01—Abstract
Summary
Summary of the 10-Q filed August 6, 2026. Cited figures are marked; the original filing is the authoritative source.
Chevron Corporation (CVX) reported a substantial increase in financial performance for the three and six months ended June 30, 2026, compared to the same periods in 2025.
Net income attributable to Chevron Corporation surged to $12.1 billiona ($6.11 per diluted share) for the second quarter of 2026 and $14.3 billion ($7.21 per diluted share) for the first six months of 2026. This significant growth was primarily driven by robust performance in both the Upstream and Downstream segments, fueled by higher crude oil and refined product prices, increased sales volumes, and improved downstream margins. The company's Upstream segment saw earnings rise considerably due to higher realizations and increased production, notably benefiting from the acquisition of Hess Corporation.
The Downstream segment also showed remarkable improvement, primarily attributed to higher margins on refined product sales. Cash flow from operations remained strong, enabling continued investment in capital expenditures and substantial shareholder returns through dividends and share repurchases. While the company navigates a complex global energy landscape, including geopolitical risks and evolving energy transition policies, its financial results demonstrate resilience and operational strength.
02—Key points
Key Highlights
- Net income attributable to Chevron Corporation for the second quarter of 2026 was $12.1 billion, a significant increase from $2.5 billion in the second quarter of 2025.
- For the first six months of 2026, net income attributable to Chevron Corporation reached $14.3 billion, compared to $6.0 billion in the same period of 2025.
- Upstream segment earnings more than doubled to $8.2 billion for the second quarter of 2026, driven by higher realizations and increased sales volumes, partly due to the Hess acquisition.
- Downstream segment earnings dramatically increased to $4.9 billion for the second quarter of 2026, primarily from higher margins on refined product sales.
- Cash provided by operating activities was $25.1 billion for the first six months of 2026, a substantial increase from $13.8 billion in the prior year's comparable period.
- The company returned significant capital to shareholders, paying $7.0 billion in dividends and repurchasing $3.0 billion of stock in the second quarter of 2026.
- Chevron completed the sale of its Hong Kong downstream fuels and lubricants businesses and signed an agreement to sell certain downstream assets in Singapore and other Asian countries.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 6, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $67.20B$44.38B | +51.4% |
| Cost of Revenue | $36.61B$26.86B | +36.3% |
| Gross Profit | $30.59B$17.52B | +74.6% |
| SG&A Expenses | $1.31B$889.00M | +47.8% |
| Operating Expenses | $53.37B$40.67B | +31.2% |
| Interest Expense | $352.00M$274.00M | +28.5% |
| Net Income | $12.07B$2.49B | +384.8% |
| EPS (Basic) | $6.13$1.45 | +322.8% |
| EPS (Diluted) | $6.11$1.45 | +321.4% |
| Shares Outstanding (Basic) | 1.97B1.72B | +14.6% |
| Shares Outstanding (Diluted) | 1.98B1.72B | +14.5% |
05—Questions
Frequently Asked Questions
What were the primary drivers of Chevron's significantly improved financial performance in the second quarter of 2026?
The substantial increase in net income for the second quarter of 2026 was primarily driven by a strong performance in both the Upstream and Downstream segments. Higher crude oil and refined product prices, increased sales volumes, and improved downstream margins were key factors contributing to the company's robust financial results compared to the prior year.
How did the acquisition of Hess Corporation impact Chevron's results?
The acquisition of Hess Corporation had a positive impact on Chevron's results, particularly in the Upstream segment. It contributed to the increase in net oil-equivalent production and earnings, especially in the U.S. Upstream operations, which saw significant growth from the Permian Basin and Gulf of America following the acquisition.
What is Chevron's outlook regarding commodity prices and their impact on future earnings?
Chevron's earnings are significantly influenced by commodity prices, which are determined by global market factors outside the company's control. While current prices for crude oil and natural gas are favorable, the company acknowledges the volatility and potential for future fluctuations due to geopolitical events, global economic conditions, and supply/demand dynamics. For every dollar change in Brent crude oil prices, Chevron estimates its annual after-tax earnings and cash flow sensitivity to be approximately $600 million.
What is Chevron's strategy for addressing climate change and the energy transition?
Chevron supports a global approach to addressing climate change and is taking actions to lower the carbon intensity of its operations while meeting energy demand. The company believes market-based mechanisms are efficient for emissions reduction. They are integrating climate change considerations into their strategy, capital investments, and risk management. Chevron aims to grow its oil and gas business, reduce operational carbon intensity, and expand new energies businesses, while maintaining flexibility to adapt to evolving policies, technologies, and consumer preferences.
06—Continue