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Chevron (NYSE: CVX) Q1 2026 profit falls as it returns $6B in cash

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8-K

Rhea-AI Filing Summary

Chevron Corporation reported unaudited first quarter 2026 earnings of $2.2 billion, or $1.11 per diluted share, down from $3.5 billion, or $2.00 per diluted share, a year earlier. Results included a $360 million net loss related to a legal reserve and were reduced by $223 million of foreign currency effects.

Adjusted earnings were $2.8 billion, or $1.41 per diluted share, versus $3.8 billion, or $2.18, in first quarter 2025. Revenue rose modestly to $48.6 billion from $47.6 billion. Companywide net oil-equivalent production increased to 3.86 million barrels of oil-equivalent per day, driven largely by the Hess acquisition and growth in the Gulf of America and Permian Basin.

Chevron generated $2.5 billion of cash flow from operations and spent $4.1 billion on capital expenditures. Free cash flow was negative, but adjusted free cash flow reached $4.1 billion, helped by a $979 million loan repayment from Tengizchevroil. The company returned $6.0 billion to shareholders through $3.5 billion in dividends and $2.6 billion of share repurchases, and reported a 4.5% return on capital employed.

Positive

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Negative

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Insights

Chevron’s quarter shows weaker earnings but strong production and shareholder returns.

Chevron earned $2.2 billion in Q1 2026 versus $3.5 billion a year earlier, with adjusted earnings of $2.8 billion. Management attributes much of the decline to about $2.9 billion of unfavorable timing effects and a legal reserve, rather than underlying operations.

Operationally, net oil-equivalent production rose to 3,858 MBOED, with U.S. volumes above 2,000 MBOED. Cash flow from operations was $2.5 billion, and reported free cash flow turned negative due to working capital and higher capex, though adjusted free cash flow was $4.1 billion. ROCE softened to 4.5%, reflecting lower earnings on a larger capital base.

The company still returned $6.0 billion to shareholders and increased debt, with total debt rising to $45.4 billion and a net debt ratio of 17.9%. Actual impact will depend on future commodity prices, execution of Hess-related projects, and how quickly timing effects normalize in subsequent quarters.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Reported earnings $2.2 billion Net income attributable to Chevron, Q1 2026
Adjusted earnings $2.8 billion Excludes special items and FX, Q1 2026
Diluted EPS $1.11 per share Net income per diluted share, Q1 2026
Cash flow from operations $2.5 billion Net cash provided by operating activities, Q1 2026
Adjusted free cash flow $4.1 billion Adjusted FCF including TCO loan repayment, Q1 2026
Shareholder returns $6.0 billion Dividends $3.5B and repurchases about $2.6B, Q1 2026
Net oil-equivalent production 3,858 MBOED Worldwide production volume, Q1 2026
Return on capital employed 4.5% ROCE for three months ended March 31, 2026
adjusted earnings financial
"Adjusted earnings of $2.8 billion ($1.41 per share - diluted) in first quarter 2026"
Adjusted earnings are a company’s profit figure that has been altered to remove one-time, unusual or non-operational items so it better reflects the business’s regular performance. Think of it like looking at a household budget but ignoring a big, unusual expense or windfall to see what normal monthly cash flow looks like; investors use adjusted earnings to compare companies and trends, but should watch what is excluded because choices can change the picture.
free cash flow financial
"Free Cash Flow (FCF) (1) | $ B | $ | (1.5) |"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Return on Capital Employed (ROCE) financial
"Return on Capital Employed (ROCE) | % | 4.5 | %"
Return on capital employed (ROCE) measures how well a company turns the money invested in its business — both debt and equity used to run operations — into operating profit. Think of it like the return you get from tools a craftsman buys: higher ROCE means the company is using its capital more efficiently to generate earnings, which helps investors compare operational performance and capital allocation quality across firms and industries.
net debt ratio financial
"Net debt ratio (Net debt / Net debt plus total stockholders’ equity) | | 17.9 | %"
Net debt ratio shows how much debt a company effectively carries after using its cash and short-term investments, expressed as a share of its size or earning power (commonly compared to total assets, equity or annual earnings). Think of it like a household’s mortgage minus its savings, shown as a proportion of the home’s value or the family’s income; higher values mean more financial strain. Investors use it to judge how risky a company's balance sheet is and how easily it can meet obligations or fund growth.
non-GAAP financial measures financial
"This news release includes adjusted earnings/(loss) ... We believe it is useful for investors to consider this measure"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Revenue $48.6 billion
Net income $2.2 billion
Diluted EPS $1.11
Adjusted earnings $2.8 billion
Cash flow from operations $2.5 billion
Understanding 8-K Material Events →
0000093410false0000093410FALSE00000934102026-05-012026-05-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 1, 2026
    Chevron Corporation  
(Exact name of registrant as specified in its charter)
 
