Q3 25 EPS
$1.85
BEAT +8.43%
Est. $1.71
Q3 25 Revenue
$48.17B
BEAT +1.58%
Est. $47.42B
vs S&P Since Q3 25
+17.1%
BEATING MARKET
CVX +22.8% vs S&P +5.7%
Market Reaction
Did CVX Beat Earnings? Q3 2025 Results
Chevron delivered a decisive beat in Q3 2025, posting adjusted earnings per share of $1.85 against a Wall Street consensus of $1.71, an 8.43% positive surprise, even as lower crude oil prices weighed on the top line. Revenue came in at $48.17 billion… Read more Chevron delivered a decisive beat in Q3 2025, posting adjusted earnings per share of $1.85 against a Wall Street consensus of $1.71, an 8.43% positive surprise, even as lower crude oil prices weighed on the top line. Revenue came in at $48.17 billion, edging past estimates by 1.58% despite slipping 1.6% from a year earlier, a reflection of Brent crude averaging just $69.00 per barrel versus $80.00 in Q3 2024. The quarter's defining story, however, was production: worldwide net output surged 21% year-over-year to a record 4,086 MBOED, fueled largely by the Hess acquisition and continued strength in the Permian Basin and Kazakhstan's TCO project. That volume growth translated into adjusted free cash flow of $7.00 billion, more than 50% above the prior-year period, allowing Chevron to return $6.00 billion to shareholders through buybacks and dividends. For investors weighing Chevron against energy peers, the quarter underscores how scale and capital discipline can cushion commodity headwinds.
Key Takeaways
- • Record worldwide and U.S. net oil-equivalent production, up 21% and 27% YoY respectively
- • Hess acquisition contributing 495 MBOED to production
- • Legacy Chevron production growth of 227 MBOED from Permian Basin, Gulf of America, and TCO ramp-up
- • Higher margins on refined product sales boosting downstream earnings
- • Completion of Light Tight Oil project at Pasadena refinery increasing crude unit inputs 7%
- • Lower crude oil prices (Brent $69/BBL vs $80/BBL YoY) pressuring upstream earnings
- • Adjusted free cash flow increased more than 50% YoY driven by TCO loan repayment and higher asset sales proceeds
CVX YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
CVX Revenue by Segment
With YoY comparisons, source: SEC Filings
“Third quarter results reflect record production, strong cash generation and sustained superior cash returns to shareholders.”
— Mike Wirth, Q3 2025 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% |