Chevron posts $9.9 billion profit as refining and higher realizations lift Q3
Chevron reported third-quarter earnings of $9.9 billion, with adjusted profit of $10.4 billion and operating cash flow of $16.0 billion.
Chevron reported $9.9 billion of third-quarter 2026 earnings, or $5.06 a diluted share, versus $3.5 billion and $1.82 a share a year earlier. Adjusted earnings were $10.4 billion, or $5.28 a share, as higher crude realizations and refined-product margins outweighed legal, impairment and pension charges.
Upstream earnings rose to $5.7 billion from $3.3 billion, while downstream earnings climbed to $4.9 billion from $1.1 billion. Chevron attributed the improvement primarily to higher realizations, reliable operations and stronger refined-product margins. U.S. refinery crude throughput reached a record 1.09 million barrels a day, with utilization near 98%.
Cash generation strengthened materially: operating cash flow reached $16.0 billion, compared with $9.4 billion in the year-ago quarter, and free cash flow rose to $12.0 billion from $4.9 billion. The company said total debt fell by another $3.5 billion and net debt declined $7.8 billion during the quarter.
Production was 3.98 million barrels of oil equivalent per day, slightly below 4.09 million a year earlier. Chevron cited lower international entitlements at higher prices and effects from the Middle East conflict, partly offset by new production in Australia, the Gulf of America and one month of Venezuela output after a change to equity accounting.
Adjusted earnings
$10.4B
↑ +186% y/y
Cash from operations
$16.0B
↑ +70% y/y
Free cash flow
$12.0B
↑ +145% y/y
Sources
Quarterly revenue, Chevron
Twelve quarters of figures
| Quarter | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $54.1B | $47.2B | $48.7B | $51.2B | $50.7B | $52.2B | $47.6B | $44.8B | $49.7B | $46.9B | $48.6B | $70.1B |
| Revenue growth | −18.9% | −16.5% | −4.1% | 4.7% | −6.3% | 10.7% | −2.3% | −12.4% | −1.9% | −10.3% | 2.1% | 56.3% |
| Gross margin | 40.2% | 39.6% | 43.1% | 39.7% | 39.9% | 42.3% | 39.9% | 40.1% | 44.9% | 45.9% | 41.9% | 47.8% |
| Net income | $6.5B | $2.3B | $5.5B | $4.4B | $4.5B | $3.2B | $3.5B | $2.5B | $3.5B | $2.8B | $2.2B | $12.1B |
| Diluted EPS | $3.48 | $1.22 | $2.97 | $2.43 | $2.48 | $1.84 | $2.00 | $1.45 | $1.82 | $1.36 | $1.11 | $6.11 |
| Cash from operations | $9.7B | $12.4B | $6.8B | $6.3B | $9.7B | $8.7B | $5.2B | $8.6B | $9.4B | $10.8B | $2.5B | $22.6B |
| Capital expenditure | $4.7B | $4.4B | $4.1B | $4.0B | $4.1B | $4.3B | $3.9B | $3.7B | $4.4B | $5.3B | $4.1B | $4.5B |
| Free cash flow | $5.0B | $8.1B | $2.7B | $2.3B | $5.6B | $4.4B | $1.3B | $4.9B | $4.9B | $5.5B | −$1.5B | $18.1B |
| Dividends and buybacks | $6.2B | $6.2B | $6.0B | $6.0B | $7.7B | $7.4B | $6.9B | $5.5B | $6.0B | $6.4B | $6.1B | $6.5B |
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or Chevron.