Delaware    001-00368  94-0890210
(State or other jurisdiction
of incorporation )		    (Commission File Number)  (I.R.S. Employer
Identification No.)
 
1400 Smith StreetHouston,TX  77002
(Address of Principal Executive Offices)  (Zip Code)
Registrant’s telephone number, including area code: (832) 854-1000
 
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $.75 per shareCVXNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐


Item 2.02     Results of Operations and Financial Condition
On May 1, 2026, Chevron Corporation (the “Company”) issued a news release announcing unaudited first quarter 2026 earnings of $2.2 billion. The news release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information included herein and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.
(d)    Exhibits.    

Exhibit NumberDescription
99.1
News release issued by Chevron Corporation, dated May 1, 2026.
104Cover Page Interactive Data File (contained in Exhibit 101)


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 1, 2026
 
CHEVRON CORPORATION
By/s/ Amit R. Ghai
Amit R. Ghai
Controller
(Principal Accounting Officer and
Duly Authorized Officer)



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humanenergylogoa09.jpg
news release
FOR RELEASE AT 5:15 AM CTEXHIBIT 99.1
MAY 1, 2026
Chevron Reports First Quarter 2026 Results
•Reported earnings of $2.2 billion; adjusted earnings of $2.8 billion
•Returned $6.0 billion cash to shareholders; 16th consecutive quarter over $5 billion
•Worldwide and U.S. production increased by 15 and 24 percent, respectively
HOUSTON, May 1, 2026 – Chevron Corporation (NYSE: CVX) reported earnings of $2.2 billion ($1.11 per share - diluted) for first quarter 2026, compared with $3.5 billion ($2.00 per share - diluted) in first quarter 2025. Included in the quarter was a net loss of $360 million related to a legal reserve. Foreign currency effects decreased earnings by $223 million. Adjusted earnings of $2.8 billion ($1.41 per share - diluted) in first quarter 2026 compared to adjusted earnings of $3.8 billion ($2.18 per share - diluted) in first quarter 2025. See Attachment 4 for a reconciliation of adjusted earnings.
Earnings & Cash Flow Summary
Unit1Q 20264Q 20251Q 2025
Total Earnings / (Loss)$ MM$2,210 $2,770 $3,500 
Upstream$ MM$3,909 $3,035 $3,758 
Downstream$ MM$(817)$823 $325 
All Other$ MM$(882)$(1,088)$(583)
Earnings Per Share - Diluted$/Share$1.11 $1.39 $2.00 
Adjusted Earnings (1)
$ MM$2,793 $3,028 $3,813 
Adjusted Earnings Per Share - Diluted (1)
$/Share$1.41 $1.52 $2.18 
Cash Flow From Operations (CFFO)$ B$2.5 $10.8 $5.2 
CFFO Excluding Working Capital (1)
$ B$7.1 $9.1 $7.6 
Avg. Brent Spot Price (Source: Platts)$/BBL$81 $64 $76 
(1) See non-GAAP measure definitions on page 6 and reconciliations in the attachments
“Despite heightened geopolitical volatility and related supply disruptions, Chevron delivered solid first quarter performance, underscoring the resilience of our portfolio and the value of disciplined execution,” said Mike Wirth, Chevron’s Chairman and Chief Executive Officer. “Strong operating results in the United States, particularly following the integration of Hess, and continued growth in the Gulf of America and Permian Basin, drove higher production while maintaining financial flexibility.”
