Earnings Releases·Oct 30, 2026, 6:16 AM ET

Chevron — Third Quarter 2026 Earnings Summary

Reported Q3 2026 earnings of $9.9 billion ($5.06/share), a significant increase from $3.5 billion ($1.82/share) in Q3 2025, though down from $12.1 billion ($6.11/share) in Q2 2026; year-to-date earnings reached $24.2 billion versus $9.5 billion in the prior year.
Generated $16.0 billion in operating cash flow and $12.0 billion in free cash flow for the quarter, while reducing total debt by $3.5 billion and net debt by $7.8 billion, lowering the net debt-to-CFFO ratio to 0.4x from 1.1x.
U.S. upstream production exceeded 2 million barrels of oil equivalent per day for the fifth consecutive quarter, while U.S. downstream refinery inputs hit record levels; however, international upstream production declined 109,000 barrels per day due to entitlement reductions and Middle East conflict impacts.
Announced strategic initiatives including a $7 billion five-year investment plan for Venezuelan joint ventures, a 50% reduction in Bakken midstream costs, new discoveries in Angola, and the completion of the Cambodia downstream fuels business sale.
Declared a quarterly dividend of $1.78 per share; capital expenditures totaled $4.0 billion for the quarter, down from $4.4 billion in the prior year period.