Chevron Q2 2026: profit jumps to $12.07B as oil prices surge
Chevron's second quarter 2026 was a blowout: revenue of $67.199 billion, net income of $12.072 billion and adjusted EPS of $6.06 that beat the $5.615 consensus estimate by 7.9%. The catch is that most of it came from outside the company — Brent averaged $104 a barrel versus $68 a year ago, plus 20 percent higher production after the Hess deal. Read this as an oil-price and volume story first, and a refining-margin story second.
1 · Expected vs. Actual
Free preview belowDiluted EPS was $6.11 on a reported basis and $6.06 adjusted, against $1.45 reported and $1.77 adjusted a year ago. The $6.06 adjusted figure is $0.445 above the $5.615 consensus estimate, a 7.9 percent beat. Reported earnings include a $230 million asset sale gain and $86 million of pension settlement costs, so adjusted and reported tell nearly the same story this quarter.
Revenue of $67.199 billion rose 51.4 percent from $44.375 billion a year ago and 41.3 percent from last quarter's $47.556 billion. Gross margin expanded to 45.5 percent from 39.5 percent a year ago and 40.6 percent last quarter, so the top line grew while the cost of bought-in crude and products grew more slowly. One caution: the two segment figures given here (Upstream $8.182 billion and Downstream $4.868 billion) are earnings, not revenue, and they sum to $13.050 billion — nowhere near the $67.199 billion revenue line, so don't try to reconcile them that way.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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