“Our U.S. refineries operated at record crude throughput in March, capital spending remains within guidance, and our structural cost reductions are firmly on track,” Wirth continued. “This disciplined performance supports dependable cash generation, enabling us to continue returning significant capital to shareholders, while investing in advantaged long-lived assets.”
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“We continue to closely monitor developments in the Middle East with a focus on the safety of our workforce and the integrity of our assets and operations,” Wirth concluded. “The unpredictable external environment reinforces the importance of disciplined investment to ensure reliable energy supply and global energy security.”
Financial and Business Highlights
Unit1Q 20264Q 20251Q 2025
Return on Capital Employed (ROCE)%4.5 %5.4 %8.3 %
Capital Expenditures (Capex)
$ B$4.1 $5.3 $3.9 
Affiliate Capex$ B$0.3 $0.4 $0.5 
Free Cash Flow (FCF) (1)
$ B$(1.5)$5.5 $1.3 
Adjusted Free Cash Flow (1)
$ B$4.1 $4.2 $4.2 
Debt-to-CFFORatio1.5x1.2x1.0x
Net debt-to-CFFO (1)
Ratio1.3x1.0x0.8x
Net Oil-Equivalent ProductionMBOED3,858 4,045 3,353 
(1) See non-GAAP measure definitions on page 6 and reconciliations in the attachments
Financial Highlights
•Reported earnings decreased compared to first quarter 2025 primarily due to unfavorable timing effects of approximately $2.9 billion. These effects include timing mismatches in earnings recognition related to the mark‑to‑market of financial derivatives prior to the physical delivery of the associated hydrocarbons, as well as the impact of LIFO inventory accounting. Excluding those unfavorable effects, earnings improved due to upstream production growth and higher refining margins.
•Production in the first quarter of 2026 was higher than first quarter last year largely due to the acquisition of Hess Corporation (Hess) and growth in the Gulf of America and the Permian Basin, partly offset by downtime at the company’s 50 percent owned affiliate Tengizchevroil (TCO) and curtailments in the Middle East (Israel and the Partitioned Zone between Saudi Arabia and Kuwait). U.S. production exceeded 2 million oil-equivalent barrels per day for the third consecutive quarter.
•U.S. refinery crude unit throughput remains over 1 million barrels per day for the fifth consecutive quarter and achieved a record in March 2026.
•Capex in the first quarter of 2026 was higher than last year largely due to spend on legacy Hess assets, partially offset by lower spend in the Permian Basin.
•Cash flow from operations in the first quarter of 2026 was lower than a year ago primarily due to higher working capital outflows largely resulting from the sharp increase in commodity prices in March 2026. Adjusted free cash flow benefited from a $1 billion loan repayment from TCO.
•The company returned $6.0 billion of cash to shareholders during the quarter, including share repurchases of $2.5 billion and dividends of $3.5 billion.
•The company’s Board of Directors declared a quarterly dividend of one dollar and seventy-eight cents ($1.78) per share, payable June 10, 2026, to all holders of common stock as shown on the transfer records of the corporation at the close of business on May 19, 2026.
Business Highlights and Milestones
•Announced an agreement in Venezuela to expand Chevron’s heavy oil interest in the Petroindependencia, S.A. joint venture and include rights to develop the adjacent Ayacucho 8 area at the Petropiar, S.A. joint venture in the Orinoco Oil Belt.

