10-K · February 24, 2026
Chevron completed the acquisition of Hess in July 2025 (Hess assets represent 24% of consolidated assets and 3% of consolidated revenues) while delivering structural cost savings and maintaining shareholder…
Earnings analysis · 10-Q
CVX earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Chevron's Q1 2026 results showed a decline in overall revenues and net income compared to Q1 2025, with revenues of $48.61 billion and EPS of $1.11, missing analyst expectations. Key impact factors included unfavorable…
Read full summary
Chevron's Q1 2026 results showed a decline in overall revenues and net income compared to Q1 2025, with revenues of $48.61 billion and EPS of $1.11, missing analyst expectations. Key impact factors included unfavorable timing effects in its downstream segment and increased operational costs amidst rising commodity prices.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.41
- Segment
- Upstream
- Segment
- Downstream
- Segment
- All Other
What stood out
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Upstream Earnings Growth
Upstream earnings increased to $3.9 billion from $3.8 billion year-over-year, mainly due to higher sales volumes.
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Increased Working Capital Needs
Cash flow from operations was $2.5 billion, down from $5.2 billion in Q1 2025, reflecting higher working capital outflows.
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Significant Drop in Downstream Performance
Downstream segment reported a loss of $817 million compared to profits of $325 million in Q1 2025, driven by lower margins.
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Higher Overall Debt Levels
Total debt and finance lease liabilities rose to $45.4 billion from $40.8 billion at year-end 2025.
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Operational Challenges
Production declined due to curtailments in the Middle East, particularly in operations related to the Leviathan field.
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Share Repurchase Program on Track
Chevron repurchased $2.5 billion worth of stock in Q1 2026 as part of its $75 billion buyback initiative.
What to watch
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Increased Operational Costs
Operating costs increased significantly in Q1 2026 due to higher transportation expenses and litigation reserves, impacting margins.
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Geopolitical Risks from Middle East
Ongoing geopolitical tensions in the Middle East have led to operational disruptions and increased supply chain risks.
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Negative Timing Effects
Earnings were adversely impacted by $2.9 billion due to unfavorable timing effects on commodity price hedging.
Management's outlook
Guidance for future quarters deferred to earnings press release / call.
Earlier filings 4
10-Q · May 8, 2025
Chevron reported total revenues and other income of $47,610 million in Q1 2025, down from $48,716 million a year ago. Net income attributable to Chevron fell to $3,500 million (diluted EPS $2.00) from $5,501 million…
10-K · February 21, 2025
Chevron reported 2024 sales and other operating revenues of $193,414 million and net income attributable to Chevron of $17,661 million (diluted EPS $9.72). Upstream remained the primary earnings driver with $18,602…
10-Q · August 3, 2023
Chevron reported Q2 2023 total revenues and other income of $48,896 million, down from $68,762 million in Q2 2022, and diluted EPS of $3.20 versus $5.95 in the year-ago quarter. Operating/segment results weakened across…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.