Summary
Chevron Corporation reported a net income attributable to the company of $2.21 billion ($1.11 per diluted share) for the first quarter of 2026, a decrease from $3.50 billion ($2.00 per diluted share) in the same period of 2025. This decline was primarily driven by lower downstream margins, particularly in international operations, and unfavorable timing effects related to commodity derivative instruments, coupled with higher operating and depreciation expenses. Despite the overall decrease in net income, the upstream segment demonstrated resilience, with earnings increasing slightly year-over-year due to higher sales volumes. The company's balance sheet remains robust, though total debt increased due to the Hess Corporation acquisition and commercial paper borrowings. Chevron continued its commitment to shareholder returns, paying substantial dividends and repurchasing shares, while also navigating a complex global energy landscape marked by geopolitical instability and evolving energy transition policies.
Financial Highlights
45 data points| Revenue | $47.56B |
| Cost of Revenue | $28.27B |
| Gross Profit | $19.29B |
| SG&A Expenses | $1.07B |
| Operating Expenses | $44.66B |
| Interest Expense | $345.00M |
| Net Income | $2.21B |
| EPS (Basic) | $1.12 |
| EPS (Diluted) | $1.11 |
| Shares Outstanding (Basic) | 1.98B |
| Shares Outstanding (Diluted) | 1.99B |
Key Highlights
- 1Net income attributable to Chevron Corporation decreased to $2.21 billion in Q1 2026 from $3.50 billion in Q1 2025.
- 2Diluted earnings per share fell to $1.11 in Q1 2026 from $2.00 in Q1 2025.
- 3Upstream segment earnings increased slightly to $3.91 billion from $3.76 billion, driven by higher sales volumes.
- 4Downstream segment reported a loss of $817 million, a significant decrease from earnings of $325 million in the prior year, impacted by lower margins and higher operating expenses.
- 5Total debt increased to $45.4 billion at March 31, 2026, from $40.8 billion at December 31, 2025, largely due to the Hess acquisition and increased commercial paper.
- 6Chevron paid $3.5 billion in dividends in Q1 2026 and repurchased $2.5 billion in shares.
- 7The company continues to manage geopolitical risks, particularly those arising from the Middle East conflict, which has impacted operations and supply chains.