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•Entered into an exclusivity agreement with Microsoft and Engine No. 1 related to a proposed power generation and electricity offtake agreement to support the power project under development in West Texas.
•Expansions at Tamar and Leviathan in Israel have achieved start-up, adding production capacity to support growing demand and regional energy security.
•Reached a final investment decision on the Aseng gas project in Equatorial Guinea, advancing the country's efforts to expand its role in global gas markets.
•Discovered oil at the Bandit prospect in Green Canyon Block 680 in the Gulf of America, through a non-operated joint venture.
•Entered Libya as a winning bidder in the Sirte Basin, expanding the company’s exploration portfolio with high-quality acreage and high-impact prospects.
•Awarded four offshore exploration leases in Greece, further expanding the company's position in the Eastern Mediterranean region.
•Farmed into the OFF-7 block in Uruguay, building depth in the exploration portfolio.
Segment Highlights
Upstream
U.S. UpstreamUnit1Q 20264Q 20251Q 2025
Earnings / (Loss)$ MM$2,112 $1,258 $1,858 
Net Oil-Equivalent ProductionMBOED2,024 2,055 1,636 
Liquids ProductionMBD1,461 1,488 1,159 
Natural Gas ProductionMMCFD3,380 3,402 2,859 
Liquids Realization$/BBL$51.94 $42.99 $55.26 
Natural Gas Realization$/MCF$2.48 $2.21 $2.50 
•U.S. upstream earnings were higher primarily due to increased sales volumes partly offset by higher depreciation, depletion and amortization, higher operating expenses, and lower liquids realizations.
•Net oil-equivalent production during the quarter was up 388,000 barrels per day from the year-ago period primarily due to the acquisition of Hess and higher production in the Gulf of America following project start‑ups, and growth in the Permian Basin.
International UpstreamUnit1Q 20264Q 20251Q 2025
Earnings / (Loss) (1)
$ MM$1,797 $1,777 $1,900 
Net Oil-Equivalent ProductionMBOED1,834 1,990 1,717 
Liquids ProductionMBD974 1,071 822 
Natural Gas ProductionMMCFD5,161 5,514 5,371 
Liquids Realization$/BBL$77.50 $57.53 $67.69 
Natural Gas Realization$/MCF$6.99 $6.97 $7.12 
(1) Includes foreign currency effects
$ MM$(233)$(125)$(136)
•International upstream earnings were lower than a year ago primarily due to unfavorable timing effects, higher depreciation, depletion and amortization, and unfavorable foreign currency effects that were partly offset by higher sales volumes.

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•Net oil-equivalent production during the quarter was up 117,000 barrels per day from the year-ago period primarily due to the acquisition of Hess, partly offset by lower production at TCO.
Downstream
U.S. DownstreamUnit1Q 20264Q 20251Q 2025
Earnings / (Loss)$ MM$196 $230 $103 
Refinery Crude Unit InputsMBD1,054 1,020 1,018 
Refined Product SalesMBD1,265 1,293 1,293 
•U.S. downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales partly offset by a higher litigation reserve.
•Refinery crude unit inputs increased 4 percent from the year-ago period primarily due to the continued ramp-up of the Light Tight Oil project at the Pasadena, Texas refinery.
•Refined product sales decreased 2 percent compared to the year-ago period.
International DownstreamUnit1Q 20264Q 20251Q 2025
Earnings / (Loss) (1)
$ MM$(1,013)$593 $222 
Refinery Crude Unit InputsMBD616 665 618 
Refined Product SalesMBD1,493 1,546 1,398 
(1) Includes foreign currency effects
$ MM$8 $9 $3 
•International downstream earnings were lower than the year-ago period primarily due to lower margins on refined product sales, including unfavorable timing effects and higher operating expenses mainly from higher transportation costs.
•Refinery crude unit inputs were flat relative to the year-ago period.
•Refined product sales increased 7 percent from the year-ago period due to higher demand for gasoline.
All Other
All OtherUnit1Q 20264Q 20251Q 2025
Net charges (1)
$ MM$(882)$(1,088)$(583)
(1) Includes foreign currency effects
$ MM$2 $(14)$(5)
•All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies.
•Net charges increased compared to a year ago primarily due to the absence of prior-year favorable fair value adjustment on Hess shares and higher interest expense.
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com.
# # #
Contact: James Craig -- +1 925-842-1319

