Q1 26 EPS
$1.41
Q1 26 Revenue
$47.56B
MISS 9.76%
Est. $52.70B
Did CVX Beat Earnings? Q1 2026 Results
Chevron delivered a decisive earnings beat in Q1 2026, posting adjusted EPS of $1.41 against a consensus estimate of $0.97, a 45.56% beat that extended the energy giant's streak of exceeding Wall Street expectations to six consecutive quarters. The s… Read more Chevron delivered a decisive earnings beat in Q1 2026, posting adjusted EPS of $1.41 against a consensus estimate of $0.97, a 45.56% beat that extended the energy giant's streak of exceeding Wall Street expectations to six consecutive quarters. The standout profit performance came despite revenue of $47.56 billion falling 9.76% short of the $52.70 billion consensus and landing nearly flat year over year, down just 0.1%. The primary engine behind the earnings strength was a 15% surge in worldwide net oil-equivalent production to 3,858 MBOED, fueled by the Hess acquisition and record U.S. Output exceeding 2 million barrels per day for a third straight quarter, with higher oil prices tied to geopolitical tensions adding further lift. Offsetting factors included roughly $2.90 billion in unfavorable timing effects from derivative mismatches and LIFO inventory impacts, a $360 million legal reserve, and $223 million in currency headwinds. Looking ahead, Chevron indicated capital spending remains within guidance, structural cost reductions are on track, and continued production growth from the Hess integration and Permian Basin should support its commitment to substantial shareholder returns.
Key Takeaways
- • Acquisition of Hess Corporation driving higher U.S. and international production volumes
- • Growth in Gulf of America following project start-ups
- • Permian Basin production growth
- • U.S. refinery crude throughput record in March 2026
- • Unfavorable timing effects of approximately $2.9 billion reducing reported earnings
- • Higher working capital outflows from sharp commodity price increase in March 2026
- • Lower liquids realizations in U.S. upstream
- • Downtime at TCO and curtailments in Middle East (Israel and Partitioned Zone)
CVX Forward Guidance & Outlook
Chevron indicated that capital spending remains within guidance and structural cost reductions are firmly on track relative to 2024 levels. The company emphasized disciplined investment to ensure reliable energy supply amid geopolitical volatility. Management highlighted continued production growth from the Hess integration, Gulf of America, and Permian Basin, while monitoring Middle East developments that have caused curtailments. The company signaled ongoing significant shareholder returns supported by dependable cash generation.
CVX YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
CVX Revenue by Segment
With YoY comparisons, source: SEC Filings
“Despite heightened geopolitical volatility and related supply disruptions, Chevron delivered solid first quarter performance, underscoring the resilience of our portfolio and the value of disciplined execution. Strong operating results in the United States, particularly following the integration of Hess, and continued growth in the Gulf of America and Permian Basin, drove higher production while maintaining financial flexibility.”
— Mike Wirth, Q1 2026 Earnings Press Release
CVX Earnings Trends
CVX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CVX EPS Trend
Earnings per share: estimate vs actual
CVX Revenue Trend
Quarterly revenue: estimate vs actual
CVX Quarterly Results
10 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.41 | — | $47.56B | -9.76% |
| Q4 25 BEAT FY | $1.44 | $1.52 | +5.56% | $46.87B | — |
| FY Full Year | $7.23 | $6.63 | -8.33% | $189.03B | +1.15% |
| Q3 25 BEAT | $1.71 | $1.85 | +8.43% | $48.17B | +1.58% |
| Q2 25 BEAT | $1.75 | $1.77 | +1.22% | $44.38B | -1.70% |
| Q1 25 BEAT | $2.15 | $2.18 | +1.31% | $46.10B | -4.74% |
| Q3 24 BEAT | $2.43 | $2.51 | +3.29% | $48.93B | -0.12% |
| Q1 24 BEAT | $2.87 | $2.93 | +2.09% | $48.72B | -3.84% |
| Q4 23 | $3.21 | — | — | — | — |
| Q3 23 MISS | $3.33 | $3.05 | -8.41% | $54.08B | +13.16% |
| Q2 23 BEAT | $2.97 | $3.08 | +3.70% | $48.90B | +4.23% |