Chevron stock reports adjusted earnings of USD 5.28 per share

Published on 10/30/2026 at 11:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Chevron stock reported USD 9.9 billion in third-quarter earnings. Free cash flow reached USD 12.0 billion as refining margins supported downstream results.

Chevron strengthens earnings and cash flow

Third-quarter earnings rose sharply from the year-earlier period as refining margins and crude realizations improved.
Operating cash flow and free cash flow remained strong, while Chevron reduced debt and continued share repurchases.
Management plans further investment in Venezuela and lower Bakken midstream costs to support future production growth.

Chevron, US1667641005, Illustration mit AI erstellt.

Chevron reported adjusted earnings of USD 10.361 billion, or USD 5.28 per diluted share, for the third quarter ended September 30, 2026. The company said in its October 30 earnings release that reported earnings attributable to Chevron rose to USD 9.924 billion from USD 3.539 billion a year earlier.

Sales and other operating revenues reached USD 65.237 billion, while total revenues and other income amounted to USD 67.798 billion, compared with USD 49.726 billion in the third quarter of 2025. Chevron said higher refined-product margins and crude oil realizations supported the improvement, although unfavorable timing effects reduced the quarter's result by USD 1.580 billion.

Refining drives operating improvement

Downstream earnings climbed to USD 4.931 billion from USD 1.137 billion in the year-earlier quarter. U.S. downstream earnings increased to USD 3.585 billion from USD 638 million as refinery crude throughput reached a record 1.09 million barrels per day and crude utilization approached 98 percent.

Upstream earnings rose to USD 5.698 billion from USD 3.302 billion. U.S. upstream earnings reached USD 3.293 billion, compared with USD 1.282 billion a year earlier, while international upstream earnings increased to USD 2.405 billion from USD 2.020 billion. Total oil-equivalent production was 3.980 million barrels per day, down from 4.086 million barrels per day as higher-price entitlements and Middle East impacts outweighed stronger output in Australia and the Gulf of America.

Average Brent crude was USD 97 per barrel in the quarter, against USD 69 a year earlier. Chevron's reported return on capital employed rose to 17.7 percent from 7.6 percent.

Cash generation supports balance sheet

Cash flow from operations increased to USD 16.014 billion from USD 9.385 billion. Free cash flow reached USD 12.003 billion, up from USD 4.941 billion, while adjusted free cash flow was USD 14.243 billion compared with USD 6.953 billion.

Chevron reduced total debt by USD 3.530 billion during the quarter, bringing total debt to USD 33.534 billion at September 30. Net debt fell to USD 20.730 billion from USD 34.461 billion at the end of 2025. Share repurchases totaled USD 2.502 billion in the quarter, and the board declared a quarterly dividend of USD 1.78 per share payable on December 10 to shareholders of record at the close of business on November 18.

Investment plans set the next test

Chairman and Chief Executive Officer Mike Wirth said Chevron intends to reinvest in a supply-constrained energy market. The company plans to invest USD 7 billion over the next five years in its Venezuelan joint ventures, with the stated goal of expanding low-cost production. Chevron also said agreements covering Bakken midstream operations should reduce costs by approximately 50 percent.

Chevron stock traded at 209.60 euros on Lang & Schwarz at 11:32 CEST on Friday, October 30, 2026. Investors can follow the real-time quote of Chevron stock.