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NOTICE
Chevron’s discussion of first quarter 2026 earnings with security analysts will take place on Friday, May 1, 2026, at 10:00 a.m. CT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 5:30 a.m. CT and located under “Events and Presentations” in the “Investors” section on the Chevron website. Chevron also publishes a “Sensitivities and Forward Guidance” document with consolidated guidance and sensitivities that is updated quarterly and posted to the Chevron website the month prior to earnings calls.
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Structural cost reductions describe decreases in operating expenses from operational efficiencies, divestments, and other cost saving measures that are expected to be sustainable compared with 2024 levels.
Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, X: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.
Non-GAAP Financial Measures - This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on asset sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. We believe it is useful for investors to consider this measure in comparing the underlying performance of our business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 4.
This news release also includes cash flow from operations excluding working capital, free cash flow and adjusted free cash flow. Cash flow from operations excluding working capital is defined as net cash provided by operating activities less net changes in operating working capital, and represents cash generated by operating activities excluding the timing impacts of working capital. Free cash flow is defined as net cash provided by operating activities less capital expenditures and generally represents the cash available to creditors and investors after investing in the business. Adjusted free cash flow is defined as free cash flow excluding working capital plus proceeds and deposits related to asset sales and returns of investments plus net repayment (borrowing) of loans by equity affiliates and generally represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. Reconciliations of cash flow from operations excluding working capital, free cash flow and adjusted free cash flow are shown in Attachment 3.
This news release also includes net debt ratio and net debt-to-CFFO ratio. Net debt ratio is defined as total debt less cash and cash equivalents, time deposits and marketable securities (net debt) as a percentage of net debt plus Chevron Corporation stockholders’ equity, which indicates the company’s leverage, net of its cash balances. The net debt-to-CFFO ratio is defined as net debt divided by CFFO for the prior four quarters, which measures the company’s ability to cover its net debt using the cash it generates from operations. The company believes these measures are useful to monitor the strength of the company’s balance sheet. A reconciliation of net debt ratio and net debt-to-CFFO ratio is shown in Attachment 2.

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CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the amount and timing of settlements on the company’s commodity derivative contracts; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10-K, and as updated in the future. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

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CHEVRON CORPORATION - FINANCIAL REVIEWAttachment 1
(Millions of Dollars, Except Per-Share Amounts)
(unaudited)
CONSOLIDATED STATEMENT OF INCOME
Three Months Ended
March 31,
REVENUES AND OTHER INCOME20262025
Sales and other operating revenues$47,556 $46,101 
Income (loss) from equity affiliates745 820 
Other income (loss)306 689 
Total Revenues and Other Income48,607 47,610 
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products28,265 28,610 
Operating expenses (1)
8,724 7,640 
Exploration expenses205 187 
Depreciation, depletion and amortization5,808 4,123 
Taxes other than on income1,314 1,255 
Interest and debt expense345 212 
Total Costs and Other Deductions44,661 42,027 
Income (Loss) Before Income Tax Expense3,946 5,583 
Income tax expense (benefit)1,653 2,071 
Net Income (Loss)2,293 3,512 
Less: Net income (loss) attributable to noncontrolling interests83 12 
NET INCOME (LOSS) ATTRIBUTABLE TO
  CHEVRON CORPORATION		$2,210 $3,500 
(1) Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs.
PER SHARE OF COMMON STOCK
Net Income (Loss) Attributable to Chevron Corporation
 - Basic$1.12 $2.01 
 - Diluted$1.11 $2.00 
Weighted Average Number of Shares Outstanding (000's)
- Basic1,980,146 1,744,628 
- Diluted1,985,900 1,751,441 
Note: Shares outstanding (excluding 14 million associated with Chevron’s Benefit Plan Trust) were 1,977 million and 1,980 million at March 31, 2026, and December 31, 2025, respectively.
EARNINGS BY MAJOR OPERATING AREAThree Months Ended
March 31,
 20262025
Upstream
United States$2,112 $1,858 
International1,797 1,900 
Total Upstream3,909 3,758 
Downstream
United States196 103 
International(1,013)222 
Total Downstream(817)325 
All Other(882)(583)
NET INCOME (LOSS) ATTRIBUTABLE TO
  CHEVRON CORPORATION		$2,210 $3,500 

