Chevron Q3 2026 earnings $9.9B on strong downstream margins, raises dividend
Chevron reported Q3 2026 earnings of $9.9 billion ($5.06 diluted EPS), up 180% from $3.5 billion ($1.82 diluted EPS) in Q3 2025, driven by higher crude oil realizations and improved downstream margins. Adjusted earnings were $10.4 billion ($5.28 per diluted share) excluding $294 million in special charges. Total revenues increased 36% year-over-year to $67.8 billion. The company generated $16.0 billion in cash flow from operations and $12.0 billion in free cash flow. Capital expenditures were $4.0 billion for th...
Key takeaways
Revenue: Q3 2026 revenue of $67.8 billion, up 36% year-over-year from $49.7 billion in Q3 2025
Earnings: Q3 2026 reported EPS $5.06 (diluted), adjusted EPS $5.28; up from $1.82 reported and $1.85 adjusted in Q3 2025
Segment results: Upstream earnings of $5.7 billion (U.S. $3.3B, International $2.4B); Downstream earnings of $4.9 billion (U.S. $3.6B, International $1.3B)
Cash flow: Operating cash flow $16.0 billion, free cash flow $12.0 billion, up from $9.4 billion and $4.9 billion respectively year-over-year
Production: Net oil-equivalent production 3,980 MBOED, down 106 MBOED from Q3 2025 due to lower entitlements from higher prices and Middle East conflict impacts
U.S. downstream: Refinery crude unit throughput set a record of 1.09 million barrels per day with 98% utilization
Capital discipline: Capex of $4.0 billion in Q3 2026, down from $4.4 billion in Q3 2025, due to lower Permian Basin spend
Key metrics
Primary source
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