

Operational Highlights

• Production: U.S. upstream production remained above 2 million boe/d for the fifth consecutive quarter, up 27% compared to two years prior.
• Refining: Record crude throughput across U.S. refineries with refinery crude utilization reaching 98%.
• Strategic Investments: Announced planned JV investments of $7 billion over the next five years in Venezuela, and signed agreements reducing Bakken midstream costs by approximately 50%.