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CHEVRON CORPORATION - FINANCIAL REVIEWAttachment 2
(Millions of Dollars)
(unaudited)
SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary)March 31,
2026		December 31,
2025
Cash and cash equivalents$5,323 $6,293 
Time deposits$4 $4 
Total assets$329,551 $324,012 
Total debt $45,428 $40,758 
Total Chevron Corporation stockholders’ equity$183,715 $186,450 
Noncontrolling interests$5,656 $5,726 
SELECTED FINANCIAL RATIOS
Total debt plus total stockholders’ equity$229,143 $227,208 
Debt ratio (Total debt / Total debt plus stockholders’ equity)
19.8 %17.9 %
Net debt (Total debt less cash and cash equivalents, time deposits and marketable securities)$40,101 $34,461 
Net debt plus total stockholders’ equity$223,816 $220,911 
Net debt ratio (Net debt / Net debt plus total stockholders’ equity)
17.9 %15.6 %
Cash flow from operations (CFFO) (1)
$31,264 $33,939 
Debt-to-CFFO ratio (1)
1.5x1.2x
Net debt-to-CFFO ratio (1)
1.3x1.0x
(1) CFFO is presented on a trailing 12 months basis.
RETURN ON CAPITAL EMPLOYED (ROCE)Three Months Ended
March 31,
20262025
Total reported earnings$2,210$3,500
Noncontrolling interest8312
Interest expense (A/T)310192
ROCE earnings2,6033,704
Annualized ROCE earnings10,41214,816
Average capital employed (1)
233,867178,730
ROCE4.5 %8.3 %
(1) Capital employed is the sum of Chevron Corporation stockholders’ equity, total debt and noncontrolling interest. Average capital employed is computed by averaging the sum of capital employed at the beginning and the end of the period.
 Three Months Ended
March 31,
CAPEX BY SEGMENT20262025
United States
Upstream$2,190 $2,545 
Downstream91 155 
Other53 63 
Total United States2,334 2,763 
International
Upstream1,675 1,123 
Downstream47 27 
Other7 14 
Total International1,729 1,164 
CAPEX$4,063 $3,927 
AFFILIATE CAPEX (not included above)
Upstream$110 $206 
Downstream176 282 
AFFILIATE CAPEX$286 $488 

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CHEVRON CORPORATION - FINANCIAL REVIEWAttachment 3
(Millions of Dollars)
(unaudited)
SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary)Three Months Ended
March 31,
OPERATING ACTIVITIES20262025
Net Income (Loss)$2,293 $3,512 
Adjustments
Depreciation, depletion and amortization5,808 4,123 
Distributions more (less) than income from equity affiliates(400)268 
Loss (gain) on asset retirements and sales(7)(19)
Net foreign currency effects157 130 
Deferred income tax provision(264)480 
Net decrease (increase) in operating working capital(4,625)(2,408)
Other operating activity(448)(897)
Net Cash Provided by Operating Activities (CFFO)$2,514 $5,189 
INVESTING ACTIVITIES
Acquisition of businesses, net of cash acquired— — 
Acquisition of Hess Corporation common stock— (2,225)
Capital expenditures (Capex)(4,063)(3,927)
Proceeds and deposits related to asset sales and returns of investment72 600 
Net repayment (borrowing) of loans by equity affiliates979 (66)
Net Cash Provided by (Used for) Investing Activities$(3,012)$(5,618)
FINANCING ACTIVITIES
Net change in debt4,642 5,030 
Cash dividends — common stock(3,526)(2,984)
Shares issued for share-based compensation1,160 218 
Shares repurchased(2,572)(3,917)
Distributions to noncontrolling interests(152)(11)
Net Cash Provided by (Used for) Financing Activities$(448)$(1,664)
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH(23)(3)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH$(969)$(2,096)
RECONCILIATION OF NON-GAAP MEASURES
Net Cash Provided by Operating Activities$2,514 $5,189 
Less: Net decrease (increase) in operating working capital(4,625)(2,408)
Cash Flow from Operations Excluding Working Capital$7,139 $7,597 
Net Cash Provided by Operating Activities$2,514 $5,189 
Less: Capital expenditures4,063 3,927 
Free Cash Flow$(1,549)$1,262 
Less: Net decrease (increase) in operating working capital(4,625)(2,408)
Plus: Proceeds and deposits related to asset sales and returns of capital72 600 
Plus: Net repayment (borrowing) of loans by equity affiliates979 (66)
Adjusted Free Cash Flow$4,127 $4,204 

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CHEVRON CORPORATION - FINANCIAL REVIEWAttachment 4
(Millions of Dollars)
(unaudited)

RECONCILIATION OF NON-GAAP MEASURES
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
REPORTED EARNINGSPre-TaxIncome TaxAfter-TaxPre-TaxIncome TaxAfter-Tax
U.S. Upstream$2,112 $1,858 
Int'l Upstream1,797 1,900 
U.S. Downstream196 103 
Int'l Downstream(1,013)222 
All Other(882)(583)
Net Income (Loss) Attributable to Chevron Corporation$2,210 $3,500 
SPECIAL ITEMS
U.S. Upstream
Legal reserves$— $— $— $(130)$— $(130)
Int'l Upstream
Tax items— — — — (55)(55)
U.S. Downstream
Legal reserves(470)110 (360)(226)56 (170)
Int'l Downstream
All Other
Fair value adjustment of Hess common stock— — — 232 (52)180 
Total Special Items$(470)$110 $(360)$(124)$(51)$(175)
FOREIGN CURRENCY EFFECTS
Int'l Upstream$(233)$(136)
Int'l Downstream8 3 
All Other2 (5)
Total Foreign Currency Effects$(223)$(138)
ADJUSTED EARNINGS/(LOSS) (1)
U.S. Upstream$2,112 $1,988 
Int'l Upstream2,030 2,091 
U.S. Downstream556 273 
Int'l Downstream(1,021)219 
All Other(884)(758)
Total Adjusted Earnings/(Loss)$2,793 $3,813 
Total Adjusted Earnings/(Loss) per share$1.41 $2.18 
(1) Adjusted Earnings/(Loss) is defined as Net Income (loss) attributable to Chevron Corporation excluding special items and foreign currency effects.

Source: View Original Filing on SEC EDGAR

FAQ

How much did Chevron (CVX) earn in first quarter 2026?

Chevron reported net income of $2.2 billion, or $1.11 per diluted share, for first quarter 2026. This compares with $3.5 billion, or $2.00 per diluted share, in first quarter 2025, reflecting lower reported earnings year over year.

What were Chevron’s adjusted earnings for Q1 2026?

Chevron’s adjusted earnings were $2.8 billion, or $1.41 per diluted share, in first quarter 2026. This excludes items such as legal reserves and foreign currency effects and compares with $3.8 billion, or $2.18 per diluted share, in first quarter 2025.

How much cash did Chevron (CVX) return to shareholders in Q1 2026?

Chevron returned $6.0 billion to shareholders in first quarter 2026. This consisted of $3.5 billion in dividends and $2.5–2.6 billion of share repurchases, marking the company’s 16th consecutive quarter returning over $5 billion in cash to shareholders.

What was Chevron’s production level in first quarter 2026?

Chevron’s net oil-equivalent production averaged 3,858 thousand barrels of oil-equivalent per day in first quarter 2026. U.S. production exceeded 2 million barrels of oil-equivalent per day for the third consecutive quarter, supported by the Hess acquisition and growth in the Gulf of America and Permian Basin.

How did Chevron’s cash flow and free cash flow look in Q1 2026?

Chevron generated $2.5 billion of cash flow from operations and spent $4.1 billion on capital expenditures in first quarter 2026. Reported free cash flow was negative $1.5 billion, but adjusted free cash flow was positive at $4.1 billion, helped by a $979 million loan repayment from Tengizchevroil.

What was Chevron’s return on capital employed (ROCE) in Q1 2026?

Chevron reported a 4.5% return on capital employed for the three months ended March 31, 2026. This metric is based on annualized earnings plus after-tax interest over average capital employed and declined from 8.3% in the comparable 2025 period.

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